Strong 2025 results and rosy 2026 guidance: Hero reported Q4 earnings $89.1M (+33% YoY) and full year revenue $272M (+36%), with adjusted EBITDA $61.9M for the year; Management 2026 Revenue Guide $350M–$365M and Adjusted EBITDA $80M – $100Mto the second half of the year with weight.
Product Movement and Commercial Ramp: Core products accelerated—VEVYE (Q4 $25.9M; FY $88.7M, +216% YoY), IHEEZO (Q4 $35.9M; FY $81.3M) and the newly unveiled TRIESENCE (Q4 $5.1M; FY $9.9M)—and Harrow and SGA’s investment plan increased.$185M – $205M~100 New sales roles, and startups byclaw (Q2) And BYOOVIZ (by 2026).
Pipeline and Market Dynamics: Hero has an NDA target for an opioid-free toxicity candidate G-MELT In early 2027 while developing procedure-specific evidence for IHEEZO (data ASRS in July and a ~240– a stage IV patient by the end of 2026; Headwind and time change reminders from IHEEZO April 1 But at the beginning of the possible development of prices Q3 2026.
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Harrow (NASDAQ:HROW) executives used the company’s fourth-quarter 2025 earnings call to highlight what CEO Mark Baum described as a five-year transformation into a diversified perfume platform, while outlining a 2026 plan that includes extensive business investment, two product launches, and operational support for continued growth.
President and CFO Andrew Ball said Hero expects to generate cumulative revenue in the fourth quarter of 2025 89.1 million dollarsabove 33% Year after year. The income for the whole year was 272 million dollarsIncrease 36% By 2024 vs. Adjusted EBITDA totals 24.2 million dollars In the fourth quarter and 61.9 million dollars For the year, represents 54% The year-over-year growth, which Boll attributed to operating profitability as revenue grew faster than expenses.
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Hero produced “Just Below.” 44 million dollars Cash from operations in 2025 and year ended 72.9 million dollars In cash and cash equivalents, according to Bol.
For 2026, management guided for full-year revenue $350 million to $365 million and Adjusted EBITDA $80 million to $100 million. Boll said the company expects 2026 to be more heavily weighted toward the second half than in previous years, with the first quarter being particularly low due to fourth-quarter stockpiling, insurance restructuring, and high-deductible plan dynamics.
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Boll also provided a series of modeling for seasonal conditions:
Hero reported fourth-quarter and full-year results for several products that it identified as key growth drivers.
VEVYE: Q4 revenue was 25.9 million dollarsabove 14% respectively. Full year revenue reached 88.7 million dollarsa 216% Increase in 2024.
IHEEZO: Q4 revenue was 35.9 million dollars And the revenue for the whole year was 81.3 million dollars. Boll explained it this way 64% quarter over quarter Growth and 65% per annum growth
Attempt: Harrow disclosed TRIESENCE’s revenue separately for the first time. Q4 revenue was 5.1 million dollarsabove 36% from Q3, while full-year revenue was 9.9 million dollarsa 193% An increase over 2024.
Rare specialization and combined portfolio: Q4 revenue was 22.2 million dollars And the revenue for the whole year was 92.3 million dollars.
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Baum said that for the first time, “all of our core growth drivers accelerated at the same time” in the fourth quarter and reiterated the company’s growth target. $250 million in revenue per quarter by the end of 2027.
Management emphasized on increasing business investment in 2026. Boll said Harrow expects SG&A to rise by approx $185 million to $205 million As it expands the sales force for VEVYE and TRIESENCE and prepares for launch BYOOVIZ and byclaw. He said the company plans to add approx 100 new sales roles In the first half of the year, with increased promotional and marketing spending.
At VEVYE, both Baum and Chief Commercial Officer Patrick Sullivan pointed to the payer’s broader coverage on Jan. 1 and said Hero is on track to double VEVYE’s sales force by Memorial Day. Despite limited coverage through 2025, Hero has delivered one, Sullivan said 115% increase in VEVYE writing versions. Executives also highlighted continued refills, noting that covered patients on average filling ninewhich they said reflects continued demand.
During the Q&A, Baum said the net price for VEVYE showed “buoyancy” and some upside, adding that first-quarter new-issue volumes were “meaningfully better” than management expected given first-quarter seasonality.
For IHEEZO, Sullivan said demand for the 2025 unit has grown 56% Year after year and the arrangement of accounts increased 49%With retina specialists representing approx 70% Fourth quarter unit volume. Management also talked about upcoming changes and offsets. Bol said Hero estimates that fourth-quarter IHEEZO demand was around A quarter and a half The increasing channel inventory, which should largely fall in Q1, leads the company not to forecast “significant” IHEEZO revenue in the first quarter despite demand growth in early 2025.
Looking ahead to Q2, Boll said IHEEZO is expected to effectively lose pass-through status April 1impacting the ambulatory surgery center (ASC) market; He mentioned about 30% Out of 2025 units produced in ASC configuration. Management said it is preparing through a retina-focused transformation and expansion strategy in the office that it believes will add to the 2.5 million Annual procedures to all significant market.
Bam and Bol also hinted at a possible IHEEZO The price improvement starts in Q3 2026. In response to an analyst’s question, Bol said that the price in Q3 2026 is expected to be better than in 2025 and the first part of 2026.
Hero expects to start BYQLOVI in Q2 and BYOOVIZ by mid-2026. Executives said the company plans to leverage its existing Retina team for the BYOOVIZ launch. Management declined to elaborate on its go-to-market strategy for biosimilars, but Baum repeated earlier comments that Hero is looking for “a few percentage points” of market share rather than a large one.
Chief Science Officer Amir Shujai focused G-MELT (formerly MELT-300), which he described as a completely opioid-free and IV-sparing procedural toxicity candidate. Shujai said Hero has started the rest of the drug in early 2026, developing CMC activities with its CDMO partner, and remains on track to do so. NDA submission in early 2027while evaluating opportunities to accelerate timelines.
Shujai also discussed studies designed to generate procedure-specific evidence for intrauterine injections for IHEEZO. He pointed to a randomized trial initiated by an investigator led by Dr. Sabin Dang that compared IHEEZO’s standard approaches, with estimated data. ASRS in July. He also said Hero has started a phase IV multicenter randomized trial in Q1 2026 (approx. 240 patients) assessed patient-reported pain and discomfort, with prospective data End of 2026.
In the Q&A, management also discussed TRIESENCE’s cataract-related clinical efforts. Shujai said the trial included a control arm that did not receive TRIESENCE, with survival criteria that allowed for reductions in each protocol. Baum said Hero believes the TRIESENCE label and care support reimbursement arrangements that will not be limited to a temporary transition period, adding that TRIESENCE has an out-of-pocket cost of “approx. $37 per unit“According to his comments.
In closing comments, Baum said Hero sees “positive momentum” across the portfolio and believes it has many avenues for continued growth, while acknowledging the length of the call and aims to make future calls more efficient.
Harrow Health, Inc. (NASDAQ: HROW) is a US-based commercial-stage biopharmaceutical company specializing in ophthalmic therapeutics and diagnostics. The company focuses on the development, manufacture and distribution of proprietary, generic and branded eye care products designed to treat a range of eye conditions, including glaucoma, ocular hypertension, dry eye disease and other anterior segment disorders.
Through its wholly-owned affiliate ImprimisRx, HarroHealth offers a direct-to-physician model for custom formularies as well as low-cost generic alternatives.
The article “Hero’s Q4 Earnings Highlights” was originally published by MarketBeat.
