1Q26 Model Update and Thoughts

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1Q26 Model Update and Thoughts

Biotechnology

Harrow, Inc. (HROW)

EQUITY RESEARCH Company Update

May 12, 2026

1Q26 Model Update and Thoughts Price: $38.04

Price Target: $88.00 (From $91.00) We updated the model post 1Q26 earnings. We maintain Overweight, but

Rating: Overweight are lowering Vevye 2026 revenue from $173M to $146M. Reduced 2026

Key Statistics: Vevye revenue is partially offset in our new model by slightly higher Iheezo

Symbol NASDAQ: HROW (based on demand and guidance) and biosimilar revenue (based on mgmt.

52-Week Range 24.50 - 54.85 commentary), and with other minor adjustments, our new price target is

Market Cap 1,418.0 $88/share vs. $91 prior. ADV (3 mo) 690,967

Shares Out (M) 37.3 As noted in our letter to HODLers (link), we remain bullish on Vevye overall

and are impressed by the volume growth, but need to see recovery in

Research Analysts: 2Q26 before revisiting our numbers. Management suggested ~30% q/q ASP

Steve Seedhouse rebound for Vevye as a reasonable assumption and this will be important to 212-915-1240

Steve.Seedhouse@cantor.com confirm. Specifically, there are four tailwinds for Vevye from here, including:

Nick Econom ●Commercially insured patients who did not fill their script because

312-469-7407 out-of-pocket was too high (e.g., hadn't met deductible) can now be Nick.Econom@cantor.com

directed to cash pay via VAFA. This will increase volume *and* reduce Timur Ivannikov

312-469-7406 the net-negative buy-down impact of these patients on revenue.

Timur.Ivannikov@cantor.com ●Commercially insured patients who filled their script in 1Q won't be

subject to large buy-down drag on net revenue, but will be outsized REV ($M)

contributors to revenue and ASP going forward.

FYE Dec 2025A 2026E 2027E