Slides
Page 1
Building the Future of Eye Care Q3 2026 Financial Results November 2026 Vivian, an XDEMVY patient.
Page 2
2 | © Tarsus Pharmaceuticals | For Investor Purposes Only Sesha Neervannan, PhD Chief Operating Officer Elizabeth Yeu, MD Chief Medical Officer Jeff Farrow Chief Financial & Strategy Officer Bobby Azamian, MD, PhD CEO & Chairman World-Class Leadership T eam With Proven Track Record of Success: Today’s Speakers Neera Clase Chief Commercial Officer
Page 3
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 updated financial guidance, market size, acceptance, demand, adoption rate, and peak sales potential for XDEMVY; our ability to maintain distribution and patient access to 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 and planned initiation of additional creative campaigns; our ability to continue to educate the market about Demodex blepharitis, the timing, objectives, and results of the clinical trials including the Phase 2 Calliope trial for the potential prevention of Lyme disease, the Phase 2 KORE trial for the potential treatment of Ocular Rosacea, the Phase 3 COMFORT Study of IRX-101, and the Phase 3 NORTHSTAR study of gildeuretinol for the potential treatment of Stargardt disease, the potential market size, opportunity, and ECP education for our other pipeline indications including Ocular Rosacea, Lyme disease prevention, ocular antisepsis, and Stargardt disease, the anticipated strategic and financial benefits of our acquisition of Alkeus Pharmaceuticals, including development, regulatory approval, and commercial potential of ALK-001 for the treatment of Stargardt disease; and the anticipated strategic and financial benefits of our acquisition of iRenix Medical and the development, regulatory approval, and commercial potential of IRX-101; our ability to achieve the potential number of FDA approved products across our pipeline within the timeframes discussed in this presentation; 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 regulatory pathways and approval for TP-03, the ability of our out-license partner to commercialize TP-03 in China, 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,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “on track,” 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, 2025 filed on February 23, 2026, and Tarsus’ Form 10-Q for the quarter ended September 30, 2026 filed on November 3, 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.
Page 4
4 | © Tarsus Pharmaceuticals | For Investor Purposes Only Delivering Continued V alue Creation And Patient Impact In Eye Care Building on XDEMVY’s success to become a leader in eye care 1M+ bottles, $1B+ in cumulative sales and a record $194M+ Q3 2026 Two new investigational programs: Stargardt disease and a potentially better intravitreal injection experience $180M $451M $715- $730M *$2B+ ‘24A ‘25A ‘26E ‘27+ Expanding Into Retina Has acquired One of the most differentiated pipelines 5 Potential Medicines in 5 Years *Peak sales potential estimated beyond 2027 iRenix
Page 5
5 | © Tarsus Pharmaceuticals | For Investor Purposes Only $2B+ Annual Peak Sales Potential XDEMVY® Growth Engine Driving Deepening Utilization High-Impact DTC Campaign Evidence Generation 11 new AAOpt abstracts give ECPs more reasons to diagnose and treat DB Peak Sales Potential ECPs= Eye Care Providers. AAOpt = American Academy of Optometry. DB = Demodex blepharitis 1. Refill share of weekly Rx, Q3 2026. $2B+ Growing Retreatment ~20% of weekly prescriptions are now refills1 ECPs prescribing XDEMVY 5+ times per week rose nearly 20% this quarter High-value actions up 75% in Q3; converting prescriptions at a higher rate than last year
Page 6
6 | © Tarsus Pharmaceuticals | For Investor Purposes Only Q3 W as One of Our Most Effective and Efficient DTC Quarters to Date 1. Increase in Q3 2026. High-value actions (chat, quiz) signal intent to see a doctor. ROI = return on investment. Three campaigns working as a single demand engine John Cena social media campaign “Don’t blame the cat / fan” spotsBranded TV commercial 75% increase in high-value actions1 Higher Rx Conversion Website visitors are converting to office visits, diagnoses and prescriptions at a higher rate than last year +$5M DTC Investment Full-year DTC spend of ~$95M, with the sales outlook raised by more than the added investment Patients are asking for XDEMVY by name What ECPs told us at AAOpt
Page 7
7 | © Tarsus Pharmaceuticals | For Investor Purposes Only 7 | © Tarsus Pharmaceuticals | For Investor Purposes Only Compelling New Evidence Gives ECPs More Reasons to Screen, Diagnose and Treat Demodex Blepharitis 98% of ECPs Satisfied with Retreatment Nearly 90% of patients would use XDEMVY again if recommended DB Found in 65% of Chalazia and Hordeola Patients Rises to 91% in recurrent Chalazia/Hordeola Cases Greater Symptom Relief Through 9 Months1 More XDEMVY patients improved across DB symptoms vs. other options Clinician satisfaction with retreatment (N=100) DB prevalence in chalazion/hordeolum patients 0% 2% 98% Dissatisfied Neutral Satisfied or very satisfied 65% 91% All cases (N=286) Recurrent (N=45) Patients improved at 9 months XDEMVY vs. other management 7% 7% 29% 55% 73% 73% Morning crusting Morning dryness Itchy eyelids Sources on file. 1. 9 months is follow-up period after a course of XDEMVY or other therapy.
Page 8
8 | © Tarsus Pharmaceuticals | For Investor Purposes Only ~25M Americans with DB1 9M+ Seeking treatment for DB or other eye conditions2 And only >1M bottles dispensed so far! Just Scratching the Surface on Demodex Blepharitis, A Large, Untapped Addressable Market DB = Demodex blepharitis. KALs= Key Account Leaders. 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. 3. As of Q3 2026. • Weekly refills grew to ~20%3 • DTC is driving new patients impacted by Demodex blepharitis into care • ECPs making diagnosis and treatment a consistent part of practice
Page 9
9 | © Tarsus Pharmaceuticals | For Investor Purposes Only Strong Growth in Q3 2026 Note: U.S. dollars in millions unless otherwise noted. 1. Net sales for the three months ending September 30, 2026. 2. Net sales growth reflects the third quarter 2026 net sales of $194.6 million compared to the third quarter 2025 net sales of $118.7 million. 3. Inclusive of marketable securities. $194.6mm XDEMVY Net Sales1 XDEMVY Fueling Investment in Innovation +63.9% YoY Net Sales Growth2 ~$310mm Cash & Cash Equivalents3 Q3 2026
Page 10
10 | © Tarsus Pharmaceuticals | For Investor Purposes Only Updated 2026 Financial Guidance Gross Margin XDEMVY Net Sales R&D Expense SG&A Expense ~93% $605–$620M $140–$155M$715–$730M $685–$705M previous $190–$210M previousreiterate $545–$565M previous Acquired IPR&D ~$632M Q3 2026 charge Incl. $45–$50M stock comp Incl. $20–$25M stock comp $551M Alkeus $81M iRenix
Page 11
11 | © Tarsus Pharmaceuticals | For Investor Purposes Only Positioned to Deliver Multiple Potential Blockbusters Advancing One of the Most Differentiated Pipelines in Eye Care Indication Phase 1 Phase 2 Phase 3 Approved Demodex blepharitis (U.S.) Demodex blepharitis (China)1 ALK-001 Stargardt disease IRX-101 Ocular antiseptic TP-04 Ocular rosacea TP-05 Lyme disease prevention 1. Rights are out-licensed to Tarsus’ partner GrandPharma. Approved Approved Phase 3, topline data expected in 2029 Phase 3 initiation planned for 1H 2027 Phase 2 topline data expected 1H 2027 Phase 2 topline data expected 1H 2027
Page 12
12 | © Tarsus Pharmaceuticals | For Investor Purposes Only Delivering Continued V alue Creation And Patient Impact In Eye Care Building on XDEMVY’s success to become a leader in eye care 1M+ bottles, $1B+ in cumulative sales and a record $194M+ Q3 2026 Two new investigational programs: Stargardt disease and a potentially better intravitreal injection experience $180M $451M $715- $730M *$2B+ ‘24A ‘25A ‘26E ‘27+ Expanding Into Retina Has acquired One of the most differentiated pipelines 5 Potential Medicines in 5 Years *Peak sales potential estimated beyond 2027 iRenix
Page 13
Thank You! 13 | © Tarsus Pharmaceuticals | For Investor Purposes Only Diamond, an XDEMVY patient.