Tarsus Reports 150% Sales Growth to $451.4M, Launches Phase 2 Programs
Tarsus posted Q4 XDEMVY sales of $151.7M and full-year revenue of $451.4M, up over 150% year-over-year, with 93% gross margin. Initiated Phase 2 TP-04 trials in ocular rosacea, plans TP-05 Lyme prevention trials in Q2 2026 and added former Allergan CEO David Pyott to its board.
1. Financial Performance
Tarsus delivered net product sales of $151.7 million in Q4 and $451.4 million for full-year 2025, representing over 150% year-over-year growth. The company shipped 130,000 bottles in Q4 and 400,000 for the year, maintained over 90% payer coverage, preserved a 93% gross margin, narrowed its net loss to $8.4 million from $23.1 million, and held $417.3 million in cash.
2. Pipeline Advancement
Tarsus initiated a Phase 2 trial of TP-04 (lotilaner ophthalmic gel) for ocular rosacea with topline data expected in 1H 2027. It also plans to start a Phase 2 study of TP-05, an oral Lyme disease prevention tablet, in Q2 2026 and is pursuing global XDEMVY expansion with potential approvals in Europe (2027), China (2026), and discussions in Japan.
3. Board and Strategic Update
The company strengthened its leadership by appointing David E.I. Pyott, former CEO and Chairman of Allergan, to its board. Pyott’s experience growing Allergan from $1 billion to over $7 billion in revenue underscores Tarsus’s category-creation model integrating science, commercial execution and strategic investment.