Tarsus Pharmaceuticals, Inc.

tarsusrx.com

What Do They Do?

Sells XDEMVY, an eye drop for Demodex blepharitis, through specialty pharmacies and distributors, and develops medicines for other eye diseases and Lyme disease prevention.

How Do They Make Money?

Sells XDEMVY to specialty pharmacies and distributors; the sale is counted when the product is delivered, with the amount reduced for discounts, rebates, returns and other deductions. Tarsus has also earned license and collaboration revenue from granting a third party rights to market TP-03 in China.

revenue

Segment	Share	Revenue	How money arrives
Product sales, net Sold outright	100% FY2022: 0.0%		Sold outright
License fees and collaboration revenue Licensed	0.0% FY2022: 100%		Licensed

Who Are Their Customers?

Tarsus sells XDEMVY to a limited number of specialty pharmacies and distributors, which then sell it to clinics, hospitals, pharmacies and federal healthcare programs.

Do Revenues Turn Into Profits?

No. It lost $66.4M in FY2025.

Operating income, FY2025

−16% of revenue

▼ −41% (Loss) vs FY2024 (−$120.6M, −66%)

Net income, FY2025

−15% of revenue

▼ −43% (Loss) vs FY2024 (−$115.6M, −63%)

Free cash flow, FY2025

−5% of revenue

▼ −74% (Loss) vs FY2024 (−$84.6M, −46%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +69%; vs $102.7M in Q2 FY2025
Net income: ▼ −9% (Loss); vs −$20.3M in Q2 FY2025

Product sales, net share of revenue vs 100.0% in Q2 FY2025

Sep 4, 2026 Completed the acquisition of Alkeus Alkeus became a wholly owned subsidiary; the deal includes upfront consideration, milestone payments and sales-based payments.
Jul 8, 2026 Acquired iRenix Medical and its IRX-101 program iRenix became a wholly owned subsidiary, adding an investigational ocular antiseptic for patients receiving intravitreal therapy.

Growing. Revenue grew 7.9x in 4 years, from $57M in FY2021 to $451.4M in FY2025, about 68% a year.

From development to sales The lead program moved from an investigational eye drop for Demodex blepharitis to a marketed treatment for the condition.

Revenue over time

Product sales, net License fees and collaboration revenue

$500M$250M$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Azura Ophthalmics, Aperta Biosciences, Formosa Pharmaceuticals, Glaukos, Atticus Medical, Hovione Scientia, Premark Pharma, Viatris, and Quorum Innovations

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