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Harrow (HROW) investor relations material
Harrow Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic Vision and Business Model
Aims to become the leading U.S. ophthalmic company, leveraging a founder-led, entrepreneurial approach and disciplined M&A to build the largest, most diversified ophthalmic portfolio in North America.
Focuses on acquiring and integrating assets that fit strategic, financial, and operational criteria, with a preference for late-stage or commercial products that scale efficiently.
Maintains a disciplined capital structure, recently refinancing $250M in unsecured notes, reducing annual interest expense by $3M, and securing additional liquidity through revolving credit facilities.
Operates with a target of under 3x gross leverage and under 2x net leverage, with annual revenue growth exceeding 40% (except 2021) over the past five years.
Commercial teams are organized by therapeutic area, with programs ensuring patient access for as low as $0 or a maximum of $59, and a scalable platform supporting branded, generic, and compounded products.
Product Portfolio and Pipeline
Portfolio spans dry eye, retina, surgical, rare, and specialty ophthalmic products, with leading brands like VEVYE, IHEEZO, TRIESENCE, and upcoming launches including BYQLOVI, BioViz/BYOOVIZ, Opuviz, and Melt 300.
VEVYE is the first and only water-free cyclosporine for dry eye, achieving 7.8% US market share in Q2 2025 and strong market share gains, supported by the VAFA access program.
Retina franchise is expanding with biosimilars BioViz/BYOOVIZ (Lucentis) and Opuviz (Eylea), both with interchangeability status and expected US launches in 2026 and 2027.
Surgical portfolio focuses on perioperative solutions, with TRIESENCE as the only FDA-approved preservative-free injectable steroid, BICLOVI launching in 2026, and Melt 300 (non-IV, non-opioid sedation) expected to file NDA in 2027 and launch in 2028.
Pipeline includes a prefilled syringe version of TRIESENCE (targeting 2028), a novel conjunctival delivery device for ocular cancer (potential launch 2029), and ongoing label expansion for Melt 300.
Financial Guidance and Growth Outlook
2025 revenue guidance is over $280M, with a medium-term goal of $250M+ in quarterly revenue by Q4 2027, driven by VEVYE, retina biosimilars, and surgical launches.
Gross margins expected in the low to mid-80% range, with operating margins of 30–40% at target revenue levels.
Access for All programs (VAFA, HAFA) are designed to maximize patient access, drive prescription volume, and ensure nearly every script is profitable, supporting sustainable revenue growth.
Commercial execution is supported by a best-in-class sales team, strategic account initiatives, and a focus on expanding depth and breadth in key segments.
M&A remains opportunistic, with a focus on structured deals that fit existing commercial infrastructure and deliver long-term value.
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