Harrow Q1 Revenue $44.2M with Record VEVYE Prescriptions, Upholds $365M Guidance
Harrow reported Q1 revenue of $44.2 million, down from $47.8 million, including an $8 million gross-to-net adjustment tied to new VEVYE coverage, and posted a net loss of $27.6 million. VEVYE prescriptions hit record highs and the company reaffirmed full-year 2026 guidance at $350–$365 million with Q2 revenue forecast at $71–$81 million.
1. Q1 Financial Performance
Harrow reported Q1 revenue of $44.2 million, down from $47.8 million in the prior year, following an $8 million gross-to-net reduction for expanded VEVYE coverage. Gross margin narrowed to 61% from 68%, net loss widened to $27.6 million, and Adjusted EBITDA declined to a negative $12.7 million.
2. Record VEVYE Growth
VEVYE delivered record quarterly prescription performance with new prescriptions up 25% and total prescriptions up 11% sequentially, including a 170% increase in Tier 1 pharmacy benefit accounts. The product surpassed key competitors to claim approximately 14% of the monthly branded dry eye market by the end of March 2026.
3. Strong IHEEZO and TRIESENCE Demand
IHEEZO unit demand rose 18% year-over-year, driven by a 34% increase in March and with 82% of volume from retina accounts. TRIESENCE unit demand more than doubled, increasing 136% year-over-year, bolstered by 195 new ordering accounts accounting for 28% of total.
4. Reaffirmed Guidance and Cash Position
The company reaffirmed full-year revenue guidance of $350 million to $365 million and projects second-quarter revenue between $71 million and $81 million. Cash and cash equivalents stood at $94.6 million as of March 31, 2026, providing liquidity for ongoing growth initiatives.