Tarsus Pharmaceuticals Q2 2025: Key Contradictions on XDEMVY's Market Potential, Discount Strategies, and Seasonal Sales Trends

Peak potential and market potential for XDEMVY, gross-to-net discount improvement, DTC metrics and new patient starts, impact of summer trends on sales are the key contradictions discussed in Tarsus Pharmaceuticals' latest 2025Q2 earnings call.



Record Q2 Financial Performance:
- Tarsus Pharmaceuticals reported over $100 million in net sales for Q2 2025, with approximately 91,000 bottles dispensed to patients.
- This represents a more than 30% sequential quarterly revenue growth.
- The growth was primarily driven by the successful launch of XDEMVY, the first FDA-approved treatment for Demodex blepharitis, and the impact of the direct-to-consumer (DTC) campaign.

Direct-to-Consumer Campaign Impact:
- The DTC campaign led to a notable increase in prescription volumes, with unaided awareness of XDEMVY more than tripling since its commencement.
- Website interactions increased by nearly 400% since the beginning of the year, with a significant rise in patient engagement and physician prescriptions.
- The early success of the DTC campaign has been attributed to its integration with a strong prescriber base and comprehensive payer access, making XDEMVY affordable and accessible.

Pipeline Progress and Expansion:
- Tarsus remains on track to initiate a Phase II study for TP-04, targeting ocular rosacea, later this year.
- The company is preparing for key clinical site selection and protocol validation, with anticipation of regulatory approvals in Japan and Europe.
- The focus on expanding its pipeline underscores Tarsus's strategy of creating new therapeutic categories and leveraging scientific insight and commercial acumen.

Increased New Prescribers and Market Penetration:
- The company has reached more than 20,000 prescribers, exceeding its originally targeted core audience of 15,000.
- This expansion is attributed to the depth of prescribing patterns across different patient segments and the effectiveness of the sales force in engaging with ECPs.
- The increase in new prescribers is expected to fuel continued growth and market penetration, supported by positive reimbursement dynamics and motivated patient demand.