Harrow Posts 36% Revenue Growth in 2025, Sets Ambitious 2026 Targets
Event summary
- Harrow reported Q4 2025 revenue of $89.1M, up 33% YoY, and full-year 2025 revenue of $272.3M, up 36% YoY.
- Adjusted EBITDA reached $61.9M for 2025, while operating cash flow turned positive at $43.9M.
- 2026 revenue guidance set at $350M–$365M, with Adjusted EBITDA projected at $80M–$100M.
- CEO Mark Baum highlighted growth in key products VEVYE®, IHEEZO®, and TRIESENCE®, and plans to expand sales teams.
- Acquisition of Melt Pharmaceuticals included $8.5M in acquired in-process R&D expenses.
The big picture
Harrow's strong 2025 performance reflects accelerating demand for its ophthalmic solutions, particularly in dry eye disease and retinal conditions. The company is transitioning from an early-stage growth phase to a commercial powerhouse, leveraging its expanded product portfolio and commercial footprint. However, sustaining this trajectory will require disciplined execution and effective management of its growing debt load.
What we're watching
- Commercial Execution
- Whether Harrow can sustain momentum with expanded sales teams for VEVYE and TRIESENCE.
- Product Pipeline
- The pace at which late-stage assets like G-MELT™ and YOCHIL™ advance toward launch.
- Financial Discipline
- How Harrow balances aggressive growth targets with cash flow generation and debt management.
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