Shares of Tarsus Pharmaceuticals Inc. rose 15% in after-hours trading following second quarter results that topped analysts’ consensus estimates.
The Irvine-based maker of a medication to treat mites in the eyes reported that it generated $40.8 million in net product sales for its eyedrop Xdemvy in the second quarter, a 65% increase from the first quarter. Analysts expected $31.7 million.
The company also reported a loss of 88 cents a share, lower than the 92 cent loss expected by analysts.
“We believe we’re just scratching the surface of XDEMVY’s potential and expect the expansion of our sales force and a planned new direct-to-consumer campaign to continue accelerating our growth and the potential ability to reach millions of patients with Demodex blepharitis,” Chief Executive Bobak Azamian said in a statement.
Shares rose to $27.28 in afterhours trading; they closed the regular session at $23.61 and an $892 million market cap.
