📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Tarsus Pharmaceuticals, Inc., a commercial stage biopharmaceutical company, focuses on the development and commercialization of therapeutic candidates for eye care in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding TARS

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	226.3K	$15.9M	0.02%	Mar 2026
Jim Simons Renaissance Technologies LLC	73.4K	$5.1M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Record-breaking results with over $100M in net sales, DTC campaign showing earlier-than-expected impact ('we're seeing early, measurable impact'), and executives expressing strong conviction ('reinforces my bullishness', 'peak potential is even greater than we originally envisioned').

Q3 2025

Confident Specific

Management used precise metrics (103,000 bottles, $119M revenue, 20% increase in weekly prescribers, 30% increase in multiple-per-week prescribers) and provided explicit Q4 revenue guidance, indicating strong conviction in the numbers.

Q4 2025

Confident Specific

Management used emphatic language like 'breakout year', 'rewritten the biotech playbook', and provided specific numbers (e.g., $2B peak sales, 500k patients) to reinforce conviction in XDEMVY and the company's execution.

Q1 2026 latest

Confident Specific

Management repeatedly used strong positive language: 'strong start', 'outstanding performance', 'every key metric grew', 'exceeding expectations', 'on track to achieve full-year guidance'. No defensive or evasive phrases were used.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. XDEMVY's revenue growth is accelerating (85% YoY) with clear drivers: deeper prescriber adoption, improving DTC ROI, and expanding addressable market via new clinical evidence. The reiterated FY2026 guidance ($670M-$700M) signals management confidence. The pipeline (TP-05, TP-04) is progressing on schedule, offering future upside beyond XDEMVY. Key watch items for next quarter: Q2 prescription trends (expected to rebound to all-time highs), initial impact of KAL deployment, and further gross-to-net normalization. The call did not reveal any new competitive threats or operational headwinds.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Tarsus Q1 2026 XDEMVY sales $145.4M, up 85% YoY; FY guidance $670-700M

Revenue & Profitability

Q1 2026 net product sales were $145.4 million, representing over 85% year-over-year growth. License fees and collaboration revenues were $16.7 million, including a $15 million regulatory milestone. Full-year 2026 guidance includes net product sales of $670-$700 million, SG&A expenses of $545-$565 million, R&D expenses of $115-$135 million, and gross margins of approximately 93%. Management reiterated this full-year guidance.

Outlook

Management sees strong underlying demand for XDEMVY and expects continued growth driven by deeper prescribing, an expanding patient funnel via DTC, and ongoing evidence generation. They note typical seasonal patterns: strong Q2 growth, more modest Q3, and robust Q4. The addressable market for DB is expanding beyond initial estimates. No major headwinds were highlighted, though Q1 included typical deductible resets and severe winter weather impacts.

Growth Drivers

Key growth drivers include: increasing depth of prescribing (nearly half of 15,000 target ECPs prescribed at least weekly in Q1, up ~10% from Q4 2025); a DTC campaign with improving ROI and high-value engagements up 40% quarter-over-quarter; evidence generation linking DB to chalazion and hordeolum; and the planned deployment of Key Account Leaders (KALs) in the second half of 2026. Retreatment rates are in the mid-teens, progressing toward a steady state of ~20%. Pipeline programs (TP-05 and TP-04) offer additional long-term growth with topline data expected in H1 2027.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Gross margin guidance for full year 2026 is approximately 93%. SG&A expenses are guided at $545-$565 million (including ~$40 million stock-based compensation), and R&D expenses at $115-$135 million (including ~$20 million stock-based compensation). No specific margin trajectory or operating leverage details were provided.

Key Risks

Risks flagged include: typical seasonal dynamics (deductible resets, weather) impacting prescription volumes; gross-to-net normalization as the year progresses; potential competition from pipeline assets (e.g., Glaukos phase II readout); reliance on the Grand Pharma partnership for international expansion; and clinical development risks for pipeline programs (TP-05 and TP-04). Broader geopolitical and macro access considerations may affect global expansion timing.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

XDEMVY delivered strong Q2 growth with $173.9M in sales, driving increased full-year guidance. The acquisition of Alkeus adds a late-stage therapy for Stargardt disease, expanding the pipeline and long-term growth prospects.

Q1 2026 Q1 2026 2026-05-06

Q1 2026 saw XDEMVY net product sales rise over 85% year-over-year to $145 million, with strong physician adoption and expanding retreatment rates. Full-year guidance of $670–$700 million in sales was reaffirmed, and pipeline programs for Lyme disease and ocular rosacea advanced on schedule.

Q4 2025 Q4 2025 2026-02-23

Full-year 2025 net sales reached $451.4 million, with XDEMVY now profitable and US peak sales potential raised to over $2 billion. 2026 guidance projects 50%+ revenue growth, strong gross margins, and continued pipeline expansion, supported by robust prescriber and patient demand.

Q3 2025 Q3 2025 2025-11-04

Q3 2025 saw exceptional growth, with XDEMVY achieving $119M in net sales and over 103,000 bottles dispensed, driven by strong physician adoption and DTC efforts. Guidance for Q4 and 2025 remains robust, with continued expansion in pipeline and international markets.

Q2 2025 Q2 2025 2025-08-06

Record Q2 net sales of $102.7M and 91,000 bottles dispensed highlight XDEMVY's rapid adoption, driven by DTC campaigns and broad access. Guidance calls for continued growth, with a robust pipeline and expanding prescriber base supporting long-term potential.

📊 Analysis Methodology

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