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- **Q3 Growth Records**: $119M revenue, 147% YoY growth, 103,000 bottles dispensed, and 20,000+ prescribers highlight XDEMVY's market dominance.
- **Pipeline Momentum**: Phase II for ocular rosacea (TP-04) and Lyme disease prevention (TP-05) on track, with global expansion plans.
- **Sustainability Signals**: 10% weekly refills, 44.7% gross-to-net discount stability, and DTC campaign ROI exceeding expectations.
- **Strategic Focus**: Scaling commercial engine for 25M+ DB sufferers, with 1.6% penetration to date.

**【CEO Summary Section】**
- XDEMVY achieved $119 million in net revenue and 103,000 bottles dispensed in Q3, up 147% year-over-year. Over 20,000 doctors have prescribed XDEMVY, with weekly prescribers increasing by 20% and multiple-times-a-week prescribers up 30%.
- XDEMVY is becoming a standard treatment for Demodex blepharitis (DB), with doctors expanding use across conditions like dry eye, cataracts, and contact lens intolerance. Patient-driven demand via DTC campaigns is driving new prescriptions.
- Pipeline progress includes Phase II for ocular rosacea (TP-04) and Lyme disease prevention (TP-05), with global expansion plans for Europe and Japan.

**【CCO Financial & Commercial Update】**
- Q3 gross-to-net discount was 44.7%, stable vs. Q2, driven by Medicare dynamics. Refill rates reached 10% weekly and 15-20% annually, aligning with long-term expectations.
- Direct-to-consumer (DTC) campaign delivered 90% increase in website visits and 42% rise in unaided brand awareness, with positive ROI exceeding expectations.
- Commercial engine is scaling with 400,000+ patients treated, but only 1.6% of the 25 million estimated DB sufferers, indicating significant growth potential.

**【CFO Financial Commentary】**
- Q4 net product sales guidance: $140-145 million (annualized $440-445 million). Gross-to-net discount expected to remain 43-45% due to Medicare mix.
- Operating expenses for 2025 will reach the top of the $70-80 million DTC spend range. Ocular rosacea Phase II costs ($7-10 million) and Lyme disease Phase IIb decisions will shape 2026 OpEx.

**【Q&A Highlights】**
- **Prescribing Patterns**: Doctors are integrating XDEMVY into routine care for multiple conditions, citing DB's impact on surgical outcomes and visual fluctuations.
- **Refill Dynamics**: 10% weekly refills and 15-20% annualized rates align with expectations, driven by chronic disease management education.
- **Pipeline Clarity**: TP-04 Phase II for ocular rosacea will measure telangiectasia and erythema reduction, leveraging TP-04's proven efficacy in papulopustular rosacea.
- **Market Segmentation**: Optometrists (65% of scripts) focus on in-clinic medical management, while ophthalmologists target cataract patients with DB comorbidities.


Tarsus Pharmaceuticals, Inc. (TARS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TARS

TARS fundamentals

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