Company Overview - Harrow, Inc. is an eyecare pharmaceutical company focused on the discovery, development, and commercialization of ophthalmic pharmaceutical products, having transformed from a controversial compounder to a leading specialty pharma platform in U.S. eye care [2][4] - Founded in 2012 by Mark Baum, the company shifted from custom formulations to acquiring and scaling FDA-approved ophthalmic drugs through its own commercial infrastructure [2] Business Model - Harrow operates a three-segment model: Branded Pharmaceuticals, ImprimisRx, and Strategic Holdings, creating a self-reinforcing ecosystem that enhances physician relationships and drives growth through branded drugs [3] - The "Access for All" program serves as an in-house reimbursement engine, facilitating rapid adoption and high retention among doctors and patients [4] Financial Performance - Harrow has achieved compounding revenue growth exceeding 40% annually since 2014, supported by a disciplined acquisition strategy focused on late-stage or under-commercialized assets [4] - The company targets over $1 billion in annualized revenue and 30-40% EBIT margins by 2027, driven by expanding dry-eye penetration and entry into the $12 billion retina market [5] Market Position - With a market cap of under $1.4 billion, Harrow trades at approximately 5 times its estimated 2028 EBIT, indicating it operates as a scaled ophthalmic pharma platform rather than a niche compounder [6] - The investment case is strengthened by founder-led discipline, high insider ownership, and capital-light economics, despite recent stock depreciation of about 8.55% due to rising costs [7]

Financial Performance and Goals - Harrow's consolidated revenues have grown significantly, from $48.871 million in 2020 to $199.614 million in 2024, with a projected $280 million in 2025[38] - The company aims for $250 million+ in quarterly revenue by Q4 2027, driven by Surgical + Rare & Specialty Products ($75M), Retina Portfolio ($140M), ImprimisRx ($15M+), and Dry Eye Disease ($20M)[40] - ImprimisRx's revenue for compounded products reached $41.519 million in H1 2025[351] Product Pipeline and Acquisitions - Harrow acquired BYQLOVI for $0.5 million + Royalty[16] - Harrow is planning to file an NDA for MELT-300 in H1 2027, with a potential launch in H2 2028[50] - Harrow is developing a next-generation TRIESENCE with a goal to file an NDA by the end of 2027[53] Market and Commercial Strategy - VEVYE has captured 7.8% of the total Dry Eye Disease (DED) market as of Q2 2025, an increase of 2.6% from Q1 2025[120] - Over 7 million ocular surgeries are performed annually in the US, representing a significant market for Harrow's surgical portfolio[192] - Harrow expects to launch BYOOVIZ in mid-2026 and OPUVIZ in the second half of 2027[233, 234] Debt Refinancing - Harrow refinanced $240 million of unsecured notes with a coupon of 8.625%, resulting in $10 million of new cash to the balance sheet and $40 million undrawn revolver[33]

Core Insights - Harrow, a leading provider of ophthalmic disease management solutions in North America, is set to hold its Investor & Analyst Day on September 26, 2025, in New York, which will also be available via live webcast [1][2] Company Overview - Harrow offers a comprehensive portfolio of products addressing various ocular conditions, including dry eye disease, age-related macular degeneration, cataracts, glaucoma, and other retinal diseases [7] Event Details - The Investor & Analyst Day will feature presentations from Harrow's leadership team, covering the company's commercial portfolio, pipeline, and long-term vision, along with insights from key opinion leaders in the field [2][5] - The preliminary agenda includes topics such as Harrow's financial update, pipeline products, and expert perspectives on procedural sedation and specific ophthalmic conditions [5] Featured Speakers - Notable physician speakers include Dr. Paul Karpecki, Dr. Raj Patel, Dr. Seenu Hariprasad, and Dr. Maggie Jeffries, each bringing extensive experience in various areas of ophthalmology [3][4] Webcast Information - A live webcast of the event will be available, along with a replay and presentation materials posted on Harrow's investor relations page [6]