Tarsus Pharmaceuticals, Inc.

Q2 XDEMVY net product sales were $173.9 million, representing more than 69% year-over-year growth and about 20% quarter-over-quarter growth. Gross margin was approximately 93%, and the company ended the quarter with $449.7 million in cash, cash equivalents and marketable securities. For 2026, Tarsus raised XDEMVY full-year net product sales guidance to $685 million-$705 million from $670 million-$700 million; gross margin is still expected to be approximately 93%, SG&A is guided to $545 million-$565 million, and full-year R&D is now expected at $190 million-$210 million, including $75 million of upfront consideration for iRenix but excluding Alkeus. The Alkeus deal includes $450 million upfront ($270 million cash and $180 million stock), up to $350 million in milestones, and low single-digit tiered decreasing royalties, with closing expected later this year subject to customary conditions.

Bobby Azamian framed the quarter as proof that XDEMVY is becoming a cornerstone asset and said the company is building a broader eye care leader from that base. He emphasized that XDEMVY has treated more than 700,000 patients and generated almost $1 billion in net product sales to date, while saying the Alkeus acquisition fits Tarsus' strategy of pursuing novel, disease-modifying assets with strong clinical evidence. His tone was confident and expansionary, repeatedly stressing that the company is still early in realizing XDEMVY's commercial opportunity and is now extending into retina.

Jeff Farrow highlighted record Q2 XDEMVY sales of $173.9 million, 69%+ year-over-year growth, flat gross margin of about 93%, and quarter-end cash of $449.7 million. He updated 2026 guidance, raising XDEMVY net product sales to $685 million-$705 million and keeping gross margin at approximately 93%, while guiding SG&A to $545 million-$565 million and R&D to $190 million-$210 million, with the R&D increase tied to the $75 million upfront consideration for iRenix. On Alkeus, he detailed the $450 million upfront structure, the up to $350 million milestone package, the $125 million private placement, and said the transaction is intended to preserve financial flexibility and support long-term growth; in Q&A he added that, based on current guidance, profitability could still occur sometime in 2027, though Alkeus could push that by a quarter or two.

Analysts focused heavily on the Alkeus deal, asking how ALK-001 compares with tinlarebant, how the company plans to build the retina commercial organization, and whether access, pricing, and reimbursement will resemble XDEMVY. Management said ALK-001 stands out on both structural and functional benefit, especially low-luminescence visual acuity, with a favorable long-term safety profile in more than 400 patients treated for up to 7 years; Jeff Farrow said market research supports a $1 billion-plus opportunity. They also said the retina launch will target a concentrated physician base of roughly 3,500 physicians, with broad access as the goal, and that Northstar enrollment is already under way; on a possible second Phase III study, management described it as risk mitigation and potential upside rather than a sign the first study is insufficient.