Harrow Health, Inc. (HROW): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of a fast-growing specialty pharma player, and frankly, the numbers for Harrow Health, Inc. as of late 2025 are compelling, showing a clear path from acquisition to commercial success. They've built a model centered on owning high-value ophthalmic assets like VEVYE and IHEEZO, which helped drive Q3 2025 revenues to $71.6 million-that's a solid 45% jump year-over-year. But the real story is how they manage that growth, balancing a high Selling, General, and Administrative cost base, like the $33.2 million spend in Q2, with securing exclusive U.S. commercial rights for Samsung Bioepis's biosimilars and maintaining $74.3 million in cash. If you want to see exactly how this combination of branded sales, strategic deals, and patient access programs translates into a projected full-year revenue of over $280 million, look no further; here is the nine-block breakdown you need.

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

The Key Partnerships for Harrow Health, Inc. (HROW) as of late 2025 are centered on securing product supply, commercializing new assets, and ensuring patient access through established distribution and pharmacy networks.

Exclusive U.S. Commercial Rights with Samsung Bioepis for Biosimilars

Harrow Health, Inc. secured the exclusive U.S. commercial rights to the ophthalmology biosimilar portfolio of Samsung Bioepis in July 2025.

• The portfolio includes BYOOVIZ (ranibizumab-nuna) and OPUVIZ (aflibercept-yszy).
• Harrow assumes full commercial responsibility by the end of 2025.
• The U.S. retinal disease treatment market targeted by these products represents a $9 billion opportunity.
• Anti-VEGF therapies are a Medicare Part B category with annual U.S. spending exceeding $4.2 billion.
• Harrow Health, Inc.'s revenue guidance for 2025 remains greater than $280 million.

Strategic Supply Agreement for TRIESENCE with a World-Class Manufacturer

Harrow Health, Inc. executed a five-year strategic supply and development (SSD) agreement for TRIESENCE (triamcinolone acetonide injectable suspension) 40 mg/mL with the current contract manufacturing organization (CMO) in March 2025.

This agreement ensures continuity of supply, leveraging more than 15 years of experience with the manufacturing process. Harrow plans to submit a new drug application (NDA) for a next-generation version of TRIESENCE to the FDA before the end of 2027.

The company expects TRIESENCE to eventually deliver $100 million in annual revenue.

Specialty Pharmacy Partners like Alto Pharmacy and Apollo Care for Patient Access

Harrow Health, Inc. utilizes specialty pharmacy partners to drive prescription volumes for its VEVYE product through the VEVYE Access for All (VAFA) program.

Harrow recently entered a strategic alliance with Apollo Care as its second specialty pharmacy partner for VAFA.

• The expanded pharmacy network, including Apollo Care, has 500+ pharmacies with full nationwide coverage.
• For eligible commercially insured patients using PhilRx (a specialty pharmacy partner), out-of-pocket expenses decreased by over 95% post-VAFA.
• Total prescription (TRx) volumes as of the end of June 2025 were 119,526 units.
• Of the total prescriptions, nearly 50,000 units were new prescriptions (NRx) in Q2 2025.

Major Pharmaceutical Wholesale Distributors: Cencora, Cardinal Health, and McKesson

TRIESENCE (J-Code 3300) is available to healthcare providers directly through major pharmaceutical wholesale distributors.

Harrow Health, Inc. relies on the established distribution channels of the industry's largest players:

Equity Stake in Melt Pharmaceuticals for Non-Opioid Sedation Product Development

Harrow Health, Inc. completed the acquisition of the remaining 55% stake in Melt Pharmaceuticals, Inc. on November 17, 2025. As of June 30, 2025, Harrow owned approximately 45% of Melt.

The transaction involved an initial cash payment and contingent consideration tied to the lead candidate MELT-300:

Harrow's market capitalization was approximately $1.75-$1.77 billion as of September 2025. Harrow Health, Inc. reported third-quarter 2025 Earnings Per Share (EPS) of $0.33.

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

Commercializing and marketing branded ophthalmic products (VEVYE, IHEEZO).

For the third quarter ended September 30, 2025, Harrow Health, Inc. reported total revenues of $71.6 million, which was a 45% increase over the prior-year period's $49.3 million. The company updated its full-year 2025 revenue outlook to a range of $270 million to $280 million. Both VEVYE and IHEEZO surpassed the threshold of contributing 10 percent or more to total company revenues during the third quarter of 2025.

Executing patient access programs (HAFA, VAFA) to drive prescription volume.

The VEVYE Access for All (VAFA) program launched in March 2025. Early data from VAFA showed VEVYE new prescription volumes more than quadrupling and prescribers increasing by over 4X. This patient-focused model resulted in VEVYE prescriptions growing 66% in the second quarter of 2025. Harrow Access for All (HAFA) was announced for launch in late 2025. HAFA expands the proprietary patient access model across the comprehensive ophthalmic portfolio.

Strategic acquisitions of high-quality ophthalmic assets and portfolios.

Harrow Health entered into an agreement in September 2025 to acquire Melt Pharmaceuticals, Inc.. In the second half of 2025, the company secured U.S. rights to Samsung Bioepis ophthalmic biosimilars portfolio, including BYOOVIZ® (ranibizumab-nuna). Harrow has a portfolio of more than 15 branded ophthalmic products as of the HAFA launch announcement.

Managing a national distribution network and specialty pharmacy alliances.

Harrow Health expanded its VAFA program through a partnership with Alto Pharmacy during the third quarter of 2025. This alliance is intended to enable broader insurance coverage and expand patient access via Alto's comprehensive pharmacy network. The company reported accounts receivable of $77.6 million as of September 30, 2025. Selling, general and administrative costs for Q3 2025 were $35.9 million.

Developing next-generation versions of key products like TRIESENCE.

Management noted that over the next 2 years, Harrow has 4 new product launches scheduled. The initial phase of the HAFA program, expected in Q4 2025, covers the upcoming launch of BYQLOVI™ (clobetasol propionate ophthalmic suspension) 0.05%.

• Phase 1 (Q4 2025 Launch Expected): Covers the majority of specialty product portfolio, including BYQLOVI™.
• Phase 2 (First Half of 2026 Launch Expected): Covers the majority of specialty product portfolio, and will include an expanded portfolio of AGx offerings.
• Phase 3 (2027 Launch Expected): HAFA will ultimately extend across the full portfolio of specialty, AGx, and compounded medicines.

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

You're looking at the tangible assets Harrow Health, Inc. (HROW) relies on to execute its strategy as of late 2025. These aren't abstract concepts; they are the hard numbers and exclusive rights that underpin their market position.

The financial foundation is solid. As of September 30, 2025, Harrow Health, Inc. held $74.3 million in cash and cash equivalents. This liquidity supports ongoing operations and strategic moves, like the acquisition of Melt Pharmaceuticals announced in September 2025.

The core of the Key Resources is the portfolio of branded ophthalmic drugs and the commercial infrastructure built around them. The company's Specialty Branded Product (SBP) portfolio includes several trusted products, with VEVYE®, IHEEZO®, and TRIESENCE® being major drivers of recent performance.

• Portfolio of FDA-approved branded ophthalmic drugs including VEVYE®, IHEEZO®, TRIESENCE®, BYQLOVI™, ILEVRO®, NEVANAC®, VIGAMOX®, MAXITROL®, MAXIDEX®, IOPIDINE®, NATACYN™, FLAREX®, TOBRADEX® ST, VERKAZIA®, FRESHKOTE®, and ZERVIATE®.
• Exclusive U.S. commercial rights to Samsung Bioepis's anti-VEGF biosimilars: BYOOVIZ (referencing LUCENTIS) and OPUVIZ (referencing EYLEA), secured in July 2025.
• Intellectual property and regulatory approvals for key products, including the New Drug Applications (NDAs) for its portfolio.

The commercial execution relies on a robust national commercial team and distribution platform. This is evidenced by the recent financial results from the third quarter ended September 30, 2025, which saw total revenues hit $71.6 million, a 45% increase year-over-year, with an Adjusted EBITDA of $22.7 million.

Here's a quick look at how the key branded products contributed to that revenue base in Q3 2025:

Furthermore, access and affordability programs are a critical resource for market penetration. The VEVYE Access for All (VAFA) program, which launched in March 2025 and expanded in April 2025, now allows over 25,000 patients to switch prescriptions to VEVYE at a cash price of $59 per bottle, including refills. The broader Harrow Access for All (HAFA) program was also announced, building on this access strategy.

The company's GAAP net income for the third quarter of 2025 was $1.0 million.

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.

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:

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.

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:

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:

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:

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.