Tarsus Pharmaceuticals
Commercializes XDEMVY for Demodex blepharitis and develops additional eye-care and infectious-disease therapies.
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Profile
Sells XDEMVY, a prescription eye drop for Demodex blepharitis, through U.S. specialty channels while developing TP-04, TP-05, and IRX-101 for ocular and infectious-disease uses. Most revenue comes from its only approved product; additional programs depend on clinical results, regulatory approval, licensed technology, and outside manufacturing.
Commercializes XDEMVY, a prescription lotilaner eye drop for Demodex blepharitis, through U.S. specialty pharmacies and distributors. Direct outreach to eye-care professionals and consumer education support prescription demand, while XDEMVY generates most revenue.
Develops additional therapies across eye care and infectious-disease prevention. TP-04 targets ocular rosacea, TP-05 is an oral Lyme disease prevention candidate, and acquired IRX-101 is an ocular antiseptic candidate for intravitreal procedures. A pending acquisition would add gildeuretinol for Stargardt disease.
Operates as a single therapeutics segment, retains most human-use rights outside its China license, and relies on licensed lotilaner intellectual property, contract manufacturers, specialty-channel access, payer coverage, and regulatory approvals. XDEMVY remains its only approved product; GrandPharma controls development and commercialization in China, and the Alkeus transaction remains subject to closing conditions.
Company facts
Key statistics
Year to date −11.1% · Average volume (30d) 756.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 12, 2026 | Oppenheimer | Reiterate | Outperform | $72 | $100 |
| Aug 3, 2026 | Mizuho Securities | Target | $100 | $98 | |
| Jul 21, 2026 | Guggenheim | Reiterate | Buy | $84 | $89 |
| Feb 5, 2026 | Goldman Sachs | Target | $51 | $68 | |
| Dec 8, 2025 | Barclays | Target | $62 | $100 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.19 | −$0.43 | −124.2% | $169.7M | $173.9M | +2.5% | +6.59% |
| May 6, 2026Q1 FY26 | −$0.40 | −$0.16 | +60.2% | $149.6M | $162.1M | +8.3% | −1.24% |
| Feb 23, 2026Q4 FY25 | −$0.10 | −$0.20 | −94.2% | $144.6M | $151.7M | +4.9% | +7.79% |
| Nov 4, 2025Q3 FY25 | −$0.35 | −$0.30 | +14.3% | $144.6M | $118.7M | −17.9% | −4.62% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $78.3M | $102.7M | $118.7M | $151.7M | $162.1M | $173.9M | |
| Gross profit | $73.1M | $96.4M | $94.1M | $140.7M | $152.7M | $161.8M | |
| Operating income | −$26.3M | −$22.2M | −$14.5M | −$8.0M | −$6.1M | −$19.9M | |
| Net income | −$25.1M | −$20.3M | −$12.6M | −$8.4M | −$7.0M | −$18.6M | |
| Diluted EPS | −$0.64 | −$0.48 | −$0.30 | −$0.20 | −$0.16 | −$0.43 | |
| Gross margin | 93.3% | 93.9% | 79.3% | 92.8% | 94.2% | 93.0% | |
| Operating margin | -33.5% | -21.6% | -12.2% | -5.3% | -3.8% | -11.4% |
Fiscal years (4-quarter sums)FY21 $57.0M · FY22 $25.8M · FY23 $17.4M · FY24 $183.0M · FY25 $451.4M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $449.7M · Total debt $88.7M · Total assets $611.1M · Shareholders' equity $346.7M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 43.02M · Float 40.39M · 93.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 3.86M | 8.96% | 13F | Aug 7, 2026 |
| Deep Track Capital, LP | 3.67M | 8.52% | 13F | Aug 14, 2026 |
| RTW Investments, LP | 3.36M | 7.80% | 13F | Aug 14, 2026 |
| Jupiter Topco LLC | 2.81M | 6.53% | 13F | Aug 14, 2026 |
| Paradigm Biocapital Advisors LP | 2.78M | 6.45% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 17, 2026 | Bobak R. Azamian | director, officer: President/CEO and Board Chair | −10,000 | $61.55 |
| Jun 15, 2026 | William J. Phd Link | director | −12,500 | $62.12 |
| Jun 15, 2026 | Katherine Goodrich | director | −2,954 | $62.08 |
| Jun 16, 2026 | Jeffrey S. Farrow | officer: See Remarks | −14,396 | $60.95 |
| Mar 20, 2026 | Seshadri Neervannan | officer: Chief Operating Officer | −2,989 | $66.75 |
Peers
- Bausch + Lomb
Eye-health incumbent with major dry-eye prescription portfolio
- Alcon
Broad eye-care incumbent with dry-eye and allergy franchises
- AbbVie
Allergan eye-care franchise overlaps ocular surface prescribing
- Harrow
Focused eyecare pharma peer with VEVYE dry-eye launch
- Viatris
Anterior-segment pipeline includes blepharitis and dry eye
- Valneva (ADR)
Lyme-prevention peer through LB6V / VLA15 vaccine program
- Aldeyra Therapeutics
Late-stage ocular inflammation peer in dry eye and allergy
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Tarsus Pharmaceuticals | $71.76 | −0.04% | $3.09B | — | — | 5.1 | +69.4% |
| Bausch + Lomb | $17.15 | 0.00% | $6.13B | — | 17.2 | 1.2 | +9.1% |
| Alcon | $72.15 | +0.21% | $35.12B | 55.4 | 18.6 | 3.3 | +7.5% |
| AbbVie | $255.80 | +0.13% | $451.38B | 72.0 | 16.8 | 7.0 | +10.2% |
| Harrow | $37.77 | +1.29% | $1.39B | — | 30.3 | 5.0 | +10.9% |
| Viatris | $16.30 | −0.23% | $19.03B | — | 6.4 | 1.3 | +4.9% |
| Valneva (ADR) | $6.43 | −0.31% | $609.7M | — | — | 3.7 | −29.2% |
| Aldeyra Therapeutics | $1.51 | +1.68% | $89.6M | — | — | — | — |
| Median | 63.7 | 17.2 | 3.5 | +8.3% |