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Tarsus Pharmaceuticals, Inc. (TARS) shares ended the last trading session 10.9% higher at $65.17. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.3% gain over the past four weeks.The sudden rise in the stock price can be attributed to the growing investor optimism regarding the continued strong uptake of Tarsus Pharmaceuticals’ only marketed product, Xdemvy (lotilaner ophthalmic solution) 0.25%, approved for trea ...

Group 1 - Tarsus Pharmaceuticals has successfully launched Xdemvy (lotilaner) for Demodex blepharitis, achieving sales exceeding $100 million per quarter [1] - The company's selling, general, and administrative expenses (SG&A) have also increased alongside sales [1] - The company is pursuing a "Get Big Fast" strategy, which was previously rated as a buy in May [1] Group 2 - The article reflects the author's personal opinions and does not constitute investment advice [2] - The author holds a beneficial long position in Tarsus Pharmaceuticals through stock ownership or derivatives [2]

Group 1 - Tarsus Pharmaceuticals has successfully launched Xdemvy (lotilaner) for Demodex blepharitis, achieving sales exceeding $100 million per quarter [1] - The company's selling, general, and administrative expenses (SG&A) have also increased alongside sales [1] - The company is following a "Get Big Fast" strategy, which was previously rated as a buy [1]

Financial Data and Key Metrics Changes - The company reported net revenues of $102.7 million for the last quarter, indicating strong growth since the launch of XDEMVY [2][3] - Guidance for Q3 suggests distribution of 95,000 to 100,000 bottles, reflecting continued market penetration [1][2] - Gross-to-net is expected to decrease to 43% to 45% for Q3, with a target of low 40% by year-end, indicating improved pricing strategies [7][8] Business Line Data and Key Metrics Changes - Over 20,000 eye doctors have prescribed XDEMVY, exceeding initial targets and demonstrating effective market education [3][12] - The company has achieved over 90% insurance coverage for XDEMVY, which is significantly above average in the industry [10][11] Market Data and Key Metrics Changes - The total addressable market (TAM) for Demodex blepharitis is approximately 25 million Americans, with 9 million actively seeking treatment [18][29] - The company anticipates that the TAM could expand as more patients become aware of the treatment options available [18][19] Company Strategy and Development Direction - The company is focused on deepening prescriber engagement and expanding the use cases for XDEMVY among various patient types [4][14] - Plans for international expansion include market entry strategies for Europe and Japan, with a focus on physician education and market development [23][24] Management's Comments on Operating Environment and Future Outlook - Management noted that Q3 typically experiences slower growth due to seasonal factors, but expects robust growth in Q4 as patient visits increase [5][6] - The company is optimistic about maintaining high insurance coverage levels and continuing to grow prescriber engagement [10][11] Other Important Information - The direct-to-consumer (DTC) campaign has been effective in driving awareness and demand, with expectations for continued ROI improvement [16][17] - The company is preparing for the initiation of phase 2 trials for ocular rosacea and Lyme disease prevention, indicating a strong pipeline for future growth [26][31] Q&A Session Summary Question: How should we think about seasonal trends on a go-forward basis? - Management explained that seasonal trends are influenced by market dynamics, with Q4 expected to be stronger due to increased patient flow [5] Question: Could you talk through some of the levers to lower gross-to-net? - Management indicated that gross-to-net discounts typically decrease as patients work through their deductibles, leading to lower discount rates over time [7] Question: What is the expected inventory level moving forward? - The company aims to maintain inventory levels around 2.5 weeks, which is considered optimal for managing demand [9] Question: How do you see the DTC campaign evolving in the next 12 months? - Management expressed confidence in the DTC campaign's effectiveness and expects continued growth in patient engagement and prescriber depth [16] Question: What is the market potential for ocular rosacea? - The market for ocular rosacea is estimated to be 15 to 18 million affected individuals, with significant opportunities for treatment [29]

Financial Data and Key Metrics Changes - The company reported net revenues of $102.7 million for the last quarter, indicating strong growth since the launch of XDEMVY [2][3] - Guidance for Q3 suggests distribution of 95,000 to 100,000 bottles, reflecting a steady cadence of growth despite seasonal dynamics [1][5] - Gross-to-net is expected to decrease to 43% to 45% for Q3, with a target of low 40% by year-end, driven by reduced discounts as patients progress through deductibles [8][9] Business Line Data and Key Metrics Changes - Over 20,000 eye doctors have prescribed XDEMVY, exceeding the initial target of 15,000, showcasing effective market education and engagement [14][15] - The company has achieved over 90% insurance coverage for XDEMVY, which is significantly above the industry average [11][12] Market Data and Key Metrics Changes - The total addressable market (TAM) for Demodex blepharitis is approximately 25 million Americans, with 9 million actively seeking treatment [21][22] - The company anticipates that the TAM could expand as more patients become aware of the treatment options available [21][22] Company Strategy and Development Direction - The company is focused on deepening prescribing patterns among existing prescribers and expanding the use cases for XDEMVY [15][16] - Plans for international expansion include market entry strategies for Europe and Japan, with a focus on physician education and market development [27][29] Management's Comments on Operating Environment and Future Outlook - Management noted that Q4 is expected to be a robust growth quarter as patient visits typically increase post-summer [5][6] - The company is optimistic about maintaining high insurance coverage levels and continuing to grow the prescriber base [11][12] Other Important Information - The company is preparing for the initiation of a phase 2 trial for TP-04 in ocular rosacea, with a focus on specific clinical endpoints [30][31] - The company is also exploring opportunities in Lyme disease prevention with TP-05, which is seen as a complementary program to its eye care focus [35][36] Q&A Session Summary Question: How should we think about seasonal trends on a go-forward basis? - Management explained that seasonal dynamics affect patient flow, with Q4 expected to show robust growth due to increased doctor visits post-summer [5][6] Question: Can you discuss the guidance on gross-to-net? - Management detailed that gross-to-net is expected to decrease as discounts reduce over time, with Q1 typically being the highest discount quarter [8][9] Question: What is the potential for expanding the prescriber base? - Management indicated that while the prescriber base has reached 20,000, the focus will now be on increasing the depth of prescribing among existing prescribers [14][15] Question: What are the expectations for the DTC campaign? - Management expressed confidence in the DTC campaign's effectiveness, anticipating continued growth in awareness and patient engagement [18][19] Question: What is the market potential for ocular rosacea? - Management noted that ocular rosacea affects 15 to 18 million individuals, with significant opportunities for treatment as awareness grows [33][34]

Financial Data and Key Metrics Changes - The company reported net revenues of $102.7 million for the last quarter, indicating strong growth since the launch of XDEMVY [2][3] - Guidance for Q3 suggests distribution of 95,000 to 100,000 bottles, reflecting a steady cadence of growth despite seasonal dynamics [1][5] - Gross-to-net is expected to decrease to 43% to 45% for Q3, with a target of low 40% by year-end, driven by reduced discounts as patients progress through deductibles [8][9] Business Line Data and Key Metrics Changes - Over 20,000 eye doctors have prescribed XDEMVY, exceeding the initial target of 15,000, showcasing effective market education and engagement [14][15] - The company has achieved over 90% insurance coverage for XDEMVY, which is significantly above the industry average [11][12] Market Data and Key Metrics Changes - The total addressable market (TAM) for Demodex blepharitis is approximately 25 million Americans, with 9 million actively seeking treatment, indicating substantial growth potential [21][22] - The company anticipates that the TAM could expand as more patients become aware of the treatment options available [21][22] Company Strategy and Development Direction - The company is focused on deepening prescriber engagement and expanding the utilization of XDEMVY across various patient types, including those with dry eye disease and meibomian gland disease [16][17] - Plans for international expansion include market entry strategies for Europe and Japan, with a focus on physician education and market development [27][29] Management's Comments on Operating Environment and Future Outlook - Management noted that Q3 typically experiences slower growth due to seasonal factors, but expects Q4 to be robust as patient visits increase post-summer [5][6] - The company is optimistic about maintaining high insurance coverage levels and continuing to grow prescriber engagement [11][12] Other Important Information - The company is preparing for the initiation of a phase 2 trial for TP-04 in ocular rosacea, with a focus on specific clinical endpoints [30][31] - The company is also exploring opportunities in Lyme disease prevention with TP-05, which is seen as a complementary program to its eye care focus [35][36] Q&A Session Summary Question: How should we think about seasonal trends on a go-forward basis? - Management explained that seasonal dynamics affect patient flow, with Q3 typically slower due to vacations, but expects robust growth in Q4 [5][6] Question: Can you discuss the guidance on gross-to-net? - Management detailed that gross-to-net discounts are expected to decrease as patients move through their deductibles, with a steady state anticipated in the low 40% range [8][9] Question: What is the potential for expanding the prescriber base? - Management indicated that while the prescriber base has reached 20,000, the focus will now be on increasing the depth of prescribing among existing prescribers [14][15] Question: What are the expectations for the DTC campaign? - Management expressed confidence in the DTC campaign's effectiveness, anticipating continued growth in patient awareness and engagement [18][19] Question: What is the market potential for ocular rosacea? - Management noted that ocular rosacea affects 15 to 18 million individuals, with significant opportunities for treatment as awareness grows [33][34]

Core Insights - The biotech industry is characterized by high risks and potential rewards, where positive news can significantly impact share prices and company viability [1] Group 1: Boston Scientific - Boston Scientific Corp. specializes in medical devices for gastrointestinal and pulmonary conditions, with recent FDA safety alerts affecting its heart devices leading to a temporary dip in share price [2][3] - The company reported a 17% year-over-year (YOY) organic sales increase, with a notable 28% growth for its Watchman device, surpassing analyst expectations for both revenue and earnings [4][5] - Analysts are bullish on Boston Scientific, with 24 out of 26 rating it a Buy and a price target suggesting over 10% upside potential [5] Group 2: Arcutis Biotherapeutics - Arcutis Biotherapeutics focuses on dermatological treatments, with its product ZORYVE driving a remarkable 164% YOY growth in product sales for the latest quarter [6][7] - The FDA approved ZORYVE foam for additional uses, expanding its market reach, and the company anticipates further regulatory decisions later in the year [7][8] - Despite facing competition, Arcutis has a strong pipeline and is rated a Buy by six out of seven analysts, with a potential upside of 24% [8] Group 3: Tarsus Pharmaceuticals - Tarsus Pharmaceuticals specializes in eye care, reporting a net sales beat of nearly $103 million, driven by its Demodex treatment XDEMVY [10][11] - The company is conducting a promising Phase II study for its TP-04 treatment for ocular rosacea, contributing to a positive outlook among analysts [11] - Tarsus shares have increased about 4% year-to-date, with analysts indicating over 16% upside potential [11]

Financial Data and Key Metrics Changes - In Q2 2025, Tarsus Pharmaceuticals achieved record net sales exceeding $100 million, specifically $102.7 million, marking a significant milestone for the company [5][14] - The company dispensed approximately 91,000 bottles to patients, slightly above the guidance of 90,000 bottles [14] - The gross to net discount for Q2 was approximately 45%, with expectations to improve to the low 40s by year-end 2025 [15][17] - Cash and cash equivalents at the end of the quarter were approximately $381 million [15] Business Line Data and Key Metrics Changes - Xtendi, the company's primary product, is primarily a new prescription (NRx) business, with over 30% sequential quarterly revenue growth [8][9] - The direct-to-consumer (DTC) campaign has significantly increased prescription volumes, with unaided awareness of Xtendi tripling since the campaign began [10][11] - The number of prescribers has grown to over 20,000, with a notable increase in weekly prescriptions among the core audience [11][12] Market Data and Key Metrics Changes - The DTC campaign has opened new conversations and changed physician behavior, contributing to a growing prescriber base and increasing patient demand [6][9] - Approximately 25 million people in the U.S. are estimated to have Demodex blepharitis, indicating a substantial market opportunity [6] Company Strategy and Development Direction - The company aims to create and lead new categories in eye care, with a focus on expanding the role of Xtendi and advancing the TPO4 program for ocular rosacea [7][19] - Tarsus is committed to scientific innovation and flawless execution, positioning itself to lead in high-impact underserved diseases [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of Xtendi, with expectations for continued success driven by the DTC campaign and a motivated sales force [15][17] - The company anticipates a steady growth trajectory, with no expectation of a "hockey stick" growth pattern but rather a consistent build in market presence [39][48] Other Important Information - The company plans to initiate a Phase II study for ocular rosacea later in 2025, with preparations already underway [18][84] - Regulatory meetings in Japan are on track for the second half of 2025, and potential European regulatory approval for a preservative-free formulation of Xtendi is expected in 2027 [18] Q&A Session Summary Question: Can you talk about the increase in new prescribers? - The increase in prescribers is primarily from the targeted core audience of 15,000, with no erosion in the earlier prescriber base, and the DTC campaign has opened up a broader prescribing funnel [22][24][26] Question: What are the plans for the gross to net discount in 2026 and beyond? - The expectation is to maintain a steady state in the low 40s for gross to net discount, with ongoing efforts to improve that in the current payer environment [30][31] Question: How do you see the cadence of the launch progressing? - The launch is expected to continue steadily, with a strong foundation for growth and a significant untapped market potential remaining [36][39] Question: What is the impact of the DTC campaign? - The DTC campaign has shown early measurable impact, contributing significantly to prescription volumes and consumer awareness [9][66] Question: Can you provide updates on the ocular rosacea program? - The Phase II study for ocular rosacea is on track to start in 2025, with preparations well underway [83][84]

Second Quarter 2025 Financial Results Conference Call August 6, 2025 Matt, an XDEMVY® Patient Today's Speakers Bobby Azamian, MD, PhD CEO & Chairman Aziz Mottiwala Chief Commercial Officer Jeff Farrow Chief Financial & Strategy Officer 2 | © Tarsus Pharmaceuticals | For Investor Purposes Only Forward-Looking Statements This presentation contains forward-looking statements that involve risks and uncertainties. These statements and the most recent Form 10-Q quarterly filing filed with the SEC include statemen ...