HROW Second Quarter 2025 Earnings results
Below is a quick earnings summary for HROW, which shareholders may find useful. Be sure to also check out my Harrow write-up.
Overview:
Harrow's strong second-quarter performance in 2025 is driven by the commercial success of VEVYE and IHEEZO, coupled with improvements in the rest of their branded portfolio and ImprimisRx. Strategic initiatives, such as the VEVYE Access for All (VAFA) program and expansion of their pharmacy network, are contributing to increased prescription volumes and improved patient access. The recent acquisitions of BYQLOVI and the exclusive U.S. commercial rights to the Samsung Bioepis ophthalmology biosimilar portfolio are expected to further fuel revenue growth and profitability. Their commercial platform is also scaling rapidly, driving strong profitability as demand surges for key products.
Key Financial Highlights:
Total revenues increased by 30% to $63.7 million YOY
GAAP net income of $5.0 million.
Adjusted EBITDA of $17.0 million.
Cash and cash equivalents of $53.0 million as of June 30, 2025.
Key Takeaways:
VEVYE's Continued Growth: VEVYE is gaining commercial momentum, adding nearly 3% in market share in the quarter, with 66% sequential prescription growth. The company expects quarterly revenues to exceed $100 million for 2025.
Strategic Alliances: The Apollo Care strategic alliance for VAFA is expected to accelerate VAFA's expansion while driving broader insurance coverage.
Biosimilar Portfolio Acquisition: Securing the exclusive U.S. commercial rights to the Samsung Bioepis ophthalmology biosimilar portfolio represents a significant opportunity for Harrow to expand its product offerings and market reach.
BYQLOVI Acquisition: The acquisition of BYQLOVI provides Harrow with a new ophthalmic steroid for the treatment of post-operative inflammation and pain following ocular surgery.
TRIESENCE Growth: TRIESENCE volumes are improving, and with a coming launch in its largest market, ocular inflammation, the company expects to finally demonstrate a revenue trajectory consistent with their original acquisition thesis – that TRIESENCE should eventually deliver $100 million in annual revenue.
Guidance:
Harrow remains on track to deliver greater than $280 million in revenue for the year. They anticipate that VEVYE quarterly revenues will begin to expand meaningfully in H2 and exceed $100 million for 2025. HROW expects IHEEZO to deliver record performance through the balance of the year. Pathway to unlock additional operational leverage and deliver meaningful profitability for Harrow stockholders is via new revenue streams including the Samsung biosimilars portfolio, BYQLOVITM, and the expansion of TRIESENCE into its largest potential market – all with minimal incremental cost.
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