Harrow (HROW) H.C. Wainwright 26th Annual Global Investment Conference 2024 summary

Business overview and financial performance

• Focused exclusively on North American eye care pharmaceuticals, with rapid revenue growth from $88 million in 2022 to guidance of over $180 million in 2024.

• Core revenue drivers are IHEEZO, VEVYE, and TRIESENCE, each expected to generate over $100 million annually.

• Portfolio expanded to 17 branded products, up from zero a few years ago, covering both front and back of the eye.

• ImprimisRx compounding business is mature, cash-generative, and serves over 15,000 U.S. customers.

• Recent commercial hires from large companies signal strong growth prospects.

Product launches and market positioning

• IHEEZO, the first new FDA-approved ocular anesthetic in over a decade, launched with strong reorder rates and unique reimbursement advantages.

• Market penetration for IHEEZO remains low, offering significant growth potential.

• VEVYE, for dry eye disease, shows rapid uptake, high refill rates, and superior tolerability compared to legacy products.

• VEVYE's launch is breaking records, with expectations for continued momentum and category leadership.

• TRIESENCE, acquired from Novartis, is expected to relaunch in 2024 after successful production batches, addressing a long-standing drug shortage.

Pipeline and future growth drivers

• MELT-300, a sublingual sedation product, is in phase III trials with data expected in Q4; potential launch in 2026.

• MELT-300 has broad interest across medical specialties and could transition from compounded to FDA-approved, reimbursable status.

• Cluster of anterior segment products, including the only FDA-approved antifungal, supports relationships with eye care professionals.

• ImprimisRx continues to deliver record revenues and is expected to grow over 10% annually.

• Strategic acquisitions from Santen and Novartis have built a comprehensive product portfolio.