Added to YB: 2026-03-06
Pitch date: 2026-03-04
HROW [neutral]
Harrow, Inc.
Author Info
MVC Investing is a long-term investor. BSc in Economics, MSc in Finance. Equity Analyst with a focus on Fundamental Analysis and Valuation. Sign up for the newsletter.
Company Info
Harrow, Inc., an eyecare pharmaceutical company, engages in the discovery, development, and commercialization of ophthalmic pharmaceutical products.
Market Cap
$1.4B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
32.09
P/E
-276.15
EV/Sales
5.93
Sector
Pharmaceuticals
Category
growth
Harrow (HROW): Q4 2025 Earnings Review
HROW (earnings): Q4 rev $89.1M vs $88.4M est (+33% YoY); adj EBITDA $24.2M vs $32.5M est due to $8.5M Melt acq R&D charge (would've beaten w/o it). 2026 guide: $350-365M rev vs $386M est, $80-100M EBITDA vs $136M est—mgmt deliberately sandbagging after years of overpromising. VEVYE major PBM coverage Jan 1 driving script growth, doubling sales force to 100 reps by Memorial Day, targeting >$100M 2026 rev. IHEEZO Q4 $35.9M (+64% QoQ) but Q1 channel destocking expected; ASC pass-through expires Apr 1 but offsetting w/ in-office expansion + H2 pricing lift. TRIESENCE $5.1M Q4 (+36% QoQ), pivotal study approved for cataract label expansion (5M annual surgeries TAM). Pipeline: BYOOVIZ mid-2026, OPUVIZ Jan 2027 (earlier than expected), G-MELT NDA H1 2027 (mgmt says could become largest product). CEO reiterates >$250M quarterly rev by Q4 2027. Tariffs non-issue per CFO. Trading single-digit 2027 EBITDA multiples despite 40% historical rev CAGR + 30%+ growth path + operating leverage inflection.
Read full article (14 min)