Tarsus Pharmaceuticals (TARS) UBS Virtual Ophthalmology Day summary

Launch performance and market opportunity

• Achieved nearly 100,000 bottles delivered and $40 million in Q2 revenue, with strong physician adoption and 11,000 prescribers reached within a year.

• Expanded sales force by 50% to 150 reps to deepen physician engagement and prescribing habits.

• Focused on a core market of 7 million patients, with opportunities in dry eye, cataract surgery, and contact lens discomfort segments.

• Utilization is broadening from severe to moderate and less severe cases as physician confidence grows.

• Expecting steady volume growth as Medicare Part D coverage expands through 2025, with one major payer already onboard.

Reimbursement, pricing, and financial outlook

• Achieved a better-than-expected gross-to-net discount of 44% in Q2, with expectations to maintain low 40s% at steady state as Part D coverage matures.

• High-value perception among payers due to lack of alternatives and strong clinical outcomes, supporting favorable negotiations.

• Retreatment opportunity estimated at a 20% annual tailwind, with 40% of patients recurring by 12 months in clinical studies.

• IQVIA data trends are consistent, but actual dispensed numbers are reconciled quarterly due to tracking variability.

Commercial strategy and consumer activation

• Direct-to-consumer campaign launching in Q4 with a $10–15 million investment, focusing on connected TV, digital, and social media.

• Expect initial impact in Q4, ramping into Q1, with potential expansion to network TV based on ROI.

• Consumer motivation is high due to visible and symptomatic nature of the disease, supporting campaign effectiveness.