Background: Understanding the epidemiology of moderate-to-severe psoriasis is essential for its management. Objective:To assess the epidemiological characteristics of patients with moderate-to-severe psoriasis. Methods: Cross-sectional, observational epidemiological study conducted in Spain and Portugal. Data were collected by 332 dermatologists for ≧10 consecutive presenting patients. Results: Based on body surface area (BSA) and Psoriasis Area and Severity Index (PASI) criteria, moderate-to-severe psoriasis was confirmed in ≧79.3% of patients (n = 3,320). Preexisting comorbid conditions included psoriatic arthropathy (13%), dyslipidemia (14.1%) and hypertension (20.2%). The mean BSA involvement was 23% (95% confidence interval, CI: 22.2–23.3%), and the mean PASI score was 14.3 (95% CI: 13.9–14.6%). During the 2 years prior to assessment, 97.0% of patients had received topical treatments, whereas 31.3% had not received systemic treatment or phototherapy. The median annual cost of treatment was 825 EUR. Conclusion: Moderate-to-severe psoriasis is accurately diagnosed, but inadequately treated in many patients in Spain and Portugal.