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Sep 30, 2025
Harrow Q3 2025 Earnings Report
Harrow reported strong revenue growth and returned to profitability in Q3 2025.
Key Takeaways
Harrow delivered a solid third quarter with a return to positive GAAP net income and significant growth in adjusted EBITDA, driven by strong performance of VEVYE® and IHEEZO®.
Returned to GAAP profitability with $1.02 million in net income
Revenue grew to $71.6 million from $49.3 million the previous year
Adjusted EBITDA surged to $22.7 million, more than double year-over-year
Core net income reached $12.9 million, reflecting strong operating leverage
Forward Guidance
Harrow expects a strong close to the year, supported by product launches, new coverage wins, and expanded access initiatives.
Positive Outlook
- Launch of TRIESENCE® into its largest market opportunity
- Upcoming rollout of Harrow Access for All (HAFA) program
- Expansion of commercial leadership team
- New formulary wins for VEVYE® with national payers
- Strengthened national pharmacy distribution via Alto partnership
Challenges Ahead
- Continued regulatory risks with the FDA concerning compliance at its New Jersey facility
- Exposure to interest expenses impacting net income
- Dependence on continued success of key products like VEVYE® and IHEEZO®
- Integration risks related to the Melt Pharmaceuticals acquisition
Historical Earnings Impact
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Avg. Return Before/After Earnings
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