Tarsus Pharmaceuticals, Inc. · NASDAQ:TARS
Tarsus Pharmaceuticals — Q4 2025 Earnings Presentation
19 slides from Tarsus Pharmaceuticals's earnings presentation, Feb 23, 2026
Slide 1: Building the Future of Eye Care
Building the Future of Eye Care Q4 & Full Year 2025 Financial Results February 2026 Vivian, an XDEMVY patient.
Slide 2: World-Class Leadership Team With Proven Track Record of Success
World-Class Leadership Team With Proven Track Record of Success Bobby Azamian, MD, PhD Aziz Mottiwala Sesha Neervannan, PhD Jeff Farrow CEO & Chairman Chief Commercial Officer Chief Operating Officer Chief Financial & Strategy Officer 2 | © Tarsus Pharmaceuticals | For Investor Purposes Only
Slide 3: Forward-looking Statements
Forward-looking Statements This presentation contains forward-looking statements that involve risks and uncertainties. These statements include statements regarding the potential commercial success and growth of XDEMVY in Demodex blepharitis, including 2026 financial guidance, market size, acceptanc
Slide 4: Tarsus: Rewriting the Biotech Playbook
Tarsus: Rewriting the Biotech Playbook Proven Category Turning Experience Delivering Continued Creation into Advantage Value Creation XDEMVY®: Clear line of sight to Transforming the standard of care From unmet need to potential potential $2bn+ opportunity for other large, unmet disease states stand
Slide 5: XDEMVY Building Towards $2B+ U.S. Peak Sales Potential
XDEMVY® Building Towards $2B+ U.S. Peak Sales Potential *$2B+ Breakthrough medicine Has fundamentally changed eye care $670- Redefined the rules of launch & succeeded $700mm in rewriting the biotech playbook $451mm $180mm 2024A 2025A 2026E 2027+ 5 | © Tarsus Pharmaceuticals | For Investor Purposes O
Slide 6: Scaling Category Creation Across Multiple Programs
Scaling Category Creation Across Multiple Programs Global and Pipeline Ocular Rosacea (TP-04)1 Lyme Prevention (TP-05)2 Opportunities Initiated Phase 2 trial in Plan to initiate On track for global December 2025 Phase 2 trial in Q2 2026 expansion and goal to add 1-2 new pipeline programs each year 6
Slide 7: Tarsus: Rewriting the Biotech Playbook
Tarsus: Rewriting the Biotech Playbook Proven Category Turning Experience Delivering Continued Creation into Advantage Value Creation XDEMVY®: Clear line of sight to Transforming the standard of care From unmet need to potential potential $2bn+ opportunity for other large, unmet disease states stand
Slide 8: Driving XDEMVY's Potential Blockbuster Growth
Driving XDEMVY’s Potential Blockbuster Growth Revolutionary Medicine XDEMVY delivers consistently positive outcomes ECPs Increasing Utilization Top prescribers have room to grow, and every doctor is $2B+ Peak Sales Potential looking for more patients to treat Patients Asking for XDEMVY by Name Power
Slide 9: Just Scratching the Surface on Demodex Blepharitis, A Large, Untapped Addressable Market
Just Scratching the Surface on Demodex Blepharitis, A Large, Untapped Addressable Market ~25M Americans with DB1 • Physicians screening for DB more broadly • 15-20 New Key Account Leaders expected by 2H 2026 • Growing peer-to-peer ECP influence and ~9M patients self-identifying Seeking treatment for
Slide 10: DTC Campaign Delivering Positive and Growing ROI as Awareness Converts to Action
DTC Campaign Delivering Positive and Growing ROI as Awareness Converts to Action Accelerating 5mm increase in XDEMVY prescriptions 25% Website visits in Q4 2025 Unaided DB awareness1 10 | © Tarsus Pharmaceuticals | For Investor Purposes Only 1. Since beginning of campaign; based on survey data; sour
Slide 11: XDEMVY Growth Engine Driving $2B+ Peak Sales Potential
XDEMVY® Growth Engine Driving $2B+ $2B+ Peak Sales Potential Peak Sales Potential Access Evidence Education Execution Broad, high-quality Impactful evidence giving Scaling the impact of our Sales force coverage with ECPs more reasons to proven levers focused on transforming ECPs >90% of commercial,
Slide 12: Scaling Category Creation Across Multiple Programs
Scaling Category Creation Across Multiple Programs Global and Pipeline Ocular Rosacea (TP-04)1 Lyme Prevention (TP-05)2 Opportunities Initiated Phase 2 trial in Plan to initiate On track for global December 2025 Phase 2 trial in Q2 2026 expansion and goal to add 1-2 new pipeline programs each year 1
Slide 13: Ocular Rosacea: A Pervasive and Damaging Ocular Disease Caused by Demodex Mites
Ocular Rosacea: A Pervasive and Damaging Ocular Disease Caused by Demodex Mites ~15-18M Majority Americans impacted; Of Ocular Rosacea estimated to no FDA-approved therapeutics1 be caused by Demodex mites1 Ocular Rosacea Characterized by inflammation, redness and visible blood vessels around the eye
Slide 14: Initiated First-Ever Phase 2 Trial for the Treatment of Ocular Rosacea in December 2025
Initiated First-Ever Phase 2 Trial for the Treatment of Ocular Rosacea in December 2025 TP-04 • Vehicle-controlled 16-week trial • Newly developed endpoints with grading scales Phase 2 Trial • Data expected in 1H 2027 FDA-Endorsed Clear Objective Endpoints Mechanism of Action Telangiectasia Improvem
Slide 15: Plans to Initiate Phase 2 Trial for TP-05 Lyme Disease Prevention Program in Q2 2026
Plans to Initiate Phase 2 Trial for TP-05 Lyme Disease Prevention Program in Q2 2026 TP-05 • Expected to be completed within one single tick season • ~700 patients in endemic areas of the U.S. Phase 2 Trial • Designed to kill ticks before transmission occurs On-demand, Oral Clear Prophylactic Mechan
Slide 16: Pipeline and Global Expansion Progress
Pipeline and Global Expansion Progress Greater China* TP-03 for DB: On-track for potential regulatory approval in 2026 U.S. Europe Japan TP-04 for Ocular Rosacea: TP-03 for DB: TP-03 for DB: Initiated Ph 2 trial in December 2025 On-track for potential Ongoing discussions with regulatory approval in
Slide 17: Record Q4 and Full Year 2025 Results
Record Q4 and Full Year 2025 Results $151.7 Q4 2025 $451.4 FY 2025 XDEMVY Net Sales XDEMVY Net Sales +128% Q4 2025 YoY Net +150% 2025 YoY Net Sales Sales Growth Growth 17 | © Tarsus Pharmaceuticals | For Investor Purposes Only Note: U.S. dollars in millions unless otherwise noted.
Slide 18: 2026 Financial Guidance
2026 Financial Guidance XDEMVY Gross SG&A R&D Net Sales Margin Expense Expense $670- ~93% $545 - $115 - $700mm $565mm $135mm 18 | © Tarsus Pharmaceuticals | For Investor Purposes Only
Slide 19: Thank You!
Thank You! 19 | © Tarsus Pharmaceuticals | For Investor Purposes Only Diamond, an XDEMVY patient.
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