HROW | Market Cap: $1.6B (07/13/26)
Industry:
Pharma & Biotech

DESCRIPTION

Harrow is a U.S.-focused ophthalmic pharmaceutical company that sells branded eye care medications and compounded ophthalmic formulations to ophthalmologists, optometrists, ASCs, and hospitals. Harrow operates two segments: a branded segment (~75-78% of revenue) selling FDA-approved ophthalmic drugs, and ImprimisRx (~22-25% of revenue), a compounding pharmacy business serving over 10,000 eyecare prescribers with more than 30 customized formulations. Harrow's two lead products are VEVYE, a water-free cyclosporine dry eye treatment sold through specialty pharmacies, and IHEEZO, a single-dose topical ocular anesthetic used in retina and cataract procedures sold on a buy-and-bill basis. TRIESENCE, a preservative-free intraocular steroid, is an emerging product with pass-through Medicare reimbursement as of April 2025. Harrow's business model centers on leveraging its existing commercial infrastructure — sales force, specialty pharmacy relationships, and reimbursement capabilities — to drive incremental high-margin revenue from new and existing products. Key near-term growth drivers include expanding VEVYE's insured prescription mix, deepening IHEEZO penetration in retina practices, and building TRIESENCE adoption in cataract surgery. Looking further out, Harrow plans to launch four additional products between 2026 and 2028, including BYOOVIZ and OPUVIZ (anti-VEGF biosimilars), and MELT-300, a sublingual sedation tablet targeting procedural sedation that Harrow sees as having broad applications beyond ophthalmology.

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