Harrow Strengthens FY2025 Outlook with Strategic Expansion of Triamcinolone and Key Therapeutics Portfolio

Harrow, Inc. (HROW), a leading ophthalmic disease solutions provider, has confirmed its full-year 2025 revenue guidance while unveiling significant commercial and development initiatives aimed at accelerating market penetration across its flagship product lines. The market reacted positively to the announcement, with HROW shares jumping 9.67% to close Monday at $44.90, and extending gains an additional 1.29% to $45.48 in pre-market trading on the announcement.

The company maintains its FY2025 revenue target between $270 million and $280 million, representing robust 35-40% growth compared to $199.6 million in the prior year. This aggressive growth trajectory reflects Harrow’s multifaceted strategy to expand its commercial reach while optimizing its product pipeline, with full-year 2025 results expected to be released in early March.

Revenue Targets and Strategic Growth Drivers

Harrow’s guidance reflects confidence in its ability to drive sustained revenue expansion through three interconnected commercial initiatives. The company is simultaneously scaling market coverage for its cyclosporine solution (VEVYE), penetrating new procedural markets with its ophthalmic anesthetic (IHEEZO), and expanding the surgical sales infrastructure supporting its triamcinolone-based injectable anti-inflammatory therapy (TRIESENCE). These concurrent expansion efforts underscore management’s commitment to capture market share across multiple ophthalmic segments while improving patient access to essential therapeutics.

VEVYE Commercialization: Capturing Cyclosporine Market Growth

VEVYE, Harrow’s prescription cyclosporine ophthalmic solution for dry eye disease management, represents a significant near-term growth driver. Following favorable coverage determinations with a major U.S. pharmacy benefit manager effective January 1, 2026, and anticipated net pricing stabilization, Harrow has initiated an aggressive sales force recruitment strategy. The initiative targets doubling covered U.S. territories from approximately 50 to 100 by Memorial Day, a substantial geographic expansion designed to fuel market-share gains and drive continued adoption through 2026 and beyond.

IHEEZO Expansion: Beyond Traditional Retina Focus

IHEEZO, Harrow’s FDA-approved ophthalmic gel preparation for ocular surface anesthesia, is transitioning from a retina-focused product to a platform solution for office-based ophthalmic procedures. At the January Hawaiian Eye & Retina Meeting, Harrow began repositioning IHEEZO within the broader ophthalmology market, recognizing an addressable market exceeding 2.5 million annual use cases for office-based procedures. This expansion encompasses anesthesia-dependent, reimbursed interventions including non-retina intravitreal and subconjunctival injections, YAG/laser procedures, glaucoma laser treatments, foreign body removals, and selected ocular surface and eyelid procedures. The initiative is expected to accelerate demand penetration and drive new adoption cycles across multiple procedure categories.

Triamcinolone Injectable Strategy: TRIESENCE Sales Force Expansion

A cornerstone of Harrow’s commercial momentum is the strategic scaling of TRIESENCE, its triamcinolone acetonide injectable suspension approved by the FDA for intraoperative visualization during vitrectomy and treatment of ocular inflammatory conditions. Recognizing sustained positive clinical feedback from surgeons and strengthening demand indicators, Harrow intends to double its surgical sales force supporting TRIESENCE in the coming months. The expansion reflects robust reordering patterns and growing physician preference for triamcinolone-based anti-inflammatory agents across approved indications—spanning intraoperative visualization applications through inflammatory management in both office and surgical settings. This investment directly addresses triamcinolone cost-effectiveness advantages for procedure-dependent inflammation management, positioning TRIESENCE as a preferred injectable option.

OneHarrow: Unified Commercial Organization

To optimize its commercial infrastructure, Harrow has launched OneHarrow, a company-wide initiative consolidating all product marketing and sales operations under a single brand platform. This unified organizational structure encompasses compounded formulations alongside marketed therapeutics, creating an integrated entity designed to improve operational efficiency and better align resources with healthcare provider and patient needs. The framework establishes a more cohesive approach to expanding patient access, improving pharmaceutical affordability, and delivering improved clinical outcomes through Harrow’s comprehensive disease management portfolio.

Leadership Appointment: Accelerating Commercial Execution

Harrow has promoted Patrick W. Sullivan to Chief Commercial Officer, a strategic appointment reflecting the organization’s commitment to accelerated commercialization. Sullivan joined Harrow as Head of Commercial in August 2025, bringing over 25 years of pharmaceutical commercial leadership experience. His background includes a tenure at Corium Therapeutics as Vice President of Marketing for the Neurology Portfolio, where he led U.S. commercialization efforts and product launches in ADHD and dementia indications. His appointment signals management’s focus on scaling commercial execution across the company’s expanding product slate.

MELT-300 Development Progress

Following the operational integration of Melt Pharmaceuticals, Inc. (completed November 2025), Harrow has advanced its sedation therapeutics pipeline. MELT-300, a patented sublingual formulation combining midazolam (3mg) and ketamine (50mg), is designed to deliver rapid, predictable sedation without intravenous administration requirements. All studies required to support a New Drug Application (NDA) submission—encompassing one non-clinical animal study and three pharmacokinetic studies—have been initiated. Harrow remains on track to submit the NDA during the first half of 2027, positioning MELT-300 as a potential near-term catalyst.

Financial Performance and Market Valuation

For the nine-month period ending September 30, 2025, Harrow achieved total revenue of $183.21 million, a 37.9% increase from $132.78 million in the corresponding prior-year period. This robust performance was driven by strong commercial execution within VEVYE and IHEEZO franchises. Over the trailing 12 months, HROW has traded within a $20.85 to $54.85 range, reflecting investor confidence in the company’s strategic initiatives and execution capability across its ophthalmic and specialty pharmaceutical portfolio.

Harrow’s multifaceted expansion strategy—encompassing triamcinolone-based injectables, cyclosporine solutions, ophthalmic anesthetics, and emerging sedation therapeutics—positions the company to capture market opportunities while improving the cost-effectiveness and patient accessibility of essential ophthalmic treatments throughout 2026 and beyond.