Harrow Posts Q2 Revenue of $70.7M, Reaffirms Full-Year Outlook of $350M–$365M
HROW sits 42% above its 52-week low of $28.54.
Summary
Harrow reported Q2 2026 revenue of $70.7 million, up 60% sequentially, and reiterated full-year guidance of $350–$365 million in revenue and $80–$100 million in Adjusted EBITDA. Record demand for IHEEZO and TRIESENCE drove the quarter, while VEVYE revenue grew 40% sequentially. Management expects a significantly stronger second half as recent commercial and pricing improvements take hold.
Key Events · Earnings and Guidance · HROW
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Q2 Revenue Jumps 60% Sequentially
Total revenue reached $70.7 million, a 60% increase from Q1 2026 and 11% year-over-year, fueled by record demand for IHEEZO (65,477 units, +44% QoQ) and TRIESENCE (14,529 units, +39% QoQ), along with VEVYE revenue of $29.4 million (+40% QoQ).
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Full-Year Guidance Reiterated
Management reaffirmed 2026 revenue guidance of $350 million to $365 million and Adjusted EBITDA of $80 million to $100 million, implying second-half revenue must more than double from the first half's $114.9 million.
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Net Loss Widens on Investment Spending
GAAP net loss of $17.3 million compared to net income of $5.0 million in Q2 2025, driven by higher SG&A ($53.3M vs. $33.2M) and R&D ($8.1M vs. $2.9M) as the company expanded its commercial organization and advanced clinical programs.
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Multiple Tailwinds Now Active for H2 2026
IHEEZO net pricing improved ~25% effective July 1; channel inventories normalized; VEVYE gained expanded formulary coverage with a top-three PBM on August 1; BYOOVIZ launched in July; and the TYRVAYA acquisition is expected to close in H2 2026.
Analysis · HROW · Life Sciences
A 60% sequential revenue surge to $70.7 million underscores the quarter's record demand for VEVYE, IHEEZO, and TRIESENCE. Full-year 2026 guidance was reaffirmed at $350 million to $365 million in revenue and $80 million to $100 million in Adjusted EBITDA, a target that requires second-half revenue to more than double from the first half. The net loss widened to $17.3 million and Adjusted EBITDA slipped to negative territory, but management pointed to deliberate heavy investment in commercial expansion and R&D. With multiple tailwinds now in place—improved IHEEZO pricing, normalized channel inventories, expanded VEVYE coverage, and the BYOOVIZ launch—the company expects these to convert demand into accelerating revenue and profitability in the second half. The update also highlighted the pending TYRVAYA acquisition, pipeline progress (G-MELT pre-NDA meeting, QUELL data in Q4), and an Investor Day in March 2027, reinforcing a long-term growth narrative.
At the time of this filing, HROW was trading at $40.50 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.5B. The 52-week trading range was $28.54 to $54.85. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.