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Dec 31, 2025
Harrow Q4 2025 Earnings Report
Harrow Q4 2025 Earnings Report
Key Takeaways
Harrow achieved record quarterly revenue of $89.1 million, representing a 33% year-over-year increase, driven by strong commercial traction of key products like VEVYE, IHEEZO, and TRIESENCE. While the company reported a GAAP net loss for the full year, the fourth quarter showed positive net income and significant growth in Adjusted EBITDA and operating cash flow.
Record quarterly revenue of $89.1 million, up 33% compared to the prior-year period.
Adjusted EBITDA for Q4 2025 reached $24.2 million, reflecting improved operating leverage.
The company generated $43.9 million in operating cash flow for the full year 2025, a significant turnaround from the prior year's cash usage.
Management issued optimistic 2026 revenue guidance of $350 million to $365 million, supported by a doubling of sales teams for VEVYE and TRIESENCE.
Revenue by Geographic Location
Forward Guidance
Harrow provided full-year 2026 guidance reflecting significant growth expectations and a more structured approach to financial transparency.
Positive Outlook
- Full-year 2026 revenue guidance of $350 million to $365 million.
- Full-year 2026 Adjusted EBITDA guidance of $80 million to $100 million.
- Doubling the VEVYE and TRIESENCE sales teams to drive growth.
- Expanding IHEEZO into the office-based setting.
- Goal of reaching over $250 million in quarterly revenue by the end of 2027.
Challenges Ahead
- Ongoing communications with the FDA regarding compliance at the New Jersey facility.
- Risks related to the successful commercialization of product candidates.
- Potential impact of inflation and supply chain challenges.
- Competition from other pharmaceutical companies and outsourcing facilities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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