Tarsus Pharmaceuticals (TARS) investor relations material

Executive summary

• Achieved Q2 2026 net product sales of $173.9 million, up 69% year-over-year, driven by XDEMVY adoption and expanded DTC campaigns.

• Increased full-year 2026 XDEMVY net product sales guidance to $685–$705 million, reflecting robust demand.

• Announced pending acquisition of Alkeus Pharmaceuticals to expand the retina pipeline, and completed acquisition of iRenix Medical.

• Cash, cash equivalents, and marketable securities totaled $449.7 million as of June 30, 2026.

• Strategic focus on building a leading eye care company through innovation, category creation, and commercial execution.

Financial highlights

• Q2 2026 net product sales: $173.9 million (Q2 2025: $102.7 million); H1 2026: $319.3 million (H1 2025: $181.0 million).

• Gross margin remained strong at 93% for Q2 and H1 2026.

• Operating expenses in Q2 2026 rose to $193.8 million, mainly due to increased SG&A and R&D.

• Net loss for Q2 2026 was $18.6 million, improved from $20.3 million in Q2 2025; EPS $(0.43) vs. $(0.48).

• Cash flow from operations was $36.6 million for H1 2026, compared to a $50.0 million outflow in H1 2025.

Outlook and guidance

• Raised 2026 XDEMVY net product sales guidance to $685–$705 million, up from previous $670–$700 million.

• Management expects continued growth in XDEMVY sales, supported by expanded commercial activities and new product launches.

• Topline data for Phase 2 KORE trial (TP-04 for ocular rosacea) and Calliope trial (TP-05 for Lyme disease prevention) expected in H1 2027.

• Profitability anticipated in 2027, with incremental spend on new assets potentially shifting this by a quarter or two.

• Current liquidity is projected to fund operations for at least the next 12 months, even after planned acquisition payments.