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 ...

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]