Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS) Q4 2023 Earnings Conference Call February 27, 2024 8:00 AM ET
Company Participants
Bobby Azamian - Chairman, CEO
Jeff Farrow - CFO, CSO
Aziz Mottiwala - CCO
Sesha Neervannan - COO
David Nakasone - Head, IR
Conference Call Participants
François Brisebois - Oppenheimer
Jason Gerberry - Bank of America
Oren Livnat - H.C. Wainwright
Balaji Prasad - Barclays
Corey Jubinville - Life Sci Capital
Eddie Hickman - Guggenheim Securities
Tim Lugo - William Blair
Operator
Good morning, and welcome to Tarsus’s Fourth Quarter and Year-End 2023 Financial Results Conference Call. As a reminder, this call is being recorded.
At this time, I would like to turn the call over to David Nakasone, Head of Investor Relations, to lead off the call. Please begin.
David Nakasone
Thank you. Before we begin, I encourage everyone to go to the Investors Section of the Tarsus website to view the earnings release and related materials we will be discussing today. Joining me on the call this afternoon are Bobby Azamian, our Chief Executive Officer and Chairman, Aziz Mottiwala, our Chief Commercial Officer; Sesha Neervannan, our Chief Operating Officer, and Jeff Farrow, our Chief Financial Officer and Chief Strategy Officer.
I'd like to draw your attention to Slide 3, which contains our forward-looking statements. During this call, we will be making forward-looking language statements that are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties, and our actual results may differ materially. I encourage you to consult the risk factors contained in our SEC filings for additional detail.
With that, I would like to turn the call over to Bobby.
Bobby Azamian
Thank you, Dave. Good morning, everyone, and thank you for joining us on the call today. 2023 was the defining and foundational year for Tarsus, as we successfully started our next chapter as a commercial company. We made significant progress on several programs in our pipeline, and most importantly launched our first commercial product, XDEMVY, the first and only FDA approved treatment for demodex blepharitis. Since its launch in late August, we have seen tremendous demand in growing uptake of XDEMVY among eyecare professionals, or ECPs, and demodex blepharitis patients who have long awaited an effective treatment for this damaging and impactful eyelid disease. Today, I am pleased to report on the great progress made in XDEMV’s first full quarter in the marketplace as we continue to reach patients affected by this disease. For the full year 2023, we reported nearly $15 million in net product sales and delivered more than 17,400 bottles of XDEMVY to patients. These are impressive early numbers, exceeding even our own expectations. Throughout the fourth quarter of 2023 and early weeks of 2024, XDEMVY has continued to solidify its place as an innovative category-creating therapeutic. Diagnosed patients with demodex blepharitis, or DB for short, have driven initial demand for XDEMVY, and we expect this to continue as we work to reach the 1.5 million patients in the US who were already diagnosed prior to the approval of XDEMVY. In parallel, we are seeing early signals that we are reaching the next wave of DB patients proactively visiting ECPs for complementary eye conditions such as dry eye disease, cataracts, and patients who struggle to maintain their use of contact lenses. We estimate that these groups make up a significant portion of the more than 7 million patients currently visiting the ECPs who we aim to reach with XDEMVY, and we are already seeing increasing use across all these patient segments.