Tarsus Pharmaceuticals, Inc. · NASDAQ:TARS
Tarsus Pharmaceuticals — Q2 2026 Earnings Presentation
20 slides from Tarsus Pharmaceuticals's earnings presentation, Aug 6, 2026
Slide 1: Building the Future of Eye Care
Building the Future of Eye Care Q2 2026 Financial Results Advancing Our Next Phase of Growth August 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: Today’s Speakers Bobby Azamian, MD, PhD Neera Clase Sesha Neervannan, PhD Jeff Farrow Elizabeth Yeu, MD CEO & Chairman Interim Chief Commercial Officer Chief Operating Officer Chief Financial & Strategy Officer Chief Medical Officer 2
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: Delivering Continued Value Creation And Patient Impact In Eye Care
Delivering Continued Value Creation And Patient Impact In Eye Care *$2B+ Agrees to acquire $685- $705M $451M $180M Phase 3 Foundational Pipeline of Growth ‘24A ‘25A ‘26E ‘27+ Medicine Opportunities Proven track record, standout XDEMVY is powering Potential to preserve vision in 5 Potential FDA Appro
Slide 5: XDEMVY Building Toward $2B+ U.S. Annual Peak Sales Potential
XDEMVY® Building Toward $2B+ U.S. Annual Peak Sales Potential Breakthrough Medicine XDEMVY has fundamentally changed eye care and is *$2B+ one the best-selling prescription eye drops Demonstrated Eye Care Playbook Unique ability to identify untapped opportunities driven by patient need and the poten
Slide 6: $2B+ Annual Peak Sales Potential
XDEMVY® Growth Engine Driving $2B+ $2B+ Annual Peak Sales Potential Peak Sales Potential Deepening Growing High-Impact DTC Evidence Utilization Retreatment Campaign Generation The number of ECPs Retreatment trending in Driving increasing returns, New data broadening how prescribing XDEMVY at least h
Slide 7: Compelling New Evidence Gives ECPs More Reasons to Screen, Diagnose and Treat
Compelling New Evidence Gives ECPs More Reasons to Screen, Diagnose and Treat Demodex Blepharitis 71% Showed Signs of Reinforces XDEMVY as Demodex Blepharitis Could Underlying DB the Standard of Care Increase Infection Risk Emphasizing the importance of The only treatment with proven, Strengthening
Slide 8: John Cena Bringing DB Into the Spotlight in New PR Campaign
John Cena Bringing DB Into the Spotlight in New PR Campaign • John Cena’s broad appeal and authenticity as a real DB patient give the campaign credibility and the potential to reach beyond traditional DTC efforts • Normalizes the disease and is expected to accelerate the path from awareness to diagn
Slide 9: DTC Driving Patients Into ECP Offices and ROI Exceeding Initial Expectations
DTC Driving Patients Into ECP Offices and ROI Exceeding Initial Expectations 19% 30%+ QoQ increase in high-value actions on XDEMVY.com1 QoQ increase in website visits on XDEMVY.com1 Positive and growing ROI on DTC campaign 9 | © Tarsus Pharmaceuticals | For Investor Purposes Only 1. Relative percent
Slide 10: Gildeuretinol (ALK-001): A Very Compelling Strategic Acquisition
Gildeuretinol (ALK-001): A Very Compelling Strategic Acquisition Severe and Novel and Clear Path Advances Rare Disease Targeted Approach to Approval Retina Strategy Stargardt is widely known as Vitamin-A preserving therapy Phase 3 program supported Multi-billion dollar potential a disease leading to
Slide 11: Stargardt Disease Represents A Potential Multi-Billion Dollar Market Opportunity
Stargardt Disease Represents A Potential Multi-Billion Dollar Market Opportunity with Efficient Call Point No FDA-approved currently available treatments Total estimated prevalent Stargardt patients in U.S. Progressively leads to severe, Up to 86,0001 irreversible vision loss 50% of younger Stargard
Slide 12: Stargardt is a Rare Disease with a Significant Unmet Medical Need
Stargardt is a Rare Disease with a Significant Unmet Medical Need that Progressively Leads to Severe and Irreversible Vision Loss Retina in Stargardt Disease Vitamin A is required for normal vision, and its recycling in the retina is important for maintaining healthy visual function1 Genetic mutatio
Slide 13: ALK-001: A Potentially Transformational Medicine to Prevent the Progression of Stargardt Disease
ALK-001: A Potentially Transformational Medicine to Prevent the Progression of Stargardt Disease The TEASE studies showed ALK-001’s potential to preserve the visual cycle and acuity, slow retinal atrophy, and favorable tolerability profile TEASE-1 TEASE-2 TEASE-3 TEASE-4 Advanced Disease Moderate Di
Slide 14: ALK-001: Potential Foundational Therapy for Stargardt Disease
ALK-001: Novel Method of Action Potential Foundational Therapy Designed to maintain healthy vision by reducing accumulation of toxic Vitamin A dimers without for Stargardt Disease disrupting the visual cycle Differentiated Oral Therapy Profile Once daily capsule, supports continuous, long-term treat
Slide 15: ALK-001: Anticipated to Have One of the Most Robust Clinical Packages in Stargardt Disease
ALK-001: Anticipated to Have One of the Most Robust Clinical Packages in Stargardt Disease Ongoing • Initiated in June 2026 NORTHSTAR • Anticipated to enroll ~230 patients Phase 3 Trial • Topline data expected in 2029 FDA-Endorsed Mechanistic Confidence Potential Second Phase 3 Endpoints in Potentia
Slide 16: Strong Growth in Q2 2026
Strong Growth in Q2 2026 $173.9mm $449.7mm XDEMVY Net Sales1 Cash & Cash Equivalents3 Q2 2026 +69% XDEMVY Fueling Investment in YoY Net Sales Growth2 Innovation Note: U.S. dollars in millions unless otherwise noted. 1. Net sales for the three months ending June 30, 2026. 2. Net sales growth reflects
Slide 17: Increased 2026 Financial Guidance
Increased 2026 Financial Guidance XDEMVY Gross SG&A R&D Net Sales Margin Expense Expense $685- ~93% $545 - $190 - $705mm $565mm $210mm1 $670-$700mm previous reiterate reiterate $115-$135mm previous All financial metrics presented exclude the impact of the pending Alkeus transaction. 17 | © Tarsus Ph
Slide 18: Tarsus Extends Leadership in Eye Care With Pending Acquisition of Alkeus
Tarsus Extends Leadership in Eye Care With Pending Acquisition of Alkeus Approval & Upfront Tiered First Sale Consideration Royalties Milestones $450mm Up to Low-single-digit % 60% cash $350mm 40% stock1 Note: U.S. dollars in millions unless otherwise noted. Transaction economics all related to the
Slide 19: Delivering Continued Value Creation And Patient Impact In Eye Care
Delivering Continued Value Creation And Patient Impact In Eye Care *$2B+ Agrees to acquire $685- $705M $451M $180M Phase 3 Foundational Pipeline of Growth ‘24A ‘25A ‘26E ‘27+ Medicine Opportunities Proven track record, standout XDEMVY is powering Potential to preserve vision in 5 Potential FDA Appro
Slide 20: Thank You!
Thank You! 20 | © Tarsus Pharmaceuticals | For Investor Purposes Only Diamond, an XDEMVY patient.
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