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]