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Tarsus Pharmaceuticals (TARS)
NASDAQ:TARS
Earnings Data
Report Date
May 12, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.21Last Year’s EPS
-0.64Same Quarter Last Year
Strong Buy
Based on 6 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a strongly positive commercial trajectory for XDEMVY—robust 2025 performance, bold 2026 guidance (+~50% at midpoint), expanding awareness and payer coverage, product-line profitability, and a funded pipeline with near-term clinical catalysts for TP-04 and TP-05. Offsetting these positives are material near-term expense levels, a high gross-to-net discount (~43%-45%), Q1 seasonality headwinds and reliance on new-patient driven growth until refill rates stabilize. Overall, the company presents clear growth momentum but must demonstrate operating leverage and sustained margin conversion to fully realize its $2B+ peak sales ambition.Company Guidance
Strong 2025 Revenue Performance
Full-year 2025 net product sales of $451.4 million and Q4 2025 net product sales of $151.7 million, demonstrating rapid commercial traction since launch.
Ambitious 2026 Guidance and Rapid Growth
Provided first-ever full-year 2026 guidance of $670M to $700M in net product sales, implying approximately 50% annual growth at the midpoint versus 2025.
High Patient Impact and Large Addressable Market
XDEMVY has treated over 0.5 million patients since launch against an estimated 25 million Americans with Demodex blepharitis (management cites penetration well under 10%), indicating substantial upside.
Commercial Momentum and Awareness Gains
Unaided patient awareness of Demodex/XDEMVY rose from ~2% to ~25%, payer coverage exceeds 90% across commercial, Medicare and Medicaid, and weekly refills are trending in the low-to-mid teens toward a projected steady-state refill rate of ~20%.
Product-Line Profitability and Strong Margins
Management states XDEMVY is profitable at the product line level; company expects gross margins of approximately 93% (2026 guidance) and long-term gross-to-net discount settling in the ~43%-45% range.
Healthy Balance Sheet and Financial Flexibility
Cash, cash equivalents and marketable securities of approximately $418 million at year-end 2025 to support scaling and pipeline advancement.
Pipeline Advancement with Clear Development Plans
Advancing TP-04 (ocular rosacea) Phase II initiated Dec 2025 with topline data expected 1H 2027; TP-05 (Lyme disease prevention) Phase II planned to start in Q2 2026 (~700 participants) with topline data expected 1H 2027; prior data for TP-05 showed >95% tick-killing within 24 hours in a prior trial.
Target to Reach Blockbuster Scale
Company raised peak U.S. sales conviction for XDEMVY to exceed $2 billion based on current uptake trends, low current penetration, expanding screening/use cases and continued commercial execution.
Focused and Funded Commercial Investments
Planned incremental 2026 investments include ~15-20 new key account leaders and continued DTC/patient education (approx. $80M planned marketing spend), expected to deepen prescribing and conversion.
TARS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TARS Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 23, 2026 | $69.59 | ― | ― |
Nov 04, 2025 | $71.50 | $68.20 | -4.62% |
Aug 06, 2025 | $41.64 | $47.95 | +15.15% |
May 01, 2025 | $50.30 | $47.36 | -5.84% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Tarsus Pharmaceuticals (TARS) report earnings?
Tarsus Pharmaceuticals (TARS) is schdueled to report earning on May 12, 2026, After Close (Confirmed).
What is Tarsus Pharmaceuticals (TARS) earnings time?
Tarsus Pharmaceuticals (TARS) earnings time is at May 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TARS EPS forecast?
TARS EPS forecast for the fiscal quarter 2026 (Q1) is -0.21.