Harrow Projects 2026 Revenue of $350M–$365M after Q4 Revenue Hits $89.1M
Harrow posted Q4 revenue of $89.1 million (+33% year-over-year) and full-year 2025 revenue of $272 million (+36%), with 2025 adjusted EBITDA of $61.9 million. The company guides 2026 revenue of $350 million–$365 million and adjusted EBITDA of $80 million–$100 million, with a heavier weighting to the second half.
1. Q4 and Full-Year Results
Harrow generated Q4 2025 consolidated revenue of $89.1 million, a 33% increase year-over-year, and full-year revenue of $272 million, up 36%. Adjusted EBITDA reached $24.2 million in Q4 and $61.9 million for the year, while cash from operations totaled just under $44 million, ending the year with $72.9 million in cash and equivalents.
2. 2026 Financial Guidance
Management forecasts full-year 2026 revenue of $350 million–$365 million and adjusted EBITDA of $80 million–$100 million. The company expects first-half revenue of $133 million–$153 million and second-half revenue of $203 million–$226 million, reflecting typical first-quarter seasonality and insurance resets.
3. Core Product Performance and Commercial Plans
Core products accelerated in Q4 with VEVYE revenue of $25.9 million (up 14% sequentially; $88.7 million full-year, +216% YoY), IHEEZO at $35.9 million ($81.3 million full-year) and TRIESENCE at $5.1 million ($9.9 million full-year). Harrow plans SG&A of $185 million–$205 million in 2026, adding approximately 100 sales roles and launching BYQLOVI in Q2 and BYOOVIZ mid-year.
4. Pipeline and Market Dynamics
Harrow targets an NDA submission for opioid-free sedation candidate G-MELT in early 2027 while advancing Phase IV evidence for IHEEZO. IHEEZO will lose pass-through status on April 1, with expected pricing improvements beginning in Q3 2026, supported by a shift toward in-office procedures and expanded procedure-specific data.