Harrow Q2 Revenue Jumps 60% Sequentially to $70.7M, But Operating Loss Widens; TYRVAYA Acquisition Announced
HROW sits 40% above its 52-week low of $28.54.
Summary
Harrow reported Q2 2026 revenue of $70.7M, up 60% sequentially, driven by VEVYE and other branded products, but posted a $17.3M net loss. The company also disclosed an agreement to acquire TYRVAYA for $30M upfront plus milestones.
Key Events · Earnings and Guidance · HROW
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Q2 Revenue Surges 60% Sequentially
Total revenue reached $70.7M, up from $44.1M in Q1 2026, driven by VEVYE ($29.4M) and other branded products. Branded revenue grew 33% year-over-year to $56.1M.
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Net Loss of $17.3M Despite Revenue Growth
Operating expenses jumped to $61.4M from $36.1M a year ago, with SG&A up 60% and R&D nearly tripling, pushing the company to a $17.3M net loss compared to a $5.0M profit in Q2 2025.
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Cash Position and Debt Load
Cash and equivalents stood at $83.9M at June 30, 2026, while net debt (8.625% Senior Notes due 2030) totaled $292.4M. The company also has an undrawn $40M revolving credit facility.
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TYRVAYA Acquisition Announced
Subsequent to quarter-end, Harrow agreed to acquire global rights to TYRVAYA (dry eye nasal spray) from Viatris for $30M cash at closing, plus up to $70M in sales-based milestones. The deal will be funded with cash on hand.
Analysis · HROW · Life Sciences
Harrow's branded portfolio is gaining traction — VEVYE revenue nearly doubled year-over-year, and total branded sales grew 33%. However, the company swung to a $17.3M net loss as SG&A and R&D costs surged to support that growth. The balance sheet shows $83.9M in cash against $292.4M in net debt, and the subsequent announcement of the TYRVAYA acquisition adds a $30M upfront cash commitment plus up to $70M in milestones. The market will weigh the strong top-line momentum against the widening losses and the capital needed to fund the TYRVAYA deal.
How filings like this one have moved
In the 30 days to Sep 30, 2026, 29.6% of the 1615 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, HROW was trading at $40.05 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.