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Tarsus Pharmaceuticals, Inc., a commercial stage biopharmaceutical company, focuses on the development and commercialization of therapeutic candidates for eye care in the United States. The company offers XDEMVY, a lotilaner ophthalmic solution for the treatment of demodex blepharitis caused by the infestation of Demodex mites. It sells its products to specialty pharmacies and distributors, as well as clinics, hospitals, pharmacies, and federal healthcare programs. The company also develops TP-04, a sterile aqueous gel formulation of lotilaner in Phase 2 trial for the treatment of ocular rosacea; and TP-05, an oral tablet formulation of lotilaner in Phase 2 trial for the prevention of Lyme disease, as well as in pre-clinical studies for community malaria reduction. In addition, it is developing the lotilaner active pharmaceutical ingredient (API) to address diseases in human medicine, including eye care and infectious disease prevention. The company has a development and license agreement with Xi An Grand Chang An Pharmaceutical Co., Ltd. for the development and commercialization of TP-03 in China for the treatment of Demodex blepharitis and meibomian gland disease. Tarsus Pharmaceuticals, Inc. was incorporated in 2016 and is headquartered in Irvine, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $451M | $-54M | $-66M | $-22M | -19.3% | 146.7% | - |
| 2024 | $183M | $-107M | $-116M | $-90M | -51.5% | 948.6% | - |
| 2023 | $17M | $-132M | $-136M | $-123M | -69.0% | -32.4% | - |
| 2022 | $26M | $-60M | $-62M | $-50M | -32.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 25.82 | 17.45 | 182.95 | 451.36 |
| Cost Of Revenue | 0.95 | 1.59 | 12.83 | 30.68 |
| Gross Profit | 24.86 | 15.85 | 170.13 | 420.68 |
| Operating Expense | 87.57 | 159.01 | 290.70 | 491.64 |
| Operating Income | -62.71 | -143.16 | -120.57 | -70.97 |
| EBITDA | -59.70 | -131.79 | -106.88 | -54.20 |
| EBIT | -60.03 | -132.67 | -108.11 | -56.02 |
| Pretax Income | -62.09 | -135.89 | -115.55 | -64.36 |
| Tax Provision | 0 | 0 | 0 | 2.06 |
| Net Income | -62.09 | -135.89 | -115.55 | -66.42 |
| Net Income Common Stockholders | -62.09 | -135.89 | -115.55 | -66.42 |
| Total Expenses | 88.53 | 160.60 | 303.52 | 522.33 |
| Interest Expense | 2.06 | 3.23 | 7.45 | 8.34 |
| Interest Income | 3.50 | 10.34 | 15.01 | 15.75 |
| Research And Development | 42.62 | 50.31 | 53.39 | 64.32 |
| Selling General And Administration | 44.95 | 108.70 | 237.31 | 427.32 |
| Normalized EBITDA | -58.94 | -131.79 | -104.94 | -54.20 |
| Normalized Income | -61.32 | -135.89 | -113.61 | -66.42 |
| Basic EPS | -2.52 | -4.62 | -3.07 | -1.59 |
| Diluted EPS | -2.52 | -4.62 | -3.07 | -1.59 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0.21 |
| Total Unusual Items | -0.77 | 0 | -1.94 | 0 |
| Total Unusual Items Excluding Goodwill | -0.77 | 0 | -1.94 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -62.09 | -135.89 | -115.55 | -66.42 |
| Reconciled Depreciation | 0.33 | 0.88 | 1.23 | 1.82 |
| Reconciled Cost Of Revenue | 0.95 | 1.59 | 12.83 | 30.68 |
| Net Interest Income | 1.30 | 6.99 | 7.17 | 6.81 |
| Net Income From Continuing And Discontinued Operation | -62.09 | -135.89 | -115.55 | -66.42 |
| Total Operating Income As Reported | -62.71 | -143.16 | -120.57 | -70.97 |
| Diluted Average Shares | 24.62 | 29.38 | 37.60 | 41.78 |
| Basic Average Shares | 24.62 | 29.38 | 37.60 | 41.78 |
| Diluted NI Availto Com Stockholders | -62.09 | -135.89 | -115.55 | -66.42 |
| Net Income Including Noncontrolling Interests | -62.09 | -135.89 | -115.55 | -66.42 |
| Net Income Continuous Operations | -62.09 | -135.89 | -115.55 | -66.42 |
| Other Income Expense | -0.68 | 0.27 | -2.15 | -0.20 |
| Other Non Operating Income Expenses | 0.09 | 0.27 | -0.21 | -0.20 |
| Special Income Charges | 0 | 0 | -1.94 | 0 |
| Other Special Charges | 0 | 0 | 1.94 | 0 |
| Gain On Sale Of Security | -0.77 | 0.38 | -0.79 | 0 |
| Net Non Operating Interest Income Expense | 1.30 | 6.99 | 7.17 | 6.81 |
| Total Other Finance Cost | 0.14 | 0.12 | 0.40 | 0.59 |
| Interest Expense Non Operating | 2.06 | 3.23 | 7.45 | 8.34 |
| Interest Income Non Operating | 3.50 | 10.34 | 15.01 | 15.75 |
| General And Administrative Expense | 44.95 | 0 | 0 | 0 |
| Other Gand A | 44.95 | 0 | 0 | 0 |
| Operating Revenue | 25.82 | 17.45 | 182.95 | 451.36 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Tarsus Pharmaceuticals, Inc.this co. | TARS | $2.6B | - | 7.52 | -19.3% | -32.50 |
| Kodiak Sciences Inc. | KOD | $2.7B | - | 17.11 | -146.1% | -11.78 |
| Warby Parker Inc. | WRBY | $2.6B | 2147.00 | 7.15 | 0.4% | 56.61 |
| Immunome, Inc. | IMNM | $2.6B | - | 4.09 | -33.5% | -9.20 |
| Enliven Therapeutics, Inc. | ELVN | $2.6B |
| - |
| 5.48 |
| -22.6% |
| -17.36 |
| Vera Therapeutics, Inc. | VERA | $2.6B | - | 4.23 | -49.6% | -6.09 |
| Heartflow, Inc. | HTFL | $2.5B | - | 8.38 | -38.8% | -37.97 |
| Celldex Therapeutics, Inc. | CLDX | $2.5B | - | 4.06 | -49.1% | -5.72 |
| Disc Medicine, Inc. | IRON | $2.5B | - | 3.38 | -28.7% | -7.48 |
| Peer Median | - | 2147.00 | 4.85 | -36.2% | -8.34 | |