Loading…
Specialty eye-care pharma selling Xdemvy, the first approved treatment for Demodex blepharitis (eyelid mite infection).
Specialty eye-care pharma selling Xdemvy, the first approved treatment for Demodex blepharitis (eyelid mite infection).
Revenue comes almost entirely from Xdemvy, a prescription eye drop approved in 2023, so uptake depends on eye doctors prescribing it and insurers paying for it. A pipeline in other eye and skin conditions is still at the trial stage.
Moat: narrow (IP / patents, regulatory licence). First and only approved Demodex blepharitis treatment, protected by patents and exclusivity.
Headquarters: Irvine, California, US · Founded: 2017 · Employees: 370
Size Tarsus Pharmaceuticals (TARS) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $3.38B, the 1462nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $68.60 on 6 Nov 2026.
Performance Over six months the shares gained 12.1%, against +2.0% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 86.3% over the last twelve months (peer median +13.3%); the operating margin is -9.6% (peer median 18.9%).
Valuation It trades at 4.6× enterprise value to sales against a peer median of 3.6× (7th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +160%, so the hurdle is -128 pp: the price already allows for a slowdown.
Short interest Short interest is 11.6% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $682M | $451M | $183M | $17.4M | $25.8M |
| Revenue growth | — | +147% | +949% | -32% | — |
| Gross profit | $636M | $421M | $170M | $15.9M | $24.9M |
| EBITDA | -$62.6M | -$69.2M | -$119M | -$142M | -$61.9M |
| Net income | -$702M | -$66.4M | -$116M | -$136M | -$62.1M |
| Free cash flow | $32.4M | -$22.3M | -$84.6M | -$119M | -$49.5M |
| Capital expenditure | $17.5M | $9.86M | $6.57M | $5.50M | $506,000 |
| Total debt | $88.7M | $83.0M | $72.5M | $31.7M | $20.2M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Tarsus Pharmaceuticals TARS | $3.38B | +12% | +86% | -10% | 4.6× | 31.9% |
| Bausch + Lomb BLCO.TO | $7.20B | +31% | +11% | 9% | 2.2× | 11.0% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 8.9× | -0.1% |
| Harrow HROW | $1.01B | -30% | +21% | 2% | 4.4× | 51.8% |
| Alcon ALC.SW | $37.5B | +22% | -1% | 11% | 3.9× | 12.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TARS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.0% | +3.5% | 4th lowest of 21 |
| 6-month return | +12.1% | +2.0% | 8th highest of 20 |
| Distance from 52-week high | -25.1% | -21.2% | 10th lowest of 21 |
| Revenue growth (TTM) | +86.3% | +13.3% | 3rd highest of 19 |
| Operating margin | -9.6% | 18.9% | 2nd lowest of 18 |
| EV / Sales | 4.6× | 3.6× | 7th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 31.9% | 0.4% | 4th most demanding of 15 |
| Growth delivered (Del g) | +159.5% | +6.6% | 2nd highest of 15 |
| Hurdle (Req g minus delivered) | -127.7 pp | -9.4 pp | 2nd least demanding of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tarsus Pharmaceuticals TARS | United States | $3.38B | +12% | +86% | -10% | 4.6× | 31.9% | +159.5% |
| Piramal Pharma PPLPHARMA.NS | India | $3.37B | +30% | +9% | 3% | 3.8× | n/a | n/a |
| Shanghai Henlius Biotech 2696.HK | Hong Kong | $3.41B | -37% | +33% | 12% | 3.7× | 15.2% | +61.4% |
| Wockhardt WOCKPHARMA.NS | India | $3.35B | +19% | +26% | 13% | 8.9× | 56.9% | +4.2% |
| Viking Therapeutics VKTX | United States | $3.42B | -17% | n/a | n/a | n/a | n/a | n/a |
| China National Medicines 600511.SS | China | $3.31B | +2% | +3% | 4% | 0.3× | -9.8% | +5.4% |
| China Medical System 0867.HK | Hong Kong | $3.30B | -16% | +15% | 20% | 2.1× | 2.9% | +2.7% |
| Jiangsu Nhwa Pharmaceutical 002262.SZ | China | $3.47B | +2% | +3% | 19% | 3.1× | -2.2% | +12.0% |
| Acutaas Chemicals ACUTAAS.NS | India | $3.28B | +39% | +45% | 36% | 19.3× | n/a | n/a |
| Parabilis Medicines PBLS | United States | $3.52B | n/a | n/a | n/a | n/a | n/a | n/a |
| Viridian Therapeutics VRDN | United States | $3.23B | +72% | -63% | -1,781% | 99.3× | n/a | n/a |
| Arcutis Biotherapeutics ARQT | United States | $3.21B | +21% | +76% | 7% | 6.7× | 48.9% | +367.3% |
| Tasly Pharmaceutical 600535.SS | China | $3.20B | -5% | -4% | 19% | 2.3× | -7.6% | -9.6% |
| Chengdu Kanghong Pharmaceutical 002773.SZ | China | $3.18B | -7% | -11% | 24% | 3.6× | -2.2% | +7.0% |
| Suzhou Zelgen Biopharmaceuticals 688266.SS | China | $3.60B | -13% | +136% | 29% | 12.8× | 20.5% | +98.4% |
| Simcere Pharmaceutical 2096.HK | Hong Kong | $3.63B | -7% | +27% | 18% | 2.7× | -2.8% | +10.6% |
| Organon & OGN | United States | $3.64B | +4% | -3% | 20% | 1.8× | -4.5% | -1.0% |
| ACADIA Pharmaceuticals ACAD | United States | $3.66B | -5% | +12% | 8% | 2.4× | 16.7% | +19.4% |
| Livzon Pharmaceutical 1513.HK | Hong Kong | $3.69B | -11% | -10% | 19% | 2.3× | -7.7% | +2.0% |
| Amylyx Pharmaceuticals AMLX | United States | $3.70B | +97% | +100% | n/a | n/a | n/a | n/a |
| Hybio Pharmaceutical 300199.SZ | China | $3.08B | +16% | +70% | 31% | 14.7× | 40.1% | +6.1% |