Harrow

What Harrow does

Harrow, Inc. (NASDAQ: HROW) is a U.S. ophthalmic pharmaceutical company headquartered in Nashville, Tennessee, that develops, manufactures, and commercializes branded and compounded therapies for front-of-eye and back-of-eye conditions. Founded in 2011 by Mark L. Baum, the company operates two divisions: a branded FDA-approved portfolio of approximately 15 pharmaceutical products (including IHEEZO ocular anesthetic, VEVYE for dry eye disease, TRIESENCE for uveitis and vitrectomy visualization, VERKAZIA for vernal keratoconjunctivitis, and the recently licensed BYQLOVI for post-operative inflammation) and the ImprimisRx compounding business, which runs an FDA-registered 503A pharmacy and 503B outsourcing facility licensed in all 50 states (except California as of February 2026) out of Ledgewood, New Jersey.

The company's proprietary technology centers on ophthalmic formulation science — including VEVYE's water-free cyclosporine delivery and a refreshed sterile injectable supply chain for TRIESENCE — supplemented by an expanding clinical pipeline (MELT-300 and MELT-210 orally dissolving sedation tablets, H-N08 uveitis formulation, and CR-01 rare-disease conjunctival device). Harrow generates revenue primarily through product sales to eyecare professionals (retina specialists, ophthalmologists, optometrists) via a dedicated Key Account Manager field force, complemented by pharmacy benefit manager distribution, in-office administration, and direct ImprimisRx compounding orders.

The business model combines high-margin FDA-approved brand economics with flexible compounded supply, targeting the rapidly growing U.S. ophthalmic pharmaceuticals market. Growth has been driven by both organic demand (FY2025 revenue $272.3M, +36% YoY; FY2026 guidance $350-365M) and disciplined M&A — including the November 2025 Melt Pharmaceuticals acquisition adding non-opioid procedural sedation exposure and the June 2025 BYQLOVI licensing deal — funded by a $300M senior unsecured notes program executed across September 2025 and March 2026.

Name

Harrow

Legal name

Harrow, Inc.

Website

https://harrow.com

Company type

Public

Founded year

2011

Operating status

Operating

Short description

Harrow (NASDAQ: HROW) is a U.S. ophthalmic pharmaceutical company that develops, manufactures, and commercializes a portfolio of 15 FDA-approved branded therapies plus compounded medications through its ImprimisRx division, serving retina specialists, ophthalmologists, and optometrists across all 50 states.

Ownership category

akta.pro rank

Product category

Ophthalmic Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Ophthalmology Pharmaceuticals (HLAIAAAL)

akta.pro secondary industries

Ophthalmology Specialty Pharmaceuticals (HLAIACAK), Rare Ophthalmology Disorder Therapies (HLAIAIAK)

Keywords

• Ophthalmic pharmaceuticals
• Branded eye medications
• Compounding pharmacy services
• Retinal therapeutics
• Ocular surface treatments

Headquarters

HQ city

Nashville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain, Others

Revenue model

1. Pharmaceutical Product Sales: Harrow generates revenue primarily through sales of its portfolio of FDA-approved and compounded ophthalmic pharmaceutical products, including IHEEZO, VEVYE, TRIESENCE, and other branded therapies. Q1 2026 revenue was $44.2 million with full-year 2026 guidance of $350-365 million.
2. Compounding Pharmacy Services: Revenue from ImprimisRx 503A pharmacy and 503B outsourcing facility compounding business serving eyecare professionals across all 50 states
3. Royalty and Equity Income: Harrow retains 20% equity stake in Surface Ophthalmics, approximately 46% in Melt Pharmaceuticals, and 5% royalty rights in MELT-300, which has completed Phase 3 trials

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Harrow develops, manufactures, and commercializes a portfolio of FDA-approved branded ophthalmic pharmaceutical products covering conditions from dry eye disease to retinal disorders, and operates ImprimisRx, an FDA-registered 503A/503B compounding pharmacy providing patient-specific compounded ophthalmic medications. The combined offering delivers branded and customized therapies through a nationwide direct commercial organization serving eyecare professionals across all 50 U.S. states.

Product overview

Harrow is a leading provider of ophthalmic disease management solutions in North America offering a comprehensive portfolio of 15 FDA-approved branded pharmaceutical products and a specialized compounding business (ImprimisRx). The portfolio addresses conditions affecting both the front and back of the eye including dry eye disease, uveitis, age-related macular degeneration, cataracts, glaucoma, and various ocular infections and inflammatory conditions. Key products include VEVYE® (dry eye), IHEEZO® (ocular anesthetic), TRIESENCE® (inflammation/visualization), and VERKAZIA® (vernal keratoconjunctivitis). The company operates through two divisions: traditional FDA-approved pharmaceuticals and ImprimisRx, an FDA-registered 503B Outsourcing Facility providing patient-specific compounded medications. Harrow's pipeline includes MELT-300 and MELT-210 for procedural sedation, H-N08 for uveitis, and CR-01 for rare disease ocular neoplasia.

Differentiator

Problem solved

Functional benefit

Products and services

• IHEEZO (chloroprocaine HCl ophthalmic gel) 3% Non-opioid ocular surface anesthetic gel for in-office ocular surface anesthesia, primarily administered by retinal specialists. FDA-approved with permanent J-code (J-2403) and Transitional Pass-Through reimbursement.
• VEVYE (cyclosporine ophthalmic solution) 0.1% Water-free cyclosporine ophthalmic solution for treatment of signs and symptoms of dry eye disease. Differentiates from existing water-based alternatives via water-free formulation technology.
• TRIESENCE (triamcinolone acetonide injectable suspension) 40 mg/mL Triamcinolone acetonide injectable suspension for treatment of ophthalmic diseases including uveitis and sympathetic ophthalmia, and for visualization during vitrectomy.
• VERKAZIA (cyclosporine ophthalmic emulsion) 0.1% Cyclosporine ophthalmic emulsion calcineurin inhibitor immunosuppressant indicated for treatment of vernal keratoconjunctivitis (VKC) in children and adults.
• FLAREX (fluorometholone acetate ophthalmic suspension) 0.1% Steroid ophthalmic suspension indicated for steroid-responsive inflammatory conditions of the palpebral and bulbar conjunctiva, cornea, and anterior segment of the eye.
• FRESHKOTE Preservative-Free Lubricant Eye Drop Preservative-free lubricant eye drop that temporarily relieves burning, itching and other dry eye symptoms.
• IOPIDINE (apraclonidine hydrochloride ophthalmic solution) 1% Apraclonidine ophthalmic solution indicated to control or prevent post-surgical elevations in IOP after laser procedures.
• ILEVRO (nepafenac ophthalmic suspension) 0.3% NSAID ophthalmic suspension for treatment of pain and inflammation associated with cataract surgery.
• MAXIDEX (dexamethasone ophthalmic suspension) 0.1% Dexamethasone ophthalmic suspension indicated for steroid-responsive inflammatory conditions of the palpebral and bulbar conjunctiva, cornea, and anterior segment.
• MAXITROL (neomycin and polymyxin B sulfates with dexamethasone ophthalmic suspension) Combination ophthalmic suspension of antibiotic and corticosteroid for steroid-responsive inflammatory ocular conditions where bacterial infection exists.
• NATACYN (natamycin ophthalmic suspension) 5% Natamycin ophthalmic suspension for treatment of fungal blepharitis, conjunctivitis, and keratitis caused by susceptible organisms including Fusarium solani keratitis.
• NEVANAC (nepafenac ophthalmic suspension) 0.1% NSAID ophthalmic suspension for treatment of pain and inflammation associated with cataract surgery.
• TOBRADEX ST (tobramycin and dexamethasone ophthalmic suspension) 0.3%/0.05%

Quantifiable outcome

• VEVYE prescription growth: 170% sequential growth in new pharmacy benefit manager Tier 1 accounts
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Melt PharmaceuticalscoreStrategic or Co-development Partner · 18 November 2025Harrow acquired Melt Pharmaceuticals, a company specializing in non-opioid, non-IV sedation therapies. Harrow owns approximately 46% equity in Melt and 5% royalty rights in MELT-300 which has completed Phase 3 trials. MELT-300 aims to transform procedural sedation and reduce opioid exposure.
• Formosa PharmaceuticalscoreOEM/ Whitelabel/ Licensing Partner · 9 June 2025Harrow acquired exclusive U.S. commercial rights for BYQLOVI (clobetasol propionate ophthalmic suspension) 0.05% from Formosa Pharmaceuticals. BYQLOVI was FDA-approved for post-operative inflammation and pain following ocular surgery and is the first new ophthalmic steroid in its class in over 15 years.
• EyePoint PharmaceuticalscoreStrategic or Co-development Partner · 1 January 2020Harrow partnered with EyePoint Pharmaceuticals to promote DEXYCU (dexamethasone intraocular suspension) 9%, marking Harrow's entry into the FDA-approved product market in late 2020.
• Samsung BioepisminorOEM/ Whitelabel/ Licensing PartnerHarrow entered commercialization agreement for BYOOVIZ and OPUVIZ, biosimilar products from Samsung Bioepis, expanding its portfolio with cost-effective treatment options.
• Ophthalmology FoundationminorStrategic or Co-development PartnerCEO Mark L. Baum serves on the board of the Ophthalmology Foundation, which works with eyecare professionals and professional societies to enhance and provide ophthalmic education, focusing on low-resource and underserved countries.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Bausch + Lomb: Global ophthalmic pharmaceutical, surgical, and vision care company with a broad portfolio spanning pharmaceuticals, contact lenses, and consumer eye health. Directly comparable to Harrow's branded ophthalmic pharmaceutical business (IHEEZO, TRIESENCE, VEVYE compete in similar therapeutic categories) and provides the relevant broad incumbent benchmark for U.S. eyecare salesforce coverage.
• Alcon: World's largest eyecare company offering surgical, pharmaceutical, and vision care products. Competes with Harrow in ophthalmic pharmaceuticals (anti-infectives, anti-inflammatories, surgical adjuncts) and is a benchmark for the commercial scale required to compete across surgical and pharmaceutical ophthalmic segments.
• AbbVie (Allergan Aesthetics/Eye Care): Acquired Allergan in 2020 and continues to market RESTASIS, OZURDEX, and other ophthalmic pharmaceuticals. RESTASIS is a direct competitor to VEVYE in the dry eye market, making AbbVie the most relevant direct branded competitor in Harrow's largest growth product.
• Sun Pharmaceutical Industries: Global specialty pharmaceutical company with a meaningful ophthalmic portfolio including branded and generic ophthalmic products. Comparable to Harrow in the dual branded-plus-generic ophthalmic model and serves as a relevant peer for assessing scale economics in ophthalmic distribution.
• Regeneron Pharmaceuticals: Major biopharmaceutical company commercializing EYLEA for retinal diseases, a key product used by the same retina specialists that drive IHEEZO and TRIESENCE demand. Serves as the dominant benchmark for retina-segment commercial economics and KOL influence.
• Novartis (Ophthalmology): Global pharmaceutical company with a substantial ophthalmology franchise including anti-VEGF therapies and dry eye treatments. Historical employer of Harrow's CCO Patrick Sullivan and provides relevant competitive context for the dry eye and retinal therapeutic categories where VEVYE and IHEEZO compete.

Direct peers

• EyePoint Pharmaceuticals: Specialty ophthalmic pharmaceutical company that partnered with Harrow to promote DEXYCU in 2020 and is focused on sustained-release ocular therapies. Competes with Harrow in the retinal and surgical ophthalmic space and is a similarly-sized emerging ophthalmic specialty pharma with comparable commercial and product profiles.
• Ocular Therapeutix: Biopharmaceutical company developing and commercializing therapies for eye diseases, including DEXTENZA for post-surgical ocular inflammation and pain. A direct peer in the ophthalmic specialty pharma space with similar product profiles targeting ophthalmologists and retina specialists.

Emerging players

• Apellis Pharmaceuticals: Biopharmaceutical company focused on retinal diseases, commercializing SYFOVRE for geographic atrophy. Competes with Harrow's retina-focused products (IHEEZO, TRIESENCE) for retinal specialist mindshare and provides a relevant mid-cap comparator for retina-segment economics.
• Kala Bio: Clinical-stage biopharmaceutical company developing innovative therapies for eye diseases. Previously marketed EYSUVIS for dry eye disease, directly competing with VEVYE, and provides a relevant emerging-player comparison for dry eye market dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/harrow-health-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Harrow