EVOLUS (+) : Corporate contact: Key takeaways

研报英文原文证据摘录

EVOLUS (+) : Corporate contact: Key takeaways

EQUITIES

PHARMACEUTICALS

EVOLUS OUTPERFORMPRICE* USD6.7  TARGET PRICE USD10 (UPSIDE 50%)

FLASH NOTE

Corporate contact: Key takeaways

9 JUNE 2026 Securities Research Report Production time: 11:24* (London time)

Research Analyst & Publishing Entities

Navann Ty, CFA BNP Paribas Securities Corp (1) +(1) 917 749 7734 navann.ty@us.bnpparibas.com

What happened?

We had an in-person 1x1 meeting with Evolus’ CFO and highlight there has been no change to guidance.

Toxin and Filler markets consistent vs what was communicated in 1Q26

Toxin market conditions have remained similar to what the company communicated with 1Q26 results. While consumers

continue to stretch intervals between treatments, we understand the trend has started to stabilize according to the

company’s redemption data. We understand the Filler market remains challenged, but management still believes it

could return to flattish / slight growth later in the year.

Evolus remains prepared for the upcoming Galderma’s Relfydess launch, which could be delayed

Evolus had projected a 3Q26E launch of Galderma’s Relfydess and highlighted again the company’s experience

competing with Galderma in Europe and Australia, which could inform a response to defend market share. At our recent

CEO conference, peer Galderma called out potential for a delay in approval for Relfydess due to resource constraints

at the FDA and the high regulatory bar.

SCULPT remains on track for 4Q26E approval; Estyme reception has been positive

We understand Evolus has not seen signs of resource constraints at the FDA that could drive a delay in the approval

of SCULPT, which remains on track for 4Q26E. Evolus is prepared to launch within a matter of weeks after receiving