This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Evolus, Inc. develops and markets aesthetic neurotoxin products, primarily Jeuveau® for cosmetic wrinkle treatment. The company's regulatory filings and product development process explicitly require animal testing. Its annual reports (Form 10-K) and other SEC filings consistently state that bringing products like Jeuveau and its Evolysse™ line to market necessitates the "completion of nonclinical laboratory tests and animal studies according to good laboratory practices (GLPs)." This testing is a mandated part of the pre-clinical safety assessment for FDA approval of biologic products.
The company's disclosures from 2018 through its 2026 outlook confirm that animal studies remain an integral component of its development pipeline. This reliance on animal testing for regulatory compliance and product safety validation places Evolus within the scope of the animal_testing exclusion.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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