The company has demonstrated significant operational leverage, narrowing its operating loss margin from -136.5% in 2024Q1 to -3.8% in 2026Q1 while maintaining a high 94.2% gross margin.
| Sales/Revenue | 535.08M | 451.36M | 182.95M | 17.45M | 25.82M | 57.03M | 0 | 0 | 0 |
| Revenue Growth % | 128.99% | 146.71% | 948.62% | -32.42% | -54.73% | - | - | - | - |
| Cost of Goods Sold | 51.15M | 30.68M | 12.83M | 1.59M | 955K | 2.08M | 246K | 74K | 1K |
| COGS % of Revenue | - | 6.8% | 7.01% | 9.13% | 3.7% | 3.64% | - | - | - |
| Gross Profit | 483.93M | 420.68M | 170.13M | 15.85M | 24.86M | 54.95M | -246K | -74K | -1K |
| Gross Margin % | 90.44% | 93.2% | 92.99% | 90.87% | 96.3% | 96.36% | - | - | - |
| Gross Profit Growth % | - | 147.27% | 973.09% | -36.23% | -54.76% | 22438.21% | -232.43% | -7300% | - |
| Operating Expenses | 534.74M | 491.64M | 290.7M | 159.01M | 87.57M | 67.11M | 26.74M | 4.22M | 1.35M |
| OpEx % of Revenue | - | 108.93% | 158.89% | 911.4% | 339.22% | 117.68% | - | - | - |
| Selling, General & Admin | 478.76M | 427.32M | 237.31M | 108.7M | 44.95M | 25.4M | 7.93M | 1.06M | 448K |
| SG&A % of Revenue | - | 94.67% | 129.71% | 623.03% | 174.11% | 44.54% | - | - | - |
| Research & Development | 72.26M | 64.32M | 53.39M | 50.31M | 42.62M | 41.71M | 18.83M | 3.16M | 901K |
| R&D % of Revenue | - | 14.25% | 29.18% | 288.37% | 165.11% | 73.14% | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -50.81M | -70.97M | -120.57M | -143.16M | -62.71M | -12.16M | -26.98M | -4.3M | -1.35M |
| Operating Margin % | -9.5% | -15.72% | -65.9% | -820.53% | -242.92% | -21.32% | - | - | - |
| Operating Income Growth % | - | 41.14% | 15.78% | -128.28% | -415.85% | 54.95% | -527.8% | -218.37% | - |
| EBITDA | -49.02M | -69.15M | -119.34M | -142.28M | -62.39M | -11.85M | -26.74M | -4.22M | -1.35M |
| EBITDA Margin % | -9.16% | -15.32% | -65.23% | -815.5% | -241.66% | -20.77% | - | - | - |
| EBITDA Growth % | 54.5% | 42.06% | 16.12% | -128.07% | -426.69% | 55.7% | -532.98% | -213.12% | - |
| D&A (Non-Cash Add-back) | 1.79M | 1.82M | 1.23M | 877K | 326K | 312K | 246K | 74K | 1K |
| EBIT | -40.91M | -55.42M | -107.7M | -132.55M | -60.03M | -13.77M | -26.81M | -4.63M | -1.32M |
| Net Interest Income | 7.31M | 6.81M | 7.57M | 7.11M | 1.44M | 36K | 0 | 0 | 0 |
| Interest Income | 13.75M | 15.75M | 15.01M | 10.34M | 3.5M | 36K | 188K | 40K | 0 |
| Interest Expense | 6.44M | 8.94M | 7.45M | 3.23M | 2.06M | 0 | 188K | 40K | 0 |
| Other Income/Expense | 2.25M | 6.61M | 5.01M | 7.26M | 617K | -1.61M | 173K | -371K | 32K |
| Pretax Income | -48.56M | -64.36M | -115.55M | -135.89M | -62.09M | -13.77M | -26.81M | -4.67M | -1.32M |
| Pretax Margin % | -9.07% | -14.26% | -63.16% | -778.89% | -240.53% | -24.15% | - | - | - |
| Income Tax | -293K | 2.06M | 0 | 0 | -4K | 55K | 1K | 1K | 1K |
| Effective Tax Rate % | 0.6% | -3.2% | 0% | 0% | 0.01% | -0.4% | -0% | -0.02% | -0.08% |
| Net Income | -48.27M | -66.42M | -115.55M | -135.89M | -62.09M | -13.83M | -26.81M | -4.67M | -1.32M |
| Net Margin % | -9.02% | -14.72% | -63.16% | -778.89% | -240.51% | -24.25% | - | - | - |
| Net Income Growth % | 54.01% | 42.52% | 14.97% | -118.86% | -349.06% | 48.43% | -474.11% | -254.06% | - |
| Net Income (Continuing) | -48.27M | -66.42M | -115.55M | -135.89M | -62.09M | -13.83M | -26.81M | -4.67M | -1.32M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.12 | -1.59 | -3.07 | -4.62 | -2.52 | -0.67 | -1.32 | -0.24 | -0.31 |
| EPS Growth % | 58.24% | 48.21% | 33.55% | -83.33% | -276.12% | 49.24% | -450% | 22.58% | - |
| EPS (Basic) | - | -1.59 | -3.07 | -4.62 | -2.52 | -0.67 | -1.32 | -0.24 | -0.31 |
| Diluted Shares Outstanding | 42.96M | 41.78M | 37.6M | 29.38M | 24.62M | 20.55M | 20.32M | 19.51M | 4.29M |
| Basic Shares Outstanding | 42.96M | 41.78M | 37.6M | 29.38M | 24.62M | 20.55M | 20.32M | 19.51M | 4.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Payer reimbursement and GTN
As reported in recent financial statements, Tarsus Pharmaceuticals achieved a 106.9% year-over-year revenue growth in 2026Q1, reflecting the successful market penetration of Xdemvy as the company transitions from a clinical-stage entity to a commercial-stage organization focused on capturing the underserved Demodex blepharitis patient population.
The triple-digit growth trajectory suggests that the company is effectively converting its first-mover advantage into tangible prescription volume. Investors should monitor whether this momentum can be sustained as the company moves beyond early adopters and faces more rigorous formulary hurdles in the broader Medicare Part D landscape.
Based on the provided income statement data, Tarsus has significantly narrowed its operating loss from -136.5% in 2024Q1 to -3.8% by 2026Q1, demonstrating that the company is successfully scaling its revenue base faster than its fixed commercial and administrative overhead expenses.
This trend indicates that the high-fixed-cost structure of the initial launch phase is beginning to yield operating leverage. If the current pace of revenue expansion continues, the company appears well-positioned to reach a positive operating income inflection point in the near term.
According to the latest quarterly filings, Tarsus maintains a robust gross margin of 94.2%, which highlights the favorable economics of its small-molecule therapeutic and suggests that the company possesses significant pricing power within the niche ocular surface market it currently dominates.
The consistency of these margins, despite the rapid scale-up, implies that manufacturing costs remain well-contained. This high-margin profile provides the necessary financial flexibility to fund ongoing R&D initiatives while absorbing potential future pricing pressures from insurance payers.
Analysis of the income statement reveals that while SG&A remains the primary cost driver, the company has managed to stabilize its R&D spending, which totaled $22.4 million in 2026Q1, reflecting a disciplined approach to balancing commercialization efforts with long-term pipeline development for systemic indications.
The management of SG&A relative to revenue growth suggests an increasing focus on operational efficiency as the commercial infrastructure matures. However, the pivot toward systemic prophylaxis, such as TP-05, warrants further investigation into whether these R&D costs will remain stable or escalate as clinical trials progress.
Quick answers to the most common questions about buying TARS stock.
For fiscal year 2025, Tarsus Pharmaceuticals, Inc. (TARS) reported total revenue of $451.4M.
Tarsus Pharmaceuticals, Inc. (TARS) reported a net loss of $66.4M for the fiscal year ending 2025.
Tarsus Pharmaceuticals, Inc. (TARS) reported an operating income of $-71.0M, resulting in an operating profit margin of -15.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Tarsus Pharmaceuticals, Inc. (TARS) generated $420.7M in gross profit for the year, representing a gross profit margin of 93.2%. This demonstrates the company's core pricing power and production efficiency.