Tarsus Reports Third Quarter 2025 Financial Results and Recent Business Achievements

Core Insights - Tarsus Pharmaceuticals reported strong financial results for Q3 2025, with net sales of XDEMVY reaching approximately $119 million, reflecting a year-over-year increase of about 147% [1][5] - The company is experiencing robust commercial momentum, evidenced by a 30% growth in weekly multi-patient prescribers during the third quarter [1][5] - Tarsus is expanding its pipeline with new programs aimed at addressing significant unmet needs in eye care, including a Phase 2 study for ocular rosacea [2][5] Financial Performance - Q3 2025 net product sales were $118.7 million, compared to $48.1 million in Q3 2024, driven by over 103,000 bottles of XDEMVY delivered to patients, up from 41,400 bottles in the prior year [5][11] - Cost of sales increased to $8.3 million from $3.2 million in the same period last year, attributed to manufacturing costs and royalties [5][11] - Research and development (R&D) expenses rose to $16.3 million from $12.1 million in Q3 2024, primarily due to increased program expenses and personnel costs [5][11] - Selling, general and administrative (SG&A) expenses surged to $108.6 million from $57.9 million, driven by higher payroll, marketing costs, and variable expenses [6][11] Market Position and Strategy - XDEMVY has established itself as one of the best-selling prescription eye drops, fundamentally changing how eye care professionals diagnose and treat Demodex blepharitis [2][5] - The company has achieved broad coverage, with over 90% of commercial, Medicare, and Medicaid lives covered, resulting in a gross-to-net discount of 44.7% [5] - Tarsus is advancing its category-creation strategy with plans to initiate clinical studies for TP-04 and TP-05, targeting ocular rosacea and Lyme disease prevention, respectively [5][11] Operational Highlights - The number of eye care professionals (ECPs) prescribing more than one bottle of XDEMVY per week increased by approximately 30% compared to Q2 2025, indicating growing confidence in the product [5] - Tarsus has delivered over 266,000 bottles of XDEMVY year-to-date, compared to 104,400 bottles in the same period last year [11] - The company reported a net loss of $12.6 million for Q3 2025, an improvement from a net loss of $23.4 million in Q3 2024 [11]