Tarsus Pharmaceuticals (TARS) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Tarsus Pharmaceuticals published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• The Q3 2026 net loss of $668.3 million includes $632.2 million of acquired in-process research and development expensed on the iRenix and Alkeus acquisitions. Tarsus reports GAAP results only and no adjusted EPS.
• Tarsus does not give a sales outlook in its release.

Source: Tarsus Pharmaceuticals Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and basic and diluted net loss per share, each as first reported in that quarter's release. Q1 2026 revenue includes $16.7 million of license fees and collaboration revenue from Tarsus' China out-license partner.

We do not hold a confirmed date for Tarsus Pharmaceuticals's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Tarsus Pharmaceuticals has one marketed product, XDEMVY (lotilaner ophthalmic solution) 0.25%, an eye drop for Demodex blepharitis. XDEMVY net product sales were $194.6 million in Q3 2026, against $118.7 million a year earlier, an increase of approximately 64%. That was all of Tarsus' revenue for the quarter. (Tarsus Q3 2026 release, Nov 3, 2026)

Tarsus put the increase down to higher volume and improvements in gross-to-net discounts. Refills accounted for approximately 20% of XDEMVY prescriptions in the quarter, and the average number of eye care professionals prescribing XDEMVY at least daily rose approximately 20% from the start to the end of the quarter, which Tarsus described as a seasonally softer quarter in prescription eye care. (Tarsus Q3 2026 release, Nov 3, 2026)

XDEMVY was approved by the FDA in July 2023 and launched in August 2023 as the first and only FDA-approved treatment for Demodex blepharitis, which Tarsus estimates may affect as many as approximately 25 million people in the US. Since launch more than one million bottles have been dispensed and cumulative net product sales have passed $1 billion. (Tarsus Form 10-K, 2025, Feb 23, 2026; Tarsus Q3 2026 release, Nov 3, 2026)

Tarsus sells XDEMVY in the US through a limited set of specialty pharmacies and specialty distributors, and the business is concentrated. In Q3 2026 one customer represented 69.7% of total gross product sales; over the first nine months two customers made up 76.8% combined. (Tarsus Form 10-Q, Q3 2026, Nov 3, 2026)

Gross margin stayed at approximately 93%. Cost of sales was $13.9 million, against $8.3 million, and covers manufacturing, the royalty Tarsus pays on net product sales and amortization of milestone payments made to its licensor. (Tarsus Q3 2026 release, Nov 3, 2026)

Tarsus Pharmaceuticals reported a Q3 2026 net loss of $668.3 million, or $(14.40) per share, against $12.6 million, or $(0.30), a year earlier. Most of the loss is $632.2 million of acquired in-process research and development: $81.0 million for iRenix (IRX-101) and $551.2 million for Alkeus (gildeuretinol), expensed because the assets have no alternative future use. Tarsus reports no adjusted EPS. (Tarsus Q3 2026 release, Nov 3, 2026)

Operating costs also rose. SG&A was $168.0 million, against $108.6 million, including $23.5 million of Alkeus transaction and integration costs and $11.7 million more commercial and marketing spending on XDEMVY. R&D was $44.2 million, against $16.3 million, including $6.8 million for the TP-05 Lyme disease trial. Stock-based compensation was $10.2 million in R&D and $16.8 million in SG&A. (Tarsus Q3 2026 release, Nov 3, 2026)

The share count rose because Tarsus paid for the deals partly in stock. Weighted-average shares were 46,421,382, against 42,607,717 a year earlier, and 2,908,692 shares went to Alkeus securityholders and 607,093 to iRenix securityholders. Cash, cash equivalents and marketable securities were $309.6 million at September 30, 2026. (Tarsus Q3 2026 release, Nov 3, 2026; Tarsus Form 10-Q, Q3 2026, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Tarsus Pharmaceuticals does not publish a sales or earnings outlook in its release. The Q3 2026 release gives pipeline timelines: topline data from the Phase 2 Kore trial of TP-04 in ocular rosacea and the Phase 2 Calliope trial of TP-05 for Lyme disease prevention in the first half of 2027, a planned Phase 3 start for IRX-101 in the first half of 2027 with results expected in 2028, and Phase 3 Northstar results for gildeuretinol in Stargardt disease expected in 2029. (Tarsus Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Tarsus Pharmaceuticals, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Tarsus Pharmaceuticals's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning TARS is on is TARS a buy or a sell?, what analysts expect next is on the TARS forecast, and what the company does is on the Tarsus Pharmaceuticals (TARS) stock page.

Every number on this page can be traced to a document Tarsus Pharmaceuticals published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.