Harrow, Inc.

What they do

Harrow owns U.S. commercial rights to branded ophthalmic pharmaceuticals including VEVYE for dry eye disease, IHEEZO for ocular surface anesthesia, TRIESENCE, and several legacy products such as VIGAMOX, ILEVRO, and FLAREX. It also owns and operates ImprimisRx, an ophthalmology-focused pharmaceutical-compounding business. The company markets to U.S. eyecare professionals and reported $272.3 million of revenue in 2025.

Revenue drivers

• VEVYE — Cyclosporine 0.1% dry eye product; second-quarter 2026 revenue was $29.4 million, up about 58% year over year, the largest single-product contributor disclosed.
• IHEEZO — Ocular surface anesthetic; second-quarter 2026 revenue was $15.6 million, with unit demand of 65,477 units, up 44% sequentially and 34% year over year.
• TRIESENCE — Steroid injection for ophthalmic disease and vitrectomy visualization; management reported record quarterly unit demand, up 39% sequentially and 162% year over year.
• Legacy branded and compounded products — Includes VIGAMOX, ILEVRO, FLAREX, NATACYN, TOBRADEX ST, ZERVIATE, VERKAZIA and ImprimisRx compounded formulations, which together have historically made up the base of Harrow's revenue.

Recent performance

Second-quarter 2026 revenue was $70.7 million, up 60% sequentially and 11% year over year. VEVYE revenue rose to $29.4 million, IHEEZO generated $15.6 million with record unit demand, and TRIESENCE unit demand rose 162% year over year. For full-year 2025, revenue was $272.3 million and net loss was $5.1 million, with operating cash flow of $43.9 million. As of June 30, 2026, cash and equivalents were $83.9 million, total assets were $416.8 million, and total liabilities were $402.0 million.

Strategy

Management is expanding commercial coverage for VEVYE from roughly 50 to 100 U.S. sales territories by late May 2026, broadening IHEEZO beyond retina practices, and increasing the TRIESENCE sales force. Harrow has launched BYOOVIZ and announced the acquisition of TYRVAYA, expected to close in the second half of 2026, while adding experienced eye care sales professionals from Viatris. Pipeline launches include BYQLOVI and OPUVIZ, expected in mid-2026 and mid-2027 respectively. The company agreed to acquire remaining equity interests in Melt Pharmaceuticals, with milestone payments tied to FDA approval and reimbursement of MELT-300.

Risks

• Loss of pass-through reimbursement — IHEEZO lost pass-through reimbursement status for cataract surgery on April 1, 2026, and management cited this in discussing the product's performance.
• Leverage and thin equity — At June 30, 2026, total liabilities were $402.0 million against shareholder equity of $15.2 million, with long-term debt of $300.0 million at March 31, 2026.
• Product commercialization execution — Harrow's growth depends on successfully launching or expanding multiple products, including BYOOVIZ, BYQLOVI, OPUVIZ and the pending TYRVAYA acquisition.
• Regulatory and reimbursement dependence — The company's risk factors cite dependence on coverage and reimbursement, government regulations including the 503B bulks list, and licensure requirements for its pharmacy operations.

Outlook

Management reiterated full-year 2026 guidance of $350 million to $365 million in revenue and $80 million to $100 million in Adjusted EBITDA. It expects the second half of 2026 to convert demand into accelerating revenue growth and profitability, supported by IHEEZO pricing improvements, normalized channel inventories, VEVYE business-rule changes, the BYOOVIZ launch, and the expected TYRVAYA acquisition.