Harrow Q4 Earnings Call Highlights

Harrow (NASDAQ:HROW) executives used the company’s fourth-quarter 2025 earnings call to highlight what CEO Mark Baum described as a five-year transformation into a diversified ophthalmic platform, while outlining a 2026 plan that includes expanded commercial investment, two product launches, and continued clinical work to support growth drivers.

Financial results and 2026 outlook

President and CFO Andrew Boll said Harrow generated fourth-quarter 2025 consolidated revenue of $89.1 million, up 33% year over year. Full-year revenue was $272 million, an increase of 36% versus 2024. Adjusted EBITDA totaled $24.2 million in the fourth quarter and $61.9 million for the year, representing 54% year-over-year growth, which Boll attributed to operating leverage as revenue scaled faster than costs.

Harrow generated “just under” $44 million of cash from operations in 2025 and ended the year with $72.9 million in cash and cash equivalents, according to Boll.

For 2026, management guided to full-year revenue of $350 million to $365 million and adjusted EBITDA of $80 million to $100 million. Boll said the company expects 2026 to be more heavily weighted to the second half than prior years, with the first quarter typically the lowest due to fourth-quarter stocking, insurance resets, and high-deductible plan dynamics.

Boll also provided modeling ranges for seasonality:

• First-half 2026 revenue: $133 million to $153 million
• Second-half 2026 revenue: $203 million to $226 million

Key product performance: VEVYE, IHEEZO, and TRIESENCE

Harrow reported fourth-quarter and full-year results for several products it identified as core growth drivers.

• VEVYE: Q4 revenue was $25.9 million, up 14% sequentially. Full-year revenue reached $88.7 million, a 216% increase over 2024.
• IHEEZO: Q4 revenue was $35.9 million and full-year revenue was $81.3 million. Boll described this as 64% quarter-over-quarter growth and 65% year-over-year growth.
• TRIESENCE: Harrow disclosed TRIESENCE revenue separately for the first time. Q4 revenue was $5.1 million, up 36% from Q3, while full-year revenue was $9.9 million, a 193% increase versus 2024.
• Rare specialty and compounded portfolio: Q4 revenue was $22.2 million and full-year revenue was $92.3 million.

Baum said that, for the first time, “all of our core growth drivers accelerated simultaneously” in the fourth quarter, and reiterated a company goal of exceeding $250 million in quarterly revenue by the end of 2027.

Commercial strategy: sales force expansion, channel dynamics, and launches

Management emphasized an increased pace of commercial investment in 2026. Boll said Harrow expects SG&A to rise to approximately $185 million to $205 million as it expands sales forces for VEVYE and TRIESENCE and prepares for launches of BYOOVIZ and BYQLOVI. He said the company plans to add roughly 100 new sales roles in the first half of the year, alongside increased promotional and marketing spending.

On VEVYE, both Baum and Chief Commercial Officer Patrick Sullivan pointed to expanded payer coverage effective Jan. 1 and said Harrow is on track to double the VEVYE sales force by Memorial Day. Sullivan said that despite limited coverage throughout 2025, Harrow delivered a 115% increase in prescribers writing VEVYE. Executives also highlighted refill persistence, noting that covered patients averaged approximately nine refills, which they said reflects sustained demand.

During Q&A, Baum said net pricing for VEVYE showed “buoyancy” and a slight uptick, and added that first-quarter new prescription volumes were “meaningfully better” than management expected given typical first-quarter seasonality.

For IHEEZO, Sullivan said 2025 unit demand grew 56% year over year and ordering accounts increased 49%, with retina specialists representing approximately 70% of fourth-quarter unit volume. Management also discussed upcoming changes and offsets. Boll said Harrow estimates fourth-quarter IHEEZO demand drove about one and a half quarters of incremental channel inventory, which should be drawn down largely in Q1, leading the company to not anticipate “meaningful” IHEEZO revenue in the first quarter despite demand growth similar to early 2025.

Looking to Q2, Boll said IHEEZO is expected to lose pass-through status effective April 1, impacting the ambulatory surgery center (ASC) market; he noted about 30% of 2025 units were generated in the ASC setting. Management said it has been preparing through a retina-focused shift and an in-office expansion strategy that it believes adds about 2.5 million annual procedures to the total addressable market.

Baum and Boll also pointed to a potential IHEEZO pricing improvement beginning in Q3 2026. In response to an analyst question, Boll said pricing in Q3 2026 is expected to be better than in 2025 and the first part of 2026.

Harrow expects to launch BYQLOVI in Q2 and BYOOVIZ in mid-2026. Executives said the company plans to leverage its existing retina team for the BYOOVIZ launch. Management declined to detail its go-to-market strategy for the biosimilar, but Baum reiterated prior commentary that Harrow is seeking a “handful of percentage points” of market share rather than a large share.

Pipeline and clinical updates: G-MELT and evidence generation

Chief Scientific Officer Amir Shojaei focused on G-MELT (formerly MELT-300), which he described as a fully opioid-free and IV-sparing procedural sedation candidate. Shojaei said Harrow initiated remaining pharmacokinetic work earlier in 2026, is advancing CMC activities with its CDMO partner, and remains on track for an NDA submission in early 2027, while evaluating opportunities to accelerate timelines.

Shojaei also discussed studies designed to build procedure-specific evidence for IHEEZO in intravitreal injections. He highlighted an investigator-initiated randomized trial led by Dr. Sabin Dang comparing IHEEZO to standard approaches, with data expected at ASRS in July. He also said Harrow initiated a Phase IV multicenter randomized trial in Q1 2026 (approximately 240 patients) assessing patient-reported pain and safety, with data expected by the end of 2026.

In Q&A, management also discussed a TRIESENCE cataract-related clinical effort. Shojaei said the trial includes a control arm that does not receive TRIESENCE, with rescue criteria that would allow drops per protocol. Baum said Harrow believes TRIESENCE’s label and settings of care support reimbursement that would not be limited by a temporary pass-through period, and added that TRIESENCE has an out-of-pocket cost “around $37 per unit,” according to his remarks.

In closing comments, Baum said Harrow is seeing “tangible momentum” across the portfolio and believes it has multiple pathways for continued growth, while acknowledging the call’s length and aiming to make future calls more efficient.

About Harrow (NASDAQ:HROW)

Harrow Health, Inc (NASDAQ: HROW) is a U.S.-based commercial-stage biopharmaceutical company specializing in ophthalmic therapeutics and diagnostics. The company focuses on the development, manufacturing and distribution of proprietary, generic and branded eye care products designed to treat a range of ocular conditions, including glaucoma, ocular hypertension, dry eye disease and other anterior segment disorders.

Through its wholly owned affiliate ImprimisRx, Harrow Health offers a direct-to-physician model for customized formulations as well as low-cost generic alternatives.