Evolus surges on partnership with French firm for dermal fillers

Evolus

10/05/2023 18:12

** Shares of Evolus Inc  EOLS.O  rise 11% to $10.05, set for
their biggest pct. gain in nearly four months
    ** Late Tuesday, company announced agreement with private
French firm Symatese to be exclusive U.S. distributor of five
dermal fillers — devices used to treat wrinkles — currently in
late-stage development
    ** EOLS raises 2028 revenue outlook by $200 mln to $700 mln
as partnership expands company's total addressable market in the
U.S. by 70%
    ** "It just makes so much sense, given how complementary
this product line is with neurotoxins," says brokerage SVB
Securities, as it raises PT to $25 from $20 due to the deal
    ** EOLS is a manufacturer of Jeuveau, a competitor to AbbVie
Inc's  ABBV.N  Botox
    ** Evolus also reported Q1 revenue of $41.7 mln, beating
analysts' avg. est. of $40.7 mln - Refinitiv
     ** Eight of 9 brokerages rate the stock "buy" or higher, 1
"hold"; median PT is $17 - Refinitiv
    ** Including session's gain, stock up ~34% YTD, vs a 0.7%
increase in Nasdaq Biotechnology index  .NBI 

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))