Evolus plunges after Q2 miss, guidance cut; Needham downgrades

Evolus (NASDAQ:EOLS) shares fell ~31% to reach a new 52-week low on Wednesday after the maker of Jeuveau antiwrinkle therapy reported lower-than-expected Q2 financials and slashed its 2025 outlook, leading to a downgrade at Needham.

Noting EOLS has resisted weakening aesthetic trends as reported by industry bellwethers such as AbbVie (ABBV) over the past three quarters, analyst Serge Belanger pointed out that the company’s Q2 sales fell well short of Street forecasts, driven by an unexpected decline in Jeuveau sales.

“Deteriorating demand caught up with the product in 2Q25 as worsening consumer sentiment and aesthetic demand led to lower purchase volumes in late 2Q,” he added.

Despite the potential in Evolus’ (NASDAQ:EOLS) overall strategy and the prospects of Jeuveau and its sister product Evolysse, the analyst expects the ongoing tariff threats and macro concerns to hurt consumer sentiment and aesthetic demand in the near-to-medium term. Belanger lowered his rating to Hold from Buy and removed his $22 per share target on the stock.