Tarsus Pharmaceuticals (TARS) UBS Virtual Ophthalmology Day summary

Launch performance and market opportunity

• Achieved nearly 100,000 bottles delivered and $40 million in Q2 revenue, with strong physician adoption and 11,000 prescribers reached within a year.

• Focused on a core market of 7 million patients, with expansion opportunities in dry eye, cataract surgery, and contact lens discomfort segments.

• Diagnosis rates expected to rise as physicians gain experience and broaden prescribing to less severe and secondary cases.

Reimbursement, pricing, and coverage

• Achieved a better-than-expected 44% gross-to-net discount, with expectations to maintain low 40s% as Medicare Part D coverage expands in 2025.

• Commercial coverage is nearly complete; one major Part D payer added in Q2, with the remaining large payers expected in early 2025.

• Expanded coverage is anticipated to steadily increase patient access and prescription volumes through 2025.

Sales force and direct-to-consumer strategy

• Sales force expanded by 50% to 150 reps to deepen physician engagement and drive broader adoption.

• Launching a $10–15 million direct-to-consumer campaign in Q4, focusing on connected TV, digital, and social media, with expected impact ramping into Q1.

• If initial results are strong, campaign may expand to network TV for broader reach.