Tarsus Pharmaceuticals (TARS) TD Cowen 46th Annual Health Care Conference summary

Company overview and recent performance

• Building a fully integrated pharmaceutical company focused on pioneering new categories in eye care, with a strong team blending eye care and biotech expertise.

• Achieved over $450 million in revenue in the second year of XDEMVY's launch, targeting a $2 billion+ peak sales opportunity.

• XDEMVY has treated over half a million patients, with a total addressable market of 25 million Americans with Demodex blepharitis.

• Created a new standard of care for Demodex blepharitis, significantly impacting clinical practice.

Market opportunity and growth drivers

• Less than 10% market penetration is needed to reach $2 billion in sales, supported by easy diagnosis, high efficacy, safety, and economic incentives for doctors.

• Prescriber base includes over 20,000 doctors, with a focus on deepening engagement to daily prescribing.

• Sales force expansion underway, adding 15-20 key account leaders to drive depth in high-potential territories.

• Prescriber mix is about 60% optometrists and 40% ophthalmologists, with potential for slight shifts.

Patient activation and direct-to-consumer (DTC) strategy

• Invested about $80 million in DTC advertising in 2025, with similar plans for 2026, focusing on efficient markets and tailored messaging.

• Patient awareness of Demodex blepharitis has risen to 25%, with DTC efforts driving new patient visits and easier doctor-patient conversations.

• Broad payer coverage achieved (90% across commercial, Medicare, and Medicaid), enabling effective DTC rollout.