Thoughts on Upcoming Competitor DB Data - Xdemvy Sets a High Bar

Research evidence excerpt

Thoughts on Upcoming Competitor DB Data - Xdemvy Sets a High Bar

USA | Specialty Pharmaceuticals

Tarsus EquityMayResearch14, 2026

COMPANY UPDATEThoughts on Upcoming Competitor DB Data -

RATING BUYXdemvy Sets a High Bar

PRICE $64.66^

GKOS and Aperta (private) will both report Phase II data in H2 in DB. GKOS

should show (+) efficacy but there's also pot'l risk of ocular tox since the PRICE TARGET | % TO PT $88.00 | +36%

active ingredient is physostigmine (old topical / eyedrop for glaucoma that 52W HIGH-LOW $85.25 - $38.51

narrows pupils to reduce IOP). For Aperta, active ingredient spinosad may have FLOAT (%) | ADV MM (USD) 93.2% | 40.57

a favorable systemic safety profile but efficacy is still TBD. Bottom line, Xdemvy MARKET CAP $2.8B

sets a high bar on both efficacy and safety, and we're not too concerned. TICKER TARS ^Prior trading day's closing price unless otherwise

noted.

Big Picture: We cont to fundamentally like TARS due to a growing ophtho franchise and, despite

quarterly fluctuations and HF trafficking - #s this year overall look beatable and we're confident

FY (Dec) CHANGE TO JEFe JEF vs CONS

TARS can achieve its $2B peak sales guidance (which may be conservative depending on LOE).

2026 2027 2026 2027

That said, we could get two competitor updates this year: (1) GKOS is running a Phase II DB study REV NA NA +1% -6%

w/ topline potentially in the Fall (ct.gov ests Sep), and (2) Aperta (private) is running a DB Phase II EPS NA NA -27% -4%

w/ pot'l mid-year data (ct.gov ests Apr). TARS's messaging is that Xdemvy sets a high bar on both

efficacy and safety and cautions cross-trial comparisons. We think it's unclear if competitors can 2026 ($) Q1A Q2 Q3 Q4 FY

look better on both safety and efficacy.