Tarsus Pharmaceuticals Reports 184% Revenue Growth to $78.3 Million in Q1 2025

Tarsus Pharmaceuticals, Inc. reported significant financial performance for the first quarter of 2025, with total revenues reaching $78.3 million, a substantial increase of 184% compared to $27.6 million in the same period last year. The surge in revenue was primarily driven by product sales of XDEMVY, which amounted to $78.3 million, up from $24.7 million in the first quarter of 2024. The company recognized a net loss of $25.1 million for the quarter, an improvement from the $35.7 million loss reported in the prior year, reflecting a narrowing of losses by approximately 30%.

The company's operating expenses also increased, totaling $104.6 million for the quarter, compared to $65.3 million in the same period last year. This rise was attributed to higher costs in selling, general, and administrative expenses, which surged to $85.0 million from $51.6 million, largely due to increased marketing efforts and personnel costs associated with the commercial launch of XDEMVY. Research and development expenses also rose to $14.4 million, up from $12.1 million, reflecting ongoing investments in clinical programs.

In terms of operational metrics, Tarsus dispensed approximately 72,000 bottles of XDEMVY during the first quarter, marking a 23% increase from the previous quarter. The company has expanded its market presence, with broad commercial, Medicare, and Medicaid reimbursement coverage now extending to over 90% of covered lives. The average weekly website visits increased by 140% in March 2025 compared to December 2024, indicating heightened consumer interest and engagement.

Strategically, Tarsus completed a follow-on public offering in March 2025, raising approximately $134.8 million to support the ongoing commercialization of XDEMVY and further development of its pipeline. The company has also made significant strides in clinical trials, with positive results reported for its TP-04 and TP-05 programs, targeting ocular rosacea and Lyme disease prophylaxis, respectively. Looking ahead, Tarsus anticipates continued growth in product sales and plans to leverage its strong cash position of $407.9 million as of March 31, 2025, to fund its operations and clinical development initiatives over the next year.