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Mar 31, 2024
Tarsus Q1 2024 Earnings Report
Tarsus reported first quarter results, highlighted by an 89% increase in XDEMVY net product sales compared to Q4 2023 and the delivery of approximately 26,000 bottles of XDEMVY to patients.
Key Takeaways
Tarsus Pharmaceuticals reported strong first-quarter results, driven by significant growth in XDEMVY sales. The company is focused on expanding payer coverage and sales force to further accelerate its launch trajectory.
Generated $24.7 million in net product sales of XDEMVY, an 89% increase over Q4 2023.
Delivered approximately 26,000 bottles of XDEMVY to patients, a 65% increase over Q4 2023.
Secured multiple commercial payer contracts and remain on-track for broad commercial coverage by the end of 2024 and Medicare coverage beginning in 2025.
Expanded sales force on-track to be in the field by the end of the third quarter 2024.
Tarsus
Tarsus
Tarsus Revenue by Segment
Revenue by Segment
Product Sales, Net Revenue
CapyFin.com Forward Guidance
Tarsus is on track to expand its sales force and engage with the FDA on multiple pipeline programs by the end of 2024. The company anticipates broad commercial coverage by the end of 2024 and Medicare coverage beginning in 2025.
Positive Outlook
- On-track to deploy approximately 50 additional sales force representatives and leaders by the end of Q3 2024.
- Continuing to advance the pipeline and on-track with plans to engage with the FDA on TP-03, TP-04 and TP-05 by year end 2024.
- Remain on-track for expected broad commercial coverage by the end of 2024.
- Remain on-track for Medicare coverage beginning in 2025.
- Secured several contracts, including two major commercial plans, and expect to begin recognizing the benefits of these contracts in Q2 2024.
Challenges Ahead
- Gross-to-net discounts remained consistent at approximately 55% given the impact of typical first quarter dynamics on net sales.
- The company has incurred significant losses and negative cash flows from operations since inception.
- Tarsus' capital requirements are difficult to predict and may change.
- Tarsus may need to obtain additional funding to achieve its goals.
- Tarsus is heavily dependent on the successful commercialization of XDEMVY and the development of its product candidates.