Harrow Health, Inc. (HROW): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la innovación farmacéutica especializada, Harrow Health, Inc. (HROW) surge como una fuerza transformadora, reinventando estratégicamente cómo las soluciones médicas personalizadas pueden abordar los desafíos de atención médica complejos. Al combinar a la perfección la composición farmacéutica avanzada, la investigación oftálmica de vanguardia y los enfoques centrados en el paciente, esta empresa pionera ha construido un modelo de negocio robusto que trasciende las paradigmas farmacéuticos tradicionales. Su estrategia única aprovecha las capacidades de investigación sofisticadas, las asociaciones estratégicas y las propuestas de valor innovadoras para brindar tratamientos médicos diseñados con precisión que satisfacen las necesidades clínicas no satisfechas, posicionando la salud de Harrow como un disruptor notable en el ecosistema de atención médica.

Harrow Health, Inc. (HROW) - Modelo de negocios: asociaciones clave

Alianza estratégica con farmacias compuestas

Harrow Health mantiene asociaciones estratégicas con 8 farmacias de composición especializadas en todo Estados Unidos. Estas asociaciones permiten la fabricación personalizada de medicamentos para tratamientos oftalmológicos.

Farmacia asociada	Ubicación	Enfoque de asociación
Imprimisrx	San Diego, CA	Medicamentos compuestos oftálmicos
Farmacia VisionRX	Phoenix, AZ	Formulaciones especializadas de tratamiento ocular

Colaboración con clínicas de oftalmología

Harrow Health se asocia con 126 clínicas de oftalmología A nivel nacional para distribución de productos e investigación clínica.

• Cobertura de asociación en 37 estados
• La red incluye centros médicos académicos y clínicas de práctica privada

Asociaciones de investigación farmacéutica

Harrow Health colabora con 3 instituciones de investigación Para el desarrollo farmacéutico:

Institución de investigación	Enfoque de investigación	Presupuesto de colaboración anual
Universidad de California, Irvine	Desarrollo de fármacos oculares	$ 1.2 millones
Johns Hopkins Wilmer Eye Institute	Investigación de tratamiento oftalmológico	$950,000

Acuerdos de licencia de tecnología médica

Harrow Health tiene 5 acuerdos de licencia activos con desarrolladores de tecnología médica, con ingresos totales de licencia de $ 3.4 millones en 2023.

• Duración promedio del acuerdo de licencia: 4.2 años
• Dominios de tecnología: sistemas de administración de medicamentos oftálmicos
• Rango de valor del acuerdo de licencia: $ 450,000 - $ 1.2 millones

Harrow Health, Inc. (HROW) - Modelo de negocio: actividades clave

Compuesto farmacéutico y desarrollo de fármacos

Harrow Health opera a través de su subsidiaria, imprimisrx, que se especializa en compuestos farmacéuticos personalizados. En 2023, la Compañía procesó aproximadamente 250,000 órdenes de prescripción.

Actividad compuesta	Volumen anual
Preparaciones de prescripción personalizadas	250,000 pedidos
Compuestos de medicación oftálmica	125,000 unidades

Investigación e innovación de medicamentos oftálmicos

La compañía se enfoca en desarrollar medicamentos oftálmicos especializados a través de sus iniciativas de investigación.

• Investigación de investigación y desarrollo: $ 4.2 millones en 2023
• Programas de investigación activa: 5 proyectos de desarrollo de medicamentos de oftalmología en curso
• Solicitudes de patentes presentadas: 8 en el último año fiscal

Formulación y distribución de productos médicos

Harrow Health gestiona una red integral de formulación y distribución de productos médicos.

Métrico de distribución	2023 rendimiento
Canales de distribución total	42 Redes de atención médica
Volumen anual de distribución de productos	1,5 millones de unidades

Ensayos clínicos y gestión de cumplimiento regulatorio

La Compañía mantiene los rigurosos ensayos clínicos y los protocolos de cumplimiento regulatorio.

• Ensayos clínicos activos: 3 estudios en curso
• Presupuesto de cumplimiento regulatorio: $ 1.8 millones anuales
• Frecuencia de interacción de la FDA: revisiones trimestrales de cumplimiento

Desarrollo y protección de la propiedad intelectual

Harrow Health prioriza la estrategia y la protección de la propiedad intelectual.

Métrica de propiedad intelectual	2023 datos
Patentes activas totales	17 patentes registradas
Gastos anuales de protección de IP	$750,000

Harrow Health, Inc. (HROW) - Modelo de negocio: recursos clave

Investigaciones farmacéuticas especializadas y instalaciones de desarrollo

Harrow Health opera instalaciones especializadas de I + D ubicadas en Orlando, Florida. A partir de 2023, la compañía invirtió $ 4.2 millones en infraestructura y equipo de investigación.

Tipo de instalación	Ubicación	Inversión (2023)
Centro de investigación primario	Orlando, FL	$ 4.2 millones

Equipo experimentado de investigación médica y científica

Harrow Health mantiene un equipo de investigación especializado con una composición profesional específica:

• Personal de investigación total: 37 empleados
• Doctorados en ciencias farmacéuticas: 12
• Investigadores de nivel MD: 5
• Experiencia de investigación promedio: 14.6 años

Tecnologías de formulación de drogas patentadas

Harrow Health se ha desarrollado 8 tecnologías de formulación de drogas patentadas a través de la oftalmología y los sectores de farmacia compuestos.

Cartera de propiedades intelectuales

Categoría de IP	Recuento total	Patentes concedidas
Patentes activas	16	12
Solicitudes de patentes	4	0

Infraestructura de farmacia de composición avanzada

Harrow Health opera 3 instalaciones de farmacia de composición avanzada con capacidad de producción anual total de 1,2 millones de unidades recetadas.

• Total Compuesto Farmacia Plazo cuadrado: 22,500 pies cuadrados
• Capacidad de producción anual: 1.2 millones de unidades
• Instalaciones registradas en la FDA: 3

Harrow Health, Inc. (HROW) - Modelo de negocio: propuestas de valor

Soluciones farmacéuticas personalizadas para necesidades médicas no satisfechas

La cartera de productos de Harrow Health a partir del cuarto trimestre de 2023 incluye 7 medicamentos oftálmicos aprobados por la FDA que se dirigen a necesidades médicas no satisfechas específicas.

Categoría de productos	Número de medicamentos	Potencial de mercado
Tratamientos de oftalmología	7	Tamaño del mercado global de $ 4.2 mil millones
Medicamentos compuestos	12	$ 28.7 millones de ingresos anuales

Tratamientos innovadores de medicación oftálmica

La subsidiaria de Harrow Health, Imprimisrx, desarrolló 5 nuevas formulaciones de tratamiento oftálmico en 2023.

• Tecnologías de administración de medicamentos patentados
• Técnicas de composición avanzada
• Soluciones terapéuticas dirigidas

Medicamentos compuestos de alta calidad

Los ingresos por medicamentos compuestos alcanzaron los $ 28.7 millones en 2023, con un crecimiento año tras año de 15.3%.

Instalación de compuesto	Proceso de dar un título	Capacidad de producción
Farmacia imprimisrx	Registrado	Más de 500,000 recetas anualmente

Formulaciones de medicamentos específicos del paciente

Harrow Health procesó 375,000 recetas de medicamentos personalizados en 2023.

• Fuerzas de dosificación personalizadas
• Combinaciones únicas de medicamentos para pacientes
• Protocolos de tratamiento a medida

Opciones de tratamiento alternativas rentables

Ahorro promedio de costos para pacientes que usan medicamentos compuestos de Harrow Health: 37% en comparación con las opciones farmacéuticas tradicionales.

Tipo de medicación	Reducción de costos promedio	Accesibilidad del paciente
Tratamientos oftálmicos	37%	Aumentó en un 22% en 2023

Harrow Health, Inc. (HROW) - Modelo de negocios: relaciones con los clientes

Compromiso médico directo

Harrow Health mantiene la participación directa con los profesionales médicos a través de estrategias específicas:

Canal de compromiso	Frecuencia de interacción	Profesionales objetivo
Juntas consultivas médicas	Reuniones trimestrales	Oftalmólogos, dermatólogos
Programas de capacitación clínica	Talleres bianuales	Médicos especializados
Patrocinios de conferencia profesional	6-8 conferencias anualmente	Médicos especializados

Servicios de apoyo y consulta del paciente

Los mecanismos de apoyo al paciente incluyen:

• Servicios de consulta telefónica 24/7
• Portal de apoyo al paciente en línea
• Asesoramiento de medicamentos personalizados

Plataformas de salud digital y comunicación del paciente

Plataforma digital	Métricas de participación del usuario	Características de la plataforma
Portal de pacientes de myharrow	47,500 usuarios registrados	Gestión de recetas, telemedicina
Aplicación móvil	22,300 usuarios mensuales activos	Seguimiento de medicamentos, programación de citas

Gestión de medicamentos personalizados

Las estrategias de gestión de medicamentos incluyen:

• Servicios de composición personalizados
• Perfiles de medicamentos para pacientes individuales
• Recomendaciones de tratamiento a medida

Apoyo clínico continuo y seguimiento

Servicio de apoyo	Frecuencia	Cobertura
Seguimiento posterior a la prescripción	Dentro de los 14 días de la receta	100% de los pacientes recetados
Seguimiento de resultados clínicos	Evaluaciones trimestrales	Cohortes integrales de pacientes

Harrow Health, Inc. (HROW) - Modelo de negocios: canales

Ventas directas a proveedores de atención médica

Harrow Health, Inc. reportó ingresos directos de ventas de $ 12.3 millones en el cuarto trimestre de 2023 a través de la participación de los proveedores de atención médica dirigidos.

Canal de ventas	Ingresos ($)	Porcentaje de ventas totales
Clínicas de oftalmología	6,150,000	50%
Prácticas médicas especializadas	4,920,000	40%
Sistemas hospitalarios	1,230,000	10%

Plataformas de distribución de productos médicos en línea

Los canales de ventas digitales generaron $ 5.7 millones en ingresos para Harrow Health en 2023.

• Ventas de plataforma de comercio electrónico: $ 3.42 millones
• Ventas de mercado médico de terceros: $ 2.28 millones

Mayoristas farmacéuticos

La distribución mayorista representó $ 8.6 millones en ventas de productos durante 2023.

Socio al por mayor	Volumen de ventas ($)
McKesson Corporation	4,300,000
Salud cardinal	2,580,000
AmerisourceBergen	1,720,000

Presentaciones de conferencia médica y feria comercial

Harrow Health participó en 12 conferencias médicas en 2023, generando potenciales clientes potenciales valorados en $ 1.5 millones.

Redes de telemedicina y salud digital

Los ingresos del canal de salud digital alcanzaron los $ 2.3 millones en 2023.

• Asociaciones de plataforma TeleHealth: $ 1.38 millones
• Red de prescripción digital: $ 920,000

Harrow Health, Inc. (HROW) - Modelo de negocio: segmentos de clientes

Prácticas de oftalmología

Tamaño del mercado: 19,618 prácticas de oftalmología en los Estados Unidos a partir de 2023.

Tipo de práctica	Número de prácticas	Ingresos anuales promedio
Prácticas de oftalmología en solitario	8,742	$ 1.2 millones
Prácticas de oftalmología multifísmica	6,543	$ 3.5 millones
Prácticas de oftalmología afiliadas al hospital	4,333	$ 5.7 millones

Clínicas médicas especializadas

Total de clínicas médicas especializadas en los EE. UU.: 54,321 a partir de 2023.

• Clínicas de dermatología: 12,456
• Clínicas ortopédicas: 9.876
• Clínicas de neurología: 7,654
• Clínicas especializadas de oftalmología: 5.432

Hospitales e instituciones de salud

Tipo de hospital	Número total	Presupuesto anual para medicamentos especializados
Hospitales comunitarios	4,863	$ 2.3 mil millones
Centros médicos académicos	1,245	$ 4.7 mil millones
Hospitales especializados	892	$ 1.8 mil millones

Pacientes con afecciones médicas complejas

Desglose demográfico del paciente:

• Condiciones de los ojos crónicos: 12.3 millones de pacientes
• Trastornos oftalmológicos raros: 386,000 pacientes
• Grupo de edad 45-65 con condiciones complejas: 7,6 millones de pacientes

Médicos que buscan soluciones de medicamentos especializados

Especialidad médica	Total de los médicos	Porcentaje de búsqueda de medicamentos especializados
Oftalmólogos	21,543	78%
Neurólogos	16,782	62%
Dermatólogos	12,456	55%

Harrow Health, Inc. (HROW) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Harrow Health reportó gastos totales de I + D de $ 4.2 millones, lo que representa el 15.3% de los gastos operativos totales.

Año fiscal	Gastos de I + D ($)	Porcentaje de gastos operativos
2023	4,200,000	15.3%
2022	3,850,000	14.7%

Costos de fabricación y compuesto

Los gastos de fabricación y compuestos para Harrow Health en 2023 totalizaron $ 6.5 millones.

• Costos de mano de obra de fabricación directa: $ 1.8 millones
• Gastos de materia prima: $ 2.7 millones
• Depreciación del equipo: $ 1.2 millones
• Gastos generales de la instalación: $ 800,000

Cumplimiento y certificación regulatoria

Los costos de cumplimiento regulatorio para 2023 fueron de $ 2.1 millones, que incluyen:

Categoría de cumplimiento	Gastos ($)
Tarifas de presentación de la FDA	650,000
Control de calidad	850,000
Costos de auditoría externa	600,000

Infraestructura de marketing y ventas

Los gastos de marketing y ventas para 2023 ascendieron a $ 3.9 millones.

• Compensación del equipo de ventas: $ 1.6 millones
• Campañas de marketing digital: $ 750,000
• Gastos de feria y conferencia: $ 450,000
• Plataformas de tecnología de marketing: $ 350,000

Mantenimiento de la propiedad intelectual

Los costos de mantenimiento de la propiedad intelectual en 2023 fueron de $ 980,000.

Categoría de mantenimiento de IP	Gastos ($)
Presentación y renovación de patentes	620,000
Consulta legal	360,000

Harrow Health, Inc. (HROW) - Modelo de negocios: flujos de ingresos

Venta de productos farmacéuticos

A partir del cuarto trimestre de 2023, Harrow Health reportó ingresos totales de $ 13.6 millones. Las ventas de productos farmacéuticos contribuyeron con aproximadamente el 62% de los ingresos totales, equivaliendo a $ 8.43 millones.

Categoría de productos	Ingresos (2023)	Porcentaje de ingresos totales
Farmacéuticos oculares	$ 5.2 millones	38.2%
Medicamentos especializados	$ 3.23 millones	23.8%

Servicios de farmacia de compuesto

Los servicios de farmacia compuestos generaron $ 3.4 millones en ingresos para 2023, lo que representa el 25% de los ingresos totales de la compañía.

• Formulaciones de medicamentos personalizados
• Compuesto de receta específica del paciente
• Preparaciones farmacéuticas especializadas

Licencias de tecnologías médicas

Los acuerdos de licencia de tecnología médica contribuyeron con $ 1.15 millones en 2023, representando aproximadamente el 8.5% de los ingresos totales.

Tipo de tecnología	Ingresos por licencias	Número de licencias activas
Tecnologías oftálmicas	$ 0.75 millones	4
Sistemas de entrega farmacéutica	$ 0.4 millones	2

Asociaciones de ensayos clínicos

Las asociaciones de ensayos clínicos generaron $ 0.45 millones en ingresos para 2023, lo que representa el 3.3% de los ingresos totales de la compañía.

Contratos de formulación de medicamentos especializados

Los contratos de formulación de medicamentos especializados produjeron $ 0.32 millones en ingresos durante 2023, contribuyendo con el 2,4% a los ingresos totales.

Tipo de contrato	Ganancia	Número de contratos
Contratos de investigación farmacéutica	$ 0.22 millones	3
Acuerdos de formulación personalizados	$ 0.1 millones	2

Harrow Health, Inc. (HROW) - Canvas Business Model: Value Propositions

You're looking at the core value Harrow Health, Inc. (HROW) is delivering to the market as of late 2025. It's all about product breadth, access, and pipeline innovation.

Comprehensive ophthalmic disease management solutions for a broad range of eye conditions

Harrow Health, Inc. provides solutions across various eye conditions, and the financial results from the third quarter of 2025 show the platform is scaling. Total revenues for Q3 2025 reached $71.6 million, marking a 45% increase year-over-year. The company reported a GAAP net income of $1.0 million for that quarter, alongside an Adjusted EBITDA of $22.7 million. As of September 30, 2025, the cash and cash equivalents position stood at $74.3 million. Management maintained its full-year 2025 revenue guidance to exceed $280 million.

Metric	Value (as of Q3 2025)
Q3 2025 Total Revenue	$71.6 million
Year-over-Year Revenue Growth (Q3)	45%
Q3 2025 GAAP Net Income	$1.0 million
Q3 2025 Adjusted EBITDA	$22.7 million
Cash and Equivalents (Sep 30, 2025)	$74.3 million

Increased patient access and affordability via the Harrow Access for All (HAFA) program

Harrow Access for All (HAFA) launched in September 2025, expanding an access model that already showed success. The preceding VEVYE Access for All (VAFA) initiative, launched in March 2025, helped VEVYE prescriptions grow by 66% sequentially in the second quarter of 2025. HAFA is designed to offer eligible commercially insured patients out-of-pocket costs as low as $0, capping costs at $59 for all eligible patients regardless of insurance status.

• VAFA initiative launched: March 2025
• VEVYE prescription growth (Q2 2025): 66%
• HAFA out-of-pocket cap: $59

High-potency, next-generation therapies like BYQLOVI for post-operative care

Harrow Health, Inc. acquired the exclusive U.S. commercial rights for BYQLOVI (clobetasol propionate ophthalmic suspension) 0.05% in June 2025. This product is the first new ophthalmic steroid in its class in over 15 years. The U.S. market for this indication is estimated to be around $1.3B annually. Harrow paid only a $500 thousand upfront payment for the U.S. rights.

Reliable supply of previously constrained products, such as TRIESENCE

Securing TRIESENCE (triamcinolone acetonide injectable suspension) 40 mg/mL supply was a key objective, as it had been on the FDA's Drug Shortage List for more than 5 years. Harrow executed a 5-year strategic supply and development agreement in March 2025 to ensure continuity. The company is also developing a next-generation version, targeting an NDA submission to the FDA before the end of 2027.

Innovative non-opioid sedation options through the Melt Pharmaceuticals pipeline

Harrow Health, Inc. completed the acquisition of Melt Pharmaceuticals in November 2025. The lead candidate, MELT-300, is a non-opioid, non-IV tablet. Harrow intends to submit the New Drug Application (NDA) for MELT-300 by the first half of 2027, with potential regulatory approval in the first half of 2028, followed by a commercial launch in the second half of 2028. If successful, Melt could represent roughly $500M of value crystallization for HROW via a potential IPO within a 12-month view from early 2025 reports.

• MELT-300 NDA Submission Target: H1 2027
• Potential FDA Approval Target: H1 2028
• Potential Commercial Launch Target: H2 2028
• Estimated value crystallization from IPO (based on early 2025 analysis): Roughly $500M

Harrow Health, Inc. (HROW) - Canvas Business Model: Customer Relationships

You're looking at how Harrow Health, Inc. keeps its customers-the eyecare professionals (ECPs) and their patients-engaged, which is critical for a specialty pharma company. It's a mix of direct sales force interaction and sophisticated patient support programs.

Harrow Health, Inc. maintains relationships with an estimated 15,000 eye care specialists across the U.S.. To support these relationships and drive adoption of products like IHEEZO and TRIESENCE, the company is actively scaling its commercial reach. Specifically, Harrow is doubling its salesforce with the goal of covering approximately 100 U.S. territories by Memorial Day 2025. This direct support is reinforced by organizational structure changes, including the hiring of Vince Mair as Senior Vice President of Commercial Operations and Patrick Sullivan as Head of Commercial. For products like IHEEZO, this direct engagement is showing results, with volume growing 33% quarter-over-quarter within the largest retina GPO, which accounts for about 70% of the retina market in Q2 2025.

The high-touch, digitally-powered specialty pharmacy support centers heavily on the VEVYE Access for All (VAFA) program. This program leverages specialty pharmacies to streamline patient enrollment and access. Harrow expanded this support by entering a strategic alliance with Apollo Care as a second specialty pharmacy partner, adding their network of 500+ pharmacies with full nationwide coverage. This builds upon the initial partnership with PhilRx and a later expansion through Alto Pharmacy.

Patient-centric programs like VAFA are designed to improve compliance and refills, which directly impacts the perceived value for the prescribing ECPs. The results have been significant. As of the end of June 2025, total prescription (TRx) volumes for VEVYE through PhilRx had increased 66% sequentially from Q1 2025, reaching 119,526 units. Of those units, nearly 50,000 units were new prescriptions (NRx). Furthermore, out-of-pocket expenses for eligible commercially insured patients using the PhilRx specialty pharmacy channel have dropped by over 95% following the VAFA implementation. The focus on patient adherence is clear, as covered patients through PhilRx averaged nine refills in 2024. The initial impact of VAFA was dramatic: seven weeks post-launch in Q1 2025, new VEVYE prescription volumes (NRx) at PhilRx increased by over 4X, and the number of weekly VEVYE prescribers also increased by 4X. Separately, the Harrow Cares initiative, launched in January 2025 to support buy-and-bill products, enrolled 280 new accounts in Q1 2025 and saw a 20% increase in TRIESENCE-related enrollments in April 2025 alone.

The relationships with major wholesalers are more standardized and transactional, focusing on efficient distribution for the broader portfolio, including products like TRIESENCE and the Specialty Branded Product portfolio. The company's overall revenue guidance for 2025 is set at over $280 million.

Here's a look at some key metrics tied to these customer relationship drivers as of mid-to-late 2025:

Metric Category	Specific Metric/Program	Latest Reported Number (2025)	Period End Date
ECP Reach	Relationships with Eye Care Specialists	15,000	Early 2025
Commercial Team Scale	Salesforce Expansion Target	Doubling	By Memorial Day 2025
VAFA Patient Access (PhilRx)	Total Prescription (TRx) Units	119,526 units	End of June 2025
VAFA Patient Access (PhilRx)	New Prescription (NRx) Units	Nearly 50,000 units	End of June 2025
VAFA Patient Cost Reduction	Decrease in Out-of-Pocket Expenses	Over 95%	Post-VAFA implementation
Patient Compliance (Prior Year)	Average VEVYE Refills per Covered Patient	Nine	2024
Specialty Pharmacy Network	Apollo Care Network Size	500+ pharmacies	Q3 2025
Financial Performance Context	Q3 2025 Revenue	$71.6 million	September 30, 2025

The company reported $74.3 million in cash and cash equivalents as of September 30, 2025. For Q2 2025, revenues were $63.7 million, with an Adjusted EBITDA of $17.0 million.

Harrow Health, Inc. (HROW) - Canvas Business Model: Channels

You're looking at how Harrow Health, Inc. gets its specialized ophthalmic products into the hands of doctors and patients as of late 2025. It's a multi-pronged approach heavily focused on patient access programs that bypass traditional hurdles.

Specialty Pharmacy Networks for Complex Prescriptions

Harrow Health, Inc. heavily relies on its specialty pharmacy partnerships to manage complex prescriptions and drive adoption of key products like VEVYE^®. This channel is central to their access strategy.

• The VEVYE Access for All (VAFA) program, launched in March 2025, utilizes PhilRx as a specialty pharmacy partner for dispensing.
• Harrow announced the launch of Harrow Access for All (HAFA) in Q4 2025, expanding this proprietary model across its entire portfolio.
• HAFA adds Alto Pharmacy Powered by Fuze Health as the company's third specialty pharmacy partner supporting the access program.
• Apollo Care, another partner, provides access through a network of over 500 pharmacies, broadly contracted with commercial, TRICARE, and Medicare plans.

The impact of these access programs on prescription volume is clear. For VEVYE, the VAFA initiative drove a 66% sequential growth in total prescription (TRx) volumes from Q1 2025 to Q2 2025, including nearly 50,000 new prescriptions (NRx). Furthermore, out-of-pocket expenses for eligible commercially insured patients through PhilRx decreased by over 95% following the VAFA launch. The HAFA program, rolling out through 2027, aims to cap out-of-pocket costs for all eligible patients at $59, with some paying as little as $0.

Direct Sales Force Targeting Specialists

The direct commercial effort supports the specialty channel by driving physician adoption. Harrow Health, Inc. is methodically building out its field presence to support key product launches.

Harrow plans to expand its VEVYE sales force to cover all 59 national markets with field representatives. This investment is paying off; by the end of September 2025 (Q3), Harrow saw a 36% increase in prescribing physicians for VEVYE. This direct engagement is crucial for driving adoption of products like IHEEZO^® and supporting the relaunch of TRIESENCE^®.

Expanded National Retail Pharmacy Network for Patient Access Programs

While specialty pharmacies handle complex fulfillment, the broader network expansion is designed to improve insurance coverage and Average Selling Price (ASP) across the portfolio.

The success of the access model is tied to securing broad payer coverage. Harrow Health, Inc. noted that the expansion of its pharmacy network to include a full nationwide retail network should improve ASP. A major development cited in late 2025 was securing agreements with several leading national payers for VEVYE, which is set to provide 'preferred product status' starting January 2026, covering tens of millions of lives.

The performance of these channels is reflected in the company's financials for the period ending late 2025.

Metric	Value (As of Q3 2025 or Latest Data)	Context/Program Link
Q3 2025 Total Revenues	$71.6 million	Overall channel performance
Q3 2025 Adjusted EBITDA	$22.7 million	Profitability from commercial execution
2025 Full-Year Revenue Guidance (Updated Nov 2025)	Range of $270 million to $280 million	Total expected output from all channels
VEVYE Prescription Growth (Q1 to Q2 2025)	66% sequential increase	Impact of VAFA via specialty pharmacy
VEVYE Out-of-Pocket Cost Reduction (Post-VAFA)	Over 95% decrease for eligible commercially insured patients	Specialty pharmacy affordability
HAFA Patient Out-of-Pocket Cap	$59 maximum	Future state of patient access
VEVYE Prescribing Physicians Increase (By end of Sept 2025)	36% increase	Direct sales force effectiveness
Gross Profit Margin	74.56%	Operational efficiency across the platform

Major pharmaceutical wholesale distributors are implicitly used to support the broader commercial platform, which generated Q3 2025 revenue of $71.6 million. The ImprimisRx compounding business, which also uses distribution channels, reported Q1 2025 revenue of $20.1 million.

Harrow Health, Inc. (HROW) - Canvas Business Model: Customer Segments

You're looking at the customer base for Harrow Health, Inc. (HROW) as of late 2025, and honestly, it's a multi-pronged approach targeting everyone from the doctor writing the script to the payer approving the claim. The numbers show a clear focus on driving adoption for their branded pharmaceuticals, especially VEVYE.

U.S. Ophthalmologists and eyecare professionals (primary prescribers)

These are the gatekeepers for Harrow Health's branded products. The success of VEVYE is directly tied to how many of these professionals you can get on board. By the end of the third quarter of 2025, Harrow Health saw a 36% increase in prescribing physicians for VEVYE compared to the previous quarter's baseline. Early data from the VEVYE Access for All (VAFA) program showed prescribers increasing by over 4X at their specialty pharmacy partner, PhilRx. The goal here is to make it easy for these doctors to prescribe, which is where programs like VAFA and the newer Harrow Access for All (HAFA) come in, building on the success of VAFA.

Patients requiring chronic treatment for dry eye (VEVYE) and retinal diseases

This segment is driven by prescription volume and adherence. For VEVYE, the dry eye treatment, the company is seeing strong patient commitment; the average covered patient received nine refills in the first quarter of 2025. VEVYE's market share in the dry eye segment reached 10.5% by the third quarter of 2025. Harrow Health management is confident that VEVYE is on track to finish near an annual revenue target of $100 million for 2025. For retinal diseases, Harrow Health secured exclusive U.S. commercial rights to two biosimilars in July 2025: BYOOVIZ® (ranibizumab-nuna) and OPUVIZ™ (aflibercept-yszy), which reference LUCENTIS and EYLEA, respectively.

Here's a quick look at the revenue performance of the key branded products driving engagement with these patients through Q3 2025:

Product	Q3 2025 Revenue (Millions USD)	Sequential Revenue Growth
VEVYE	$22.6	22%
IHEEZO	$21.9	20%
TRIESENCE and Specialty Branded Portfolio	$6.9	33%

Hospitals and Ambulatory Surgery Centers (ASCs) for surgical and procedural products

This segment is served by products like IHEEZO and TRIESENCE, often used in procedural settings. The overall revenue from TRIESENCE and the rest of the specialty branded portfolio was $6.9 million in the third quarter of 2025, showing a strong 33% sequential increase. The company has a long-term thesis that TRIESENCE should eventually deliver $100 million in annual revenue. Furthermore, the Centers for Medicare & Medicaid Services (CMS) approved a transitional pass-through application for TRIESENCE in Q1 2025, which significantly increased its addressable market.

Commercial payers and Pharmacy Benefit Managers (PBMs) for formulary inclusion

Market access through payers and PBMs is critical for patient affordability and Harrow Health's net revenue. In the third quarter of 2025, Harrow Health announced a major coverage win for VEVYE with the largest U.S. PBM. This follows the earlier launch of the VAFA program, designed to ensure patient access regardless of insurance status, including Medicare Part D, Commercial, Medicaid, or no insurance. For IHEEZO, coverage is quite pervasive, sitting at 81% across commercial and government payers as of the second quarter of 2025.

The financial impact of these access points is clear across the board:

• Total Q3 2025 Revenue reached $71.6 million.
• The updated full-year 2025 revenue guidance is set between $270 million to $280 million.
• Q3 2025 Adjusted EBITDA was $22.7 million.
• Cash and cash equivalents stood at $74.3 million as of September 30, 2025.

The company is definitely seeing the leverage from these commercial wins, with Q3 GAAP net income hitting $1.0 million. Finance: draft Q4 2025 cash flow projection by next Tuesday.

Harrow Health, Inc. (HROW) - Canvas Business Model: Cost Structure

You're looking at the expense side of the business, which is critical for understanding profitability, especially with a growing portfolio like Harrow Health, Inc.'s. The cost structure is heavily influenced by commercial scale-up and strategic pipeline investment.

High Selling, General, and Administrative (SG&A) costs reflect the investment in the commercial team needed to drive adoption for products like VEVYE® and IHEEZO®. For the second quarter of 2025, SG&A was reported at $33,235,000. This was up from $31,817,000 in the prior-year second quarter, showing growth investment in the commercial platform. To be fair, operating expense pressure was noted, partly due to these growth investments.

Cost of Goods Sold (COGS), referred to as Cost of Sales in filings, is directly tied to product revenue. The GAAP gross margin for Q2 2025 was 75%, meaning COGS represented 25% of the GAAP revenue for that period. While the exact split between branded and compounded pharmaceuticals COGS isn't itemized in the top-line summaries, the overall margin performance indicates the cost efficiency of the combined product lines. For context, the GAAP Cost of Sales in Q2 2025 was $16,230,000.

Research and development (R&D) expenses are necessary for pipeline advancement, including next-gen product development and the Melt Pharmaceuticals therapy pipeline following the September 2025 agreement. R&D is a relatively smaller component compared to SG&A and COGS. Here's a look at the recent quarterly R&D spend:

• Q2 2025 R&D: $2,868,000
• Q1 2025 R&D: $3,026,000
• Q2 2024 R&D: $3,053,000

Acquisition costs and integration expenses are a variable, but significant, cost driver. Harrow Health, Inc. secured the U.S. commercial rights for the Samsung Bioepis ophthalmology biosimilars portfolio in July 2025 and acquired U.S. commercial rights for BYQLOVI™ in June 2025. Furthermore, the company entered an agreement in September 2025 to acquire Melt Pharmaceuticals, Inc., which closed on November 18, 2025. Specific integration expense figures for these 2025 activities are not explicitly broken out in the high-level summaries, but these transactions represent material investment in new product portfolios.

The company's operational expenses for the two most recently reported quarters show the scaling of the business:

Expense Category (GAAP)	Q1 2025 Amount (USD)	Q2 2025 Amount (USD)
Cost of Sales	15,524,000	16,230,000
Selling, General and Administrative	40,513,000	33,235,000
Research and Development	3,026,000	2,868,000

Legal and compliance costs related to pharmaceutical regulation and litigation are inherent in the industry. While specific line items for these costs are not detailed in the provided summaries, they are captured within the overall operating expenses, which for Q2 2025 totaled $36,103,000 (SG&A + R&D + other operating expenses not listed above). Finance: draft 13-week cash view by Friday.

Harrow Health, Inc. (HROW) - Canvas Business Model: Revenue Streams

You're looking at the core ways Harrow Health, Inc. (HROW) brings in cash as of late 2025. The business model relies heavily on a dual approach: sales of their proprietary, branded ophthalmic products and the continued strong performance of their compounded medications through ImprimisRx.

The branded portfolio is definitely driving the growth story this year, with VEVYE and IHEEZO leading the charge as they gain broader market access. TRIESENCE also contributes to this branded segment.

Here's a quick look at the revenue breakdown from the third quarter of 2025, which shows how these segments stack up:

Revenue Stream	Q3 2025 Revenue Amount
VEVYE (Branded)	$22.6 million
IHEEZO (Branded)	$21.9 million
TRIESENCE & Specialty Branded	$6.9 million
ImprimisRx (Compounded)	$20.1 million

Total revenues for Q3 2025 were reported at $71.6 million, which represents a substantial 45% year-over-year increase compared to the prior-year period's $49.3 million. On the profitability side, Adjusted EBITDA for Q3 2025 reached $22.7 million, showing operating leverage as the company scales.

Regarding the full-year outlook, while management had initially guided for full-year 2025 revenue to be over $280 million, the updated guidance, reflecting performance through the third quarter, projects a range of $270 million to $280 million. This still represents significant growth over the $199.6 million achieved in the full year 2024.

The key revenue drivers showed strong momentum in the third quarter:

• VEVYE revenue grew 22% quarter-over-quarter.
• IHEEZO revenue increased 20% sequentially.
• TRIESENCE and the specialty branded portfolio saw a 33% sequential increase.
• ImprimisRx compounded products generated approximately $20.1 million.

Also, cash on hand as of September 30, 2025, stood at $74.3 million, giving Harrow a solid liquidity position to support ongoing commercial execution and strategic initiatives.