Investor Relations

Breaking Open a $3B+ Market Dominated by a Single Brand

Biosimilarity fundamentally reshapes switching in therapeutic toxins, enabling broad adoption of the first true alternative to BOTOX^®

AEON Biopharma is a biopharmaceutical company seeking full-label access to the U.S. therapeutic neurotoxin market via biosimilarity to BOTOX®. The U.S. therapeutic neurotoxin market exceeds $3.0 billion annually, representing a major opportunity for biosimilar entry. ABP-450 is the same botulinum toxin complex currently approved and marketed for cosmetic indications by Evolus, Inc. under the name Jeuveau®. ABP-450 is manufactured by Daewoong Pharmaceutical in a facility that has been authorized by the U.S. Food and Drug Administration, Health Canada, and European Medicines Agency for the manufacture of botulinum toxin products. The product is approved as a biosimilar in India, Mexico, and the Philippines. AEON has exclusive development and distribution rights for therapeutic indications of ABP-450 in the United States, Canada, the European Union, the United Kingdom, and certain other international territories.

The therapeutic toxin market has remained effectively closed to competition due to switching complexity and lack of clinically substitutable alternatives. Biosimilarity would change this dynamic - enabling broad switching across established patients.

AEON's unique position and novel approach:

• Full clinical substitution
  If ABP-450 is approved as a biosimilar to Botox® across all its existing approved therapeutic indication ABP-450 would represent a viable substitute to Botox® across all therapeutic indications, including chronic migraine, cervical dystonia, blepharospasm, strabismus, overactive bladder, adult and pediatric detrusor overactivity, adult and pediatric upper and lower spasticity and axillary hyperhidrosis, unlike prior competitors.
• Physician adoption at scale
  Clinical substitutability could drive physician confidence and operational simplicity—same dosing, dilution, and administration—enabling seamless integration into existing practice.
• Aligned economic incentives
  Physicians could benefit from improved buy-and-bill economics, while payers gain a clinically comparable, lower-cost alternative—together accelerating switching across established patients.
• Globally approved product with scaled manufacturing
  ABP-450 is the same botulinum toxin approved in 69+ countries, including in the U.S. (Jeuveau® - marketed by Evolus for aesthetic use), and is supported by a fully scaled, globally validated manufacturing platform.