Harrow Health, Inc. (HROW): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation pharmaceutique spécialisée, Harrow Health, Inc. (HROW) apparaît comme une force transformatrice, réinventez stratégiquement comment les solutions médicales personnalisées peuvent relever des défis de santé complexes. En mélangeant de manière transparente la composition pharmaceutique avancée, une recherche ophtalmique de pointe et des approches centrées sur le patient, cette société pionnière a construit un modèle commercial robuste qui transcende les paradigmes pharmaceutiques traditionnels. Leur stratégie unique tire parti des capacités de recherche sophistiquées, des partenariats stratégiques et des propositions de valeur innovantes pour offrir des traitements médicaux conçus avec précision qui répondent aux besoins cliniques non satisfaits, positionnant la santé des Harrow comme un perturbateur remarquable dans l'écosystème des soins de santé.

Harrow Health, Inc. (HROW) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec les pharmacies aggravées

Harrow Health maintient des partenariats stratégiques avec 8 pharmacies de composition spécialisées aux États-Unis. Ces partenariats permettent une fabrication de médicaments personnalisés pour les traitements ophtalmologiques.

Pharmacie partenaire	Emplacement	Focus de partenariat
Imprimerx	San Diego, CA	Médicaments composés ophtalmiques
Pharmacie VisionRx	Phoenix, AZ	Formulations spécialisées de traitement des yeux

Collaboration avec les cliniques en ophtalmologie

Harrow Health s'associe à 126 cliniques en ophtalmologie à l'échelle nationale pour la distribution des produits et la recherche clinique.

• Couverture de partenariat dans 37 États
• Le réseau comprend des centres médicaux académiques et des cliniques de pratique privée

Partenariats de recherche pharmaceutique

Harrow Health collabore avec 3 institutions de recherche pour le développement pharmaceutique:

Institution de recherche	Focus de recherche	Budget de collaboration annuel
Université de Californie, Irvine	Développement de médicaments oculaires	1,2 million de dollars
Johns Hopkins Wilmer Eye Institute	Recherche de traitement ophtalmologique	$950,000

Accords de licence de technologie médicale

Harrow Health a 5 accords de licence actifs avec des développeurs de technologies médicales, avec des revenus totaux de licence 3,4 millions de dollars en 2023.

• Durée du contrat de licence moyen: 4,2 ans
• Domaines technologiques: systèmes d'administration de médicaments ophtalmiques
• Gamme de valeur de l'accord de licence: 450 000 $ - 1,2 million de dollars

Harrow Health, Inc. (HROW) - Modèle d'entreprise: Activités clés

Composé pharmaceutique et développement de médicaments

Harrow Health opère par le biais de sa filiale, Imprimisrx, spécialisée dans la composition pharmaceutique personnalisée. En 2023, la société a traité environ 250 000 commandes d'ordonnance.

Aggraver l'activité	Volume annuel
Préparation de prescription personnalisée	250 000 commandes
Composés de médicaments ophtalmiques	125 000 unités

Recherche et innovation des médicaments ophtalmiques

L'entreprise se concentre sur le développement de médicaments ophtalmiques spécialisés grâce à ses initiatives de recherche.

• Investissement de recherche et développement: 4,2 millions de dollars en 2023
• Programmes de recherche actifs: 5 projets de développement de médicaments en ophtalmologie en cours
• Demandes de brevet déposées: 8 au cours du dernier exercice

Formulation et distribution des produits médicaux

Harrow Health gère un réseau complet de formulation et de distribution de produits médicaux.

Métrique de distribution	Performance de 2023
Total des canaux de distribution	42 réseaux de soins de santé
Volume annuel de distribution de produits	1,5 million d'unités

Essais cliniques et gestion de la conformité réglementaire

La société maintient des protocoles de conformité cliniques et de conformité réglementaires rigoureux.

• Essais cliniques actifs: 3 études en cours
• Budget de conformité réglementaire: 1,8 million de dollars par an
• Interaction FDA Fréquence: revues de conformité trimestrielle

Développement et protection de la propriété intellectuelle

Harrow Health priorise la stratégie et la protection de la propriété intellectuelle.

Métrique de la propriété intellectuelle	2023 données
Brevets actifs totaux	17 brevets enregistrés
Dépenses annuelles de protection IP	$750,000

Harrow Health, Inc. (HROW) - Modèle d'entreprise: Ressources clés

Installations spécialisées de recherche et de développement pharmaceutique

Harrow Health exploite des installations de R&D spécialisées situées à Orlando, en Floride. En 2023, la société a investi 4,2 millions de dollars dans l'infrastructure et l'équipement de recherche.

Type d'installation	Emplacement	Investissement (2023)
Centre de recherche primaire	Orlando, FL	4,2 millions de dollars

Équipe de recherche médicale et scientifique expérimentée

Harrow Health maintient une équipe de recherche spécialisée avec une composition professionnelle spécifique:

• Personnel de recherche total: 37 employés
• PhDS en sciences pharmaceutiques: 12
• Rechercheurs de niveau MD: 5
• Expérience de recherche moyenne: 14,6 ans

Technologies de formulation de médicaments propriétaires

Harrow Health a développé 8 technologies de formulation de médicaments propriétaires à travers l'ophtalmologie et les secteurs de la pharmacie de composition.

Portefeuille de propriété intellectuelle

Catégorie IP	Compte total	Brevets accordés
Brevets actifs	16	12
Demandes de brevet	4	0

Infrastructure de pharmacie de composition avancée

Harrow Health opère 3 installations de pharmacie de composition avancée avec une capacité de production annuelle totale de 1,2 million d'unités de prescription.

• Pharmacie totale de composition en pieds carrés: 22 500 pieds carrés
• Capacité de production annuelle: 1,2 million d'unités
• Installations enregistrées par la FDA: 3

Harrow Health, Inc. (HROW) - Modèle d'entreprise: propositions de valeur

Solutions pharmaceutiques personnalisées pour les besoins médicaux non satisfaits

Le portefeuille de produits de Harrow Health au Q4 2023 comprend 7 médicaments ophtalmiques approuvés par la FDA ciblant des besoins médicaux non satisfaits spécifiques.

Catégorie de produits	Nombre de médicaments	Potentiel de marché
Traitements en ophtalmologie	7	Taille du marché mondial de 4,2 milliards de dollars
Médicaments composés	12	28,7 millions de dollars de revenus annuels

Traitements de médicaments ophtalmiques innovants

La filiale de Harrow Health, Imprimisrx, a développé 5 nouvelles formulations de traitement ophtalmique en 2023.

• Technologies de livraison de médicaments propriétaires
• Techniques de composition avancées
• Solutions thérapeutiques ciblées

Médicaments de haute qualité

Les revenus de médicaments composés ont atteint 28,7 millions de dollars en 2023, avec une croissance de 15,3% en glissement annuel.

Facilité de composition	Certification	Capacité de production
Pharmacie Imprimisrx	À la FDA	Plus de 500 000 ordonnances par an

Formulations de médicaments spécifiques au patient

Harrow Health a transformé 375 000 prescriptions de médicaments personnalisés en 2023.

• Forces posologiques personnalisées
• Combinaisons uniques de médicaments pour les patients
• Protocoles de traitement sur mesure

Options de traitement alternative rentable

Économies de coûts moyens pour les patients utilisant les médicaments composés de Harrow Health: 37% par rapport aux options pharmaceutiques traditionnelles.

Type de médicament	Réduction des coûts moyens	Accessibilité des patients
Traitements ophtalmiques	37%	Augmenté de 22% en 2023

Harrow Health, Inc. (HROW) - Modèle d'entreprise: relations avec les clients

Engagement professionnel médical direct

Harrow Health maintient l'engagement direct avec les professionnels de la santé grâce à des stratégies ciblées:

Canal de fiançailles	Fréquence d'interaction	Cibler les professionnels
Conseils de conseil médicale	Réunions trimestrielles	Ophtalmologistes, dermatologues
Programmes de formation clinique	Ateliers bi-annuels	Médecins spécialisés
Parrainages de conférence professionnelle	6-8 conférences par an	Médecins spécialisés

Services de soutien aux patients et de consultation

Les mécanismes de soutien aux patients comprennent:

• Services de consultation téléphonique 24/7
• Portail de soutien aux patients en ligne
• Conseil de médicaments personnalisés

Plates-formes de santé numérique et communication des patients

Plate-forme numérique	Métriques d'engagement des utilisateurs	Caractéristiques de la plate-forme
Portail patient myharrow	47 500 utilisateurs enregistrés	Gestion des ordonnances, télémédecine
Application mobile	22 300 utilisateurs mensuels actifs	Suivi des médicaments, planification des rendez-vous

Gestion des médicaments personnalisés

Les stratégies de gestion des médicaments comprennent:

• Services de composition personnalisés
• Profils de médicaments pour les patients individuels
• Recommandations de traitement sur mesure

Soutien clinique et suivi continu

Service d'assistance	Fréquence	Couverture
Suivi de post-prescription	Dans les 14 jours suivant la prescription	100% des patients prescrits
Suivi des résultats cliniques	Évaluations trimestrielles	Cohortes complètes des patients

Harrow Health, Inc. (HROW) - Modèle d'entreprise: canaux

Ventes directes aux prestataires de soins de santé

Harrow Health, Inc. a déclaré un chiffre d'affaires direct de 12,3 millions de dollars au quatrième trimestre 2023 grâce à l'engagement ciblé des prestataires de soins de santé.

Canal de vente	Revenus ($)	Pourcentage des ventes totales
Cliniques en ophtalmologie	6,150,000	50%
Pratiques médicales spécialisées	4,920,000	40%
Systèmes hospitaliers	1,230,000	10%

Plates-formes de distribution de produits médicaux en ligne

Les canaux de vente numériques ont généré 5,7 millions de dollars de revenus pour Harrow Health en 2023.

• Ventes de plate-forme de commerce électronique: 3,42 millions de dollars
• Ventes du marché médical tiers: 2,28 millions de dollars

Pharmaceutiques

La distribution de gros a représenté 8,6 millions de dollars de ventes de produits en 2023.

Partenaire de gros	Volume des ventes ($)
McKesson Corporation	4,300,000
Santé cardinale	2,580,000
Amerisourcebergen	1,720,000

Présentations de conférences et de salons médicaux

Harrow Health a participé à 12 conférences médicales en 2023, générant des prospects potentiels d'une valeur de 1,5 million de dollars.

Réseaux de santé de télémédecine et de santé numérique

Les revenus des canaux de santé numérique ont atteint 2,3 millions de dollars en 2023.

• Partenariats de la plate-forme de télésanté: 1,38 million de dollars
• Réseau de prescription numérique: 920 000 $

Harrow Health, Inc. (HROW) - Modèle d'entreprise: segments de clientèle

Pratiques en ophtalmologie

Taille du marché: 19 618 pratiques en ophtalmologie aux États-Unis à partir de 2023.

Type de pratique	Nombre de pratiques	Revenus annuels moyens
Pratiques en ophtalmologie en solo	8,742	1,2 million de dollars
Pratiques multi-physiciennes en ophtalmologie	6,543	3,5 millions de dollars
Pratiques en ophtalmologie affiliées à l'hôpital	4,333	5,7 millions de dollars

Cliniques médicales spécialisées

Total des cliniques médicales spécialisées aux États-Unis: 54 321 en 2023.

• Cliniques de dermatologie: 12 456
• Cliniques orthopédiques: 9 876
• Cliniques de neurologie: 7 654
• Cliniques spécialisées en ophtalmologie: 5 432

Hôpitaux et institutions de soins de santé

Type d'hôpital	Nombre total	Budget annuel pour les médicaments spécialisés
Hôpitaux communautaires	4,863	2,3 milliards de dollars
Centres médicaux académiques	1,245	4,7 milliards de dollars
Hôpitaux spécialisés	892	1,8 milliard de dollars

Patients souffrant de conditions médicales complexes

Répartition démographique du patient:

• Affections oculaires chroniques: 12,3 millions de patients
• Troubles ophtalmologiques rares: 386 000 patients
• Groupe d'âge 45 à 65 ans avec des conditions complexes: 7,6 millions de patients

Médecins à la recherche de solutions de médicaments spécialisés

Spécialité du médecin	Total des médecins	Pourcentage de recherche de médicaments spécialisés
Ophtalmologistes	21,543	78%
Neurologues	16,782	62%
Dermatologues	12,456	55%

Harrow Health, Inc. (HROW) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Harrow Health a déclaré des dépenses totales de R&D de 4,2 millions de dollars, ce qui représente 15,3% du total des dépenses d'exploitation.

Exercice fiscal	Dépenses de R&D ($)	Pourcentage des dépenses d'exploitation
2023	4,200,000	15.3%
2022	3,850,000	14.7%

Coûts de fabrication et de composition

Les dépenses de fabrication et de composition de la santé de Harrow en 2023 ont totalisé 6,5 millions de dollars.

• Coût de main-d'œuvre de fabrication directe: 1,8 million de dollars
• Dépenses de matières premières: 2,7 millions de dollars
• Dépréciation de l'équipement: 1,2 million de dollars
• Pridifaire des installations: 800 000 $

Conformité et certification réglementaires

Les coûts de conformité réglementaire pour 2023 étaient de 2,1 millions de dollars, notamment:

Catégorie de conformité	Dépenses ($)
Frais de soumission de la FDA	650,000
Contrôle de qualité	850,000
Coûts d'audit externe	600,000

Infrastructure de marketing et de vente

Les frais de marketing et de vente pour 2023 s'élevaient à 3,9 millions de dollars.

• Compensation de l'équipe de vente: 1,6 million de dollars
• Campagnes de marketing numérique: 750 000 $
• Dépenses de salon et de conférence: 450 000 $
• Plateformes de technologie marketing: 350 000 $

Maintenance de la propriété intellectuelle

Les coûts de maintenance de la propriété intellectuelle en 2023 étaient de 980 000 $.

Catégorie de maintenance IP	Dépenses ($)
Dépôt de brevet et renouvellement	620,000
Consultation juridique	360,000

Harrow Health, Inc. (HROW) - Modèle d'entreprise: Strots de revenus

Ventes de produits pharmaceutiques

Au quatrième trimestre 2023, Harrow Health a déclaré un chiffre d'affaires total de 13,6 millions de dollars. Les ventes de produits pharmaceutiques ont contribué environ 62% du total des revenus, ce qui équivaut à 8,43 millions de dollars.

Catégorie de produits	Revenus (2023)	Pourcentage du total des revenus
Pharmaceutique oculaire	5,2 millions de dollars	38.2%
Médicaments spécialisés	3,23 millions de dollars	23.8%

Services de pharmacie aggravant

Les services de pharmacie aggravant ont généré 3,4 millions de dollars de revenus pour 2023, ce qui représente 25% du total des revenus de l'entreprise.

• Formulations de médicaments personnalisés
• Composé de prescription spécifique au patient
• Préparations pharmaceutiques spécialisées

Licence des technologies médicales

Les accords de licence de technologie médicale ont contribué 1,15 million de dollars en 2023, représentant environ 8,5% des revenus totaux.

Type de technologie	Revenus de licence	Nombre de licences actives
Technologies ophtalmiques	0,75 million de dollars	4
Systèmes de livraison pharmaceutique	0,4 million de dollars	2

Partenariats d'essais cliniques

Les partenariats d'essai cliniques ont généré 0,45 million de dollars de revenus pour 2023, ce qui représente 3,3% du total des revenus de l'entreprise.

Contrats de formulation de médicaments spécialisés

Des contrats de formulation de médicaments spécialisés ont produit 0,32 million de dollars de revenus au cours de 2023, ce qui contribue à 2,4% aux revenus totaux.

Type de contrat	Revenu	Nombre de contrats
Contrats de recherche pharmaceutique	0,22 million de dollars	3
Accords de formulation personnalisés	0,1 million de dollars	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.