Tarsus Pharmaceuticals, Inc. (TARS) stock surged 5.74% in the pre-market session on Wednesday, driven by the company's impressive 2024 financial results and robust growth prospects for its leading product XDEMVY.
The biopharmaceutical company reported stellar full-year 2024 net product sales of $180.1 million for XDEMVY, exceeding expectations and reflecting the successful execution of its commercial strategies. Key highlights included:
- Expansion of the sales force from 100 to 150 representatives, increasing reach to over 15,000 eye care physicians. - Securing commercial and Medicare coverage for XDEMVY, extending to more than 90% of potential patient lives. - Compelling data demonstrating XDEMVY's objective benefits in improving measures of Demodex blepharitis (DB) and patient outcomes like fluctuating vision. - Successful launch of a direct-to-consumer advertising campaign, driving patient engagement and awareness.Tarsus also provided promising updates on its pipeline, including plans to initiate a Phase 2 trial for its ocular rosacea treatment TP-04 in the second half of 2025 and a Phase 2 study for its Lyme disease prevention program TP-05 in 2026.
Analysts widely applauded Tarsus' strong performance, reiterating Buy ratings and raising price targets, citing the company's impressive growth trajectory, potential for further market penetration, and robust pipeline opportunities.
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