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Dec 31, 2025
Tarsus Q4 2025 Earnings Report
Tarsus Pharmaceuticals reported strong fourth quarter 2025 revenue growth driven by XDEMVY sales, while significantly narrowing its net loss year-over-year.
Key Takeaways
Tarsus generated 151668000 in net product sales in Q4 2025, up sharply year-over-year, with net loss improving to 8373000 as commercialization of XDEMVY continued to scale.
Net product sales increased to 151668000 from 66408000 year-over-year.
Gross margin remained consistent at 93%.
Net loss narrowed to 8373000 from 23113000 in Q4 2024.
Cash, cash equivalents, and marketable securities totaled 417268000 at quarter end.
Revenue by Segment
Forward Guidance
Tarsus expects continued global expansion of XDEMVY and advancement of its pipeline programs, including TP-04 and TP-05, with key clinical milestones anticipated in 2026 and beyond.
Positive Outlook
- XDEMVY peak sales potential projected to exceed 2000000000.
- Phase 2 trial of TP-04 initiated with topline data expected in 1H 2027.
- Phase 2 study of TP-05 expected to begin in Q2 2026.
- Potential regulatory approvals in Europe and Greater China.
- Strong payer coverage exceeding 90% of covered lives.
Challenges Ahead
- Company continues to report net losses.
- High SG&A expenses driven by commercial expansion.
- Ongoing reliance on XDEMVY for revenue growth.
- Future capital requirements may increase.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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