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Milk Makeup revenue plunges 57.1% as Waldencast dismantles beauty platform

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  • Waldencast sold Obagi Medical and shifted its operations entirely toward Milk Makeup.
  • Milk Makeup revenue fell 57.1% to $26.1 million in first-half 2026.
  • Waldencast expects Nasdaq trading to end around Oct. 2 and plans OTC quotation.
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