Harrow Earnings Call Transcripts
Fiscal Year 2026
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Management outlined a long-term, five-year strategic vision with a focus on under-promising and over-delivering, highlighted by a $250 million quarterly revenue goal for 2027. Key growth drivers include G-MELT, IHEEZO, and VEVYE, with significant market expansion expected from new product launches, acquisitions, and upcoming clinical data.
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Revenue grew 11% YoY in Q2 to $70.7M, with strong sequential growth and improved product economics. Multiple growth drivers, including VEVYE, IHEEZO, and TRIESENCE, are set for accelerated H2 performance. Full-year guidance of $350–$365M revenue and $80–$100M adjusted EBITDA reiterated.
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Strong revenue and EBITDA growth are projected through 2028, driven by innovative ophthalmic products, expanded sales force, and new launches like MELT and biosimilars. Key products are rapidly gaining market share and displacing legacy therapies, with strategic reimbursement and clinical initiatives supporting continued acceleration.
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Q1 revenue was $44.2M, impacted by an $8M VEVYE gross-to-net adjustment, but demand for key products remains strong. Full-year guidance of $350M–$365M is reaffirmed, with sequential growth and new product launches expected to drive a stronger second half.
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Strong five-year growth continues with record revenues and EBITDA, driven by a diverse ophthalmic portfolio and new product launches. Key products like VEVYE, IHEEZO, and TRIESENCE are expanding market share, while biosimilars and pipeline assets support future growth.
Fiscal Year 2025
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Delivered 36% revenue growth in 2025, driven by strong performance across VEVYE, IHEEZO, and TRIESENCE, with expanded sales forces and new product launches expected to accelerate growth in 2026. Guidance calls for $350M–$365M revenue and $80M–$100M adjusted EBITDA.
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Recent acquisition of Melt expands sedation opportunities beyond ophthalmology, with MELT-300 and MELT-210 targeting large, underserved markets. VEVYE and IHEEZO are driving growth through improved access and product differentiation, while biosimilar launches in 2026–2027 aim to leverage integrated solutions in retina care.
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Q3 revenue rose 45% year-over-year to $71.6M, led by strong growth in VEVYE and IHEEZO. Full-year guidance was updated to $270–$280M, with VEVYE set for a major boost from new PBM coverage in 2026. Four new product launches and the Melt Pharmaceuticals acquisition are key growth drivers.
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A disciplined, founder-led strategy is driving rapid growth, with a diversified ophthalmic portfolio, robust pipeline, and innovative access programs. Financial guidance targets $280M+ revenue in 2025 and $250M+ quarterly by Q4 2027, fueled by new launches and market expansion.
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Recent acquisitions and product launches are set to expand the retina and ocular inflammation portfolios, with key biosimilars and BYQLOVI launching in 2026–2027. VEVYE and IHEEZO are driving strong growth, and the company expects sustainable profitability soon.
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Q2 2025 revenue rose 30% year-over-year to $63.7 million, driven by strong growth in VEVYE, IHEEZO, and TRIESENCE. Strategic acquisitions and expanded distribution support guidance of over $280 million for 2025, with operating leverage and robust market share gains.
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Q1 2025 saw 38% revenue growth year-over-year, record cash flow, and strong VEVYE performance. Management is confident in exceeding $280 million 2025 revenue guidance, with accelerating momentum across VEVYE, IHEEZO, TRIESENCE, and ImprimisRx.
Fiscal Year 2024
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Record Q4 and full-year 2024 results featured 84% and 53% revenue growth, respectively, with strong performances from Iheezo and Vevye. The launch of Vevye Access for All and CMS approval for Triesence are set to drive further growth, supporting 2025 revenue guidance above $280M.
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Future growth is centered on prescription products, with TRIESENCE, IHEEZO, and VEVYE driving expansion through innovation, improved access, and targeted commercial investment. MELT-300 offers significant upside, while compounding and legacy assets provide stability.
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Q3 2024 saw record revenue growth of 44% year-over-year, driven by strong VEVYE and IHEEZO performance, despite a temporary inventory shortage. The company expects record Q4 results, with TRIESENCE relaunch and expanding payer coverage positioning for further growth.
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Strong commercial execution and credibility have driven rapid revenue growth, with VEVYE, IHEEZO, and Triessence leading the portfolio. Gross margins are in the low 80% range, and long-term targets include a $1 billion annual revenue run rate by 2027.
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A leading North American eye care pharma firm projects over $180 million in 2024 revenue, driven by strong launches of IHEEZO and VEVYE, and the anticipated relaunch of TRIESENCE. MELT-300, in phase III trials, and a robust product portfolio support long-term growth.
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Record Q2 revenue of $48.9M marked 46% year-over-year growth, driven by strong branded product performance and rapid expansion in retina and dry eye segments. Outlook remains robust, with 2024 revenue expected to exceed $180M and key product launches and market access wins fueling momentum.