Tarsus Pharmaceuticals: XDEMVY Now Pays The Bills, And The Retina Deals Work Like Options
Tarsus Pharmaceuticals is transitioning from a single-product launch story to a cash-generating eye care platform, with XDEMVY now funding the business. TARS raised XDEMVY 2026 net sales guidance to $685–$705 million, with gross margins in the low 90s and positive operating cash flow of $37 million in H1 2026. Recent retina acquisitions (iRenix, and Alkeus) are milestone-heavy, minimizing upfront risk and leveraging a targeted commercial infrastructure for future launches.