Harrow Q4 Earnings Call Highlights

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MarketBeat

Tue, March 3, 2026 astatine 10:18 AM CST 7 min read

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Strong 2025 results and upbeat 2026 guide: Harrow reported Q4 gross of $89.1M (+33% YoY) and full-year gross of $272M (+36%), with adjusted EBITDA of $61.9M for the year; absorption guides 2026 gross of $350M–$365M and adjusted EBITDA of $80M–$100M, with the twelvemonth weighted to the 2nd half.
Product momentum and commercialized ramp: Core products accelerated—VEVYE (Q4 $25.9M; FY $88.7M, +216% YoY), IHEEZO (Q4 $35.9M; FY $81.3M) and recently disclosed TRIESENCE (Q4 $5.1M; FY $9.9M)—and Harrow plans accrued commercialized concern (SG&A ~$185M–$205M), ~100 caller income roles, and launches of BYQLOVI (Q2) and BYOOVIZ (mid‑2026).
Pipeline and marketplace dynamics: Harrow aims for an NDA for opioid‑free sedation campaigner G‑MELT successful aboriginal 2027 portion gathering procedure‑specific grounds for IHEEZO (data astatine ASRS successful July and a ~240-patient Phase IV by end‑2026); enactment headwinds and timing shifts from IHEEZO losing pass‑through presumption connected April 1 but imaginable pricing betterment opening successful Q3 2026.
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Harrow (NASDAQ:HROW) executives utilized the company’s fourth-quarter 2025 net telephone to item what CEO Mark Baum described arsenic a five-year translation into a diversified ophthalmic platform, portion outlining a 2026 program that includes expanded commercialized investment, 2 merchandise launches, and continued objective enactment to enactment maturation drivers.

President and CFO Andrew Boll said Harrow generated fourth-quarter 2025 consolidated gross of $89.1 million, up 33% twelvemonth implicit year. Full-year gross was $272 million, an summation of 36% versus 2024. Adjusted EBITDA totaled $24.2 million successful the 4th fourth and $61.9 million for the year, representing 54% year-over-year growth, which Boll attributed to operating leverage arsenic gross scaled faster than costs.

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Harrow generated “just under” $44 million of currency from operations successful 2025 and ended the twelvemonth with $72.9 million successful currency and currency equivalents, according to Boll.

For 2026, absorption guided to full-year gross of $350 cardinal to $365 million and adjusted EBITDA of $80 cardinal to $100 million. Boll said the institution expects 2026 to beryllium much heavy weighted to the 2nd fractional than anterior years, with the archetypal 4th typically the lowest owed to fourth-quarter stocking, security resets, and high-deductible program dynamics.

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Boll besides provided modeling ranges for seasonality:

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