1Q26 Update. VEVYE Sales Hit By Co-Pay Buy-downs for New COVERED Patients. IHEEZO Inventory Improving but Another Muted Q Expected.

Research evidence excerpt

1Q26 Update. VEVYE Sales Hit By Co-Pay Buy-downs for New COVERED Patients. IHEEZO Inventory Improving but Another Muted Q Expected.

Investment Thesis

Harrow is a profitable biotechnology company focused on delivering a broad slate of best-in-class eye-care products to the US

market. During a decade-long commercial build, as a compounding company, Harrow established relationships with the majority

of the ~10,000 doctors and eyecare centers in the US. In mid-2020, the company entered its "second stage" and began acquiring

FDA-approved therapeutics for the eyecare space. Today, the company has 18 important products, most of which it considered

to be best-in-class. The key to a Harrow investment is that the company continues to both drive growth of existing products and

to acquire new products where the Harrow footprint is a powerful advantage to commercialization. We expect near-term and

ongoing updates on the progress of these approaches and signs that the company is on track to meet 2027 revenue guidanceBIOTECHNOLOGY of $250M quarterly to be the key catalyst.

Upcoming Catalysts Price Performance

New product acquisitions are expected to continue to occur and products with a sales $60EQUITY potential >$20M annually are the most exciting. $55

Byqlovi product launch - 2Q26 $50

$45

Byooviz product launch - Mid26 $40

Opuviz product launch - 1H27 $35

$30RESEARCH $25

Base Case Assumptions: $63 Price Target $20

Harrow meets its current guidance of $350M-$365M in revenues for 2026. Additional Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

products are acquired that look to continue the efforts to aggregate important eyecare HROW

products. Source:S&PFactSet500 (rebased)

Company Description

Upside Scenario Harrow is a profitable biotechnology