Tarsus Pharmaceuticals (TARS) investor relations material

Financial performance and guidance

• Achieved strong Q3 revenue of nearly $119 million, dispensing about 103,000 bottles, outperforming typical seasonal trends.

• Q4 revenue guidance set at $140–$145 million, with full-year revenue expected between $440–$445 million.

• Gross-to-net discount adjusted to 43–45% due to higher Medicare mix, now considered steady state.

• Annual revenue guidance will be provided going forward, with Q1 deductible resets as a key uncertainty.

• Company remains well capitalized with $400 million at Q3 end, supporting ongoing and future programs.

Commercial execution and market dynamics

• Over 20,000 eye care professionals have prescribed, surpassing initial launch targets.

• DTC campaign across TV, social, and in-office channels is driving prescription growth and positive ROI.

• No significant physician pushback; product efficacy and patient benefit widely recognized.

• Prescription split is about 60% optometrists and 40% ophthalmologists, driven by practice dynamics and reimbursement incentives.

• Seasonality impacts persist, with promotional sensitivity and office closures affecting prescription rates.

Product pipeline and development plans

• Ocular rosacea program (TP-04) targets a large unmet need, with phase II study starting by year-end and top-line data expected in H2 2026.

• FDA feedback focuses on endpoints like redness and vessel reduction; no requirement to show mite reduction.

• Two phase III studies planned post-phase II; market development expected to be easier than prior launches.

• Lyme disease prophylactic (TP-05) is an oral formulation, with strong preclinical tick-kill data; likely to seek a partner for late-stage development.

• Exploring business development opportunities to leverage salesforce and expand portfolio.