Tarsus Pharmaceuticals Inc (NAS:TARS)

Q3 2025 Tarsus Pharmaceuticals Inc Earnings Call Transcript

Nov 4, 2025 / 09:30 PM GMT

Release Date Price: $71.5 (+2.45%)

Transcript 10-Q8-K

Key Points

Positve

Tarsus Pharmaceuticals Inc (TARS) reported exceptional Q3 2025 results with XEV becoming one of the best-selling prescription eye drops, generating approximately $119 million in net revenue.
The company has successfully delivered over 103,000 bottles of XMV to patients, reflecting strong physician engagement and patient impact.
More than 20,000 doctors have prescribed XEV, with a significant increase in weekly and multiple weekly prescribers, indicating growing confidence and adoption.
The direct-to-consumer (DTC) campaign is yielding a positive return on investment, with a 90% increase in website visits and a 42% growth in unaided awareness.
Tarsus Pharmaceuticals Inc (TARS) is expanding its pipeline with plans to initiate a phase 2 trial for ocular rosacea by the end of the year, aiming to address significant unmet needs.

Negative

The gross-to-net discount was 44.7%, driven by adjustments related to the Medicare manufacturers' Discount Program and an increase in Medicare patients entering the catastrophic coverage category.
Operating expenses are expected to rise in Q4 due to variable costs tied to increased volumes and demand, as well as higher DTC investment.
The company faces challenges in maintaining refill rates, with variability in the time between initial filling and first refill, requiring ongoing physician and patient education.
Despite strong growth, the company has not yet quantified the peak sales potential for XEV, indicating uncertainty in long-term revenue projections.
Tarsus Pharmaceuticals Inc (TARS) is still evaluating strategic options for its Lyme disease prevention program, which could impact future operational spending and resource allocation.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TARS.OQ - Tarsus Pharmaceuticals Inc
Q3 2025 Tarsus Pharmaceuticals Inc Earnings Call
Nov 04, 2025 / 09:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon and welcome to TASA's 3rd quarter 2025 financial results conference call.

As a reminder, this call is being recorded and all participants on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session.

At this time I would like to send a call over to David Nakassoni, head of investigation, to lead off the call. David, you may begin.

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Unidentified_2 [2]
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Thank you. Before we begin, I encourage everyone to visit the investor section of the Tarsus website to view the

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