Harrow, Inc.
harrow.comWhat Do They Do?
Sells branded and compounded eye medicines to ophthalmologists, optometrists, hospitals and ambulatory surgery centers.
10-K for FY2025, filed Mar 2, 2026Over the past several years, we have expanded our portfolio of the U.S. Food and Drug Administration (the “FDA”)-approved ophthalmic…View ↗
ImprimisRx is our ophthalmology-focused pharmaceutical compounding business. Since inception in 2014, ImprimisRx has provided…View ↗
The focus of our sales and marketing is in the U.S. We do, however, believe that our drug candidates and drug products could have…View ↗
How Do They Make Money?
Customers buy prescription medicines through Harrow’s pharmacy, outsourcing facility or logistics partner; product sales count when shipped, or on delivery if contract terms require. Harrow also earns revenue from intellectual-property licenses.
10-K for FY2025, filed Mar 2, 2026The Company accounts for contracts with customers in accordance with ASC 606, Revenues from Contracts with Customers. The Company has two…View ↗
The Company sells prescription medications directly through its pharmacy, outsourcing facility and 3PL partner. Revenue from the Company’s…View ↗
Identify the contract(s) with a customer: A contract is deemed to exist when the customer places an order through receipt of a…View ↗
Recognize revenue when (or as) the entity satisfies a performance obligation: Revenue from products is recognized upon transfer of control…View ↗
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10-K for FY2025, filed Mar 2, 2026
FY2025 revenue by product or service ↗
$272.3M
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10-K for FY2025, filed Mar 2, 2026
$272.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product Sales Net
Sold outright
10-K for FY2025, filed Mar 2, 2026 |
100%
FY2022: 94%
|
Product Sales Net, FY2025
$271.9M Sources
|
Sold outright |
|
Other Revenues
Licensed
|
0.1%
FY2022: 5.7%
|
Other Revenues, FY2025
$394K Sources
|
Licensed |
Who Are Their Customers?
Branded medicines are sold mainly to third-party distributors, which supply pharmacies and end users. ImprimisRx serves ophthalmologists, optometrists and patients through prescriptions dispensed by its pharmacy or medicines prepared for in-office use.
10-K for FY2025, filed Mar 2, 2026
Do Revenues Turn Into Profits?
Not on paper. It lost $5.1M in FY2025, but brought in more cash than it spent: $43M of free cash flow.
10-K for FY2025, filed Mar 2, 2026
$30.5MView ↗
10-K for FY2025, filed Mar 2, 2026
−$5.1MView ↗
10-K for FY2025, filed Mar 2, 2026
$43MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
−$17.3MView ↗
- ▼ Now a loss
- vs $5M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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Aug 10, 2026
Reiterated full-year revenue and adjusted EBITDA guidance
Sources
8-K, filed Aug 10, 2026
Reiterated full-year 2026 financial guidance of $350 million to $365 million in revenue and $80 million to $100 million in Adjusted EBITDA…View ↗
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Aug 6, 2026
Agreed to acquire TYRVAYA global rights
The agreement adds global rights to a dry-eye nasal spray, subject to closing conditions.
Sources
8-K, filed Aug 6, 2026
On August 3, 2026, Harrow, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Viatris Inc.…View ↗
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May 11, 2026
Set second-quarter revenue guidance and reaffirmed full-year revenue guidance
Sources
8-K, filed May 11, 2026
Second Quarter revenue expected between $71 million and $81 millionView ↗
Growing. Revenue grew 3.8x in 4 years, from $72.5M in FY2021 to $272.3M in FY2025, about 39% a year.
Melt drug candidates move in-house
The earlier report described Melt as a deconsolidated company in which Harrow held a non-controlling interest; the latest says Harrow acquired its remaining interests and brought subsequent research and development into its consolidated business.
10-K for FY2022, filed Mar 23, 2023 10-K for FY2025, filed Mar 2, 2026We are an ophthalmic-focused pharmaceutical company. Our business specializes in the development, production, sale, and distribution of…View ↗
Prior to November 2025, we held a minority ownership interest in Melt Pharmaceuticals, Inc. (“Melt”), a clinical-stage pharmaceutical…View ↗
In September 2025, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among Harrow, Harrow Acquisition Sub…View ↗
The Melt acquisition closed on November 17, 2025, and was treated as an asset acquisition for accounting purposes. As a result of such…View ↗
Sales route through distributors
The earlier report said most revenue came from compounded medicines sold directly to end users in cash transactions. The latest says branded sales go mainly to third-party distributors, who supply pharmacies and end users.
10-K for FY2022, filed Mar 23, 2023 10-K for FY2025, filed Mar 2, 2026A majority of our sales revenue in 2021 and 2022 was derived from making, selling and dispensing our compounded prescription drug…View ↗
Substantially all of the Company’s Branded sales are made to third-party distributors who sell the products to pharmacies and to the…View ↗
Broader branded product range
The earlier report described investment to broaden branded products alongside compounding; the latest describes a portfolio expanded through acquisitions, licensing and internal investment.
10-K for FY2022, filed Mar 23, 2023 10-K for FY2025, filed Mar 2, 2026Over the past three years, in order to more fully serve the needs of our growing customer base, we have invested in broadening our product…View ↗
Over the past several years, we have expanded our portfolio of the U.S. Food and Drug Administration (the “FDA”)-approved ophthalmic…View ↗
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