Tarsus Pharmaceuticals (TARS) H.C. Wainwright 4th Annual BioConnect Investor Conference summary

Commercial performance and market opportunity

• XDEMVY has achieved four consecutive quarters with net product revenues surpassing $100 million, reflecting strong commercial uptake and execution.

• Over 600,000 patients have been treated, with a total addressable market estimated at 25 million, and 9 million actively seeking treatment in clinics targeted by the sales force.

• Direct-to-consumer campaigns and educational outreach have increased disease awareness from near zero to 25%, driving patient inquiries and diagnosis.

• Key Account Leaders have been deployed to drive prescription volumes, focusing on high-potential accounts within existing territories, with meaningful impact expected in the second half of the year.

• The U.S. market opportunity for Demodex blepharitis is estimated at $2 billion, with ongoing efforts to deepen prescriber adoption and patient penetration.

Product differentiation and competitive landscape

• XDEMVY is the first FDA-approved treatment for Demodex blepharitis, offering high efficacy and safety, which has shifted the treatment paradigm.

• Competing assets are older drugs with less targeted mechanisms and are at least five years from potential market entry.

• The product’s safety profile and targeted action against mites are seen as strong competitive advantages, making it difficult for competitors to surpass.

Prescriber and patient adoption strategies

• Over 20,000 optometrists and ophthalmologists have prescribed XDEMVY, representing 85% of front-of-the-eye prescriptions.

• Diagnosis is straightforward via slit lamp examination, and efforts focus on encouraging routine evaluation for all patients with collarettes.

• Direct-to-consumer advertising, including a partnership with John Cena, has increased public awareness and normalized discussion of the disease.

• New patient acquisition remains the primary growth driver, with refill rates expected to stabilize around 20%.