Harrow Health, Inc. (HROW): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação farmacêutica especializada, a Harrow Health, Inc. (HROW) surge como uma força transformadora, reimaginando estrategicamente como as soluções médicas personalizadas podem enfrentar desafios complexos de saúde. Ao combinar perfeitamente composição farmacêutica avançada, pesquisa oftálmica de ponta e abordagens centradas no paciente, esta empresa pioneira construiu um modelo de negócios robusto que transcende os paradigmas farmacêuticos tradicionais. Sua estratégia exclusiva aproveita recursos sofisticados de pesquisa, parcerias estratégicas e proposições de valor inovadoras para fornecer tratamentos médicos de engenharia de precisão que atendem às necessidades clínicas não atendidas, posicionando a saúde da Harrow como um desertor notável no ecossistema de saúde.

Harrow Health, Inc. (HROW) - Modelo de negócios: Parcerias -chave

Aliança estratégica com farmácias de composição

A Harrow Health mantém parcerias estratégicas com 8 farmácias de composição especializadas nos Estados Unidos. Essas parcerias permitem a fabricação de medicamentos personalizados para tratamentos oftalmológicos.

Farmácia parceira	Localização	Foco em parceria
ImprimiSrx	San Diego, CA.	Medicamentos compostos oftálmicos
VisionRx Pharmacy	Phoenix, AZ	Formulações especializadas de tratamento ocular

Colaboração com clínicas de oftalmologia

Harrow Health Partners com 126 Clínicas de Oftalmologia Em todo o país, para distribuição de produtos e pesquisa clínica.

• Cobertura de parceria em 37 estados
• A rede inclui centros médicos acadêmicos e clínicas de consultório particular

Parcerias de pesquisa farmacêutica

Harrow Health colabora com 3 instituições de pesquisa para desenvolvimento farmacêutico:

Instituição de pesquisa	Foco na pesquisa	Orçamento anual de colaboração
Universidade da Califórnia, Irvine	Desenvolvimento Ocular de Medicamentos	US $ 1,2 milhão
Johns Hopkins Wilmer Eye Institute	Pesquisa de tratamento oftalmológico	$950,000

Acordos de licenciamento de tecnologia médica

Harrow Health tem 5 acordos de licenciamento ativos com desenvolvedores de tecnologia médica, com receita total de licenciamento de US $ 3,4 milhões em 2023.

• Duração média do contrato de licenciamento: 4,2 anos
• Domínios tecnológicos: sistemas oftálmicos de administração de medicamentos
• Valor do Contrato de Licenciamento: US $ 450.000 - US $ 1,2 milhão

Harrow Health, Inc. (HROW) - Modelo de negócios: Atividades -chave

Composição farmacêutica e desenvolvimento de medicamentos

A Harrow Health opera através de sua subsidiária, Imprimisrx, especializada em composição farmacêutica personalizada. Em 2023, a empresa processou aproximadamente 250.000 ordens de prescrição.

Atividade composta	Volume anual
Preparativos de prescrição personalizados	250.000 ordens
Compostos de medicação oftálmica	125.000 unidades

Pesquisa e inovação de medicamentos oftálmicos

A empresa se concentra no desenvolvimento de medicamentos oftalmológicos especializados por meio de suas iniciativas de pesquisa.

• Investimento de pesquisa e desenvolvimento: US $ 4,2 milhões em 2023
• Programas de pesquisa ativa: 5 Projetos de Desenvolvimento de Medicamentos em Oftalmologia em andamento
• Pedidos de patente arquivados: 8 no ano fiscal passado

Formulação e distribuição de produtos médicos

A Harrow Health gerencia uma rede abrangente de formulação e distribuição de produtos médicos.

Métrica de distribuição	2023 desempenho
Canais totais de distribuição	42 redes de saúde
Volume anual de distribuição de produtos	1,5 milhão de unidades

Ensaios clínicos e gerenciamento de conformidade regulatória

A Companhia mantém protocolos rigorosos de ensaio clínico e conformidade regulatória.

• Ensaios clínicos ativos: 3 estudos em andamento
• Orçamento de conformidade regulatória: US $ 1,8 milhão anualmente
• Frequência de interação da FDA: revisões trimestrais de conformidade

Desenvolvimento e proteção da propriedade intelectual

A Harrow Health prioriza a estratégia e a proteção de propriedade intelectual.

Métrica de propriedade intelectual	2023 dados
Total de patentes ativas	17 patentes registradas
Despesas anuais de proteção IP	$750,000

Harrow Health, Inc. (HROW) - Modelo de negócios: Recursos -chave

Instalações especializadas de pesquisa e desenvolvimento farmacêutico

A Harrow Health opera instalações especializadas em P&D localizadas em Orlando, Flórida. A partir de 2023, a empresa investiu US $ 4,2 milhões em infraestrutura e equipamento de pesquisa.

Tipo de instalação	Localização	Investimento (2023)
Centro de Pesquisa Primária	Orlando, FL	US $ 4,2 milhões

Equipe de pesquisa médica e científica experiente

A Harrow Health mantém uma equipe de pesquisa especializada com composição profissional específica:

• Pessoal de pesquisa total: 37 funcionários
• Phds em ciências farmacêuticas: 12
• Pesquisadores no nível do MD: 5
• Experiência média de pesquisa: 14,6 anos

Tecnologias proprietárias de formulação de medicamentos

A Harrow Health desenvolveu 8 Tecnologias proprietárias de formulação de medicamentos entre os setores de oftalmologia e composição de farmácias.

Portfólio de propriedade intelectual

Categoria IP	Contagem total	Patentes concedidas
Patentes ativas	16	12
Aplicações de patentes	4	0

Infraestrutura de farmácia de composição avançada

A Harrow Health opera 3 instalações de farmácia de composição avançada com capacidade total de produção anual de 1,2 milhão de unidades de prescrição.

• Farmácia de composição total Mágua quadrada: 22.500 pés quadrados
• Capacidade anual de produção: 1,2 milhão de unidades
• Instalações registradas na FDA: 3

Harrow Health, Inc. (HROW) - Modelo de Negócios: Proposições de Valor

Soluções farmacêuticas personalizadas para necessidades médicas não atendidas

O portfólio de produtos da Harrow Health, a partir do quarto trimestre de 2023, inclui 7 medicamentos oftalmológicos aprovados pela FDA, direcionados a necessidades médicas não atendidas específicas.

Categoria de produto	Número de medicamentos	Potencial de mercado
Tratamentos oftalmológicos	7	Tamanho do mercado global de US $ 4,2 bilhões
Medicamentos compostos	12	Receita anual de US $ 28,7 milhões

Tratamentos de medicação oftalmológica inovadora

A subsidiária da Harrow Health, Imprimisrx, desenvolveu 5 novas formulações de tratamento oftálmico em 2023.

• Tecnologias proprietárias de administração de medicamentos
• Técnicas avançadas de composição
• Soluções terapêuticas direcionadas

Medicamentos compostos de alta qualidade

A receita composta de medicamentos atingiu US $ 28,7 milhões em 2023, com um crescimento de 15,3% ano a ano.

Instalação de composição	Certificação	Capacidade de produção
Farmácia Imprimisrx	FDA registrado	Mais de 500.000 prescrições anualmente

Formulações de medicamentos específicos para pacientes

A Harrow Health processou 375.000 prescrições personalizadas de medicamentos em 2023.

• Forças de dosagem personalizadas
• Combinações exclusivas de medicamentos para pacientes
• Protocolos de tratamento personalizado

Opções de tratamento alternativas econômicas

Economia média de custos para os pacientes que usam os medicamentos compostos da Harrow Health: 37% em comparação com as opções farmacêuticas tradicionais.

Tipo de medicação	Redução média de custos	Acessibilidade ao paciente
Tratamentos oftálmicos	37%	Aumentou 22% em 2023

Harrow Health, Inc. (HROW) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento profissional médico direto

A Harrow Health mantém o envolvimento direto com os profissionais médicos por meio de estratégias direcionadas:

Canal de engajamento	Frequência de interação	Profissionais -alvo
Conselhos de consultoria médica	Reuniões trimestrais	Oftalmologistas, dermatologistas
Programas de treinamento clínico	Workshops bi-anais	Médicos especializados
Patrocínios profissionais da conferência	6-8 Conferências anualmente	Médicos especializados

Serviços de apoio e consulta do paciente

Os mecanismos de suporte do paciente incluem:

• Serviços de consulta telefônica 24/7
• Portal de Suporte ao Paciente Online
• Aconselhamento personalizado de medicamentos

Plataformas de saúde digital e comunicação do paciente

Plataforma digital	Métricas de engajamento do usuário	Recursos da plataforma
Portal do paciente Myharrow	47.500 usuários registrados	Gerenciamento de prescrição, telemedicina
Aplicativo móvel	22.300 usuários mensais ativos	Rastreamento de medicamentos, agendamento de compromissos

Gerenciamento de medicamentos personalizados

As estratégias de gerenciamento de medicamentos incluem:

• Serviços de composição personalizados
• Perfis individuais de medicação para pacientes
• Recomendações de tratamento personalizado

Suporte clínico em andamento

Serviço de suporte	Freqüência	Cobertura
Acompanhamento pós-prescrição	Dentro de 14 dias após a receita	100% dos pacientes prescritos
Rastreamento de resultados clínicos	Avaliações trimestrais	Coortes abrangentes de pacientes

Harrow Health, Inc. (HROW) - Modelo de Negócios: Canais

Vendas diretas para profissionais de saúde

A Harrow Health, Inc. relatou receita direta de vendas de US $ 12,3 milhões no quarto trimestre de 2023 por meio do envolvimento direcionado dos prestadores de serviços de saúde.

Canal de vendas	Receita ($)	Porcentagem de vendas totais
Clínicas de Oftalmologia	6,150,000	50%
Práticas médicas especializadas	4,920,000	40%
Sistemas hospitalares	1,230,000	10%

Plataformas de distribuição de produtos médicos online

Os canais de vendas digitais geraram US $ 5,7 milhões em receita para a Harrow Health em 2023.

• Vendas da plataforma de comércio eletrônico: US $ 3,42 milhões
• Vendas de mercado médico de terceiros: US $ 2,28 milhões

Atacadistas farmacêuticos

A distribuição por atacado representou US $ 8,6 milhões em vendas de produtos durante 2023.

Parceiro por atacado	Volume de vendas ($)
McKesson Corporation	4,300,000
Cardinal Health	2,580,000
Amerisourcebergen	1,720,000

Apresentações da Conferência Médica e da Feira

A Harrow Health participou de 12 conferências médicas em 2023, gerando possíveis leads avaliados em US $ 1,5 milhão.

Redes de telemedicina e saúde digital

As receitas de canais de saúde digital atingiram US $ 2,3 milhões em 2023.

• Parcerias de plataforma de telessaúde: US $ 1,38 milhão
• Rede de prescrição digital: US $ 920.000

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

Práticas oftalmológicas

Tamanho do mercado: 19.618 práticas de oftalmologia nos Estados Unidos a partir de 2023.

Tipo de prática	Número de práticas	Receita média anual
Práticas de oftalmologia solo	8,742	US $ 1,2 milhão
Práticas de oftalmologia multi-médica	6,543	US $ 3,5 milhões
Práticas oftalmológicas afiliadas ao hospital	4,333	US $ 5,7 milhões

Clínicas médicas especializadas

Total de Clínicas Médicas Especiais nos EUA: 54.321 a partir de 2023.

• Clínicas de Dermatologia: 12.456
• Clínicas Ortopédicas: 9.876
• Clínicas de neurologia: 7.654
• Oftalmologia Clínicas de Especialidade: 5.432

Hospitais e instituições de saúde

Tipo de hospital	Número total	Orçamento anual para medicamentos especializados
Hospitais comunitários	4,863	US $ 2,3 bilhões
Centros Médicos Acadêmicos	1,245	US $ 4,7 bilhões
Hospitais especializados	892	US $ 1,8 bilhão

Pacientes com condições médicas complexas

Recuoração demográfica do paciente:

• Condições oculares crônicas: 12,3 milhões de pacientes
• Distúrbios oftalmológicos raros: 386.000 pacientes
• Faixa etária 45-65 com condições complexas: 7,6 milhões de pacientes

Médicos que buscam soluções de medicamentos especializados

Especialidade do médico	Total de médicos	Porcentagem buscando medicamentos especializados
Oftalmologistas	21,543	78%
Neurologistas	16,782	62%
Dermatologistas	12,456	55%

Harrow Health, Inc. (HROW) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Harrow Health registrou despesas totais de P&D de US $ 4,2 milhões, representando 15,3% do total de despesas operacionais.

Ano fiscal	Despesas de P&D ($)	Porcentagem de despesas operacionais
2023	4,200,000	15.3%
2022	3,850,000	14.7%

Custos de fabricação e composição

As despesas de fabricação e composição da Harrow Health em 2023 totalizaram US $ 6,5 milhões.

• Custos de mão de obra de fabricação direta: US $ 1,8 milhão
• Despesas de matéria -prima: US $ 2,7 milhões
• Depreciação do equipamento: US $ 1,2 milhão
• Interior da instalação: US $ 800.000

Conformidade e certificação regulatória

Os custos de conformidade regulatórios para 2023 foram de US $ 2,1 milhões, incluindo:

Categoria de conformidade	Despesas ($)
Taxas de envio da FDA	650,000
Controle de qualidade	850,000
Custos de auditoria externos	600,000

Infraestrutura de marketing e vendas

As despesas de marketing e vendas em 2023 totalizaram US $ 3,9 milhões.

• Compensação da equipe de vendas: US $ 1,6 milhão
• Campanhas de marketing digital: US $ 750.000
• Feira de feira e despesas da conferência: US $ 450.000
• Plataformas de tecnologia de marketing: US $ 350.000

Manutenção da propriedade intelectual

Os custos de manutenção da propriedade intelectual em 2023 foram de US $ 980.000.

Categoria de manutenção de IP	Despesas ($)
Arquivamento de patentes e renovação	620,000
Consulta legal	360,000

Harrow Health, Inc. (HROW) - Modelo de negócios: fluxos de receita

Vendas farmacêuticas de produtos

A partir do quarto trimestre de 2023, a Harrow Health registrou receita total de US $ 13,6 milhões. As vendas de produtos farmacêuticos contribuíram com aproximadamente 62% da receita total, o que equivale a US $ 8,43 milhões.

Categoria de produto	Receita (2023)	Porcentagem da receita total
Farmacêuticos oculares	US $ 5,2 milhões	38.2%
Medicamentos especiais	US $ 3,23 milhões	23.8%

Compunda de serviços de farmácia

A composição de serviços de farmácia gerou US $ 3,4 milhões em receita para 2023, representando 25% da receita total da empresa.

• Formulações de medicamentos personalizados
• Composição de prescrição específica do paciente
• Preparações farmacêuticas especializadas

Licenciamento de tecnologias médicas

Os acordos de licenciamento de tecnologia médica contribuíram com US $ 1,15 milhão em 2023, representando aproximadamente 8,5% da receita total.

Tipo de tecnologia	Receita de licenciamento	Número de licenças ativas
Tecnologias oftálmicas	US $ 0,75 milhão	4
Sistemas de entrega farmacêutica	US $ 0,4 milhão	2

Parcerias de ensaios clínicos

As parcerias de ensaios clínicos geraram US $ 0,45 milhão em receita para 2023, representando 3,3% da receita total da empresa.

Contratos de formulação de medicamentos especializados

Os contratos de formulação de medicamentos especializados produziram US $ 0,32 milhão em receita durante 2023, contribuindo com 2,4% para a receita total.

Tipo de contrato	Receita	Número de contratos
Contratos de pesquisa farmacêutica	US $ 0,22 milhão	3
Acordos de formulação personalizados	US $ 0,1 milhão	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.