Harrow Inc - Company Profile
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Business Description
Harrow Inc (Harrow) is primarily engaged in the discovery, development, and commercialization of innovative ophthalmic pharmaceutical products for the US. market. The company owns commercial rights to one of the largest portfolios of branded ophthalmic pharmaceutical products in North America, all of which are marketed under the Harrow name. It also owns and operates ImprimisRx, one of the nation’s leading ophthalmology-focused pharmaceutical-compounding businesses. Additionally, Harrow holds a noncontrolling equity interest in Melt Pharmaceuticals, Inc. and two other companies. Harrow classifies its operations into a single reportable operational segment: the business of discovery, development, and commercialization of innovative ophthalmic therapies. Harrow's product portfolio includes a wide range of FDA-approved eyecare pharmaceuticals primarily for the US and Canadian markets. Some of the key products include Iheezo, Vevye, Triesence, Vigamox, Ilevro, Flarex, Natacyn, Tobradex St, Zerviate, Verkazia, Nevanac, Freshkote Preservative Free, Maxitrol, Maxidex and Iopidine. The company also owns US rights to some discontinued products. In addition to its pharmaceutical products, Harrow operates ImprimisRx, an ophthalmology-focused pharmaceutical compounding business that offers ophthalmologists and optometrists customers and their patients, access to critical medicines. ImprimisRx's current ophthalmology formulary includes over 30 compounded formulations, many of which are patented or patent-pending. Harrow's operations are primarily based in the US, with all of its long-lived assets located in the country. The company's customer base includes more than 10,000 US eyecare-dedicated prescribers and institutions. In February 2024, Harrow announced that it out-licensed Canadian rights for several of its products to Apotex Inc. In FY2024, the company incurred a capital expenditure of US$38.6 million.
R&D Overview
Harrow’s R&D initiatives in 2023 and 2024 primarily focused on the development of intellectual property, researcher and investigator-initiated evaluations, and formulation development related to ophthalmic products and other assets. The company also engaged in drug candidate development programs, expanded its branded product portfolio, and undertook technical transfer activities associated with product acquisitions. Additionally, Harrow Inc recorded one-time R&D costs for the product development of TRIESENCE. It focuses on compounded medications to address needs unmet by commercially available drugs, offering customizable formulations for specific patient needs. In FY2024, the company incurred R&D expenses of US$12.2 million.
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