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 by addressing Demodex blepharitis, a disease affecting 25 million Americans.

• XDEMVY has established a new standard of care, with broad adoption and significant impact on patient outcomes.

• Pipeline includes TP-04 for Ocular Rosacea (in Phase II) and TP-05 for Lyme disease prevention, both aiming to create new therapeutic categories.

Market opportunity and growth strategy

• XDEMVY's $2 billion peak sales target is based on less than 10% market penetration of the 25 million US patients with demodicosis.

• Adoption is driven by ease of diagnosis, high efficacy, safety, and economic incentives for eye care professionals.

• Over 20,000 doctors have prescribed XDEMVY, surpassing the initial target of 15,000, with growth focused on increasing prescribing frequency among existing prescribers.

• Sales force expansion underway, adding 15-20 key account leaders to deepen engagement in high-potential territories, expected to be operational in the second half of the year.

• Prescriber mix is currently about 60% optometrists and 40% ophthalmologists, with strong adoption among both groups.

Direct-to-consumer (DTC) and patient activation

• Invested $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%, significantly increasing patient-driven demand.

• DTC efforts have loaded the top of the funnel, making patient-doctor conversations about the disease more common and comfortable.

• DTC launch was timed with achieving 90% payer coverage, including commercial, Medicare, and Medicaid, to ensure broad patient access.