Slides
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Third Quarter 2025 Financial Results Conference Call November 4, 2025 Matt, an XDEMVY® Patient
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2 | © Tarsus Pharmaceuticals | For Investor Purposes Only Bobby Azamian, MD, PhD CEO & Chairman Today’s Speakers Aziz Mottiwala Chief Commercial Officer Jeff Farrow Chief Financial & Strategy Officer
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Forward-Looking Statements 3 | © Tarsus Pharmaceuticals | For Investor Purposes Only 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 potential commercial success and growth of XDEMVY in Demodex blepharitis, including market size, acceptance, demand, and adoption rate for XDEMVY; our ability to maintain distribution and patient access for XDEMVY and timing and breadth of payer coverage; our ability to expand the clinical applications of XDEMVY in eye care; our ability to successfully maintain our sales force execution and the impact of our direct-to-consumer campaign including network television; our ability to continue to educate the market about Demodex blepharitis, the timing, objectives, and results of the clinical trials including planned initiation of Phase 2 trials for the potential treatment of ocular rosacea and the prevention of Lyme disease, the potential market size, opportunity, and ECP education for ocular rosacea and our other pipeline indications, anticipated regulatory and development milestones including the clarity of the regulatory path forward for TP-04 and TP-05 in the US, and potential Europe, Japan, and China regulatory pathways and approval for XDEMVY , our ability to continue investing in our business and become an eye care leader, the potential XDEMVY prescription demand, net sales, gross-to-net discount, and operating expense outlook for Q4 2025 and beyond, and the quotations of Tarsus’ management. The words, without limitation, “believe, ” “contemplate, ” “continue, ” “could, ” “estimate, ” “expect, ” “intend, ” “may, ” “might, ” “plan, ” “potential, ” “predict,” “project, ” “should, ” “target, ” “will, ” or “would, ” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Further, there are other risks and uncertainties that could cause actual results to differ from those set forth in the forward-looking statements and they are detailed from time to time in the reports Tarsus files with the Securities and Exchange Commission, including Tarsus’ Form 10-K for the year December 31, 2024 filed on February 25, 2025 and Tarsus’ Form 10-Q for the quarter ended September 30, 2025 filed on November 4, 2025, which Tarsus incorporates by reference into this presentation, copies of which are or will be posted on its website and are available from Tarsus without charge. However, new risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk factors and uncertainties. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements contained in this press release are based on the current expectations of Tarsus’ management team and speak only as of the date hereof, and Tarsus specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
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XDEMVY® On Track to be a Potential Blockbuster-Plus Therapeutic 4 | © Tarsus Pharmaceuticals | For Investor Purposes Only Strong Commercial Execution Driving Robust Growth 1.7 15.7 26.0 37.0 41.4 58.5 72.0 91.0 103.0 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 XDEMVY Bottles Delivered to Patients (in thousands) $1.7 $13.1 $24.7 $40.8 $48.1 $66.4 $78.3 $102.7 $118.7 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 XDEMVY Net Sales ($ in millions) ~147% YoY growth
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1. TP-04 is an investigational therapy. 2. TP-05 is an investigational therapy. Tarsus Extending Our Category-Creating Leadership 1. TP-04 is an investigational therapy. 2. TP-05 is an investigational therapy. Ocular Rosacea (TP-04)1 Lyme Prevention (TP-05)2 Plan to initiate Phase 2 study in 2026 Plan to initiate Phase 2 study by year end Global Opportunity On track for potential submission in Europe in 2026 5 | © Tarsus Pharmaceuticals | For Investor Purposes Only
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Demodex Blepharitis An Estimated 25 Million Americans Living with DB1 1.5M DB Patients Already diagnosed & seeking treatment2,3 MGD Patients With DB2, 3, 4 Dry Eye Rx Patients With DB2, 4, 5, 6 Cataract Patients With DB2, 4, 7 2.3M Contact Lens Patients With DB2, 4, 8 ~9.0M Patients Proactively Seeking Treatment for DB or Complementary Eye Conditions/Diseases 1.5M 1.2M 2.2M Clive, an XDEMVY patient. 1. O’Dell L, Dierker DS, Devries DK, et al. Psychosocial impact of Demodex blepharitis. Clin Ophthalmol. 2022; 16:2979-2987. 2. Wilson J Ophthalmology 2015, 435606, 2014; 3. Symphony claims data; 4. Titan collarette prevalence study; 5. Market Scope 2020 Dry Eye Products Report: A Global Market Analysis for 2019 to 2025; 6. White et al., Clin Ophthalmology 2019: 13 2285-2292 7. AAO/ASCRS Statement on Cataract Surgery, July 2021; 8. Refractive Surgery Council August 2021 6 | © Tarsus Pharmaceuticals | For Investor Purposes Only
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XDEMVY Potentially One of the Best-Selling Prescription Eye Drops $1.7M $13.1M $24.7M $40.8M $48.1M $66.4M $78.3M $102.7M $118.7M $0 $20 $40 $60 $80 $100 $120 $140 ~147% ~16% YoY growth QoQ growth Net Sales ($M) 7 | © Tarsus Pharmaceuticals | For Investor Purposes Only
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8 | © Tarsus Pharmaceuticals | For Investor Purposes Only ECPs = Eye Care Professionals. DB= Demodex blepharitis. MGD= Meibomian Gland Disease. 1. Percentage of prescribing ECPs surveyed at the end of Q2 2025. 2. Percent increase at the end of Q3 2025 compared to the end of Q2 2025. MGD Patients with DB Cataract Patients with DB Contact Lens Patients with DB 20,000+ ECPs prescribing XDEMVY Dry Eye Rx Patients with DB Demodex Blepharitis Patients 80% of ECPs Prescribing Across All Patient Segments1 20% QoQ growth in ECPs prescribing XDEMVY once per week2 Expanding Adoption and Deepening Physician Engagement 30% QoQ growth in ECPs prescribing XDEMVY >1 per week2
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9 | © Tarsus Pharmaceuticals | For Investor Purposes Only DTC Campaign Delivering Positive and Growing Return on Investment Awareness Patients see ad and engage online Diagnosis ECPs identify more Demodex blepharitis cases Treatment More patients receive XDEMVY 42% QoQ growth in unaided awareness1 90% QoQ increase in XDEMVY.com website visits1 1. Represents relative percent increase at the end of June 2025 compared to the end of September 2025.
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10 | © Tarsus Pharmaceuticals | For Investor Purposes Only Tarsus Has Established a New Standard in Eye Health Demodex blepharitis is now recognized as a mainstream condition Physicians are screening more and prescribing across patient segments Retreatment growing as XDEMVY becomes part of ongoing care Sulma, an XDEMVY® Patient Sulma, an XDEMVY® Patient
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44.7% Gross-to-Net Discount 11 | © Tarsus Pharmaceuticals | For Investor Purposes Only Q3 2025 Another Quarter of Record Performance $1 18.7M >103,000 XDEMVY Net Sales XDEMVY Bottles Delivered to Patients ~147% YoY Net Sales Growth $118.7M Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25Clive, an XDEMVY® Patient
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Fourth Quarter Outlook Executing with Focus and Discipline to Propel the Next Stage of Growth 12 | © Tarsus Pharmaceuticals | For Investor Purposes Only Gross-To-Net Discount ~43-45% XDEMVY Net Product Sales ~$140-$145M Full-Year 2025 XDEMVY Net Product Sales ~$440-$445M
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XDEMVY for DB: On-track for potential submission in 2026 and regulatory approval in 2027 TP-04 for ocular rosacea: Plans to initiate Ph 2 trial in Q4 2025 TP-05 for Lyme Disease prevention: Plans to initiate Ph 2 trial in 2026 U.S. Europe Japan TP-03 for DB: Ongoing discussions with regulators in 2025 Greater China* TP-03 for DB: New Drug Application accepted in China Pipeline and Global Expansion Progress * Submitted by Tarsus’s partner Grand Pharma. DB = Demodex blepharitis 13 | © Tarsus Pharmaceuticals | For Investor Purposes Only
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14 | © Tarsus Pharmaceuticals | For Investor Purposes Only Bobby Azamian, MD, PhD CEO & Chairman Q&A Aziz Mottiwala Chief Commercial Officer Jeff Farrow Chief Financial & Strategy Officer Sesha Neervannan, PhD Chief Operating Officer