Harrow (HROW) Q4 2025 earnings summary

Executive summary

• Achieved 36% year-over-year revenue growth in 2025, reaching $272.3M, with Q4 revenue of $89.1M and adjusted EBITDA up 54% to $61.9M, driven by strong performance across VEVYE, IHEEZO, and TRIESENCE.

• Expanded commercial infrastructure, doubling sales forces for key products and securing major payer coverage for VEVYE, positioning for continued growth.

• Entered 2026 with momentum, improved access, and a robust pipeline, including anticipated launches of BYQLOVI, BYOOVIZ, and OPUVIZ.

• Q4 GAAP net income was $6.6M; full-year net loss was $5.1M, a significant improvement from a $17.5M loss in 2024.

• Operating cash flow turned positive at $43.9M for 2025, compared to a $22.2M outflow in 2024.

Financial highlights

• 2025 consolidated revenues grew 36% to $272.3M; Q4 revenue: $89.1M (33% YoY growth).

• Adjusted EBITDA: $24.2M in Q4 (54% YoY growth); $61.9M for the year.

• Cash and cash equivalents stood at $72.9M at year-end 2025.

• VEVYE revenue up 216% YoY to $88.7M; IHEEZO up 65% to $81.3M; TRIESENCE up 193% to $9.9M.

• Gross margin remained stable at 75% for the year and 79% for Q4.

Outlook and guidance

• 2026 revenue guidance: $350M–$365M; H1: $133M–$153M, H2: $203M–$226M; adjusted EBITDA $80M–$100M, with most generated in H2.

• SG&A to rise to $185M–$205M as sales force expands by ~100 roles.

• R&D expenses to increase to $30M–$35M for NDA submissions and post-market studies.

• Compounded revenue expected at $60M–$65M for 2026, with Q1 being the softest.

• Management aims for over $250M in quarterly revenue by end of 2027 and plans to launch late-stage assets from 2028.