Harrow Reports Mixed Q1 2026: Revenue Dips on VEVYE Adjustments but Demand Surges
Event summary
- Q1 2026 revenue at $44.2M, down from $47.8M in Q1 2025 due to an $8M gross-to-net adjustment for VEVYE commercial coverage.
- VEVYE prescriptions up 25% quarter-over-quarter, surpassing XIIDRA in monthly total prescriptions.
- IHEEZO unit demand increased 18% year-over-year, with 82% of units from retina accounts.
- TRIESENCE unit demand more than doubled year-over-year, marking the sixth consecutive quarter of growth.
- Full-year 2026 revenue guidance reaffirmed at $350M to $365M.
The big picture
Harrow's Q1 2026 results highlight the tension between short-term revenue adjustments and long-term demand growth. The company's ability to navigate commercial coverage changes for VEVYE will be critical in maintaining its trajectory in the competitive ophthalmic market. The sustained growth in IHEEZO and TRIESENCE demand underscores the robustness of Harrow's product portfolio, but the broader industry dynamics, including regulatory and competitive pressures, will shape its strategic outlook.
What we're watching
- Commercial Strategy
- Whether Harrow can sustain the momentum in VEVYE demand growth following the resolution of gross-to-net pressure.
- Market Share
- How VEVYE's surpassing XIIDRA in monthly total prescriptions will impact Harrow's competitive positioning in the dry eye market.
- Financial Performance
- The pace at which Harrow can achieve its full-year revenue guidance amid ongoing commercial coverage adjustments.
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