Tarsus Raises Sales Outlook as XDEMVY Sets Record
XDEMVY sales grew 69% from a year earlier as prescribing depth strengthened.
Tarsus Pharmaceuticals (TARS), the maker of eye-disease treatments, raised its full-year sales outlook after XDEMVY delivered record second-quarter product sales.
The quarter restored sequential momentum after an early-year dip. XDEMVY sales had climbed from $118.7 million in the third quarter of 2023 to $151.7 million in the fourth, slipped to $145.4 million in the first quarter of 2024 and then reached $173.9 million.
Second-quarter XDEMVY sales rose from $102.7 million a year earlier and increased 19.6% sequentially. The net loss narrowed to $18.6 million, or $0.43 a share, from $20.3 million, or $0.48 a share, a year earlier despite higher operating spending.
Higher volume and improved gross-to-net discounts drove sales growth. Gross margin edged down to 93% from 94% both a year earlier and in the first quarter. The number of eye-care professionals writing at least five XDEMVY prescriptions a week doubled from a year earlier, while unaided awareness of Demodex blepharitis reached about 30%, up from 25% at year-end.
Investment behind that expansion continued to rise. Selling, general and administrative expense increased 46% to $150.7 million, including additional commercial, marketing and patient-support costs. Research and development expense nearly doubled to $31.0 million, including $8.0 million tied to the newly initiated Calliope trial of TP-05.
Tarsus now expects 2024 XDEMVY sales of $685 million to $705 million, compared with its previous forecast of $670 million to $700 million. The revised range lifted the midpoint by $10 million to $695 million.
The company completed enrollment in the Phase 2 Calliope trial and continues to expect topline data in the first half of 2025. Its completed acquisition of iRenix added retinal candidate IRX-101, with the Phase 3 COMFORT trial expected to begin in the first half of 2025 and results planned for 2026.
Tarsus also agreed to acquire Alkeus Pharmaceuticals, adding Phase 3 Stargardt-disease candidate ALK-001, and priced a $125 million private placement to support a broader late-stage development agenda.