Harrow
Commercializes branded eye medicines and ImprimisRx compounding for US ophthalmology.
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Profile
Sells FDA-approved ophthalmic products and runs ImprimisRx, an ophthalmology-focused compounding business. Revenue is centered on branded products, while growth depends on acquired and licensed rights, launch execution, reimbursement, and reliable manufacturing supply.
Commercializes FDA-approved ophthalmic products through the Branded segment, including IHEEZO, VEVYE, TRIESENCE and other specialty eye medicines, and operates ImprimisRx for ophthalmology-focused compounding.
The portfolio is concentrated in the United States, with selected Canadian rights and global rights to Melt assets. Expansion has come through product-rights acquisitions, licenses, and internal work rather than a broad therapeutic footprint.
Execution centers on eyecare commercial channels, supply restoration for acquired products, and preparation for biosimilar and pipeline launches. The business depends on physician adoption, reimbursement, manufacturing quality, supply-chain reliability, and regulatory compliance for labeled promotion and compounded formulations.
Company facts
Key statistics
Year to date −25.3% · Average volume (30d) 553.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| May 13, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $94 | $88 |
| Mar 18, 2026 | BTIG | Reiterate | Buy | $63 | |
| Mar 4, 2026 | H.C. Wainwright | Target | $64 | $70 | |
| Nov 11, 2025 | Cantor Fitzgerald | Target | $76 | $94 | |
| Sep 29, 2025 | Lake Street | Reiterate | Buy | $55 | $70 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | −$0.18 | −$0.46 | −157.3% | $70.4M | $70.7M | +0.4% | −3.14% |
| May 11, 2026Q1 FY26 | −$0.43 | −$0.63 | −46.5% | $52.4M | $44.2M | −15.7% | −23.69% |
| Mar 2, 2026Q4 FY25 | $0.40 | $0.26 | −35.0% | $90.0M | $89.1M | −1.0% | −27.97% |
| Nov 10, 2025Q3 FY25 | $0.22 | $0.33 | +50.0% | $88.0M | $71.6M | −18.6% | +13.47% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $47.8M | $63.7M | $71.6M | $89.1M | $44.2M | $70.7M | |
| Gross profit | $32.3M | $47.5M | $53.9M | $70.6M | $27.0M | $50.4M | |
| Operating income | −$11.2M | $11.4M | $14.7M | $24.0M | −$22.1M | −$11.0M | |
| Net income | −$17.8M | $5.0M | $1.0M | $6.6M | −$27.6M | −$17.3M | |
| Diluted EPS | −$0.50 | $0.13 | $0.03 | $0.18 | −$0.74 | −$0.46 | |
| Gross margin | 67.5% | 74.5% | 75.3% | 79.3% | 61.2% | 71.3% | |
| Operating margin | -23.5% | 17.9% | 20.6% | 27.0% | -50.0% | -15.6% |
Fiscal years (4-quarter sums)FY21 $72.5M · FY22 $88.6M · FY23 $130.2M · FY24 $199.6M · FY25 $272.3M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $83.9M · Total debt $300.7M · Total assets $416.8M · Shareholders' equity $15.2M
Dividends
No dividends on record.
Ownership
Shares outstanding 37.28M · Float 28.72M · 77.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Mark L. Baum · director, officer: CHIEF EXECUTIVE OFFICER | 3.00M | 8.04% | Form 4 | May 15, 2026 |
| BlackRock, Inc. | 2.74M | 7.35% | 13F | Aug 7, 2026 |
| Opaleye Management Inc. | 2.40M | 6.44% | 13F | Aug 14, 2026 |
| Daniel Kaufman | 1.88M | 5.04% | 13G | Mar 11, 2026 |
| Private Capital Management, LLC | 1.60M | 4.29% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | Amir Shojaei | officer: CHIEF SCIENTIFIC OFFICER | −11,250 | $40.00 |
| May 18, 2026 | Lauren P. Silvernail | director | +1,000 | $31.00 |
| May 18, 2026 | Adrienne L. Graves | director | +1,000 | $31.07 |
| May 14, 2026 | Andrew R. Boll | officer: PRESIDENT AND CFO | +3,500 | $29.90 |
| May 14, 2026 | Mark L. Baum | director, officer: CHIEF EXECUTIVE OFFICER | +10,000 | $30.20 |
Peers
- Bausch + Lomb
Dry-eye and broad ophthalmic portfolio overlap
- AbbVie
Allergan eye-care brands in dry eye, retina, and glaucoma
- Alcon
Dry-eye products and surgical-suite influence
- Regeneron
EYLEA franchise anchors anti-VEGF retina competition
- Viatris
TYRVAYA adds dry-eye and ophthalmology-franchise pressure
- Ocular Therapeutix
Post-surgical steroid and retina pipeline overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Harrow | $37.77 | +1.29% | $1.39B | — | 30.3 | 5.0 | +10.9% |
| Bausch + Lomb | $17.15 | 0.00% | $6.13B | — | 17.2 | 1.2 | +9.1% |
| AbbVie | $255.80 | +0.13% | $451.38B | 72.0 | 16.8 | 7.0 | +10.2% |
| Alcon | $72.15 | +0.21% | $35.12B | 55.4 | 18.6 | 3.3 | +7.5% |
| Regeneron | $793.21 | −0.11% | $81.82B | 19.6 | 13.1 | 5.3 | +16.7% |
| Viatris | $16.30 | −0.23% | $19.03B | — | 6.4 | 1.3 | +4.9% |
| Ocular Therapeutix | $10.45 | +0.87% | $2.27B | — | — | 43.6 | +0.1% |
| Median | 55.4 | 16.8 | 4.3 | +8.3% |








