• Bausch + Lomb for prescription eye medications
• Viatris for ophthalmic pharmaceuticals

• VERKAZIA® & IKERVIS®: These are cyclosporine ophthalmic solutions/emulsions indicated for the treatment of severe dry eye disease.
• XELPROS®: This latanoprost ophthalmic solution is prescribed to reduce elevated intraocular pressure in patients with open-angle glaucoma or ocular hypertension.
• VIGAMOX®: This moxifloxacin ophthalmic solution is an anti-infective used for the treatment of bacterial conjunctivitis.
• MAXIDEX®: This dexamethasone ophthalmic suspension is a corticosteroid used to treat inflammatory conditions of the eye.
• NEVANAC®: This nepafenac ophthalmic suspension, an NSAID, is used to treat pain and inflammation associated with cataract surgery.

Harrow (HROW) is a pharmaceutical company focused on ophthalmology. It primarily sells its prescription and over-the-counter ophthalmic products to wholesale distributors, who then supply pharmacies, hospitals, and clinics. Therefore, Harrow's major customers are other companies, specifically pharmaceutical wholesale distributors.

Based on Harrow's annual report (10-K filing for the fiscal year ended December 31, 2023), its sales are highly concentrated among a few major wholesale distributors. Harrow reported that its three largest wholesale distributors accounted for approximately 90% of its consolidated gross revenues for 2023.

The following are Harrow's major customer companies:

• Cencora (formerly AmerisourceBergen) (Symbol: COR)
  Cencora was explicitly named in Harrow's 10-K as its largest wholesale distributor, accounting for approximately 52% of its consolidated gross revenues for the year ended December 31, 2023.
• McKesson Corporation (Symbol: MCK)
  While not explicitly named individually in Harrow's 10-K as one of the other top distributors, McKesson is one of the three dominant pharmaceutical wholesale distributors in the U.S. and is widely recognized as a major customer for most pharmaceutical companies, making it highly probable to be one of Harrow's top three.
• Cardinal Health, Inc. (Symbol: CAH)
  Similar to McKesson, Cardinal Health is another one of the three dominant pharmaceutical wholesale distributors in the U.S. and is commonly a major customer for pharmaceutical manufacturers, suggesting it is highly probable to be one of the top three distributors mentioned in Harrow's SEC filings.

Mark L. Baum, Chief Executive Officer and Chairman of the Board

Mark L. Baum is the founder, Chairman of the Board, and Chief Executive Officer of Harrow, which he established in December 2011. Mr. Baum has a history of founding and managing other companies, including ImprimisRx, Melt Pharmaceuticals, Surface Ophthalmics, and Eton Pharmaceuticals. Prior to Harrow, he founded TBLF, LLC, a private investment fund manager, where he made over 200 investments and provided advisory and board service to more than 40 private and public companies. In 1999, he founded YesRx, an HIV-focused pharmacy business.

Andrew R. Boll, President & Chief Financial Officer

Andrew R. Boll is a founding employee of Harrow and serves as President, Chief Financial Officer, and Corporate Secretary, overseeing the company's financial, market access, and administrative operations. Mr. Boll co-founded Eton Pharmaceuticals, Melt Pharmaceuticals, Surface Ophthalmics, and ImprimisRx. Before joining Harrow, from 2007 to 2011, he managed accounting, financial analysis, and reporting for an investment company and was involved with the financial operations of several of the fund's public and private portfolio companies.

Amir H. Shojaei, Chief Scientific Officer

Dr. Amir H. Shojaei joined Harrow as Chief Scientific Officer in January 2025. He brings 28 years of experience in life sciences, with expertise in clinical development, regulatory affairs, and the commercialization of biopharmaceutical and biologic products, particularly in ophthalmic indications. Dr. Shojaei previously held senior leadership roles at companies such as AsclepiX Therapeutics, TherOptix, Novartis Pharmaceuticals, and Shire Pharmaceuticals (acquired by Takeda). He notably led the development and FDA approval of Xiidra®, a treatment for dry eye disease.

Vincent M. Mair, Senior Vice President of Commercial Operations

Vincent M. Mair joined Harrow as Senior Vice President of Commercial Operations in July 2025. Before Harrow, he was the Founder and Chief Executive Officer of LVMA Consulting, where he advised biotech and global pharmaceutical organizations on commercial strategy, launch execution, and asset valuation. Mr. Mair also served as Vice President, Head of Commercial Operations at Radius Health, where he was involved in the turnaround of TYMLOS®.

Prashanth S. Annavajjhala, Chief of Staff

Prashanth S. Annavajjhala joined Harrow in September 2023 and has served as Harrow's Chief of Staff since July 2025. He possesses over 10 years of experience in Market Access, Healthcare Strategy, and Product Commercialization within the pharmaceutical industry, with a strong background in ophthalmology, including product launches and market positioning strategies. Dr. Annavajjhala has developed corporate strategies and led cross-functional teams at organizations like Regeneron and Enventure.

Key Business Risks for Harrow (HROW)

1. Regulatory Risks and Product Concentration: Harrow Inc. faces significant risks associated with the stringent regulatory environment of the pharmaceutical industry, including the need for product approvals and potential adverse findings during inspections. The company's financial performance is highly dependent on a limited number of key products, making it vulnerable to market shifts or competitive pressures that could affect these products' sales. Furthermore, regulatory changes, such as increased scrutiny on compounded medications or legislative changes allowing drug price negotiations (e.g., the Inflation Reduction Act), could significantly impact the company's profitability and revenue potential. Ongoing communications with the U.S. Food and Drug Administration (FDA) regarding compliance and quality plans at its New Jersey outsourcing facility also represent a notable risk.
2. Industry Competition and Market Acceptance: Harrow operates within an intensely competitive pharmaceutical sector, contending with both established pharmaceutical companies and emerging players. This competitive landscape can directly influence pricing, market share, and overall profitability. The company's success also relies heavily on physician interest in and market acceptance of its current and future product formulations, as well as compounding pharmacies generally.
3. Leverage and Financial Flexibility: Despite a successful debt refinancing in 2025, Harrow continues to operate with material leverage relative to its current cash flows. Delays in new product introductions or reimbursement, particularly ahead of milestone payments related to acquisitions such as Melt Pharmaceuticals, could constrain the company's financial flexibility. Additionally, Harrow is exposed to interest rate risk, which could lead to increased borrowing costs in a rising interest rate environment, impacting its overall financial stability.

The increasing development and adoption of sustained-release ophthalmic drug delivery systems, such as implants and long-acting injectables, which could diminish the market for daily topical eye drops, a core component of Harrow's product portfolio.

Harrow (HROW) operates primarily within the U.S. ophthalmic healthcare market, focusing on both compounded medications and branded pharmaceutical products.

Addressable Markets for Harrow's Main Products and Services (U.S. Region)

• Ophthalmic Compounded Medications (ImprimisRx): The U.S. ophthalmic compounding pharmacies market was valued at approximately USD 219.2 million in 2021 and is projected to reach USD 307.9 million by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 5.0% during the forecast period. Another report indicates that the global ophthalmic compounding pharmacies market, which North America dominates, was valued at USD 12.5 billion in 2024 and is expected to surpass USD 20.4 billion by 2030, with a CAGR of 7.3% from 2025 to 2030.
• Branded Ophthalmic Pharmaceuticals (e.g., VEVYE, IHEEZO, TRIESENCE, and others): The broader U.S. ophthalmic drugs market, which includes branded products, was estimated at USD 15.53 billion in 2023 and is anticipated to grow at a CAGR of 7.4% from 2024 to 2030. Other estimates for the U.S. ophthalmic drugs market include a value of USD 16.11 billion in 2023, projected to reach around USD 33.51 billion by 2033, growing at a CAGR of 7.6%. The U.S. market for ophthalmic drugs accounted for a significant share of the global market, which was valued at USD 43.19 billion in 2024 and is expected to exceed USD 72.38 billion by 2034.
• Dry Eye Disease Products (e.g., VEVYE): The global dry eye product market, which Harrow's VEVYE targets, is expected to grow from USD 5.8 billion in 2023 to USD 7.5 billion in 2028.
• Retinal Disorder Treatments (e.g., TRIESENCE, IHEEZO): The retinal disorders segment held the largest revenue share of 36.9% in the U.S. ophthalmic drugs market in 2023.

Expected Drivers of Future Revenue Growth for Harrow (HROW)

• Continued Growth of VEVYE: Harrow expects significant and consistent quarter-over-quarter revenue growth from VEVYE, its water-free cyclosporine for dry eye. This growth is bolstered by the "VEVYE Access for All" program, which has already led to a substantial increase in prescriptions and prescribers. The company projects accelerated growth for VEVYE in the third and fourth quarters, with internal models suggesting large numbers based on refill profiles and new prescriptions.
• Launch of Retina Biosimilars: Harrow is strategically expanding its retina franchise with the planned U.S. launches of biosimilars BioViz/BYOOVIZ (Lucentis) and Opuviz (Eylea), with interchangeability status. These products are expected to launch in 2026 and 2027, respectively, and are considered major drivers for achieving the company's medium-term revenue goals.
• Expansion of the Surgical Portfolio: The company's surgical portfolio is a key growth area, with new product launches anticipated. This includes BICLOVI, expected to launch in 2026, and Melt 300, a non-IV, non-opioid sedation product, which is projected for an NDA filing in 2027 and launch in 2028. The recent acquisition of Melt Pharmaceuticals further supports this expansion. Additionally, TRIESENCE, an FDA-approved preservative-free injectable steroid, is part of this growth, with significant sequential increases in the past and expected to deliver at least $50 million in revenue in 2025.
• Performance of Existing Specialty Branded Products and Compounding Business: Beyond VEVYE, other specialty branded products like IHEEZO are returning to a growth trajectory with increased unit sales after inventory normalization. Harrow's ImprimisRx compounding business is also a consistent performer, projected to generate over $80 million in revenue in 2025. These established products contribute to the company's overall revenue targets.
• Strategic Acquisitions and Partnerships: Harrow's strategy involves acquiring and integrating assets that fit its strategic, financial, and operational criteria. Recent moves, such as securing the U.S. rights to Samsung's ophthalmic biosimilars and the acquisition of Melt Pharmaceuticals, position the company for future growth. Furthermore, expanding its pharmacy network through partnerships like the one with Apollo Care is designed to improve coverage and boost prescription volumes for its products.

Share Issuance

• In July 2023, Harrow priced an underwritten registered public offering of 3,380,282 shares of its common stock at $17.75 per share, generating aggregate gross proceeds of $60 million. The company also granted underwriters a 30-day option to purchase an additional 507,042 shares.
• The number of outstanding shares increased by 2.36% in one year and by 8.45% quarter-over-quarter as of November 2025.
• Harrow's shares outstanding were 27.47 million in 2021, 26.37 million in 2022, 34.25 million in 2023, and 35.8 million in 2024, reaching 36.79 million as of November 2025.

Outbound Investments

• In 2022, Harrow acquired U.S. commercial rights to several branded pharmaceutical products, including ILEVRO®, NEVANAC®, VIGAMOX®, MAXIDEX®, and TRIESENCE®.
• The company sold all non-ophthalmology assets in 2022, transforming Harrow into a pure-play ophthalmic pharmaceutical company.
• Harrow maintains non-controlling equity positions in Eton Pharmaceuticals, Surface Ophthalmics, and Melt Pharmaceuticals, which originated as Harrow subsidiaries.

Capital Expenditures

• In the 12 months leading up to November 2025, Harrow reported capital expenditures of -$1.50 million, indicating a net inflow from such activities.
• Proceeds from the July 2023 stock offering were intended, in part, for capital expenditures and funding future strategic product acquisitions.
• Harrow stated in November 2022 that it planned for its level of operations and capital expenditures for at least the next 12 months.