| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 44.20 | 7.6% |
| Total Income | 44.20 | 7.6% |
| Expenditure | 66.28 | 12.2% |
| PBT | -27.58 | |
| Net Profit | -27.60 | 55.2% |
| OPM | -49.95% | 26.47pp |
| NPM | -62.44% | 25.27pp |
| EPS | -0.74 | 48.0% |
Harrow Announces Q1 2026 Financial Results
12 May 2026 · 12 May, 1:48 am
Summary
Harrow, Inc. announced its first quarter 2026 financial results, reporting revenue of $44.2 million. This figure includes an $8 million adjustment related to new VEVYE commercial coverage. Despite this adjustment, the company reaffirmed its full-year 2026 revenue guidance of $350 million to $365 million. VEVYE demand is projected to exceed $100 million in revenue for the year. The company's cash and cash equivalents stood at $94.6 million as of March 31, 2026.
Key Highlights
- 1
Harrow reported quarterly revenue of $44.2 million, which included an approximately $8 million non-recurring gross-to-net revenue adjustment related to new VEVYE commercial coverage.
- 2
VEVYE demand growth is on track to deliver 2026 revenue of over $100 million.
- 3
IHEEZO unit demand increased 18% year-over-year, with 82% of units from retina accounts.
- 4
TRIESENCE unit demand more than doubled year-over-year, marking the sixth consecutive quarter of growth.
- 5
The company reaffirmed full-year 2026 revenue guidance at $350 million to $365 million.
- 6
Cash and cash equivalents totaled $94.6 million as of March 31, 2026.
- 7
Second Quarter revenue is expected to be between $71 million and $81 million.
Management Comments
Mark L. Baum
“The demand for Harrow’s key products has never been stronger, and our visibility into our demand trajectory – across our portfolio – keeps us entirely on track to reach our forecasted financial goals for the year." “Although our first-quarter reported revenue reflects an estimated $8 million gross-to-net reduction associated with our new commercial coverage for VEVYE, this adjustment does not reflect the profitable, recurring, and significant patient base established during the quarter. Harrow is now positioned to realize the full financial benefits of this coverage relationship beginning in Q2 2026.” “Prior to the quarter, we established business rules with specific assumptions regarding these new VEVYE commercial patients. As the period unfolded, the surge in demand among patients with high-deductible plans significantly outpaced our initial models. This created temporary gross-to-net pressure, which was resolved through business rules adjustments. With these rules now in place, we are now positioned to realize the expected financial benefit of our expanded commercial access, and we are already seeing highly encouraging net pricing indicators early in the second quarter.” “Our core commercial engine is accelerating. VEVYE delivered record prescription performance and has officially surpassed XIIDRA on a monthly total prescription basis. Across our key growth drivers - VEVYE, IHEEZO, and TRIESENCE - we are seeing robust prescriber adoption, expanding market share, and durable momentum. With our expanded commercial organization now fully deployed, we remain highly confident in our ability to deliver on our 2026 revenue guidance of $350 million to $365 million.”
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