Harrow (HROW) investor relations material

Business Performance and Growth

• Achieved a five-year revenue CAGR over 41% and adjusted EBITDA CAGR over 61%, with 2025 revenues at $272.3 million and adjusted EBITDA of $88.6 million; 2023 revenues were $272 million and adjusted EBITDA above $60 million.

• Reported 54% year-over-year adjusted EBITDA growth and 36% revenue growth, with $73 million in cash at year-end.

• 2026 revenue guidance is $350M–$365M (midpoint $357.5M), with adjusted EBITDA guidance of $80M–$100M (midpoint $90M); H1 2026 revenue expected at $133M–$153M, H2 2026 at $203M–$226M.

• Commercial infrastructure enables rapid integration of new products and supports expansion across all ophthalmic segments.

• Stock declined 35% in the past week despite strong financial performance, increasing pressure to meet investor expectations.

Product Portfolio and Innovation

• Holds the largest U.S. portfolio of prescription ophthalmic products, spanning injectables, topicals, and sublinguals for both anterior and posterior eye segments and ocular surface diseases.

• VEVYE, a water-free cyclosporine for dry eye disease, delivers rapid, durable relief with strong refill rates, expanding prescriber base, and preferred PBM status starting Jan 2026; sales force doubling by June 2026.

• IHEEZO, the only reimbursable topical ocular anesthetic, is growing rapidly with 56% YoY unit growth, 85% reorder rate, and targets a 10% share in the intravitreal injection market, pending retina-specific data in 2026.

• TRIESENCE, a preservative-free injectable corticosteroid, is expanding from retina to cataract surgery, with a phase III label expansion study and next-gen version expected in 2028.

• G-MELT, a sublingual sedation candidate for cataract surgery, aims for NDA filing in 2027 and launch in 2028, with potential to become the largest revenue product.

Market Access, Affordability, and Pipeline

• Access and affordability initiatives cap patient out-of-pocket costs at $59 for many products, with some eligible patients paying as low as $0.

• Anticipates a coding decision for a compounded product in April 2026, potentially unlocking a 2 million-procedure market.

• Plans to relaunch two reimbursed products in large on-label markets in 2026, one supported by new data in Q4 2026.

• Launching biosimilars BYOOVIZ (mid-2026) and OPUVIZ (early 2027), with Lucentis and EYLEA biosimilars positioned for competitive net cost recovery.

• Prefilled syringe version of TRIESENCE and G-MELT expected in 2028, supporting long-term growth.