Tarsus Pharmaceuticals (TARS) Company Report

Tarsus Pharmaceuticals reported strong Q3 2025 revenue of almost $119 million for XDEMVY and provided Q4 2025 revenue guidance of $140-$145 million, projecting full-year 2025 revenues between $440-$445 million.
The company adjusted its long-term gross-to-net discount expectation to 43%-45% due to a higher mix of Medicare patients.
Tarsus is progressing its pipeline, with a Phase 2 study for ocular rosacea (TP-04) commencing by year-end 2025 and top-line data anticipated in H2 2026.
The company is well-capitalized, holding approximately $400 million at the end of Q3 2025 to support its commercial product and pipeline development.

Nov 11, 2025, 7:30 PM

Transcript

Tarsus Reports Strong Q3 2025 XDEMVY Sales and Provides Full-Year Guidance

TARS

Earnings

Guidance Update

Revenue Acceleration/Inflection

Tarsus reported XDEMVY net sales of $118.7 million for Q3 2025, marking approximately 147% year-over-year growth.
The company delivered over 103,000 XDEMVY bottles to patients in Q3 2025.
For Q4 2025, Tarsus anticipates XDEMVY net product sales to be between $140 million and $145 million, with full-year 2025 XDEMVY net product sales projected to range from $440 million to $445 million.
Tarsus plans to initiate a Phase 2 study for TP-04 (ocular rosacea) in Q4 2025 and a Phase 2 study for TP-05 (Lyme disease prevention) in 2026, while also progressing towards a potential submission in Europe in 2026 and having a New Drug Application accepted in China for TP-03.

Nov 4, 2025, 9:30 PM

Presentation

Tarsus Reports Strong Q3 2025 XDEMVY Sales and Provides Q4/Full-Year Guidance

TARS

Earnings

Guidance Update

New Projects/Investments

Tarsus delivered $118.7 million in net product sales for XDEMVY in Q3 2025, with 103,000 bottles dispensed to patients.
The company expects Q4 2025 net product sales for XDEMVY to be in the range of $140 million-$145 million, projecting full-year 2025 revenue of $440 million-$445 million.
Tarsus plans to initiate a Phase 2 study for TP-04 (ocular rosacea) by year-end 2025, with top-line data anticipated in 2026, and expects to begin a Phase 2B study for TP-05 (Lyme disease prevention) in 2026.
Full-year 2025 direct-to-consumer (DTC) investment is anticipated to be at the top end of the $70 million-$80 million range, and 2026 operating expenses are expected to be in line with 2025 SG&A spend.

Nov 4, 2025, 9:30 PM

Transcript

Tarsus Pharmaceuticals Reports Strong Q3 2025 Financial Results and Pipeline Advancements

TARS

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Tarsus Pharmaceuticals reported net product sales of $118.7 million for Q3 2025, marking a 147% increase year-over-year.
The company's net loss for Q3 2025 improved to $12.6 million, compared to a net loss of $23.4 million in the same period of 2024.
As of September 30, 2025, Tarsus held $401.8 million in cash, cash equivalents, and marketable securities.
Tarsus plans to initiate a Phase 2 study of TP-04 for ocular rosacea in December 2025 and a Phase 2 study of TP-05 for Lyme disease prevention in 2026.

Nov 4, 2025, 9:08 PM

8-K

Tarsus Pharmaceuticals Reports Third Quarter 2025 Financial Results

TARS

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

XDEMVY net sales for the third quarter ended September 30, 2025, were approximately $119 million, marking a 147% year-over-year increase.
The company reported a net loss of $12.6 million for Q3 2025, an improvement from a $23.4 million net loss in the same period of 2024.
Weekly multi-patient prescribers for XDEMVY grew approximately 30% in Q3 2025 compared to Q2 2025, with more than 103,000 bottles delivered to patients.
Tarsus plans to initiate a Phase 2 study for TP-04 (ocular rosacea) in December 2025 and for TP-05 (Lyme disease prevention) in 2026.
As of September 30, 2025, cash, cash equivalents, and marketable securities totaled $401.8 million.

Nov 4, 2025, 9:05 PM

Press Release

Tarsus Pharmaceuticals Updates on XDEMVY Performance, Pipeline, and Market Strategy

TARS

Guidance Update

Product Launch

New Projects/Investments

Tarsus Pharmaceuticals reported $102.7 million in net revenues for the last quarter and guided for 95,000 to 100,000 bottles distributed for Q3. Gross-to-net discounts are expected to improve to 43% to 45% for Q3 and reach the low 40% by year-end.
XDEMVY has achieved over 90% insurance coverage and has been prescribed by over 20,000 eye doctors. The company is focusing on deepening prescribing patterns and increasing patient retreatment rates, which have recently exceeded 10% towards a 20% annualized target.
The direct-to-consumer (DTC) campaign, with an expected spend of $70 million to $80 million in 2025, is driving demand and expanding the prescriber base.
The pipeline includes TP-04 for ocular rosacea, with a Phase 2 trial starting later this year and data anticipated by the end of next year or early the following year. International expansion for XDEMVY is also underway, with potential European approval by 2027.

Sep 3, 2025, 2:28 PM

Earnings Transcripts

Quarterly earnings call transcripts for Tarsus Pharmaceuticals.

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