**Tarsus Pharmaceuticals Reports Strong 2025 Financial Results Driven by XDEMVY Sales**
Irvine, CA – Tarsus Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company focused on eye care, announced its financial results for the year ended December 31, 2025, showcasing significant revenue growth driven by its flagship product, XDEMVY. The company reported net product sales of $451.4 million for the full year 2025, a substantial increase compared to $180.1 million in 2024. This growth was attributed to the delivery of approximately 400,000 bottles of XDEMVY to patients during the year, coupled with an improved net sales price due to enhanced payer coverage. The company maintained over 90% coverage across commercial, Medicare, and Medicaid lives, with a gross-to-net discount of approximately 45% for the year.
Despite the revenue surge, Tarsus Pharmaceuticals reported a net loss of $66.4 million for 2025, a decrease from the $115.6 million loss in 2024. The company's cost of sales increased to $30.7 million in 2025 from $12.8 million in the previous year, while research and development expenses rose to $64.3 million from $53.4 million. Selling, general, and administrative expenses also saw a significant increase, reaching $427.3 million compared to $237.3 million in 2024, primarily due to expanded commercial and marketing efforts, including a direct-to-consumer campaign. The company's cash, cash equivalents, and marketable securities totaled $417.3 million as of December 31, 2025.
Operationally, Tarsus highlighted the success of its direct-to-consumer campaign, which significantly increased unaided awareness of Demodex blepharitis from 2% to approximately 25%. The company also continued to advance its pipeline, including TP-04 for ocular rosacea and TP-05 for Lyme disease prevention. A Phase 2 trial for TP-04 was initiated in December 2025, with topline results expected in the first half of 2027, and a Phase 2 clinical trial for TP-05 is planned for initiation in the second quarter of 2026. The company also announced the appointment of David E.I. Pyott, former CEO and Chairman of Allergan Inc., to its Board of Directors.
Looking ahead, Tarsus Pharmaceuticals anticipates potential approval of a preservative-free formulation of TP-03 for Demodex blepharitis in Europe by 2027, and its partner, GrandPharma, expects potential approval of TP-03 for Demodex blepharitis in Greater China in 2026. The company believes its current cash, cash equivalents, and marketable securities are sufficient to fund its planned operations for at least the next twelve months. However, the company acknowledges the need for potential future capital raises to support its ongoing commercialization and development efforts.
About Tarsus Pharmaceuticals, Inc.
Tarsus Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing eye care therapeutics. Its flagship product, XDEMVY, treats Demodex blepharitis by eradicating eyelid mites. The company also develops treatments for ocular rosacea, Lyme disease prophylaxis, and other infectious diseases, leveraging its proprietary lotilaner-based pipeline. Its core value lies in addressing unmet medical needs with innovative, parasite-targeting therapies for global markets.
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