Harrow (HROW) has been in focus after reporting higher year over year revenue for both Q4 and 2025, outlining 2026 revenue guidance, and advancing its TRIESENCE program into an FDA cleared Phase 3 trial.

Despite the recent earnings beat and TRIESENCE trial update, Harrow’s 30 day share price return of 25.5% and year to date share price return of 28.8% indicate fading short term momentum. However, the five year total shareholder return of about 3.7x points to a much stronger longer term record.

If Harrow’s recent moves have you thinking more broadly about healthcare and eye care, it could be a good moment to check out 34 healthcare AI stocks as potential next ideas.

With Harrow posting higher revenue, issuing 2026 guidance and trading below some valuation estimates, the real question for you is this: is the recent pullback opening a window, or is the market already pricing in future growth?

Most Popular Narrative: 49.6% Undervalued

Harrow’s most followed narrative pegs fair value at about $70.63 per share, roughly double the last close of $35.56, which raises clear questions about what assumptions sit underneath that gap.

The rapidly growing demand for Harrow's portfolio of specialty ophthalmic drugs, particularly VEVYE, IHEEZO, and TRIESENCE, is positioned to accelerate further as aging populations and increased prevalence of chronic ocular diseases expand the baseline patient pool, supporting sustainable long-term revenue growth.

Strategic expansion into new indications and broader patient segments (e.g., TRIESENCE's expected launch into the large ocular inflammation market and BYQLOVI's entry into the post-operative care segment), coupled with rising healthcare access and coverage in the U.S., should increase prescription volumes and elevate top-line performance.

Curious what kind of revenue ramp, margin lift, and future earnings multiple need to come together to reach that fair value? The narrative leans on aggressive top line expansion, a sharp swing into profitability, and a future valuation multiple that still sits below many large pharma peers. If you want to see how those moving parts fit together, the full narrative spells out the numbers behind that $70.63 figure.

Result: Fair Value of $70.63 (UNDERVALUED)

However, this hinges on continued execution, and setbacks in key products like VEVYE or TRIESENCE, or pressure on US drug pricing, could quickly challenge that upside story.

Another View: Market Pricing Looks Less Generous

While the narrative and analyst work point to Harrow looking undervalued, the current P/S ratio of 4.9x tells a cooler story. It sits above the US pharmaceuticals average of 4.1x, yet below an estimated fair ratio of 7.7x, which leaves you weighing valuation risk against possible upside rerating.

To see what the numbers say about this price, find out in our valuation breakdown, starting with See what the numbers say about this price — find out in our valuation breakdown..

Next Steps

With mixed signals across valuation, growth potential and execution risk, do you feel the market is too cautious or already optimistic enough, and are you ready to move quickly and test that view against the data by weighing 3 key rewards and 1 important warning sign?

Looking for more investment ideas?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.