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Jun 30, 2025
Harrow Q2 2025 Earnings Report
Harrow reported strong financial results for the second quarter of 2025, with significant revenue growth and a return to GAAP net income.
Key Takeaways
Harrow delivered a strong second quarter in 2025, with total revenues increasing by 30% year-over-year to $63.7 million and achieving a GAAP net income of $5.0 million, a significant improvement from a loss in the prior-year period. The company's key products, VEVYE and IHEEZO, showed strong commercial momentum, contributing to the positive financial performance.
Total revenues for Q2 2025 reached $63.7 million, marking a 30% increase compared to the prior-year period.
Harrow achieved a GAAP net income of $5.0 million in Q2 2025, a substantial improvement from a net loss of $6.473 million in Q2 2024.
Adjusted EBITDA for the quarter was $17.0 million, nearly doubling from $8.8 million in the same period last year.
VEVYE continued to gain market share and showed 66% sequential prescription growth, with expectations to exceed $100 million in annual revenue for 2025.
Forward Guidance
Harrow expects to deliver greater than $280 million in revenue for the full year 2025, with VEVYE projected to exceed $100 million in annual revenue and IHEEZO expected to deliver record performance. The company anticipates unlocking additional operational leverage and meaningful profitability with new revenue streams.
Positive Outlook
- On track to deliver greater than $280 million in revenue for the year.
- VEVYE expected to exceed $100 million in annual revenues for 2025.
- IHEEZO expected to deliver record performance through the balance of the year.
- TRIESENCE expected to eventually deliver $100 million in annual revenue with a coming launch in its largest market.
- New revenue streams from Samsung biosimilars portfolio (BYOOVIZ and OPUVIZ) and BYQLOVI acquisition are poised to unlock additional operational leverage with minimal incremental cost.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
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