Harrow Health swings to profit in Q2

Overview

• Harrow Health Q2 revenue rises 30% yr/yr but misses analyst expectations, per LSEG data

• GAAP net income for Q2 reaches $5.0 mln, adjusted EBITDA at $17.0 mln

• Co secures exclusive U.S. rights to Samsung Bioepis ophthalmology biosimilars

Outlook

• Harrow expects 2025 revenue to exceed $280 mln

• Company anticipates quarterly revenues to surpass $100 mln in 2025

• Harrow projects TRIESENCE to reach $100 mln annual revenue

Result Drivers

• VEVYE GROWTH - VEVYE prescription volumes rose 66% sequentially, contributing to revenue growth, per CEO Mark L. Baum

• VAFA PROGRAM - Strategic alliance with Apollo Care aims to expand VAFA program and boost prescription volumes

• BIOSIMILAR RIGHTS - Exclusive U.S. rights to Samsung Bioepis ophthalmology biosimilars expected to drive future revenue growth

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Harrow Inc is $60.00, about 42.6% above its August 8 closing price of $34.43

• The stock recently traded at 34 times the next 12-month earnings vs. a P/E of 28 three months ago

Press Release: ID:nGNXbx2JVt