Needham Is Bullish On This Botox Equivalent Aesthetics Company

  • Needham initiated coverage on Evolus Inc EOLS with a price target of $18.00 (43% upside) and a Buy rating.
  • Evolus is a pure-play aesthetics company focused on growing the presence of Jeuveau, its new neurotoxin product, in the approximately $3 billion global wrinkle treatment market. 
  • Jeuveau is a prescription medicine injected into muscles to improve the look of moderate to severe frown lines between the eyebrows (glabellar lines).
  • Needham views Evolus as an emerging star in aesthetics and believes no product is better positioned than Jeuveau to increase its presence. The analyst notes the modern and hip branding/marketing strategy that appeals to younger consumers.
  • The aesthetic market is transitioning towards younger consumers, representing a transformational boost for aesthetics, given that they represent the largest consumer cohort in the U.S. population (~140 million).
  • Needham expects Jeuveau to remain a disruptive force and expand its market share from 7-9% to ~15%. 
  • The analyst expects peak sales of $400 million - $500 million. He believes investors have yet to recognize Jeuveau's ability fully.
  • Price Action: EOLS shares are up 3.45% at $12.58 during the market session on the last check Friday.
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