Tarsus Pharmaceuticals, Inc. · NASDAQ:TARS
Tarsus Pharmaceuticals — Investor Presentation (January 2026)
22 slides from Tarsus Pharmaceuticals's investor presentation, Jan 12, 2026
Slide 1: Building the Future of Eye Care
Building the Future of Eye Care January 2026 Vivian, an XDEMVY patient.
Slide 2: Forward-looking Statements
2 | © Tarsus Pharmaceuticals | For Investor Purposes Only Forward-looking Statements This presentation contains forward-looking statements that involve risks and uncertainties. These statements and the most recent Form 10-Q quarterly filing filed with the SEC include statements regarding the potenti
Slide 3: World-Class Leadership Team With Proven Track Record of Success
3 | © Tarsus Pharmaceuticals | For Investor Purposes Only Bobby Azamian, MD, PhD CEO & Chairman Jeff Farrow Chief Financial & Strategy Officer Aziz Mottiwala Chief Commercial Officer Dianne Whitfield Chief Human Resources Officer Elizabeth Yeu, MD Chief Medical Officer Bryan Wahl, MD, JD General Cou
Slide 4: Tarsus: Rewriting the Biotech Playbook
4 | © Tarsus Pharmaceuticals | For Investor Purposes Only Tarsus: Rewriting the Biotech Playbook XDEMVY®: Clear line of sight to blockbuster-plus opportunity Proven Category Creation Transforming the standard of care for other large, unmet disease states Turning Experience into Advantage From unmet
Slide 5: Poised to Lead the Next Era in Eye Care and Beyond
5 | © Tarsus Pharmaceuticals | For Investor Purposes Only World-class leadership team with track record of value creation and turning experience into a strategic advantage Poised to Lead the Next Era in Eye Care and Beyond Exceptional XDEMVY launch with blockbuster-plus potential driven by high-perf
Slide 6: The ONLY FDA-approved medicine and standard of care for Demodex blepharitis
6 | © Tarsus Pharmaceuticals | For Investor Purposes Only The ONLY FDA-approved medicine and definitive standard of care for Demodex blepharitis Targets the root cause of disease Delivers strong, clinically meaningful results within 6 weeks Patent protection expected through 2038 (9 Orange Book-list
Slide 7: XDEMVY Blockbuster Sales Potential with Operating Margin Expected to Meaningfully Scale in 2026
7 | © Tarsus Pharmaceuticals | For Investor Purposes Only XDEMVY® Blockbuster Sales Potential with Operating Margin Expected to Meaningfully Scale in 2026 $180mm $440-$445mm 2024 2025E 2026+ *$1B+ 20K+ ECPs prescribing XDEMVY 11K+ Weekly XDEMVY prescriptions and growing 500K+ Patients treated with X
Slide 8: Just Scratching the Surface of a Highly Prevalent Disease
8 | © Tarsus Pharmaceuticals | For Investor Purposes Only 2.3M 1.5MDB Patients Already diagnosed & seeking treatment1,2 1.5M 1.2M 2.2MCataract Patients With DB1, 3, 6 Contact Lens Patients With DB1, 3, 7 MGD Patients With DB1, 2, 3 Dry Eye Rx Patients With DB1, 3, 4, 5 ~25M Americans with DB ~9M See
Slide 9: XDEMVY Growth Engine Driving Access
9 | © Tarsus Pharmaceuticals | For Investor Purposes Only Blockbuster-Plus Potential XDEMVY® Growth Engine Driving Access Broad, high-quality coverage with >90% of commercial, Medicare and Medicaid lives covered Execution Sales force transforming ECPs to weekly and daily prescribing Education Scalin
Slide 10: DTC Campaign Delivering Positive and Growing ROI
10 | © Tarsus Pharmaceuticals | For Investor Purposes Only DTC Campaign Delivering Positive and Growing ROI as Awareness Converts to Action 1. Represents relative percent increase at the end of June 2025 compared to the end of September 2025. Unaided DB awareness1 42% YoY increase in XDEMVY.com webs
Slide 11: Demodex blepharitis: A Pervasive and Damaging Eyelid Disease
11 | © Tarsus Pharmaceuticals | For Investor Purposes Only Demodex blepharitis (DB): A Pervasive and Damaging Eyelid Disease Impacting 25 Million Americans1,2 Overgrowth of Demodex mites can lead to dead mites, mite waste and eggs that combine and form collarettes, the pathognomonic sign of DB Demod
Slide 12: References
12 | © Tarsus Pharmaceuticals | For Investor Purposes Only 1.Wilson J Ophthalmology 2015, 435606, 2014. 2. Titan collarette prevalence study. 3. Liu J et al. Curr Opin Allergy Clin Immunol. 2010;10(5):505-510. 4. Cheng AM et al. Curr Opin Ophthalmol. 2015;26(4):295-300.
Slide 13: Record Third Quarter 2025 Results
13 | © Tarsus Pharmaceuticals | For Investor Purposes Only Record Third Quarter 2025 Results $118.7M XDEMVY Net Sales ($ in millions) >103K XDEMVY Bottles Delivered to Patients +147% YoY Net Sales Growth 44.7% Gross-to-Net Discount
Slide 14: Q4 2025 Financial Guidance
14 | © Tarsus Pharmaceuticals | For Investor Purposes Only Q4 2025 Financial Guidance $1.7 $13.1 $24.7 $40.8 $48.1 $66.4 $78.3 $102.7 $118.7 $140-$145 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25E N E T S A L E S ( $ M ) $440M -$445M FY 2025E XDEMVY Net Sales ($ in millions)
Slide 15: Extending Our Category-Creating Leadership with 1-2 Pipeline Programs Per Year
15 | © Tarsus Pharmaceuticals | For Investor Purposes Only Extending Our Category-Creating Leadership with Potential to Add 1-2 Pipeline Programs Per Year Initiated Phase 2 study in December 2025 Plan to initiate Phase 2 study in 2026 On track for global expansion in 2026+ Lyme Prevention (TP-05)2 G
Slide 16: Ocular Rosacea: A Pervasive and Damaging Ocular Disease
16 | © Tarsus Pharmaceuticals | For Investor Purposes Only Ocular Rosacea: A Pervasive and Damaging Ocular Disease caused by Demodex mites Ocular Rosacea Characterized by inflammation, redness and visible blood vessels around the eye ~15-18M Majority Americans impacted; no FDA-approved therapeutics1
Slide 17: TP-04: Potential to Pioneer the Standard of Care for Ocular Rosacea
17 | © Tarsus Pharmaceuticals | For Investor Purposes Only TP-04: Potential to Pioneer the Standard of Care for Ocular Rosacea Uniquely Tailored Sterile Ophthalmic Gel The potential first and only therapeutic designed to work in the periorbital region Best-in-Class Molecule Lotilaner – a novel, targ
Slide 18: Initiated First-Ever Phase 2 Study for Ocular Rosacea in December 2025
18 | © Tarsus Pharmaceuticals | For Investor Purposes Only Initiated First-Ever Phase 2 Study for the Treatment of Ocular Rosacea in December 2025 FDA-Endorsed Objective Endpoints Improvement in visible blood vessels (telangiectasia) & redness (erythema) of the periorbital region Clear Mechanism of
Slide 19: Lyme Disease Prevention: A Growing Public Health Crisis
19 | © Tarsus Pharmaceuticals | For Investor Purposes Only Lyme Disease Prevention: A Growing Public Health Crisis with Limited Treatment Options and No FDA-Approved Prophylaxis Lyme Disease A tick-borne infection caused by the transmission of Borrelia burgdorferi ~27M $1.3B Americans at high-to- mo
Slide 20: TP-05: Potential to be First & Only On-Demand Oral Prophylaxis for Lyme Disease
20 | © Tarsus Pharmaceuticals | For Investor Purposes Only TP-05: Potential to be First & Only On-Demand Oral Prophylaxis for Lyme Disease Designed to be Convenient, Fast-Acting and Durable Monthly oral tablet that gets to potentially therapeutic levels in hours Strong IP Patent exclusivity expected
Slide 21: Pipeline and Global Expansion Progress
21 | © Tarsus Pharmaceuticals | For Investor Purposes Only Pipeline and Global Expansion Progress TP-04 for ocular rosacea: Initiated Ph 2 study in December 2025 U.S. XDEMVY for DB: On-track for potential regulatory approval in 2027 Europe TP-03 for DB: New Drug Application accepted in China Greater
Slide 22: Thank You!
Thank You! 22 | © Tarsus Pharmaceuticals | For Investor Purposes Only Diamond, an XDEMVY patient.
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