Harrow (HROW) Piper Sandler 37th Annual Healthcare Conference summary

Strategic acquisitions and pipeline expansion

• Recent acquisition of Melt broadens procedural sedation opportunities, aiming to reduce opioid use in cataract surgery and expand into dental, plastics, and MRI markets, with both domestic and international patent coverage.

• MELT-300 demonstrated superior efficacy over individual components in phase III studies, with most high-risk data collected and only low-risk data remaining before NDA filing.

• MELT-210 offers a rapid-acting oral dissolving tablet for anxiety and sedation, targeting millions of potential use cases beyond current IV or syrup midazolam formats.

• Commercialization outside ophthalmology will focus on partnerships with established players and leveraging new talent with hospital market expertise.

• Appetite for further M&A remains, but current assets are seen as sufficient to build significant market cap.

Core product performance and market access

• VEVYE for dry eye disease positioned as a fast-acting, non-irritating cyclosporine with high refill rates and recent preferred formulary status covering over 30 million lives.

• Sales force expansion underway to support VEVYE’s growth, aiming for 100 territories by Memorial Day and expecting improved unit numbers and net price per unit in 2026.

• IHEEZO, a gel-based anesthetic, offers faster, more comfortable eye anesthesia and is the only reimbursable topical anesthetic in the U.S., with 2023 sales on track to exceed $50 million.

• Triesence faced early-year setbacks but is rebounding after new leadership and a targeted relaunch; a prefilled syringe version is planned for filing next year.

• Access programs ensure broad, affordable patient access, with over 90% coverage for IHEEZO and Triesence and a max out-of-pocket of $59.

Biosimilars and competitive strategy

• Entering biosimilar markets for ranibizumab (2026) and aflibercept (2027) to complement existing retina-focused products and leverage established customer relationships.

• Strategy centers on providing integrated solutions across surgical and retina markets, aiming for modest market share but significant revenue due to market size.

• Partnership with Samsung on biosimilars structured as a cost-effective collaboration, not a royalty deal.

• Competitive focus is on quality, service, and supply stability, with expectations set for a few percentage points of market share.