Tarsus Pharmaceuticals (TARS) investor relations material

Executive summary

• Achieved Q1 2026 net product sales of $145.4 million, up over 85% year-over-year, driven by XDEMVY's strong commercial performance and expanding market adoption.

• Nearly half of core eye care professionals now prescribe XDEMVY weekly, supported by strong DTC campaigns and increased patient demand.

• Pipeline advanced with Phase 2 trials for TP-05 (Lyme disease prevention) and TP-04 (ocular rosacea), both progressing on schedule with topline data expected in H1 2027.

• Expanded global reach with regulatory approval in China, triggering a $15 million milestone payment.

• Reaffirmed full-year 2026 XDEMVY net product sales guidance of $670–700 million and peak sales potential exceeding $2 billion.

Financial highlights

• Q1 2026 net product sales: $145.4 million, up from $78.3 million in Q1 2025, reflecting robust demand and execution.

• License and collaboration revenue: $16.7 million, mainly from a $15 million milestone for TP-03 approval in China.

• Gross margin: 94% in Q1 2026, up from 93% in Q1 2025.

• Cash, cash equivalents, and marketable securities totaled $388.7 million at quarter-end.

• Net loss narrowed to $7.0 million from $25.1 million in Q1 2025; EPS $(0.16) vs. $(0.64).

Outlook and guidance

• Full-year 2026 XDEMVY net product sales guidance reaffirmed at $670–700 million, with peak sales potential projected to exceed $2 billion.

• Topline data for TP-05 and TP-04 Phase 2 trials expected in H1 2027.

• Cash reserves expected to fund operations for at least the next twelve months.

• Plans to add 1–2 new pipeline programs annually and expand globally.

• Growth expected to be strongest in Q2 and Q4, with more modest Q3 growth due to seasonality.