Q3-2026 Letter to Stockholders

November 9, 2026

Dear Harrow Stockholders:

The second-half ramp we anticipated materialized as Harrow reported record third quarter revenue of

$99.3 million, up 41% sequentially and 39% year over year. Branded products led the way, providing

$83.5 million in revenue, up 62% year over year and approximately 84% of our total revenue. GAAP net income was $9.8 million, which included a $5.0 million litigation settlement gain, and Adjusted EBITDA was $21.2 million.

When providing 2026 guidance, our intention was to avoid setting ambitious targets and then falling short. We guided to $350-365 million in revenue for the year, including $133-153 million in the first half. We ultimately delivered $114.9 million in the first half, about $28 million below the first-half midpoint, and a meaningful miss - which I acknowledge.

Here is what we got right, what we missed, and what we have changed and what we are changing:

VEVYE® net revenues were the primary driver of our first-half miss. Aside from minor misses on some of our smaller products, assumptions we made about VEVYE revenue under our expanded commercial coverage proved too optimistic, especially around our projected gross-to-net (GTN) vs. actual GTN - and that is what hit us hard.

We have since changed the economics of each VEVYE prescription, and current results confirm that our adjustments are working. Since making these changes, net revenue per VEVYE prescription is improving in line with our internal expectations, a trend that we expect to continue, especially after we begin to access the recent coverage win (discussed more below).

With the above said, there are broader points worth highlighting: We deliberately built one of the most diverse portfolios in ophthalmology. This allows us to offer more solutions to eye care professionals and their patients. I view our product breadth as an important long-term feature, not a bug. The challenge, from a forecasting perspective, particularly as we introduce new products and expand into adjacent markets, is predicting precisely when and how much each product will contribute in a given 90 day period. Too often during a quarter, weakness in one product is not overcome by strength in another. I have seen this type of quarterly choppiness smooth out over annual periods and I am confident that annual guidance numbers will better serve my intent to set appropriate revenue performance expectations. Therefore, as we provide 2027 guidance during our fourth quarter conference call early next year, I intend to go back to our "annual revenue greater than X" approach.

We plan to provide annual guidance and report clearly each quarter on our progress and the risks to that outlook. Our historical annual revenue growth trajectory speaks for itself. That said, today we have more resources, more and better talent supporting the business, a phenomenal and growing product pipeline

• all providing profitable revenue generation from assets with far greater potential than at any other time in our history.

  Turning to the fourth quarter, we are also now in what we expect to be our strongest quarter of the year. Here are additional points that support my confidence in our business:

  • VEVYE is gaining momentum. Business-rule changes we made earlier this year, along with a more productive and maturing expanded sales force, drove record quarterly revenue, bringing performance back closer to our original 2026 model. We are still behind where we had initially hoped to be from a revenue perspective, but are quickly gaining ground as GTN improves.

    Separately, our new coverage win (10+ million commercial lives) is expected to take effect January 1, strengthening our 2027 outlook.

  • IHEEZO is heading into its strongest period. The team's new retina account wins and deeper penetration of existing accounts have more than offset the units we lost when IHEEZO's pass-through status expired. With a permanent product-specific J-Code in the office setting of care, strong reimbursement, and a growing customer base, we expect a record fourth quarter and a record year for IHEEZO unit demand.

  • TRIESENCE revenues are climbing. TRIESENCE® topped $10 million in quarterly revenue for the first time since we acquired and relaunched it. Surgical adoption is rising, and we expect a strong fourth quarter. This is sticky revenue. As I've said on prior calls, my experience is that practices who integrate products into surgical workflows, and experience outstanding clinical outcomes, tend to continue to use - and even expand use - as opposed to trimming or ceasing use. This can drive a long-term cycle of growth which is what I expect from TRIESENCE, given its relatively low penetration in its largest market opportunity.

  • BYOOVIZ went wide before it went deep. The headline in the third quarter was a revenue miss for BYOOVIZ compared to our launch expectations. However, more accounts tried BYOOVIZ than we modeled. Demand picked up in September and has carried into the fourth quarter. Taken together, we expect the third and fourth quarters, in the aggregate, to put us in range of achieving our internal BYOOVIZ model for the full year.

  • Specialty and compounding should grow. The Specialty Products and Dry Eye Disease teams recently merged, creating a fortified Ocular Surface Disease team. We now have a much larger sales force promoting VEVYE as its primary product, but also promoting VERKAZIA® and NATACYN® - which is already correlating to growing prescription volumes. We expect the fourth quarter to be the strongest period for our specialty and compounded products.

  • TYRVAYA starts contributing. Our recently completed acquisition of TYRVAYA® should make its first revenue contribution in the fourth quarter, strengthening our Ocular Surface Disease franchise.

    Today, we are reaffirming our full-year revenue guidance of $350-365 million. Hitting our revenue target requires fourth-quarter revenue of about $136-151 million. That is sequential revenue growth of roughly 37-52%, and it will take strong execution across the business. For context, our revenue grew about 30% on average from the third quarter to the fourth over the last two years (36% in 2024 and 24% in 2025). This year, while our established products are growing on a stronger trajectory, supported by our expanded sales force and broader commercial coverage, we have two new revenue sources: (i) a first quarter of TYRVAYA, and (ii) growth in BYOOVIZ.

    We also see reasonable scenarios in which we finish modestly below the low end of our revenue range, mostly because of order timing and year-end purchasing. Based on what we see today (i.e. second-half revenue to exceed the high end of what we contemplated in March), we believe the low end is achievable, and maintaining revenue guidance is the right call.

    We are lowering our Adjusted EBITDA outlook from $80 million to $100 million to a floor of "more than

    $40 million," including more than $33 million in the fourth quarter. This is a significant change, and I want to explain why we are making it.

    Our first-half revenue shortfall, driven by VEVYE, combined with lower-than-expected gross margins throughout this year, put us behind our original Adjusted EBITDA expectations. Even so, we still saw a path to achieving our original guidance through a strong second half, supported by accelerating revenue growth and a favorable mix of higher-margin products. The third quarter demonstrated some of that acceleration, delivering $21.2 million in Adjusted EBITDA and bringing our year-to-date total to $7.3

    million, but third quarter profitability came in below our model. This shortfall primarily reflected our decisions to accelerate several important R&D initiatives and certain cash-pay-related expenses. As a result, we are still short of where we needed to be to hit our full-year number. Reaching the low end of our original guidance would still require close to $73 million in fourth-quarter Adjusted EBITDA, an exceptionally strong finish, even considering the momentum we are seeing across our business.

    As we evaluated the balance of the year, we also made several decisions to accelerate important initiatives and strengthen the business heading into 2027. Some of these decisions will affect cash, while others, such as the TYRVAYA transition, will affect fourth quarter profitability. Our revised outlook reflects the shortfall against our original plan, the continued acceleration of strategic initiatives, and additional fourth quarter considerations:

  • G-MELT™. Following our pre-NDA meeting, we now plan to submit the G-MELT NDA this year, ahead of the first-half 2027 timeline we discussed in August. A 2026 submission brings the FDA application fee, along with other submission-related costs, into the fourth quarter. Our new outlook assumes those costs are incurred this year.

  • R&D Expenses. We accelerated several development programs during the year, including the IHEEZO QUELL study that we just completed, the ongoing phase 3 TRIESENCE study, and the continued advancement of YOCHIL, which increased R&D expense above our original plan in the third-quarter and will continue to affect our expense profile in the fourth quarter.

  • TYRVAYA®. Following the October 1 acquisition, we are onboarding our new colleagues and transitioning operations from Viatris. These activities, along with purchase accounting associated with acquired inventory, will affect fourth-quarter profitability.

  • Royalties. We expect certain product specific royalties to step up in the fourth quarter as we surpass annual revenue thresholds ahead of our 2026 model, triggering a slightly increased royalty tier associated with sales of the product. This is an obligation we are pleased to incur, as it reflects the continued growth and success of the product.

Taken together, lower-than-anticipated gross margins, our Q3 profitability shortfall, and additional Q4 strategic initiatives have changed our expectations for full-year Adjusted EBITDA. Nevertheless, incurring these costs is the right long-term call for our stockholders. Rather than depend on an unusually favorable fourth-quarter revenue mix to overcome these additional costs, we believe the prudent approach is to establish an Adjusted EBITDA floor that reflects our current outlook and the remaining variability in fourth-quarter expenses. Importantly, our outlook calls for more than $33 million in fourth-quarter Adjusted EBITDA, which would represent our strongest quarterly performance of the year. Once again - this is a floor, not a ceiling, and we believe there is opportunity to exceed it as we execute through the balance of the year.

We expect to enter 2027 with a much stronger foundation, increased commercial visibility, and growing momentum across our business. Our commercial investments are translating into economic accomplishment; VEVYE's expanding coverage and improving prescription economics are creating opportunities to increase prescription volume and profit per prescription; and our retina and surgical portfolios continue to gain traction. With TYRVAYA, a larger sales organization, new clinical evidence, and an anticipated G-MELT NDA submission (ahead of schedule), we are well positioned for continued growth in 2027 and beyond.

Upon closing the TYRVAYA acquisition, we reorganized our commercial operations into four focused teams, each built around shared prescribers, care settings, and purchasing dynamics. Ocular Surface Disease, now our largest team (after adding approximately 40 experienced personnel from Viatris), combines our dry eye and specialty organizations to promote our ocular surface portfolio to the medical

optometric and front of the eye ophthalmologist prescriber communities. Retina focuses on retina specialists and multi-specialty practices for in-office procedures. Surgical serves cataract and refractive surgeons with a comprehensive peri-operative portfolio, with G-MELT expected to expand that offering upon FDA approval. Finally, Access+ is focused on our compounded products and supporting customers across all three branded teams. You can see the breakdown in our updated corporate presentation.

The goal is simple: put the right products with the right representatives in front of the right customers. By organizing around shared customer relationships, we can leverage our growing portfolio more efficiently, make every sales call more productive, and provide a better experience for the eye care professionals we serve.

Our branded sales teams are now supported by HarrowRx, a single specialty pharmacy platform launched on November 1, 2026. HarrowRx is integrated with the electronic medical record (EMR) systems prescribers already use, so physicians can prescribe or order any of Harrow's products, along with new services and features we intend to add over the coming months and into 2027.

Instead of choosing among multiple specialty pharmacies, hubs, and savings programs and remembering which applies to each product, Harrow customers can now send every Harrow prescription to one destination. HarrowRx then directs each prescription or order to the appropriate channel: prescriptions for our pharmacy-benefit products are supported and dispensed through our pharmacy partner network, and orders for our buy-and-bill products are routed to our distribution partner for support and fulfillment. HarrowRx simplifies how practices work with Harrow, making it easier to do business with us.

Dry Eye Disease

VEVYE and TYRVAYA approach dry eye through different mechanisms and routes of administration, giving physicians two distinct options for patients. They also fit well together commercially. Our expanded Ocular Surface Disease team can now discuss both products with many of the same prescribers, allowing prescribers to reach for Harrow products to treat more of their dry eye patients.

VEVYE is our core dry eye offering and it continues to perform, delivering a record third quarter of $39.7 million in revenue, up 35% sequentially and 75% year over year. That performance reflected continued prescription growth, greater productivity from our expanded sales force, and improving net product pricing (NPP).

This year, we more than doubled the field organization supporting VEVYE, and we are now seeing the return on that investment. Consistent engagement with eye care professionals, or more "feet on the street" is driving adoption as newer representatives establish relationships and become more productive in their territories. Importantly, we believe there is substantial opportunity ahead as the team continues to mature.

Equally important is the progress we are making in translating that demand into sustainable net revenue. Historically, a significant portion of VEVYE prescriptions have been filled through our cash-pay channel, negatively impacting our NPP. In early September, we implemented a plan to increase covered fills and improve revenue per VEVYE prescription. I expect the financial impact from these changes to be evident going forward.

The early indicators of these changes have been encouraging. Covered prescriptions have increased, more prescribers have pursued prior authorizations, and approval rates have been favorable. This is particularly true among Medicare patients, where covered new prescriptions increased significantly in

September. We also began to see the "stacking effect" of refills of these prescriptions in October and we expect that to continue through the balance of the year. While the Medicare population is still a small portion of our overall volume, it signals what broader coverage access can produce as our formulary position continues to improve.

Because of these rule changes, the ratio of covered to cash pay VEVYE prescriptions is reversing, with improved VEVYE prescription economics in Q3, which is a lift that has continued into October. We expect even further NPP improvement this year as a greater proportion of patients access VEVYE through their insurance coverage.

I am pleased to let our stockholders know that we recently expanded VEVYE coverage with a major national plan covering 10+ million commercial lives. This new coverage is expected to take effect on January 1, 2027 and is expected to further catalyze VEVYE's continued growth. On past calls, I discussed our intent to expand VEVYE coverage. Expanding VEVYE coverage such as this new coverage win, should lead to increasing prescription volumes and improved NPP as patients with coverage opt to transition from cash pay to covered.

I'm also excited about what TYRVAYA (varenicline solution) nasal spray brings to Harrow. As the only non-eye drop dry eye disease prescription medication in the U.S. market, TYRVAYA addresses an important unmet need in dry eye disease, comes with an established prescriber base and favorable existing insurance coverage, and fits naturally with the physicians we already serve.

We are about six weeks into the transition from Viatris and things are going well. Dozens of new key account managers have joined our Ocular Surface Disease team and are already in the field, calling on many of the same prescribers they supported before the acquisition, which has helped preserve continuity with customers. Having completed the transfer of key commercial and supply activities, we are beginning to see prescription demand growth for TYRVAYA under Harrow and expect TYRVAYA to continue to grow in 2027.

IHEEZO

IHEEZO generated $25.3 million in third-quarter revenue, up 62% sequentially and 15% year over year. Unit demand totaled 62,210, down approximately 5% from our record second quarter. We generally recognize revenue when product is shipped to a distributor, while reported unit demand reflects units ordered by or shipped to practices, not necessarily units used during the quarter. These figures can, and in our case typically do, differ based on the timing of distributor shipments and purchasing activity at the practice level.

The third quarter has historically been IHEEZO's seasonally slowest period, as summer vacations and fewer procedure days affect activity across many practices. This year, the effect was slightly amplified during the third quarter due to increased second quarter stocking activity by our physician office customers, which was elevated beyond our initial estimates. These were purchases of our discontinued single unit presentation of IHEEZO. That said, we do not view this modest sequential decline as indicative of a change in IHEEZO's underlying growth trajectory.

When comparing the third quarter of this year with the prior year, unit demand increased 21% year over year, and our customer base expanded markedly. As we think about the balance of the year, we are now in IHEEZO's historically strongest quarter.

Here is our read on the initial topline results of QUELL: Recall that QUELL is a Phase 4, randomized, double-masked study of IHEEZO in 231 patients receiving intravitreal injections. We designed QUELL to answer the practical questions retina specialists ask us: How well does it anesthetize the eye? Can it