HROW Stock Forecast & Price Target

Harrow is positively viewed because it has successfully transformed from a compounding-first model into a branded ophthalmic franchise, more than tripling revenue since 2022 while building a portfolio of best-in-class products through internal development, licensing, and M&A. Its near-term growth engine is broad, led by VEVYE, IHEEZO, and TRIESENCE, with 2Q26 evidence of record VEVYE revenue of $29.4MM, strong IHEEZO unit growth, and improving pricing/access dynamics that support margin expansion and better free-cash-flow conversion. Additional upside comes from biosimilars BYOOVIZ and OPUVIZ, plus pipeline optionality from G-MELT and other candidates, with the company’s existing commercial footprint and execution history suggesting underappreciated operating leverage.

Harrow is challenged by a mix of commercialization and reimbursement risks that could pressure both growth and margins, especially if VEVYE sales decelerate, Harrow Access For All costs rise, or uptake of IHEEZO and TRIESENCE slows due to payer pushback or share losses. Its biosimilar thesis also looks vulnerable because the company depends on BYOOVIZ and OPUVIZ gaining share while ASPs continue to decline, and any faster deflation or weaker class adoption would undermine the expected ~$160MM peak biosimilar sales in 2031. Execution risk is elevated as 2Q26 revenue was $70.7M, the company posted a GAAP net loss of $(17.3M), and the implied 2H’26 ramp must be strong enough to bridge IHEEZO net-price realization, BYOOVIZ growth, and VEVYE mix uncertainty.