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Building the Future of Eye Care Q4 & Full Year 2025 Financial Results February 2026 Vivian, an XDEMVY patient.
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2 | © Tarsus Pharmaceuticals | For Investor Purposes Only Bobby Azamian, MD, PhD CEO & Chairman Jeff Farrow Chief Financial & Strategy Officer Aziz Mottiwala Chief Commercial Officer Sesha Neervannan, PhD Chief Operating Officer World-Class Leadership Team With Proven Track Record of Success
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3 | © Tarsus Pharmaceuticals | For Investor Purposes Only Forward-looking Statements This presentation contains forward-looking statements that involve risks and uncertainties. These statements include statements regarding the potential commercial success and growth of XDEMVY in Demodex blepharitis, including 2026 financial guidance, market size, acceptance, demand, adoption rate, and peak sales potential for XDEMVY; our ability 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 a Phase 2 trial for the potential prevention of Lyme disease and the timing of clinical results for the Phase 2 trial for the potential treatment of Ocular Rosacea, 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 TP-03, and our ability to continue investing in our business, add new programs, create value, and become an eye care leader. The words, without limitation, “believe, ” “contemplate, ” “continue, ” “could, ” “estimate, ” “e x p e c t ,” “intend, ” “ m a y,” “might, ” “plan, ” “potential, ” “ p r e d i c t ,” “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, Tarsus’ Form 10-Q for the quarter ended September 30, 2025 filed on November 4, 2025, and Tarsus’ Form 10-K for the year ended December 31, 2025 planned to be filed on February 23, 2026, 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 presentation 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, except as required by law.
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4 | © Tarsus Pharmaceuticals | For Investor Purposes Only Tarsus: Rewriting the Biotech Playbook XDEMVY®: Clear line of sight to potential $2bn+ opportunity Proven Category Creation Transforming the standard of care for other large, unmet disease states Turning Experience into Advantage From unmet need to potential standard of care Delivering Continued Value Creation 2024A 2025A 2026E 2027+ *$2B+ Accelerate progress by potentially adding 1-2 new programs a year Ocular Rosacea Lyme Disease Prevention *Peak sales potential estimated beyond 2027. $670- $700mm $451mm $180mm
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5 | © Tarsus Pharmaceuticals | For Investor Purposes Only XDEMVY® Building Towards $2B+ U.S. Peak Sales Potential 2024A 2025A 2026E 2027+ *$2B+ *Peak sales potential estimated beyond 2027. Breakthrough medicine Has fundamentally changed eye care Redefined the rules of launch & succeeded in rewriting the biotech playbook $670- $700mm $451mm $180mm
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6 | © Tarsus Pharmaceuticals | For Investor Purposes Only Scaling Category Creation Across Multiple Programs Initiated Phase 2 trial in December 2025 Plan to initiate Phase 2 trial in Q2 2026 On track for global expansion and goal to add 1-2 new pipeline programs each year Lyme Prevention (TP-05)2Ocular Rosacea (TP-04)1 1.TP-04 is an investigational therapy. 2. TP-05 is an investigational therapy. Global and Pipeline Opportunities
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7 | © Tarsus Pharmaceuticals | For Investor Purposes Only Tarsus: Rewriting the Biotech Playbook XDEMVY®: Clear line of sight to potential $2bn+ opportunity Proven Category Creation Transforming the standard of care for other large, unmet disease states Turning Experience into Advantage From unmet need to potential standard of care Delivering Continued Value Creation 2024A 2025A 2026E 2027+ *$2B+ Accelerate progress by potentially adding 1-2 new programs a year Ocular Rosacea Lyme Disease Prevention *Peak sales potential estimated beyond 2027. $670- $700mm $451mm $180mm
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8 | © Tarsus Pharmaceuticals | For Investor Purposes Only Driving XDEMVY’s Potential Blockbuster Growth ECPs Increasing Utilization Top prescribers have room to grow, and every doctor is looking for more patients to treat Patients Asking for XDEMVY by Name Powerful direct-to-consumer campaign and surround- sound approach to patient education Revolutionary Medicine XDEMVY delivers consistently positive outcomes $2B+ Peak Sales Potential ECPs = Eye Care Professionals.
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9 | © Tarsus Pharmaceuticals | For Investor Purposes Only ~25M Americans with DB1 ~9M Seeking treatment for DB or other eye conditions2 And only >500K treated so far! Just Scratching the Surface on Demodex Blepharitis, A Large, Untapped Addressable Market DB = Demodex blepharitis. 1. O’Dell L, Dierker DS, Devries DK, et al. Psychosocial impact of Demodex blepharitis. Clin Ophthalmol. 2022; 16:2979-2987. 2. Sources on file. KALs= Key Account Leaders. • Physicians screening for DB more broadly • 15-20 New Key Account Leaders expected by 2H 2026 • Growing peer-to-peer ECP influence and patients self-identifying
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10 | © Tarsus Pharmaceuticals | For Investor Purposes Only DTC Campaign Delivering Positive and Growing ROI as Awareness Converts to Action 1. Since beginning of campaign; based on survey data; source on file. ROI = Return on Investment. Unaided DB awareness1 25% Website visits in Q4 2025 5mm Accelerating increase in XDEMVY prescriptions
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11 | © Tarsus Pharmaceuticals | For Investor Purposes Only $2B+ Peak Sales 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 Scaling the impact of our proven levers focused on increasing ECP utilization and enhancing DTC ROI Evidence Impactful evidence giving ECPs more reasons to look and treat Peak Sales Potential DTC = Direct-To-Consumer. ROI = Return on Investment. $2B+
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12 | © Tarsus Pharmaceuticals | For Investor Purposes Only Scaling Category Creation Across Multiple Programs Initiated Phase 2 trial in December 2025 Plan to initiate Phase 2 trial in Q2 2026 On track for global expansion and goal to add 1-2 new pipeline programs each year Lyme Prevention (TP-05)2Ocular Rosacea (TP-04)1 1.TP-04 is an investigational therapy. 2. TP-05 is an investigational therapy. Global and Pipeline Opportunities
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13 | © 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 therapeutics 1 Of Ocular Rosacea estimated to be caused by Demodex mites 1 1. Source on file.
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14 | © Tarsus Pharmaceuticals | For Investor Purposes Only 14 | © Tarsus Pharmaceuticals | For Investor Purposes Only Initiated First-Ever Phase 2 Trial 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 Action Demonstrated statistically significant improvements in inflammatory lesions and reduction in redness compared to placebo in PPR Phase 2a trial1 • Vehicle-controlled 16-week trial • Newly developed endpoints with grading scales • Data expected in 1H 2027 TP-04 Phase 2 Trial Erythema Telangiectasia 1. Galatea Phase 2a trial for the treatment of papulopustular rosacea – February 2024. PPR = papulopustular rosacea.
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15 | © Tarsus Pharmaceuticals | For Investor Purposes Only 15 | © Tarsus Pharmaceuticals | For Investor Purposes Only Plans to Initiate Phase 2 Trial for TP-05 Lyme Disease Prevention Program in Q2 2026 On-demand, Oral Prophylactic TP-05 is a non-vaccine approach designed to potentially activate a durable prophylactic effect within 8 hours of administration Clear Mechanism of Action Phase 2a Carpo trial showed statistically significant tick-kill within 24 hours versus placebo1 • Expected to be completed within one single tick season • ~700 patients in endemic areas of the U.S. • Designed to kill ticks before transmission occurs TP-05 Phase 2 Trial 1. Phase 2a Carpo trial – February 2024.
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16 | © Tarsus Pharmaceuticals | For Investor Purposes Only Pipeline and Global Expansion Progress TP-04 for Ocular Rosacea: Initiated Ph 2 trial in December 2025 U.S. TP-03 for DB: On-track for potential regulatory approval in 2027 Europe TP-03 for DB: On-track for potential regulatory approval in 2026 Greater China* TP-03 for DB: Ongoing discussions with regulators in 2026 Japan TP-05 for Lyme disease prevention: Plans to initiate Ph 2 trial in Q2 2026 *Submitted by Tarsus’ partner Grand Pharma. DB = Demodex blepharitis.
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17 | © Tarsus Pharmaceuticals | For Investor Purposes Only Record Q4 and Full Year 2025 Results $451.4 FY 2025 XDEMVY Net Sales $151.7 Q4 2025 XDEMVY Net Sales +150% 2025 YoY Net Sales Growth +128% Q4 2025 YoY Net Sales Growth Note: U.S. dollars in millions unless otherwise noted.
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18 | © Tarsus Pharmaceuticals | For Investor Purposes Only 2026 Financial Guidance Gross Margin XDEMVY Net Sales R&D Expense SG&A Expense ~93% $545 - $565mm $115 - $135mm $670- $700mm
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Thank You! 19 | © Tarsus Pharmaceuticals | For Investor Purposes Only Diamond, an XDEMVY patient.