Tarsus Pharmaceuticals (TARS) investor relations material

Executive summary

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

• Full-year 2026 XDEMVY net product sales guidance increased 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.

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

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.

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

• SG&A expenses for Q2 2026 were $150.7 million; R&D expenses were $31.0 million.

• Net loss for H1 2026 was $25.5 million, improved from $45.5 million in H1 2025.

Outlook and guidance

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

• Topline data for Phase 2 KORE (TP-04) and Calliope (TP-05) trials expected in H1 2027.

• SG&A expenses projected at $545–$565 million; R&D expenses at $190–$210 million, reflecting recent acquisitions.

• Profitability expected around 2027, with incremental spend on new assets possibly shifting this by a quarter or two.

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