Harrow Inc (HROW) 2025 Q1 法說會逐字稿

Good morning, and welcome to Harrow's first quarter 2025 earnings conference call. My name is Shannon, and I will be your operator for today's call. (Operator Instructions) As a reminder, this conference is being recorded.

早安，歡迎參加 Harrow 2025 年第一季財報電話會議。我叫香農 (Shannon)，今天我將擔任您的電話接線生。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the call over to Jamie Webb, Director of Communications and Investor Relations for Harrow.

現在我想將電話轉給哈羅公關和投資者關係總監傑米·韋伯 (Jamie Webb)。

Thank you, operator. Good morning, and welcome to Harrow's first quarter 2025 earnings conference call. Before we begin today, let me remind you that the company's remarks may include forward-looking statements within the meaning of federal securities laws.

謝謝您，接線生。早安，歡迎參加 Harrow 2025 年第一季財報電話會議。在我們今天開始之前，請允許我提醒您，該公司的言論可能包括聯邦證券法所定義的前瞻性陳述。

Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond Harrow's control, including risks and uncertainties described from time to time in its SEC filings, such as the risks and uncertainties related to the company's ability to make commercially available its FDA-approved products and compounded formulations and technologies and FDA approval of certain drug candidates in a timely manner or at all.

前瞻性陳述受多種風險和不確定性的影響，其中許多超出了 Harrow 的控制範圍，包括其在提交給美國證券交易委員會的文件中不時描述的風險和不確定性，例如與公司能否及時或完全商業化其 FDA 批准的產品和復合配方和技術以及 FDA 對某些候選藥物的批准有關的風險和不確定性。

For a list and description of those risks and uncertainties, please see the Risk Factors section of the company's most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Harrow's results may differ materially from those projected.

有關這些風險和不確定性的清單和說明，請參閱公司向美國證券交易委員會提交的最新 10-K 表年度報告和後續 10-Q 表季度報告中的「風險因素」部分。哈羅公學的成績可能與預期有重大差異。

Harrow disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of today.

Harrow 不承擔更新或修改任何財務預測或前瞻性聲明的意圖或義務，無論是由於新資訊、未來事件或其他原因。本次電話會議包含時間敏感訊息，並且僅截至今天準確。

Additionally, Harrow will refer to non-GAAP financial metrics, specifically adjusted EBITDA and/or adjusted earnings as well as core results such as core gross margin, core net income and core diluted net income per share. A reconciliation of any non-GAAP measures to the most directly comparable GAAP measures is included in the company's earnings release and letter to stockholders, both of which are available on the website.

此外，Harrow 將參考非 GAAP 財務指標，特別是調整後的 EBITDA 和/或調整後的收益以及核心業績，例如核心毛利率、核心淨收入和核心每股攤薄淨收入。任何非 GAAP 指標與最直接可比較的 GAAP 指標的對帳均包含在公司的收益報告和致股東的信函中，兩者均可在網站上查閱。

By now, you should have received a copy of the earnings press release. If you have not received a copy, please go to the Investor Relations page of the company's website, www.harrow.com. Joining me on today's call are Harrow's Chief Executive Officer, Mark L. Baum; and Harrow's Chief Financial Officer, Andrew Boll.

現在，您應該已經收到了一份收益新聞稿的副本。如果您尚未收到副本，請造訪本公司網站 www.harrow.com 的投資者關係頁面。參加今天電話會議的還有哈羅執行長馬克‧鮑姆 (Mark L. Baum)；以及哈羅財務長安德魯‧博爾 (Andrew Boll)。

With that, I'd like to turn the call over to Mark to go over some prepared remarks prior to the question-and-answer session.

因此，我想將電話交給馬克，讓他在問答環節之前先講解一些準備好的發言。

Thanks, Jamie, and good morning, everyone. Thank you for joining us today. I hope you've had an opportunity to review our supplemental documents for the first quarter, including our earnings release, corporate presentation and letter to stockholders, all of which are now available on the Investor Relations section of our corporate website.

謝謝，傑米，大家早安。感謝您今天加入我們。我希望您有機會查看我們第一季的補充文件，包括我們的收益報告、公司介紹和致股東的信，所有這些文件現在都可以在我們公司網站的投資者關係部分找到。

Let me begin by stating that as Harrow stockholders, the first quarter is always the toughest revenue period for the company. However, it is now in the rearview mirror. And as I will discuss in more detail shortly, we are very well positioned to achieve and hopefully exceed our 2025 directional revenue guidance of more than $280 million. To get there, we'll need to generate approximately $232 million in revenue over the remaining three quarters of the year.

首先我要說的是，身為哈羅股東，第一季始終是公司最艱難的收入時期。然而，現在這一切都已成為過去。正如我將很快詳細討論的那樣，我們完全有能力實現並預計將超過 2025 年超過 2.8 億美元的定向收入預期。為了實現這一目標，我們需要在今年剩餘的三個季度內創造約 2.32 億美元的收入。

In the next few minutes, my intention is to discuss the key drivers underpinning my confidence in meeting our guidance for the year. As you know, the Harrow team grew revenues in the first quarter of 2025 by 38% year-over-year, and that's growth that is nothing to sneeze at.

在接下來的幾分鐘裡，我打算討論支撐我對實現今年目標信心的關鍵驅動因素。如您所知，哈羅團隊 2025 年第一季的營收年增了 38%，這樣的成長不容小覷。

We also delivered a record $19.7 million in cash flow from operations. Another bright spot, a very bright spot was VEVYE. VEVYE revenue rose 35% sequentially from $16 million in the fourth quarter of 2024 to $21.5 million in the first quarter of 2025. And that was even before the launch of the VEVYE Access for All program, which happened at the very end of the first quarter.

我們還實現了創紀錄的 1,970 萬美元的營運現金流。另一個亮點，一個非常亮點是VEVYE。VEVYE 營收季增 35%，從 2024 年第四季的 1,600 萬美元增至 2025 年第一季的 2,150 萬美元。這還是在第一季末推出的「VEVYE Access for All」計畫之前。

We also completed our critical market access initiatives for TRIESENCE, allowing us to finally begin to realize this product's potential. On the expense side, the first quarter was challenged by a few onetime expenses, including increased costs related to our annual audit and a onetime special project, all which totaled $3.7 million in the aggregate.

我們還完成了 TRIESENCE 的關鍵市場准入計劃，使我們最終開始認識到該產品的潛力。在費用方面，第一季面臨一些一次性費用的挑戰，包括與我們的年度審計和一次性特殊項目相關的成本增加，總計 370 萬美元。

We also continue to invest in building out our commercial infrastructure to support both current operations and future growth, particularly in sales and marketing. The VEVYE team now exceeds 80 sales and marketing professionals. The buy and bill team for IHEEZO and TRIESENCE is just shy of 50 experienced commercial professionals. We're very comfortable with our current cost structure and believe investments in commercial labor, in particular, will be favorably viewed as we deliver quarterly results throughout the year.

我們還將繼續投資建設商業基礎設施，以支持當前營運和未來成長，特別是在銷售和行銷方面。VEVYE 團隊目前擁有超過 80 名銷售和行銷專業人員。IHEEZO 和 TRIESENCE 的採購和帳單團隊由近 50 名經驗豐富的商業專業人士組成。我們對目前的成本結構非常滿意，並相信，隨著我們全年公佈季度業績，對商業勞動力的投資將受到正面評價。

On the revenue side, first quarter revenues for some segments of our business were softer than we had hoped. And as I explained in my letter to stockholders, there is seasonality to our business and the first quarter, as I mentioned before, is always our weakest, especially this year, which followed such a strong fourth quarter in 2024.

在營收方面，我們部分業務部門第一季的營收低於我們的預期。正如我在致股東的信中所解釋的那樣，我們的業務具有季節性，正如我之前提到的，第一季度始終是我們最疲軟的季度，尤其是今年，而 2024 年第四季度表現非常強勁。

Our Specialty branded products stand out because of volatility in gross to net estimates, which caused a reduction in recognizable revenue for the period. Now with the above said, you've heard me describe myself as a glass half empty kind of guy. I'm always striving for performance improvement. I'm never really completely satisfied, especially when I know we could do a little bit better.

我們的專業品牌產品因毛利與淨利估計值的波動而顯得突出，這導致該期間可確認收入的減少。透過上述所說，你已經聽到我將自己描述為一個悲觀的人。我一直在努力提高績效。我從來沒有真正完全滿意過，特別是當我知道我們可以做得更好的時候。

That said, the first quarter will go down as one of the most important periods in our company's history, and I'm very proud of the work our team did. Importantly, I am truly excited about the remainder of the year. And I want to spend the rest of my prepared remarks discussing specific products and the setup for the balance of the year and how we intend to deliver and hopefully exceed our 2025 revenue guidance.

話雖如此，第一季將成為我們公司歷史上最重要的時期之一，我為我們團隊所做的工作感到非常自豪。重要的是，我對今年剩餘的時間感到非常興奮。我想用剩下的準備好的發言時間來討論具體產品和今年剩餘時間的安排，以及我們打算如何實現並希望超越 2025 年的收入預期。

So here we go. VEVYE continues to outperform expectations. As I said in my letter to stockholders, after launching more than 40 ophthalmic prescription products over the past 12 years, including VEVYE, I can say with confidence, one, given the consistent weekly growth in new prescriptions, new prescribers and the stability we see with VEVYE refills, this product is poised to be our largest revenue product.

那麼我們就開始吧。VEVYE 的表現持續超出預期。正如我在致股東的信中所說，在過去 12 年推出包括 VEVYE 在內的 40 多種眼科處方產品後，我可以自信地說，首先，鑑於新處方、新處方者每週的持續增長以及 VEVYE 補充裝的穩定性，該產品有望成為我們最大的收入產品。

And number two, the VEVYE Access for All program is the most successful market access strategy I've been a part of. And finally, three, without question, VEVYE is presently Harrow's most valuable asset.

第二，VEVYE Access for All 計畫是我參與過的最成功的市場進入策略。最後，第三點，毫無疑問，VEVYE 目前是哈羅最寶貴的資產。

We launched the VEVYE Access for All program, or VAFA, late in the first quarter. So there was little or no impact in the first quarter results. However, as of today, just seven weeks post launch of this program, both new prescriptions and weekly VEVYE prescribers at PhilRx have quadrupled. If things continue at the current pace one year or two from now, I expect VEVYE to be right at or near the top of the leading US prescription dry eye medications. In fact, it should be at the top if we continue at this pace.

我們在第一季末推出了VEVYE Access for All計劃（VAFA）。因此對第一季的業績影響很小甚至沒有影響。然而，截至今天，該計劃啟動僅七週後，PhilRx 的新處方和每週 VEVYE 處方增加了四倍。如果一兩年後情況繼續以目前的速度發展，我預計 VEVYE 將成為美國領先的處方乾眼症藥物。事實上，如果我們繼續保持這樣的速度，它應該處於領先地位。

In the more immediate term, assuming we can maintain our refill rates, even with our ASP expected to moderate a bit and then stabilize over the coming quarters, as we get into the third quarter and see more new prescriptions that we've been filling over the last seven weeks begin to stack or compound, it is very easy for you as a Harrow stockholder to come up with some very large potential revenue numbers for VEVYE, especially as we get into the third quarter. Those numbers are real, and that is what is possible.

從更短期來看，假設我們可以維持我們的補充率，即使我們的平均售價預計會有所緩和，然後在未來幾個季度趨於穩定，當我們進入第三季度並看到我們在過去七週內填寫的更多新處方開始堆積或複合時，作為 Harrow 股東，您很容易為 VEVYE 想出一些非常大的潛在收入數字，特別是當我們進入第三季度時。這些數字是真的，而且這也是可能的。

And that's without much NRx growth or new prescription growth from our current daily new prescription levels. The reality, though, is that we're seeing consistent weekly NRx growth, and we have been for the past seven weeks. So we don't expect this growth to abate in the near term. These are still early days, but the VEVYE Access for all program's early momentum is surpassing our expectations, and it's reinforcing my conviction that this groundbreaking initiative is one of the most impactful and potentially financially transformative in Harrow's history.

而這還不是在我們目前每日新增處方量的基礎上，NRx 或新處方量大幅增加的背景下。但現實情況是，我們看到每週 NRx 都在持續成長，並且這種情況已經持續了七週。因此我們預期這種成長在短期內不會減弱。雖然現在還處於早期階段，但 VEVYE 全民通道計畫的早期發展勢頭已經超出了我們的預期，這也讓我更加堅信，這一開創性的舉措是哈羅歷史上最具影響力和最具財務變革潛力的舉措之一。

And by the way, when I talked about producing $250 million in revenue in a calendar quarter by the end of 2027, this is the type of product given the success we're seeing in this program, that is going to help us deliver on that promise and that belief that we can hit those numbers.

順便說一句，當我談到到 2027 年底在一個日曆季度內創造 2.5 億美元的收入時，鑑於我們在該計劃中看到的成功，這就是這種類型的產品，它將幫助我們兌現承諾，並讓我們相信我們可以達到這些數字。

But what about IHEEZO? IHEEZO's first quarter sales were impacted by an elevated stocking activity at the end of 2024. Many of you know that. That dynamic, though, has now normalized with significant destocking occurring during the first quarter. We're now back in growth mode for IHEEZO. For example, in April, unit sales more than doubled compared to the monthly average in the first quarter. This rebound indicates a return to typical ordering behavior, and it reflects strengthening demand as downstream inventory levels rebalance and new accounts begin to ramp up utilization.

但是 IHEEZO 怎麼樣？IHEEZO 第一季的銷售額受到 2024 年底庫存活動增加的影響。你們很多人都知道這一點。不過，隨著第一季出現大規模去庫存現象，這種動態現已正常化。IHEEZO 現已恢復成長模式。例如，4月份的銷量與第一季的月平均銷量相比增長了一倍多。這種反彈表明訂購行為已恢復正常，並且反映出隨著下游庫存水準重新平衡和新帳戶開始提高利用率，需求正在增強。

We also made solid commercial headway in the first quarter with our sales team engaging with several new and potentially large accounts moving through the various early stages of onboarding, such as sample evaluations, formulary discussions and initial orders. With a quarterly average of 30 new IHEEZO institutional accounts, and the top 10 accounts in our pipeline, representing an estimated 80,000 incremental annual units of IHEEZO unit demand, we are confident in seeing meaningful unit demand growth through the remainder of the year and a sizable increase in IHEEZO revenue in 2025 versus 2024.

我們也在第一季取得了堅實的商業進展，我們的銷售團隊與幾個新的、潛在的大客戶進行了接觸，這些客戶正經歷著入職的各個早期階段，例如樣品評估、處方討論和初始訂單。我們每季平均新增 30 個 IHEEZO 機構帳戶，並且我們管道中的前 10 個帳戶預計每年將增加 80,000 個 IHEEZO 單位需求，因此，我們有信心在今年剩餘時間內看到單位需求的顯著增長，並且 2025 年 IHEEZO 收入將較 2024 年大幅增加。

So what about TRIESENCE? When is that going to blossom? Well, the first quarter was truly a pivotal period for the long-term plans that we have for this product. We were able to complete market access initiatives, including the publication of TRIESENCE's average selling price, the granting of pass-through status for the product, opening the market for ASC use and hospital and outpatient department use as well as the authorization for bilateral use case reimbursement for TRIESENCE. This all happened in the first quarter.

那麼 TRIESENCE 怎麼樣呢？那什麼時候會開花？嗯，第一季確實是我們針對該產品製定的長期計劃的關鍵時期。我們能夠完成市場准入舉措，包括公佈 TRIESENCE 的平均售價、授予產品的直通地位、開放 ASC 使用市場和醫院及門診部使用市場以及授權 TRIESENCE 的雙邊使用案例報銷。這一切都發生在第一季。

These changes have greatly increased purchasers' confidence in their ability to obtain reimbursement for TRIESENCE. So these market access initiatives took effect April 1, effectively unlocking about 40% of the overall market for TRIESENCE. And this is being reflected in sales momentum that we're seeing in the second quarter accelerating meaningfully.

這些變化大大增加了購買者對獲得 TRIESENCE 報銷能力的信心。這些市場准入措施於 4 月 1 日生效，有效為 TRIESENCE 解鎖了約 40% 的整體市場。這反映在我們看到的第二季銷售動能顯著加速。

Already, the number of accounts ordering TRIESENCE has more than doubled since the beginning of the year, a strong signal of growing market confidence and adoption. Ophthalmologists and retina specialists, in particular, are performing procedures in the ASC and hospital and outpatient department settings of care, now have the assurance that TRIESENCE will be reimbursed outside of the bundled fee, a reimbursement feature that we saw directly positively impact the success of IHEEZO.

自今年年初以來，訂購 TRIESENCE 的帳戶數量已經增加了一倍多，這強烈表明市場信心和採用率正在增強。尤其是在 ASC 和醫院及門診部護理環境中執行手術的眼科醫生和視網膜專家現在可以保證 TRIESENCE 將在捆綁費用之外獲得報銷，我們看到這一報銷特點對 IHEEZO 的成功產生了直接的積極影響。

We now have that for TRIESENCE. We believe this momentum will accelerate throughout the year. Now outside of our lead brands, our specialty branded products, which faced gross to net challenges during the first quarter, are picking up in the second quarter.

現在，我們已經擁有了 TRIESENCE。我們相信這一勢頭將在全年加速。現在，除了我們的主打品牌之外，我們的特色品牌產品在第一季面臨總銷售額和淨銷售額的挑戰，但在第二季度有所回升。

In addition, our ImprimisRx compounding business continues to perform well, showing consistent revenue and operational reliability. In fact, April appears to be a record month for ImprimisRx.

此外，我們的 ImprimisRx 複合業務持續表現良好，顯示出穩定的收入和營運可靠性。事實上，四月似乎是 ImprimisRx 創紀錄的一個月。

So let's bring this back to the original objective for today's call to show you how we expect to achieve our 2025 revenue guidance of more than $280 million. Remember, we have $232 million left to go, and here's how I break things down.

因此，讓我們回到今天電話會議的最初目標，向您展示我們如何實現 2025 年超過 2.8 億美元的收入預期。請記住，我們還剩下 2.32 億美元，以下是我分解的具體內容。

On VEVYE, we believe we are on a glide path to generate at least $100 million in VEVYE revenues this year and perhaps much more. We've already reported over $21 million in revenue for the first quarter. Given VEVYE's refill profile averaging nine refills per year per covered patient and VAFA's strong momentum, we expect revenues from VEVYE to consistently grow quarter-to-quarter with accelerated growth expected in the third and fourth quarters.

在 VEVYE 方面，我們相信我們今年的 VEVYE 收入將至少達到 1 億美元，甚至更多。我們已經報告第一季的收入超過 2100 萬美元。鑑於 VEVYE 的續藥情況，每位受保患者平均每年續藥九次，且 VAFA 勢頭強勁，我們預計 VEVYE 的收入將逐季度持續增長，預計第三季度和第四季度將加速增長。

Based on the number of refills and the growth in the number of new prescriptions and prescribers since launching this program, you should be able to build a model with some very big numbers, large numbers similar to what we are seeing in our internal models. However, we will try to be conservative and leave the opportunity to surprise stockholders meaningfully as the year progresses.

根據自啟動該計劃以來的續藥次數和新處方和開藥者數量的增長情況，您應該能夠建立一個包含非常大數字的模型，這些大數字與我們在內部模型中看到的類似。然而，我們將盡量保持保守，並在未來幾年內為股東留下有意義的驚喜。

On IHEEZO, we're on track. We expect to deliver over $50 million in 2025 revenue for this product with quarter-over-quarter increases expected now that distributor inventory levels have normalized. Our specialty branded products, which includes TRIESENCE, in the aggregate, we expect them to deliver at least $50 million in revenue this year. And in terms of our ImprimisRx compounding business, it is a consistent performer on track once again to deliver more than $80 million in revenue in 2025.

在 IHEEZO 上，我們一切順利。我們預計，到 2025 年，該產品的收入將超過 5,000 萬美元，並且由於經銷商庫存水準已經恢復正常，預計收入將逐季成長。我們預計，包括 TRIESENCE 在內的我們的特色品牌產品今年將帶來至少 5000 萬美元的收入。就我們的 ImprimisRx 複合業務而言，其表現穩定，預計在 2025 年再次實現超過 8,000 萬美元的收入。

So if you add all of this up, these expected contributions, you will get to that $280 million or more in 2025 revenue with a clear runway for upside. Again, we're expecting to see overall quarter-over-quarter growth this year. And while the third quarter can be a historically softer period this year, we anticipate stronger numbers driven by the compounding effect from new VEVYE prescriptions under this program. Finally, we expect fourth quarter to be our strongest revenue quarter, as it was last year.

因此，如果將所有這些預期貢獻加起來，您將在 2025 年獲得 2.8 億美元或更多的收入，並且具有明確的上升空間。我們再次預計今年的整體季度將環比成長。儘管今年第三季可能是歷史上較為疲軟的時期，但我們預計，受該計劃下新的 VEVYE 處方的複合效應推動，數據將會更加強勁。最後，我們預計第四季度將成為我們收入最高的季度，就像去年一樣。

So in sum, I hope after today's discussion, combined with our letter to stockholders and other supporting materials, you have a clear view of where our growth is coming from and why we're confident in its acceleration and durability. With a diverse portfolio of category-leading products, innovative market access initiatives like the VEVYE Access for All program and accelerating momentum across multiple franchises, Harrow is distinguishing itself as a leading US ophthalmic pharmaceutical company.

總而言之，我希望透過今天的討論，結合我們致股東的信和其他支援資料，您能夠清楚地了解我們的成長來自哪裡，以及我們為何對成長的加速和持久性充滿信心。憑藉多樣化的領先產品組合、VEVYE Access for All 計劃等創新市場准入舉措以及多個特許經營業務的加速發展勢頭，Harrow 正成為美國領先的眼科製藥公司。

Now we're happy to answer your questions. I'll pause to have our operator poll for questions. Operator?

現在我們很高興回答您的問題。我將暫停一下，讓我們的操作員調查問題。操作員？

(Operator Instructions) Thomas Flaten, Lake Street Capital Markets.

（操作員指示）Thomas Flaten，Lake Street Capital Markets。

Mark or Andrew, I was curious if you could maybe walk us through some of the price increase initiatives you took at the end of the year going into 2025, particularly as it relates to IHEEZO?

馬克或安德魯，我很好奇，你們能否向我們介紹一下你們在 2025 年底採取的一些提價舉措，特別是與 IHEEZO 相關的舉措？

Andrew, do you want to take that on?

安德魯，你想接受這個任務嗎？

Yes, Thomas, we did not do much for price increases on the products. IHEEZO, in fact, the list price stayed the same.

是的，湯瑪斯，我們對產品價格上漲沒有做太多努力。IHEEZO，事實上，標價保持不變。

I would add earlier in the year we actually -- and I think we made this public, Thomas, we actually took some price decreases to make some of our products more accessible and affordable.

我想補充一點，今年早些時候我們實際上——我想我們已經公開了這一點，托馬斯，我們實際上降低了一些價格，以使我們的一些產品更容易獲得和負擔得起。

Understood. And then switching over, I was wondering, I know you mentioned Project Eagle, Mark, in your letter, you didn't address it today, but any particular initiatives we should be aware of other than Klarity-C? And then I'm trying to understand the scope and scale of that project. Would it, for example, include divesting the compounding business altogether? Or is that taking it way too far?

明白了。然後轉換一下，我想知道，馬克，我知道你在信中提到了鷹計劃，你今天沒有提到它，但是除了 Klarity-C 之外，我們還應該注意什麼具體的舉措？然後我試著了解該專案的範圍和規模。例如，它是否包括徹底剝離複合業務？或者說這太過分了？

Yes, I appreciate the question. The -- I mean the initial impetus for Project Eagle was to transition the Klarity-C patients to VEVYE. Financially, it makes a lot of sense for us. But I think even clinically for the patient, they have an incredible opportunity to get access to an FDA-approved 0.1% cyclosporine product.

是的，我很感謝你提出這個問題。我的意思是，「鷹計畫」的最初動力是將 Klarity-C 患者轉變為 VEVYE 患者。從財務角度來說，這對我們來說非常有意義。但我認為，即使從臨床角度來看，對於患者來說，他們也有絕佳的機會獲得 FDA 批准的 0.1% 環孢菌素產品。

But as I said, financially, it makes a lot of sense for us. Certainly, with Klarity-C, for example, doing about $9 million or so, a little under $10 million in revenue, we're going to very obviously see a reduction in Imprimis revenue by that number. But on a corresponding basis, we'll see a significant increase in Harrow revenue.

但正如我所說，從財務角度來看，這對我們來說非常有意義。當然，以 Klarity-C 為例，其收入約為 900 萬美元左右，略低於 1000 萬美元，我們顯然會看到 Imprimis 的收入減少相同的數字。但相應地，我們將看到哈羅的收入大幅增加。

What's really interesting financially is that even if every single one of the Klarity-C patients came over to VEVYE at the $59 cash pay price, we estimate that our profit would be more than 2 times what it is on the Klarity-C formulation. And that's with nobody that is a Klarity-C patient having access to insurance coverage. So there's a lot of upside there for us with Project Eagle and implementing this transition from Klarity-C to VEVYE.

從財務角度來看，真正有趣的是，即使每位 Klarity-C 患者都以 59 美元的現金支付價格來到 VEVYE，我們估計我們的利潤將是 Klarity-C 配方利潤的 2 倍多。而 Klarity-C 患者中沒有任何人可以享有保險覆蓋。因此，對我們來說，Project Eagle 以及從 Klarity-C 到 VEVYE 的轉變有很多好處。

And as I said, it's great for the consumer, the patient as well. But there are other formulations that we make within the Imprimis portfolio, that I think work really well as FDA-approved products. We've talked in the past about Melt to the extent that Melt is ultimately available as an FDA-approved product that would certainly qualify. And there are several others that we're working on. But we're not planning to exit compounding.

正如我所說，這對消費者和患者來說都是好事。但我認為我們在 Imprimis 產品組合中生產的其他配方作為 FDA 批准的產品效果非常好。我們過去曾討論過 Melt，認為 Melt 最終將作為 FDA 批准的產品上市，這肯定符合條件。我們還正在研究其他幾個項目。但我們並不打算退出複合業務。

As I said in the letter to stockholders, we serve thousands and thousands of doctors, ophthalmologists, optometrists in the United States. They rely on our best-in-class compounded formulations. We have the broadest portfolio in the United States. We have the number 1 national brand. It is a consistent driver of not only revenue, but profits, and it's a business that has served us incredibly well. It's been the foundation of our company for many years. So not planning to exit.

正如我在致股東的信中所說，我們為美國成千上萬的醫生、眼科醫生和驗光師提供服務。他們依賴我們一流的複合配方。我們擁有美國最廣泛的產品組合。我們擁有第一的民族品牌。它不僅是收入的持續驅動力，也是利潤的持續驅動力，而且這項業務為我們帶來了令人難以置信的良好效益。多年來它一直是我們公司的基石。所以不打算退出。

Chase Knickerbocker, Craig-Hallum.

蔡斯·尼克博克、克雷格·哈勒姆。

Mark, I just want to start on IHEEZO to make sure I kind of understand the sequential changes. So if I kind of normalize ASP to account for what the potential stocking was, it looks like the impact was about $9 million. And then is that all from that unwinding of some potential stocking in Q4? Or was there any other kind of movers there?

馬克，我只是想從 IHEEZO 開始，以確保我理解連續的變化。因此，如果我將 ASP 標準化以考慮潛在的庫存，則看起來影響約為 900 萬美元。那麼，這一切都是因為第四季一些潛在的庫存平倉了嗎？或者那裡有其他類型的搬運工嗎？

Yes, I don't have your numbers in front of me. Andrew, do you want to kind of talk through the impact of stocking and destocking from Q4 to Q1?

是的，我面前沒有你的電話號碼。安德魯，您想談談第四季和去庫存對第一季的影響嗎？

Yes, absolutely, Chase. Absolutely. I think -- well, I think it's easiest to address it as maybe on a go-forward basis and what we're seeing from a unit volume and unit demand perspective, which is Q4 to Q1, we saw this last year, too, there is softness in the numbers between Q4 and Q1 on IHEEZO on unit demand. But then we started seeing that increase in Q2 and getting back to sort of growth mode, as Mark was talking about in the prepared remarks. And that's what we're seeing again with IHEEZO.

是的，絕對如此，蔡斯。絕對地。我認為 - 嗯，我認為最容易解決這個問題，也許從未來的角度看，我們從單位數量和單位需求的角度看，也就是第四季度到第一季度，我們去年也看到了這一點，IHEEZO 在第四季度和第一季度之間的單位需求數字比較疲軟。但隨後我們開始看到第二季的成長並恢復到成長模式，正如馬克在準備好的發言中所說的那樣。這就是我們在 IHEEZO 上再次看到的。

So the unit demand is getting back to that mode where we'll see incremental growth quarter-over-quarter should -- assuming customer reorder rates continue at a normal pace that they've been growing at as well as some of these new accounts that will come online.

因此，單位需求正在恢復到那種模式，我們將看到季度環比增量增長 - 假設客戶重新訂購率繼續以正常的速度增長以及一些新帳戶將上線。

As for like that exact impact that was stock -- where you had some stocking events, I don't think we know the exact numbers there, but happy to have an additional conversation later with you, Chase.

至於庫存的確切影響 - 您有一些庫存活動，我認為我們不知道那裡的確切數字，但很高興稍後與您進行額外的交談，蔡斯。

Yes.

是的。

Yes. I would add too, that if you look at the difference between Q4 of '23 and Q1 of '24, there was about an 80% decline. And we actually saw a better decline, if that's worth mentioning, but we actually had a lower decline. So it was probably 5 percentage points to 6 percentage points lower this year in Q1 of '25 versus Q4 of '24. So we did a little bit better.

是的。我還要補充一點，如果你看看 23 年第四季和 24 年第一季之間的差異，就會發現下降了約 80%。如果值得一提的話，我們實際上看到了更好的下降，但實際上我們的下降幅度較小。因此，2025 年第一季的成長率可能比 2024 年第四季低 5 到 6 個百分點。所以我們做得更好一點。

But look, it's wobbly. There is stocking at the end of the year for this product. And I think the focus here is the continued unit demand growth throughout the year, 2025 for the product, which is what we expect and ultimately delivering more revenue for that product and more growth for that product this year relative to last year.

但你看，它搖搖晃晃的。該產品年底有庫存。我認為這裡的重點是該產品 2025 年全年的持續單位需求增長，這正是我們的預期，並最終為該產品帶來更多收入，並在今年實現比去年更多的增長。

Got it. And it sounds like in April, shipments to distributors are -- is now kind of winding up with end user demand. And then I guess, just kind of confirmation there. And then on TRIESENCE, you spoke to kind of better fundamentals in April. Are you seeing a meaningful inflection in volumes?

知道了。聽起來，四月對經銷商的出貨量現在已經隨著最終用戶的需求而結束。然後我想，這只是一種確認。然後關於 TRIESENCE，您談到了 4 月份基本面有所改善。您是否看到交易量出現了有意義的變化？

And then kind of can you split that between kind of the ASC and the retina opportunity and kind of where you're seeing some early signs of inflection and progress?

然後，您能否將其分為 ASC 和視網膜機會，以及您在哪裡看到的一些早期拐點和進展跡象？

Yes. I would say that what I'm seeing is that we're opening a lot of accounts. There are a lot of accounts dabbling and picking off small numbers of units to begin using the product and seeking reimbursement for it. And that's a typical pattern that you see with these buy and bill products. The account gets opened, they buy a few units, they use them. They know what TRIESENCE does. They're very familiar with the product.

是的。我想說的是，我看到的是我們正在開設很多帳戶。有許多帳戶涉足並挑選少量單位開始使用該產品並尋求報銷。這是您在這些購買和計費產品中看到的典型模式。帳戶開通後，他們購買一些單位，然後使用它們。他們知道 TRIESENCE 的作用。他們對產品非常熟悉。

But the back office, which drives a lot of the purchasing of buy and bill products, wants to make sure that they're going to get reimbursed. And the reimbursement work that we did in the first quarter was critical for the long-term success. We are seeing the product being used in the ASC. We're seeing it used in the hospital. We're seeing it being used by cataract surgeons. We're seeing it being used by retina specialists. So there's a lot of upside.

但是，負責推動大量購買和計費產品交易的後台部門希望確保他們能夠得到報銷。我們在第一季所做的報銷工作對於長期成功至關重要。我們看到該產品正在 ASC 中使用。我們看到它在醫院中使用。我們看到白內障外科醫生正在使用它。我們看到視網膜專家正在使用它。因此有很多好處。

We think this is going to be the number 1 intraocular injectable steroid in the market in fairly short order. But the team is really -- has just been given the tools from a reimbursement perspective that they need in order to be successful. They're really only about 40 days into that. So we are seeing the right signs with lots of new account openings, but dabblers at this point. And then as the year progresses, we will -- we expect to see greater density within those accounts.

我們認為這很快就會成為市場上排名第一的眼內注射類固醇。但從報銷的角度來看，團隊確實剛剛獲得了成功所需的工具。他們實際上只經歷了大約 40 天。因此，我們看到了許多新帳戶開設的正確跡象，但目前還只是初步嘗試。隨著時間的推移，我們預計這些帳戶的密度將會越來越大。

Got it. And then on VEVYE, obviously, continued impressive progress there. If I think about the improvement sequentially in gross to nets, again, it's pretty impressive kind of sequential improvement there. Can you kind of speak to the drivers?

知道了。然後，VEVYE 顯然繼續取得了令人矚目的進展。如果我考慮從總額到淨額的連續改進，那麼，這是相當令人印象深刻的連續改進。能和司機談談嗎？

And then in '25, you kind of spoke to it a little bit, but basically, gross to nets moderate a little bit in Q2 and then improve sequentially from there? Is that the right way to think about it, Mark?

然後在 25 年，您稍微談到了這一點，但基本上，總收入與淨收入之間的比率在第二季度會略有緩和，然後從那時開始逐漸改善？馬克，這樣思考對嗎？

Yes. I wouldn't say gross to nets moderate down and then begin to improve. I would say -- well, first of all, we, I think, said in prior conference calls that we were making changes to our business rules that we expected to significantly improve our ASP for VEVYE. And I think we've delivered 100% on that promise. That said, as I said in the letter to stockholders, we do expect certainly at the levels that we're currently at to see some reduction in the ASP over the next quarter or so.

是的。我不會說總量會逐漸下降然後開始改善。我想說——首先，我想我們在之前的電話會議中說過，我們正在對我們的業務規則進行修改，我們希望顯著提​​高 VEVYE 的 ASP。我認為我們已經 100% 兌現了這一承諾。話雖如此，正如我在致股東的信中所說，我們確實預計，在目前的水平下，未來一個季度左右的平均銷售價格肯定會有所下降。

And then we expect it to stabilize at a very attractive level. I mean, this is a level that even when Andrew and I think about, our initial models before the launch, this was an aspirational level for us. So we're really happy at where we think the ASP is going to kind of settle out at. But I think the key, which is also way beyond even our aspirational data prelaunch is what we're seeing in NRx growth and the refill rate and so on. It's just been an amazing ride in the last seven weeks.

然後我們預計它會穩定在一個非常有吸引力的水平。我的意思是，即使當安德魯和我考慮推出之前的初始模型時，這也是我們的理想水平。因此，我們對於 ASP 將會穩定下來感到非常高興。但我認為關鍵在於，我們看到的 NRx 成長和補充率等等，這遠遠超出了我們期望的數據發布之前的情況。過去的七週真是一段奇妙的旅程。

And this is really, I would say, a company maker type product and really has the potential to lead the category in dry eye and realize the promise of treating more of the 30-plus million Americans who suffer from this disease. Andrew, do you want to add to that at all?

我想說，這確實是一款公司製造商類型的產品，並且確實有潛力引領乾眼症治療領域，並實現為 3000 多萬患有這種疾病的美國人提供治療的承諾。安德魯，你還有什麼要補充的嗎？

Nothing to add, Mark.

沒什麼好補充的，馬克。

Jeffrey Cohen, Ladenburg.

傑弗裡·科恩，拉登堡。

I wanted to poke you a little bit further on the compounding business and some of the transition of the compounding products to prescription. Could you talk about the base that's existing as far as Imprimis and the base opportunity, both internal and perhaps external?

我想進一步向您介紹複合業務以及複方產品轉變為處方藥的情況。您能否談談 Imprimis 現有的基礎以及內部和外部的基礎機會？

Yes. So I think I tried to discuss the promise of the compounding business. I've been talking about this for many years now that there was a lot of hidden value in the compounding business. First of all, the commercial relationships that we created with more than 10,000 eye care professionals around the United States gave us tremendous commercial credibility.

是的。所以我想我嘗試討論複合業務的前景。多年來我一直在談論這個問題，複合業務中有很多隱藏的價值。首先，我們與全美 10,000 多名眼科護理專業人士建立的商業關係為我們帶來了巨大的商業信譽。

That's the commercial credibility that we used to transact with EyePoint ultimately to take on DEXYCU several years ago, and we were able to increase sales of that product by more than 400% in short order. That credibility led to us being able to get access to IHEEZO from Sintetica, and that has driven a tremendous amount of value for our company.

這就是我們幾年前與 EyePoint 交易並最終收購 DEXYCU 時所依賴的商業信譽，我們能夠在短時間內將該產品的銷量提高 400% 以上。這種信譽使我們能夠從 Sintetica 獲得 IHEEZO 的使用權，這為我們公司帶來了巨大的價值。

And that success ultimately led to the people at Novaliq having the confidence in us to offer us VEVYE at a very attractive price with most of the economics on the back end. And you can see what we're doing with VEVYE now.

這項成功最終使 Novaliq 的員工對我們充滿信心，以極具吸引力的價格向我們提供 VEVYE，並將大部分經濟效益放在了後端。現在您可以看到我們正在使用 VEVYE 做什麼。

All of that success, all of those opportunities were born from the compounding business, frankly. And even within the compounding business today, as I mentioned, we're in the process of transitioning these Klarity-C patients to VEVYE. There are more than 25,000 of them.

坦白說，所有這些成功、所有這些機會都源自於複合業務。正如我所提到的，即使在今天的複合業務中，我們也正在將這些 Klarity-C 患者轉變為 VEVYE。其數量超過 25,000 人。

Believe me, if I called a marketing company up and I asked them what the cost would be to get access to well over 25,000 highly targeted consumers that have a nearly 100% chance of purchasing a product that is chronic in nature, that can deliver the kind of net ASP that we're seeing, it would be extremely expensive for me to get access to those consumers.

相信我，如果我打電話給一家行銷公司，並問他們要花多少錢才能接觸到超過 25,000 名高度針對性的消費者，而這些消費者幾乎 100% 有可能購買慢性病產品，並能帶來我們所看到的那種淨平均售價，那麼對於我來說，接觸這些消費者的成本將極其高昂。

Well, ImprimisRx has those, more than 25,000 of those potential VEVYE patients, and we have them as a result of the success of the ImprimisRx business over the last 12 years. There are other products within the ImprimisRx portfolio that are highly correlated and highly related to branded products that we now sell, whether it's an NSAID, whether it's an antibiotic or a topical steroid, whether it's an injectable product. There are a lot of -- there's a lot of overlap between the two portfolios.

ImprimisRx 擁有超過 25,000 名潛在的 VEVYE 患者，而他們之所以能夠擁有我們，是因為 ImprimisRx 業務在過去 12 年中取得了成功。ImprimisRx 產品組合中還有其他產品與我們現在銷售的品牌產品高度相關，無論是 NSAID、抗生素還是外用類固醇，還是注射產品。這兩個投資組合之間有許多重疊之處。

And so for us, our preference always if the customer wants and is interested is to offer them an FDA-approved product for at or around the same economics as a compounded product would be. And to the extent we can do that, we're going to do that. And that's how we're going to, I think, continue to proceed with this Project Beagle.

因此，對於我們來說，如果客戶想要並且感興趣，我們總是傾向於向他們提供 FDA 批准的產品，其經濟效益與複合產品相同或大致相同。只要我們有能力，我們就會這麼做。我認為，這就是我們繼續推進小獵犬計畫的方式。

Got it. That's helpful. And then secondly, can you talk about the Interior segment a bit as far as Q4 to Q1, looked a little bit weak. Is that seasonality? Or could you maybe expand upon that a bit?

知道了。這很有幫助。其次，您能否談談第四季度與第一季相比內裝部分的情況，看起來有點疲軟。這是季節性嗎？或是您能否稍微詳細說明一下？

Well, I mean, I appreciate the question. And just to be clear, I'm not right now -- and if you were in my shoes, you wouldn't be happy either with the current strategy. I think the results, the numbers are speaking for themselves. We should be doing much better, and we intend to do better.

嗯，我的意思是，我很感謝你提出這個問題。需要明確的是，我現在不是——如果你處於我的位置，你也不會對目前的策略感到滿意。我認為結果和數字不言而喻。我們應該做得更好，而且我們打算做得更好。

One of the nice things about the way I operate the business, the way Andrew and I have partnered over the years is we take action when we see something obvious in front of our eyes, which is that these products should be doing quite a bit better, and we intend to review and reconsider the current strategy. I think that's certainly in order, and that's what we intend to do.

我經營業務的方式以及安德魯和我多年來合作的方式的優點之一是，當我們眼前看到一些明顯的跡象時，我們就會採取行動，這些跡象表明這些產品應該表現得更好，我們打算審查並重新考慮當前的戰略。我認為這當然是合理的，而且這也是我們打算做的。

But you should expect as stockholders to see significant improvement from the levels that you saw in the first quarter. There's some technical revenue recognition issues and accounting issues that are related to the showing in the first quarter specifically. So that's as bad as it can get financially. You should see significant improvement from there. But overall, I'm not happy with the strategy, and we intend to do a few things here to make some improvements.

但作為股東，您應該會看到業績較第一季有顯著改善。存在一些與第一季表現具體相關的技術收入確認問題和會計問題。從財務角度來說，這是最糟糕的情況了。您應該會看到明顯的改善。但總的來說，我對這個策略並不滿意，我們打算在這裡做一些事情來做出一些改進。

Yi Chen, HC Wainwright.

陳毅，HC溫賴特。

You mentioned that VEVYE revenue grew sequentially, but I noticed that the quarterly prescription was lower in the first quarter. So could you comment on the current average collection cycle for VEVYE sales?

您提到 VEVYE 收入環比增長，但我注意到第一季的季度處方量較低。那麼您能否評論一下 VEVYE 銷售的當前平均收集週期？

Yes. Andrew, do you want to cover that? I mean obviously, the revenues were up. We had significant improvements in our ASP -- net ASP. Andrew, do you want to talk about volumes?

是的。安德魯，你想報道嗎？我的意思是，收入顯然增加了。我們的 ASP—網路 ASP 有了顯著的改進。安德魯，你想談談數量嗎？

Yi, thanks for the question. And I want to make sure I understood the question correctly. But the -- our revenue recognition, obviously, is correlated to prescription volume, isn't a perfect match. And so -- but we did see on the prescription side, Mark mentioned some business rules that were implemented at the beginning of the year that changed and helped improve ASP as a result, that also had an impact on access for some patients.

易，謝謝你的提問。我想確保我正確理解了這個問題。但是，我們的收入確認顯然與處方量有關，並不是完全匹配。所以 — — 但我們確實看到，在處方方面，馬克提到了一些在年初實施的業務規則，這些規則發生了變化並有助於改善 ASP，這也對一些患者的就醫產生了影響。

Those business rules and the whole market access and patient access program changed at the end of March with the introduction of VEVYE Access for All. And so, just as Mark was talking about in an earlier question, the -- when we look forward, volumes are increasing rapidly, especially from a new prescription perspective. And we will see some of the -- we will, as a result, have to sacrifice some of the gross to net improvements that we saw in Q1.

隨著 VEVYE Access for All 計劃的推出，這些商業規則以及整個市場准入和患者准入計劃在 3 月底發生了變化。因此，正如馬克在之前的問題中提到的那樣，當我們展望未來時，數量正在迅速增加，特別是從新處方的角度來看。因此，我們將不得不犧牲第一季看到的部分毛利與淨利的改善。

But importantly, number one, our expectation is that ASP is going to be higher with VEVYE Access for All than it was prior, last year. And then importantly, the volumes that we're seeing from an increase perspective are incredible.

但重要的是，首先，我們預計 VEVYE Access for All 的 ASP 將比去年更高。重要的是，從成長角度來看，我們看到的數量是令人難以置信的。

And one of the things that I love about VEVYE and why I always say it's my favorite product is that mathematical compounding you get on the refills, that sort of annuity that you get with the refills. And so all of these new prescriptions that we're getting in April and continuing to see in May. Where we really see value is in the third quarter and fourth quarter when we start getting the prescriptions compounding on each other for those -- for the new Rxs we're getting in the immediate.

我喜歡 VEVYE 的原因之一，也是我為什麼總是說它是我最喜歡的產品的原因，是它在補充裝上實現了數學複利，即透過補充裝獲得的那種年金。因此，我們在四月收到的所有這些新處方將在五月繼續看到。我們真正看到價值是在第三季度和第四季度，當我們開始獲得這些新 Rx 的相互複合處方時——我們會立即獲得這些新 Rx。

So we're excited about the program. We think it's a win-win for everyone, better access for patients, lower prices for patients and then for us and for shareholders. We're going to be netting more on a per prescription basis than we were last year.

所以我們對這個計劃感到非常興奮。我們認為這對每個人來說都是雙贏的，患者可以獲得更好的治療機會，患者可以享受更低的價格，我們和股東也可以從中受益。與去年相比，我們每張處方的淨收入將會增加。

Okay. Got it. And could you also let us know whether any of Harrow's products are affected by current tariff policy?

好的。知道了。您能否告訴我們哈羅的任何產品是否受到當前關稅政策的影響？

We actually addressed that -- I tried to address it. Andrew had done some analysis on tariff impact. And it's on Page 6 of the letter to stockholders. And I think we estimated that our 2024 gross margins, and this is all based on what we currently know about the tariff programs that are in place, but the impact would have been about 50 basis points on gross margins.

我們實際上已經解決了這個問題——我嘗試過解決這個問題。安德魯對關稅影響做了一些分析。它位於致股東信的第 6 頁。我認為我們估計了 2024 年的毛利率，這完全基於我們目前了解的現行關稅計劃，但其對毛利率的影響約為 50 個基點。

So for us, it's fairly negligible. I've been asked this by a couple of other folks. I think people know, for example, what our cost is on IHEEZO, which is, in fact, made outside the United States. And if you were to tack on 25% or 10% or even 125% onto that cost based on what we receive, it really doesn't impact gross margins that much.

所以對我們來說，這是相當微不足道的。還有其他幾個人也問過我這個問題。例如，我認為人們知道 IHEEZO 的成本是多少，而它實際上是在美國以外生產的。如果您根據我們收到的金額在該成本上增加 25% 或 10% 甚至 125%，那麼對毛利率的影響實際上並不大。

So we don't estimate much impact with our portfolio as a result of the existing -- and the existing tariff structure. And then we're also working to, at least on some of our compounding formulations, bring more of our excipients and APIs in from domestic sources. So we'll see even a slightly smaller impact. But the overall impact, our estimate was about 50 basis points, not too much.

因此，我們估計現有的關稅結構不會對我們的投資組合造成太大影響。然後，我們還在努力，至少對於我們的一些複合配方，從國內引進更多的賦形劑和 API。因此我們會看到甚至稍微小一點的影響。但整體影響，我們估計大概是50個基點，不算太多。

Mayank Mamtani, B Riley Securities.

Mayank Mamtani，B Riley Securities。

I appreciate the comprehensive update on business. Sorry, one more question on IHEEZO. So it looks like your unit volume demand was comparable to 3Q, but revenues came in a little lighter than that, actually a lot lighter than that, which makes you wonder if anything we need to account for existing and new accounts sort of going forward?

我很欣賞有關業務的全面更新。抱歉，關於 IHEEZO 還有一個問題。因此看起來您的單位數量需求與第三季相當，但收入卻比這少一點，實際上比這少很多，這讓您懷疑我們是否需要考慮現有帳戶和新帳戶的未來發展？

I know there's a 1Q patient co-pay assistant support dynamic that other eye care retina players kind of faced. But I was also curious on an account-by-account basis, including the new GPOs that you have, anything we need to factor in? And if you can confirm there was no major customer we lost in 1Q? And I have a follow-up on VEVYE.

我知道其他眼科視網膜護理公司也面臨 1Q 患者共同支付助理支持動態的問題。但我也很好奇，就每個帳戶而言，包括您擁有的新 GPO，我們需要考慮什麼？您能否確認我們在第一季沒有失去任何主要客戶？我對 VEVYE 也有後續行動。

Yes. I would just say that the overall play, if you will, with buy and bill products where there are discounts and rebates, is to manage the ASP. I think that's -- in addition to getting the products out, opening accounts, servicing accounts, at our level, at the executive level, we think about managing the ASP, and that is mission-critical. So that is top of mind here.

是的。我想說的是，對於有折扣和回扣的購買和計費產品，整體做法是管理 ASP。我認為——除了推出產品、開設帳戶、服務帳戶之外，在我們的層面上，在執行層面上，我們還考慮管理 ASP，這是至關重要的任務。這是最值得關注的問題。

Clearly, if you saw some shift in ASP and that affecting revenues quarter-to-quarter, it's typically because of those features of buy and bill -- the fact that it's a buy and bill product. And I -- that aside, and as I said, to be clear, we are thinking about ASP. I mean, Andrew and I talk about ASP management nearly every day and are thinking about ways to do that compliantly with the team.

顯然，如果您發現 ASP 發生了一些變化，並且影響了季度收入，這通常是因為購買和付款的特徵——事實上它是一種購買和付款產品。除此之外，正如我所說，要明確的是，我們正在考慮 ASP。我的意思是，安德魯和我幾乎每天都會談論 ASP 管理，並且正在思考如何與團隊合規地進行管理。

But what I would say that to me is more important, and I think you kind of touched on it a little bit, which is what happened in the retina market, in particular, over the last 6 months with the complete loss of foundation support for -- good days as an example. That is interestingly having, we think, a positive impact as we get into the second quarter, and it should have more of an impact later on this year.

但我想說的是，對我來說，更重要的是，我認為你已經稍微觸及了這一點，這就是視網膜市場所發生的事情，特別是在過去 6 個月裡，完全失去了基礎支持——以好日子為例。有趣的是，我們認為，這在進入第二季度時會產生積極影響，並且在今年晚些時候應該會產生更大的影響。

We're seeing anecdotally more retina accounts consider the clinical benefits of IHEEZO and the opportunity to not have to pay for the anesthetic cost. And so the overall reduction in revenue, I think that some retina practices are seeing as a result of the depletion of the good days funds is causing retina practices to rethink whether they want to go out of pocket for, for example, an anesthetic that may have clinical benefits that are not as strong as VEVYE.

我們從軼事中看到越來越多的視網膜患者考慮 IHEEZO 的臨床益處以及不必支付麻醉費用的機會。因此，我認為，由於好日子資金的枯竭，一些視網膜診所出現了總體收入減少的情況，這導致視網膜診所重新考慮是否要自掏腰包購買麻醉劑，因為麻醉劑的臨床效果可能不如 VEVYE 強。

And with VEVYE, they can actually seek reimbursement for that. And so we're seeing positive dynamics in the marketplace, increased interest in IHEEZO in terms of losing major accounts. We don't comment on specific accounts, but what I did comment on is that we intend to see revenue growth and unit demand growth from '24 to '25 with IHEEZO, and I'm pretty highly convicted on that.

有了 VEVYE，他們實際上可以尋求補償。因此，我們看到市場呈現正面態勢，在失去大客戶方面，人們對 IHEEZO 的興趣增加。我們不針對具體帳戶發表評論，但我確實評論說，我們打算透過 IHEEZO 實現 24 年至 25 年的收入增長和單位需求增長，我對此非常有信心。

Very helpful color. And regarding VEVYE, we are also hearing a similar momentum from some KOL calls we did post-VAFA. Could you touch on what proportion of the 25,000 patients have already moved over from Klarity sort of quarter-to-date? And trying to understand how sequentially you could get to, in terms of NRx volume growth? And anything you could comment on the dynamic share you have right now in the broader cyclosporine market?

非常有用的顏色。關於 VEVYE，我們也從 VAFA 之後進行的一些 KOL 呼籲中聽到了類似的勢頭。您能否談談本季迄今從 Klarity 轉移過來的 25,000 名患者中有多少比例？並嘗試了解就 NRx 銷售成長而言，您可以如何連續地實現這一目標？您能對您目前在更廣泛的環孢素市場中所佔的動態份額做出什麼評論嗎？

I can't comment on the specific share, and I'm glad you're seeing, when you do your independent calls, the kind of feedback that we're also receiving with respect to VEVYE, not only clinically, but with respect to this program. It is making a huge impact.

我無法對具體的份額發表評論，但我很高興您在進行獨立通話時看到，我們也收到了有關 VEVYE 的反饋，不僅在臨床方面，而且在該計劃方面。它正在產生巨大的影響。

I've always looked at the dry eye market, and we've talked about this offline many times. If I was a patient, what would I want or if my mother was a patient, what would I want my mother to have access to? And I wouldn't want one of these old cyclosporines that took nine clinical studies to get approved, that doesn't have a label for signs and symptoms. I wouldn't want something that causes pain upon installation to a significant number of patients that put it in their eye. That's not the cyclosporine that I would want my mother to have.

我一直在關注乾眼症市場，我們線下也討論過這個問題很多次。如果我是病人，我會想要什麼？或者如果我的母親是病人，我希望我的母親能得到什麼？我不想要這些舊的環孢菌素，它們經過了九項臨床研究才獲得批准，而且沒有針對體徵和症狀的標籤。我不希望安裝某些東西時，讓很多把它放到眼睛裡的患者感到疼痛。這不是我希望我母親服用的環孢菌素。

And it wouldn't matter whether it was a branded version of that or a generic version of that, because it wouldn't matter at all. Bad is bad, or not great is not great, if you will, to be more politically correct.

不管它是品牌版本還是通用版本都無關緊要，因為它根本不重要。壞就是壞，或者不太好就是不太好，如果你願意這麼說的話，那就更政治正確了。

So we think that we can win the cyclosporine market. There's a lot of units available. I wouldn't want to compete against VEVYE. But the most interesting thing I think I learned over the last quarter is that Mark Cuban has a pharmacy business. I think it's called Cost Plus. And if you go to Mark Cuban Cost Plus and you look at what the out-of-pocket cost is at the consumer level for generic cyclosporine, which if you put in your eye, doesn't feel very good.

因此我們認為我們能夠贏得環孢素市場。有很多可用的單位。我不想與 VEVYE 競爭。但我認為上個季度我了解到的最有趣的事情是馬克庫班擁有一家製藥公司。我認為它被稱為“成本加成”。如果你去 Mark Cuban Cost Plus 看看，你就會知道消費者對仿製環孢菌素的自付費用是多少，如果你把它滴到眼睛裡，感覺就不太好。

And you look at what the cost is of VEVYE, which I assure you feels probably a lot better and has much better data, it's actually less expensive these days to get access to VEVYE without a prior authorization being required and without the need for step therapy. And we're quite happy that so many patients are now moving in that direction. And we don't think that's going to abate, as I said in my prepared remarks.

你看看 VEVYE 的成本是多少，我向你保證，它感覺可能好很多，數據也好很多，現在使用 VEVYE 的成本實際上更低，無需事先授權，也不需要分步治療。我們很高興看到現在有這麼多患者正在朝著這個方向發展。正如我在準備好的發言中所說的那樣，我們認為這種情況不會減弱。

So I wouldn't want to compete with us on VEVYE in the cyclosporine market. And frankly, I think we're going to win the anti-inflammatory market within the category as well because I think we've got the best anti-inflammatory. I think cyclosporine is highly trusted, and it's more trusted, I think, than anything else.

所以我不想在環孢素市場上與我們在 VEVYE 上競爭。坦白說，我認為我們也將贏得該類別的抗發炎市場，因為我認為我們擁有最好的抗發炎藥物。我認為環孢菌素是高度值得信賴的，而且我認為它比其他任何藥物都更值得信賴。

And -- so anyway, look, we're real proud of VEVYE as a product. We think it delivers clinically. We're proud of the team that is executing our commercial strategy. And I wouldn't want to compete against us. And I think we're going to win the market.

而且 — — 無論如何，看，我們真的為 VEVYE 這款產品感到自豪。我們認為它具有臨床療效。我們為執行我們商業策略的團隊感到自豪。我也不想跟我們競爭。我認為我們將贏得市場。

Understood. And then maybe for Andrew, a bit more color on debt refinancing since that is viewed as a little bit of an overhang on stock. If you could comment on what precisely are you looking to get to by summer to fall, kind of time frame you've said in the stockholder letter. And is it something you want to get fundamentally with your business internally or something externally you're watching out for, including maybe a milestone with a potential strategic acquisition, if you could comment on that?

明白了。對於安德魯來說，債務再融資可能會更加詳細一些，因為這被視為對股票的一點影響。如果您可以評論一下您希望從夏季到秋季達到什麼目標，您在股東信中提到了什麼樣的時間框架。這是您希望從內部根本上實現的業務目標，還是您正在關注的外部目標，包括可能具有潛在策略收購的里程碑，您能對此發表評論嗎？

You bet Mayank. The -- On the debt refi, I'm going to be somewhat guarded just because we're in active discussions with lenders, including Oaktree. And so I don't want to be handing -- giving away information in the middle of trying to get the best terms we can possibly get.

當然可以，Mayank。關於債務再融資，我會保持一定謹慎，因為我們正在與包括 Oaktree 在內的貸款機構進行積極討論。因此，在努力爭取盡可能好的條件的過程中，我不想洩漏資訊。

But I would just -- I'm just going to say that we've had really positive discussions. I think we've got a lot of positive momentum going into the spring and certainly summer to get something done and have a good result for shareholders where the facilities is restructured.

但我只想說——我只想說我們進行了非常積極的討論。我認為，我們在春季和夏季會有很多積極的勢頭，可以在設施重組方面取得一些成果並為股東帶來良好的結果。

We have -- and we'll have plenty of room from a capital perspective to service the debt. And certainly, from an operational perspective, the business -- we will be operating at a great level where we'll be in a good position to eventually delever the entire business.

我們有——而且從資本角度來看，我們有足夠的空間來償還債務。當然，從營運角度來看，我們的業務將以良好的水平運營，並最終處於有利地位，實現整個業務的去槓桿化。

But the key, Mayank, and I think this is important for all shareholders to know, we have a lot of confidence in our ability to get the debt refi. The quality of institutions that we're talking to are really great institutions, great financing partners. And we have -- we think we'll be able to get something done here in either late summer or early fall.

但關鍵的是，Mayank，我認為這對所有股東來說都很重要，我們對獲得債務再融資的能力非常有信心。我們正在洽談的機構品質確實非常優秀，融資夥伴也非常優秀。而且我們認為我們能夠在夏末或初秋完成一些工作。

That's all the time we have for questions. I will now turn the call back to Mark L. Baum for closing remarks.

我們回答問題的時間就這麼多了。現在我將把電話轉回給馬克·鮑姆 (Mark L. Baum) 進行結束語。

Thank you, and thank you for the questions. And once again, thank you for joining us today. So success really requires -- and this is long-term success, which is what we're after building a business that we can be proud of. It requires a clear strategic vision, relentless execution, a dedicated team. And unfortunately, it requires a little bit of time.

謝謝，也謝謝你的提問。再次感謝您今天的到來。所以成功真正需要的是──這是長期的成功，這也是我們建立一個讓我們引以為傲的企業所追求的。它需要清晰的策略眼光、堅持不懈的執行力和一支敬業的團隊。不幸的是，這需要一點時間。

As I mentioned earlier, we've been at this for over 12 years. We built that Imprimis business. That Imprimis business led to all of these opportunities coming to fruition for us to build this great company and we think the leading eye care ophthalmic -- eye care pharmaceutical company in the United States.

正如我之前提到的，我們已經堅持這個事業超過 12 年了。我們創立了 Imprimis 公司。Imprimis 的業務為我們帶來了所有這些機會，讓我們能夠創建這家偉大的公司，我們認為它將成為美國領先的眼科製藥公司。

We do expect some products to outperform others. Some will overperform, some will underperform. There will be fluctuations, and these are natural in any dynamic business. But overall, we're confident in the strength of our foundation, the fundamentals of our business model. And the momentum that we're seeing today really reinforces our belief that the best is yet to come. We're going to deliver record numbers this year.

我們確實預期某些產品的表現會優於其他產品。有些會表現優異，有些會表現不佳。任何動態業務都會有波動，這都是很正常的。但總體而言，我們對我們的基礎實力和商業模式的基本面充滿信心。我們今天看到的勢頭確實加強了我們的信念：最好的還在後頭。今年我們將創造紀錄。

And I want to thank the Harrow family for all of their hard work. We are going to, I think, knock out our 2025 directional guidance, but we're also going to create a lot of long-term value for our stockholders onward and upward. And if you have any other questions, please feel free to reach out to Jamie Webb, that's jwebb@harrowinc.com. This will conclude our call.

我要感謝哈羅一家的辛勤工作。我認為，我們將會取消 2025 年的方向性指導，但我們也將為股東創造大量的長期價值。如果您有任何其他問題，請隨時聯絡 Jamie Webb，電子郵件地址為 jwebb@harrowinc.com。我們的通話到此結束。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。