Core Insights - Harrow's core growth drivers accelerated simultaneously in Q4 2025, with a goal to exceed $250 million in quarterly revenue by the end of 2027 [1] Financial Performance - Q4 2025 consolidated revenue was $89.1 million, a 33% increase year over year, while full-year revenue reached $272 million, up 36% compared to 2024 [5] - TRIESENCE revenue for Q4 was $5.1 million, a 36% increase from Q3, with full-year revenue at $9.9 million, marking a 193% increase versus 2024 [1] - IHEEZO Q4 revenue was $35.9 million, with full-year revenue of $81.3 million, reflecting 64% quarter-over-quarter growth and 65% year-over-year growth [2] Future Guidance - Management guided for 2026 full-year revenue between $350 million and $365 million, with adjusted EBITDA expected to be between $80 million and $100 million [3] - The company anticipates that 2026 will be more heavily weighted to the second half, with Q1 typically being the lowest due to various market dynamics [3] Cash Position - Harrow generated "just under" $44 million in cash from operations in 2025, ending the year with $72.9 million in cash and cash equivalents [4] Commercial Strategy - The company plans to increase SG&A expenses to approximately $185 million to $205 million in 2026, expanding sales forces for VEVYE and TRIESENCE, and preparing for the launches of BYOOVIZ and BYQLOVI [7] - Harrow aims to double the VEVYE sales force by Memorial Day, with a 115% increase in prescribers noted despite limited coverage in 2025 [8] Product Launches - Harrow expects to launch BYQLOVI in Q2 and BYOOVIZ in mid-2026, leveraging its existing retina team for the BYOOVIZ launch [13] Pipeline and Clinical Updates - G-MELT, a procedural sedation candidate, is on track for NDA submission in early 2027, with ongoing pharmacokinetic work and CMC activities [14] - Clinical trials for IHEEZO and TRIESENCE are underway, with data expected to support their market positions [15][16] Market Dynamics - IHEEZO's unit demand grew 56% year over year, with a significant portion of sales generated in the ASC setting [10] - Management is preparing for changes in IHEEZO's pass-through status, which may impact the ASC market [11]

Financial Data and Key Metrics Changes - For Q4 2025, consolidated revenues were $89.1 million, representing a 33% year-over-year growth. For the full year, revenue was $272 million, up 36% versus 2024 [22][23] - Adjusted EBITDA was $24.2 million in Q4 and $61.9 million for the full year, reflecting a 54% year-over-year growth, demonstrating operating leverage as revenue scales faster than costs [22][23] - The company generated just under $44 million of cash from operations, ending the year with $72.9 million in cash and cash equivalents [23] Business Line Data and Key Metrics Changes - BYOOVIZ had Q4 revenues of $25.9 million, up 14% sequentially, with full-year revenue at $88.7 million, a 216% increase over 2024 [24] - IHEEZO generated $35.9 million in Q4 and $81.3 million for the full year, representing 64% quarter-over-quarter growth and 65% year-over-year growth [24] - TRIESENCE's Q4 revenue was $5.1 million, a 36% increase from Q3, totaling $9.9 million for the year, a 193% increase from 2024 [25] - The rare specialty and compounded portfolio generated $22.2 million in Q4 and $92.3 million for the full year [25] Market Data and Key Metrics Changes - The company expects full-year 2026 revenue between $350 million and $365 million, with first half revenue projected at $133 million to $153 million and second half revenue at $203 million to $226 million [26] - The first quarter is expected to be the lowest revenue quarter due to stocking activity and insurance resets, with a significant portion of IHEEZO's demand expected to be drawn down from Q4 2025 inventory [27][28] Company Strategy and Development Direction - The company aims to exceed $250 million in quarterly revenue by the end of 2027, with a diversified ophthalmic franchise focused on expanding patient access and improving affordability [12] - Plans include doubling the VEVYE sales force and expanding IHEEZO into office-based settings, targeting over 2.5 million additional procedures annually [12][32] - The company is preparing to launch two important products, BYQLOVI and BYOOVIZ, further expanding its specialty portfolio [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, emphasizing that all core growth drivers accelerated in Q4 2025 [41] - The company is focused on converting compounded utilization into FDA-approved branded products, enhancing long-term revenue profiles [41] - Management anticipates a stronger second half of 2026, driven by a fully deployed sales force and contributions from new product launches [35] Other Important Information - The company is addressing temporary compounding inventory constraints, expecting normalization by the end of Q1 2026 [25] - R&D expenses are expected to increase to approximately $30 million-$35 million as the company completes studies for product candidates [31] Q&A Session Summary Question: What have you seen so far from a commercial mix perspective in Q1? - Management noted that new prescription volumes for VEVYE are better than expected, with a slight uptick in ASP anticipated [50][51] Question: What % of the cataract market do you think is the sweet spot for TRIESENCE? - Management believes TRIESENCE will not be limited by a temporary pass-through period and aims to expand its label for broader access [55][57] Question: Could you clarify the price improvements for IHEEZO? - Management expects pricing for IHEEZO to improve by Q3 2026 compared to 2025 [64][65] Question: Are you able to share any market share targets for VEVYE? - Management aims for VEVYE to be the number one cyclosporine in the U.S. market, targeting over 20% market share [71][75]

Financial Data and Key Metrics Changes - For Q4 2025, consolidated revenues were $89.1 million, representing a 33% year-over-year growth. For the full year, revenue was $272 million, up 36% versus 2024 [22][23] - Adjusted EBITDA was $24.2 million in Q4 and $61.9 million for the full year, reflecting a 54% year-over-year growth, demonstrating operating leverage as revenue scales faster than costs [22][23] - The company generated just under $44 million of cash from operations, ending the year with $72.9 million in cash and cash equivalents [23] Business Line Data and Key Metrics Changes - VEVYE's Q4 revenues were $25.9 million, up 14% sequentially, with full-year revenue at $88.7 million, a 216% increase over 2024 [24] - IHEEZO generated $35.9 million in Q4 and $81.3 million for the full year, representing 64% quarter-over-quarter growth and 65% year-over-year growth [24] - TRIESENCE's Q4 revenue was $5.1 million, a 36% increase from Q3, totaling $9.9 million for the year, a 193% increase from 2024 [25] - The rare specialty and compounded portfolio generated $22.2 million in Q4 and $92.3 million for the full year [25] Market Data and Key Metrics Changes - The company is expanding its addressable market for IHEEZO by focusing on in-office procedures, increasing the procedure volume total addressable market (TAM) by more than 2.5 million units annually [14][38] - The company expects to launch two important products, BYQLOVI and BYOOVIZ, in 2026, further expanding its retina and specialty footprint [20] Company Strategy and Development Direction - The company aims to exceed $250 million in quarterly revenue by the end of 2027, with a diversified ophthalmic franchise focused on expanding patient access and improving affordability [12] - The company plans to double the VEVYE sales force to capture growth opportunities and expects VEVYE to become a 9-figure revenue product this year [13][36] - The company is transitioning compounded volume to FDA-approved branded alternatives, expecting compounded revenue to be approximately $60 million-$65 million for the full year [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, stating that all core growth drivers accelerated in Q4 and that the company entered 2026 with clear commercial momentum [41] - The management highlighted the importance of clinical data generation to support adoption strength and differentiation for products like IHEEZO [49] - Management anticipates a softer first half of 2026 due to channel inventory adjustments and seasonal dynamics, with a stronger second half expected [34] Other Important Information - The company is focused on advancing clinically relevant programs aligned with unmet needs in ophthalmology, particularly with G-MELT, which is expected to redefine procedural sedation [43][44] - The company is implementing several revenue-generating initiatives tied to its rare specialty and compounded products, with expectations for positive surprises throughout the year [19] Q&A Session Summary Question: What have you seen so far from a commercial mix perspective in Q1 for VEVYE? - Management noted that new prescription volumes for VEVYE are better than expected, with a significant increase in prescribers writing VEVYE [51][54] Question: Can you discuss the TRIESENCE cataract trial design? - Management confirmed that there will be a control arm without TRIESENCE, with rescue criteria allowing for drops per protocol [68] Question: Are there any market share targets for VEVYE? - Management aims for VEVYE to be the number one cyclosporine in the U.S. market, estimating that achieving this would require just over 20% market share [72][75]

Financial Data and Key Metrics Changes - For Q4 2025, consolidated revenues were $89.1 million, representing a 33% year-over-year growth. For the full year, revenue was $272 million, up 36% versus 2024 [18] - Adjusted EBITDA was $24.2 million in Q4 and $61.9 million for the full year, reflecting a 54% year-over-year growth [18] - The company generated just under $44 million of cash from operations, ending the year with $72.9 million in cash and cash equivalents [19] Business Line Data and Key Metrics Changes - BYOOVIZ had Q4 revenues of $25.9 million, up 14% sequentially, with full-year revenue at $88.7 million, a 216% increase over 2024 [19] - IHEEZO generated $35.9 million in Q4 and $81.3 million for the full year, representing 64% quarter-over-quarter growth and 65% year-over-year growth [19] - TRIESENCE revenue for Q4 was $5.1 million, a 36% increase from Q3, totaling $9.9 million for the year, a 193% increase from 2024 [20] - The rare specialty and compounded portfolio generated $22.2 million in Q4 and $92.3 million for the full year [20] Market Data and Key Metrics Changes - The company expects full-year 2026 revenue between $350 million and $365 million, with first half revenue projected at $133 million to $153 million and second half revenue at $203 million to $226 million [21] - The first quarter is expected to be the lowest revenue quarter due to stocking activity and insurance resets, with a significant drawdown of inventory expected [22] Company Strategy and Development Direction - The company aims to exceed $250 million in quarterly revenue by the end of 2027, with a diversified ophthalmic franchise focused on expanding patient access and improving affordability [9] - Plans include doubling the VEVYE sales force and expanding IHEEZO into office-based settings, targeting over 2.5 million additional procedures annually [10][32] - The company is preparing to launch two important products, BYQLOVI and BYOOVIZ, further expanding its specialty portfolio [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, emphasizing that all core growth drivers accelerated in Q4 2025 [34] - The management team highlighted the importance of expanding coverage and sales force to capture market opportunities, particularly for VEVYE and IHEEZO [30][31] - The company anticipates a strong second half of 2026 driven by a fully deployed sales force and contributions from new product launches [27] Other Important Information - The company is focused on converting compounded utilization into FDA-approved branded products, with compounded revenue expected to be approximately $60 million to $65 million for the full year [27] - The company is also addressing supply chain issues to ensure adequate market supply for its products [16] Q&A Session Summary Question: What have you seen so far from a commercial mix perspective in Q1? - Management noted that new prescription volumes for VEVYE are better than expected, with a focus on building volume throughout the year [42][45] Question: What % of the cataract market do you think is the sweet spot for TRIESENCE? - Management believes TRIESENCE has the potential to significantly expand its market share, aiming for a broad-based label that will increase access for cataract surgery patients [47][50] Question: Could you clarify the price improvements for IHEEZO? - Management expects pricing for IHEEZO to improve by Q3 2026 compared to 2025 and the first part of 2026 [55][56] Question: Are you able to share any market share targets for VEVYE? - Management aims for VEVYE to become the number one cyclosporine in the U.S. market, targeting over 20% market share [61][66]

Corporate Presentation March 2026 Safe Harbor This presentation contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Harrow, Inc. (the "Compa ...

Corporate Presentation November 2025 Safe Harbor This presentation contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Harrow, Inc. (the "Co ...

Core Thesis - Harrow, Inc. (HROW) presents a bullish investment opportunity due to its diverse portfolio, strong revenue growth, and strategic positioning in the ophthalmic market [1][6][7] Company Overview - Harrow Pharmaceuticals is a U.S.-based company focused on ophthalmology, operating in three main areas: FDA-approved drugs, compounded formulations, and equity stakes in emerging innovators [2] - The company's portfolio includes treatments for dry eye disease, glaucoma, ocular inflammation, post-surgical recovery, and retina therapies, making it a "full-spectrum" player in the U.S. ophthalmic market [2] Product Highlights - Key products include VEVYE for dry eye, projected to generate over $100 million in FY25, IHEEZO, the first new branded ocular anesthetic in 14 years, expected to reach over $50 million in FY25, and TRIESENCE, a corticosteroid with patent protection until 2029 [3] - HROW is expanding into the retina category with products like BYOOVIZ and OPUVIZ, while its ImprimisRx compounding division provides stable cash flow and enhances operational efficiency [3] Financial Performance - HROW reported $116.6 million in revenue for the first half of FY25 and anticipates $280 million for the full fiscal year, with gross margins improving from 68% to 74% [4] - EBITDA is expected to grow from approximately 26% in FY25 to 38% in FY27, supported by debt refinancing and $250 million in senior notes [4] Valuation and Growth Potential - Analysts project HROW's revenue to reach $529 million by 2027, with management targeting $1 billion, indicating a potential upside of 3x to 5x over three years [5] - The combination of high-growth branded products, stable cash-generating operations, and strategic equity stakes presents a unique investment opportunity ahead of the upcoming Investor Day [5]

Financial Performance and Growth - Harrow expects 2025 revenue to be more than $280 million[8] - Adjusted EBITDA in Q2 2025 was $17006 thousand[15] - Harrow had $52963 thousand in cash and cash equivalents as of June 30, 2025[16] Product Portfolio and Market Position - VEVYE experienced 66% Q/o/Q Rx volume growth[9, 33] - VEVYE has captured 78% of the total DED market as of Q2 2025, an increase of 26% from Q1 2025[38] - IHEEZO saw a 25% growth in unit demand in Q2 2025 vs Q1 2025[9] - TRIESENCE experienced 32% growth in Q2 2025 vs Q1 2025[9] Strategic Initiatives and Acquisitions - Harrow acquired the exclusive U S commercial rights for BYQLOVI in June 2025[8] - Harrow acquired the exclusive U S rights to Samsung Boepis ophthalmology biosimilars pipeline, including BYOOVIZ and OPUVIZ in July 2025[8] - In August 2025, Harrow expands VAFA program capacity with a strategic alliance with Apollo Care[8]

Financial Performance & Growth - Harrow expects 2025 revenue to be more than $280 million[9] - In Q2 2025, Adjusted EBITDA was $17006 thousand[16] - Harrow had $52963 thousand in cash and cash equivalents as of June 30, 2025[17] Product Portfolio & Market Position - VEVYE showed 66% Q/o/Q Rx volume growth[10, 34] - VEVYE captured 78% of the total DED market in Q2 2025, an increase of 26% from Q1 2025[39] - IHEEZO experienced 25% growth in unit demand in Q2 2025 vs Q1 2025[10] - TRIESENCE showed 32% growth in Q2 2025 vs Q1 2025, with Q4 2025 expansion to a new market[10] Strategic Initiatives & Acquisitions - Harrow expanded the VAFA program capacity with a strategic alliance with Apollo Care in August 2025[9] - Harrow acquired the exclusive U S rights to Samsung Bioepis ophthalmology biosimilars pipeline, including BYOOVIZ (Lucentis) & OPUVIZ (Eylea) in July 2025[9] - Harrow acquired the exclusive U S commercial rights for BYQLOVI in June 2025, planning a launch in Q1 2026[9, 46]