Harrow Inc (HROW) 2025 Q2 法說會逐字稿

Good morning and welcome to Harrow's second-quarter 2025 earnings conference call. My name is Shannon and I will be your operator for today's call. (Operator Instructions)

早安，歡迎參加 Harrow 2025 年第二季財報電話會議。我叫香農 (Shannon)，今天我將擔任您的電話接線生。（操作員指示）

As a reminder this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to turn the conference over to Mike Biega, Vice President of Investor Relations and Communications for Harrow.

現在，我想將會議交給 Harrow 投資者關係和通訊副總裁 Mike Biega。

Thank you, operator. Good morning, and welcome to Harrow's second-quarter 2025 earnings conference call. My name is Mike Biega, and I'm excited to be introducing today's call, having joined Harrow as Vice President of Investor Relations and Communications in June. It's a pleasure to be part of the Harrow family and to speak with all of you this morning.

謝謝您，接線生。早安，歡迎參加 Harrow 2025 年第二季財報電話會議。我叫 Mike Biega，很高興能主持今天的電話會議，我於 6 月加入 Harrow 擔任投資人關係和傳播副總裁。我很高興成為哈羅大家庭的一員，並在今天上午與大家交談。

Before we begin today, I would like to highlight a few new items for our quarterly report. We will be presenting slides during the webcast today. If you have registered and joined through the live conference call link, I would highly recommend that you also join through the webcast.

在今天開始之前，我想強調一下我們季度報告中的幾個新內容。我們將在今天的網路廣播中展示幻燈片。如果您已經透過現場電話會議連結註冊並加入，我強烈建議您也透過網路廣播加入。

You can find the link in the Investors Events section of our website at www.harrow.com or in our earnings press release that was issued yesterday. We also have a new corporate deck that was posted on our website yesterday.

您可以在我們網站 www.harrow.com 的投資者活動部分或昨天發布的收益新聞稿中找到該連結。我們昨天也在我們的網站上發布了新的公司簡報。

All of the slides we will be presenting today can be found in that deck. Moving forward, you should expect that our earnings process will mirror this format with potentially a few additional changes, and we will certainly update you on any future changes to this format. In addition, we recently launched a new corporate website, which I encourage all of you to explore.

我們今天要展示的所有幻燈片都可以在那張投影片中找到。展望未來，您應該預料到我們的獲利流程將會反映這種格式，並可能進行一些額外的更改，並且我們一定會向您通報這種格式將來的任何更改。此外，我們最近推出了一個新的公司網站，我鼓勵大家去探索。

The company's remarks may include forward-looking statements within the meaning of federal securities laws. 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.

該公司的言論可能包括聯邦證券法所定義的前瞻性聲明。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.

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。

Harrow's results may differ materially from those projected. 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.

哈羅公學的成績可能與預期有重大差異。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 with 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。今天與我一同參加電話會議的還有 Harrow 執行長 Mark L. Baum 和財務長 Andrew Boll。

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

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。標記？

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

謝謝，麥克，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二季的補充文件，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新設計的 harrow.com 網站的投資者關係部分找到。

Harrow is a leading provider of ophthalmic disease management solutions in North America, enhancing the ability of eye care professionals to manage sight-threatening ophthalmic diseases. To achieve this, we ensure that our products are safe and efficacious, accessible and affordable, and that they increase patient compliance, which in turn facilitates improved ophthalmic disease management.

Harrow 是北美領先的眼科疾病管理解決方案提供商，致力於增強眼科護理專業人員管理威脅視力的眼科疾病的能力。為了實現這一目標，我們確保我們的產品安全有效、方便易得且價格合理，並提高患者的依從性，從而促進改善眼科疾病管理。

Today, our ophthalmic disease management solutions are all pharmaceuticals, but in the future, this may evolve. In any case, our focus will always be to provide leading-edge products and outstanding service to help eye care professionals best care for their patients.

今天我們的眼科疾病管理解決方案都是藥物，但未來可能會演變。無論如何，我們的重點始終是提供前沿的產品和卓越的服務，幫助眼科護理專業人員為患者提供最好的護理。

Our primary financial goal is to deliver a $250 million revenue quarter by the end of 2027. I believe this is achievable because of what we own, how we're performing, and where I see the business heading, and our demonstrated history of growth from literally no customers, no products, and no revenue about a dozen years ago.

我們的主要財務目標是到 2027 年底實現 2.5 億美元的季度收入。我相信這是可以實現的，因為我們擁有什麼，我們的表現如何，我看到了業務的發展方向，以及我們在十幾年前從沒有客戶、沒有產品、沒有收入到現在的成長歷史。

I intend to provide more color on how we intend to achieve this $250 million quarterly revenue goal on September 26 during our inaugural Investor and Analyst Day, an event that Mike Biega is working to put together. This event, which we intend to make an annual event, will be hosted by Harrow leadership after Labor Day each year.

我打算在 9 月 26 日舉行的首屆投資者和分析師日上詳細介紹我們如何實現這一 2.5 億美元季度營收目標，該活動由 Mike Biega 負責籌辦。我們打算將此活動打造成年度活動，每年勞動節後由哈羅領導階層主辦。

I'm looking forward to our stockholders and analysts meeting members of the Harrow leadership team, seeing our products live, and learning more about how we partner with US eye care professionals to manage ophthalmic diseases. For more information, please reach out to Mike at mbiega@harrowoinc.com, if you're interested in attending.

我期待我們的股東和分析師與哈羅領導團隊的成員會面，親眼目睹我們的產品，並進一步了解我們如何與美國眼科護理專業人士合作管理眼科疾病。如果您有興趣參加，請透過 mbiega@harrowoinc.com 聯繫 Mike 以了解更多資訊。

Now over the past five years, we have built a sophisticated and hard-to-replicate infrastructure. Today, we own one of the most extensive portfolios of ophthalmic products in the United States, now totaling more than 59 prescription products.

五年過去了，我們已經建立了完善且難以複製的基礎設施。如今，我們擁有美國最廣泛的眼科產品組合之一，總計超過 59 種處方產品。

We address both front and back of the eye diseases. We sell into both the insurance reimbursed market and the cash pay market. We sell to the eye care professional office, the ASC and hospital, and we ship directly to patients.

我們治療眼前部和眼後部的疾病。我們的產品既銷往保險報銷市場，也銷往現金支付市場。我們的產品銷售給眼科保健專業辦公室、ASC 和醫院，並直接運送給患者。

I think one of the things I'm most excited about, as Andrew and I look over the one- or two-year horizon is the incredible leverage we have in our model. Essentially, our commercial infrastructure is paid for and delivering profits as demand increases for key products like VEVYE and IHEEZO and we add revenue-generating assets like the Samsung ophthalmic biosimilars portfolio or we begin to sell TRIESENCE into a key large market, which I'll talk more about, we really aren't incurring meaningful additional costs, which means much of what we sell, we should reap.

我認為，當安德魯和我展望未來一兩年時，最讓我興奮的事情之一就是我們的模型所擁有的令人難以置信的槓桿作用。本質上，隨著對 VEVYE 和 IHEEZO 等關鍵產品的需求增加，我們增加了創收資產（如三星眼科生物仿製藥組合），或者我們開始將 TRIESENCE 銷售到關鍵的大市場（我將詳細討論），我們的商業基礎設施已經得到支付並產生利潤，我們實際上並沒有產生有意義的額外成本，這意味著我們銷售的大部分產品都應該獲得。

The second quarter was a great setup for the back half of the year as we saw deeper market penetration across our core growth drivers, largely due to the recently implemented VEVYE Access for All initiative, VEVYE saw a 66% growth in prescription volumes this quarter over the prior quarter, and we don't see any signs of that momentum slowing.

第二季為下半年奠定了良好的基礎，因為我們看到核心成長動力的市場滲透率有所提高，這主要歸功於最近實施的「VEVYE Access for All」計劃，VEVYE 本季度的處方量較上一季度增長了 66%，而且我們沒有看到任何放緩的跡象。

Capitalizing on the growing demand for VEVYE, today, we announced a strategic alliance with Apollo Care, an innovative provider of patient access and commercial solutions that provides full nationwide coverage across the United States as Harrow's second specialty pharmacy partner for the BAFA program.

利用對 VEVYE 日益增長的需求，我們今天宣布與 Apollo Care 建立策略聯盟，Apollo Care 是一家創新的患者訪問和商業解決方案提供商，作為 Harrow 的 BAFA 計劃的第二個專業藥房合作夥伴，在美國全國範圍內提供全面覆蓋。

IHEEZO's retina pivot is taking hold with a 25% growth in unit volume quarter over quarter. TRIESENCE continued to gain momentum with volumes accelerating and market share expanding, achieving 32% quarter-over-quarter growth.

IHEEZO 的視網膜樞紐正在紮根，其銷售量較上季成長 25%。TRIESENCE 繼續保持成長勢頭，銷量加速成長，市場佔有率擴大，實現了 32% 的環比成長。

And, by the way, the numbers for the third quarter for TRIESENCE are also doing well. Our specialty branded product portfolio, well-known essential everyday therapies relied on by thousands of eye care professionals delivered a strong quarter and a nice rebound from the first quarter.

順便說一句，TRIESENCE 第三季的業績也表現良好。我們的特色品牌產品組合，以及成千上萬的眼科護理專業人士所依賴的知名日常必需療法，在本季度表現強勁，並且較第一季度實現了良好的反彈。

Finally, we recently announced two strategic acquisitions that fit in seamlessly with our commercial infrastructure. One, at the end of the second quarter, we secured the US rights to BYQLOVI, which was a recently approved treatment for postoperative inflammation and pain following ocular surgery. This is the first new ophthalmic steroid in its class in over 15 years.

最後，我們最近宣布了兩項與我們的商業基礎設施無縫契合的策略性收購。首先，在第二季末，我們獲得了 BYQLOVI 的美國權利，這是一種最近批准的用於治療眼科手術後發炎和疼痛的藥物。這是 15 年來首個此類新型眼科類固醇。

And then second, we also recently acquired the US rights to Samsung's ophthalmic biosimilars pipeline, including BioViz, an FDA-approved biosimilar referencing LUCENTIS and OPUVIZ, an FDA-approved biosimilar referencing EYLEA.

其次，我們最近也獲得了三星眼科生物相似藥管道在美國的權益，其中包括 BioViz（一種 FDA 批准的參考 LUCENTIS 的生物仿製藥）和 OPUVIZ（一種 FDA 批准的參考 EYLEA 的生物仿製藥）。

Our total revenue for the second quarter was $63.7 million, a 30% increase over the second quarter of 2024 and a sequential increase of 33% from the first quarter of 2025. The first half of 2025 generated $111.6 million in revenue.

我們第二季的總營收為 6,370 萬美元，比 2024 年第二季成長 30%，比 2025 年第一季季增 33%。2025年上半年的收入為1.116億美元。

To reach our guidance of more than $280 million for 2025, we need to generate approximately $169 million in revenue in the second half of the year. Given the math that I'm seeing today, I believe we are on track to meet our guidance goals.

為了達到 2025 年超過 2.8 億美元的預期，我們需要在下半年創造約 1.69 億美元的收入。根據我今天看到的數據，我相信我們有望實現我們的指導目標。

Now I have repeatedly stated on prior calls that the second half of the year is always stronger than the first half of the year. And as you read from our letter to stockholders, and you will hear from my prepared remarks this morning, we are seeing momentum with our key growth drivers that should start to show meaningful revenue growth as early as the third quarter.

我在之前的電話會議上已經多次表示，下半年的表現總是比上半年好。正如你們讀到我們給股東的信以及我今天早上的準備好的發言稿時所說，我們看到我們的主要增長動力正在增強，最早在第三季度就會開始顯示出有意義的收入增長。

I think next year, though, we will try to provide annual revenue guidance and split it into two halves, the first half of the year and then the second half of the year. I think that might work better for us.

不過，我認為明年我們將嘗試提供年度收入指導，並將其分為兩半，即上半年和下半年。我認為這對我們來說可能會更好。

In any case, adjusted EBITDA was a great story as second quarter adjusted EBITDA came in at $17 million with $5 million of net income. This once again highlights the operating leverage we've built into the business. Harrow is at an inflection point. Our revenue should reach new heights in the back half of this year. And as you saw from this quarter, our cost basis really remains fairly stable.

無論如何，調整後的 EBITDA 是一個偉大的故事，因為第二季調整後的 EBITDA 達到 1700 萬美元，淨收入為 500 萬美元。這再次凸顯了我們在業務中建立的營運槓桿。哈羅正處於一個轉捩點。我們的收入在今年下半年應該會達到新的高度。正如您從本季看到的，我們的成本基礎確實保持相當穩定。

This is a result of years of investment in building a strong, scalable commercial infrastructure that's designed to support this phase and level of growth.

這是多年來投資建設強大、可擴展的商業基礎設施的結果，旨在支持這一階段和水平的成長。

VEVYE generated $18.6 million in revenue, a 13% decrease from the first quarter of 2025. As outlined in our letter to stockholders, the revenue reduction seen in the second quarter versus the first quarter of 2025 was driven by a normalization in average selling price, or ASP, which I called out during our first quarter conference call and in our Q1 letter to stockholders.

VEVYE 的營收為 1,860 萬美元，較 2025 年第一季下降了 13%。正如我們在致股東的信中所述，第二季度與 2025 年第一季相比的收入減少是由於平均售價（ASP）的正常化，我在第一季電話會議和第一季度致股東的信中都提到了這一點。

We typically don't comment on changes in ASP quarter over quarter, but I think it's important to highlight that the ASP seen in the first quarter was an anomaly due to the changes in the business rules we implemented at the beginning of the year.

我們通常不會對季度平均售價的變化發表評論，但我認為有必要強調的是，第一季的平均售價是一個異常現象，因為我們在年初實施的業務規則發生了變化。

With our present VEVYE ASP reflective of those VAFA business rules, we expect to see and are seeing both VEVYE volumes and revenues increase once again as we forecasted. Based on the ratios of the types of VEVYE prescriptions we're seeing, we're confident that VEVYE's ASP has stabilized, and we even see a path to modest improvement over the rest of the year.

由於我們目前的 VEVYE ASP 反映了這些 VAFA 業務規則，我們預計 VEVYE 的銷售和收入將再次增加，正如我們預測的那樣。根據我們看到的 VEVYE 處方類型的比例，我們相信 VEVYE 的 ASP 已經穩定下來，我們甚至看到在今年剩餘時間內會出現適度改善的道路。

In addition to continuing to improve our business rules algorithm, as I shared in our earnings release, we've entered into a strategic alliance with Apollo Care, an innovative service provider with full national coverage. Now this alliance significantly expands VEVYE's distribution network, improving both pharmacy access and insurance coverage for patients nationwide, and it should buttress our ASP at current levels and, as I said, provide an upward bias towards ASP improving over the coming quarters.

除了繼續改進我們的業務規則演算法之外，正如我在收益報告中所分享的，我們還與一家覆蓋全國的創新服務提供商 Apollo Care 建立了策略聯盟。現在，這項聯盟大大擴展了 VEVYE 的分銷網絡，改善了全國患者的藥房訪問和保險覆蓋範圍，它應該能夠支撐我們目前的 ASP 水平，並且正如我所說的那樣，為未來幾個季度 ASP 的改善提供向上的傾向。

Apollo Care's pharmacy network spans more than 500 pharmacies and is broadly contracted with major and smaller commercial plans as well as TRICARE and Medicare. With coverage reaching every US geography and payer type, this collaboration positions us to reach more patients than ever before.

Apollo Care 的藥房網絡涵蓋 500 多家藥房，並與主要和較小的商業計劃以及 TRICARE 和 Medicare 簽訂了廣泛的合約。由於覆蓋範圍涵蓋美國每個地區和付款人類型，此次合作使我們能夠接觸到比以往更多的患者。

Importantly, for our stockholders, nearly every prescription of VEVYE that is dispensed is now profitable for Harrow under the VAFA initiative, a notable shift from pre-VAFA times. These adjustments caused structural improvements that enhance the quality of our revenue and our ability to invest and further scale VEVYE's long-term profitability.

重要的是，對於我們的股東來說，在 VAFA 計劃下，幾乎每一份 VEVYE 處方現在都能為哈羅帶來利潤，這與 VAFA 計劃之前相比有了顯著的轉變。這些調整帶來了結構性改善，提高了我們的收入品質和投資能力，進一步擴大了 VEVYE 的長期獲利能力。

When we provided VEVYE revenue guidance of more than $100 million for 2025, we accounted for the anticipated decline in subsequent stabilization of ASP from Q1 to Q2. Once again, we expect VEVYE to generate over $60 million in revenue for the second half of 2025. If you straight line Q2 growth for the balance of the year with a stable ASP, this puts us ahead of where we need to be by the end of this year for the VEVYE franchise.

當我們為 VEVYE 提供 2025 年超過 1 億美元的營收指引時，我們考慮到了從第一季到第二季 ASP 隨後穩定的下降預期。我們再次預期 VEVYE 在 2025 年下半年將創造超過 6,000 萬美元的收入。如果將今年第二季的成長與穩定的平均售價進行直線掛鉤，那麼我們將領先於今年年底 VEVYE 特許經營所需的水平。

IHEEZO generated $18.3 million in revenue, a 251% increase from the first quarter of 2025. IHEEZO is gaining momentum and growing market share. The growth this quarter is driven by the momentum from our retina pivot and expanded distribution through the group purchasing organization agreements we've signed. IHEEZO is on the path to have a record year this year, and I'm confident it will surpass our guidance of $50 million or more in revenue.

IHEEZO 的營收為 1,830 萬美元，比 2025 年第一季成長了 251%。IHEEZO 發展勢頭強勁，市佔率不斷擴大。本季的成長得益於我們視網膜樞紐的勢頭以及透過我們簽署的團購組織協議擴大分銷。IHEEZO 今年有望創下紀錄，我相信其收入將超過我們預期的 5000 萬美元或更多。

TRIESENCE in our Specialty branded portfolio generated $5.2 million in revenue. That's a 447% increase from the first quarter of 2025. With TRIESENCE capturing more market share in a large market on the horizon, I'm confident the second half will outperform the first half by a wide margin. ImprimisRx generated $21.5 million in revenue. That's a 7% increase from the first quarter of 2025.

我們專業品牌組合中的 TRIESENCE 創造了 520 萬美元的收入。這比 2025 年第一季成長了 447%。隨著 TRIESENCE 在即將到來的大市場中佔據更多市場份額，我相信下半年的表現將遠遠超過上半年。ImprimisRx 的營收為 2,150 萬美元。這比 2025 年第一季成長了 7%。

This is a stable, cash-generating business, and it is performing as expected and is on track to reach our guidance of $80 million or more this year. In sum, our 2025 guidance remains intact, and I remain very confident in our team's ability to hit that number.

這是一項穩定、能產生現金的業務，其表現符合預期，今年預計將達到我們預期的 8,000 萬美元或更多。總而言之，我們對 2025 年的指導保持不變，我仍然對我們團隊實現這一數字的能力充滿信心。

Since launching VEVYE Access for All in late March of this year, the demand for VEVYE has surged. The promise of the VAFA market access program for VEVYE is: one, increased access for patients; two, lower out-of-pocket cost for patients; and three, a reasonable and sustainable profit for Harrow. As I detail more in the letter to stockholders, the VAFA program is meeting all of our commercial objectives. VEVYE continues to exceed our prelaunch expectations in every category, new prescriptions, refill rates, patient satisfaction and prescriber engagement.

自今年 3 月底推出 VEVYE Access for All 以來，VEVYE 的需求激增。VAFA 市場准入計畫對 VEVYE 的承諾是：一、增加病患的就醫機會；二、降低病患的自付費用；三、為哈羅帶來合理、可持續的利潤。正如我在致股東的信中詳細說明的那樣，VAFA 計劃正在滿足我們所有的商業目標。VEVYE 在各個類別、新處方、續藥率、患者滿意度和處方者參與度方面都超出了我們推出前的預期。

The impact of VAFA can be seen on this slide. Prescription volumes were up 66% sequentially for a total of 119,526 units. Of those, nearly 50,000 were new prescriptions, resulting in a 62% increase in new prescriptions over the first quarter of 2025. As prescription volumes grow, we're maintaining industry-leading refill rates, an important indicator of product adoption and satisfaction.

從這張幻燈片可以看出 VAFA 的影響。處方量較上月增加 66%，總計 119,526 單位。其中近5萬張是新處方，比2025年第一季新處方增加了62%。隨著處方量的成長，我們保持著領先業界的補充率，這是產品採用率和滿意度的重要指標。

In 2024, covered patients receiving VEVYE through PhilRx received an average of nine refills, a figure that significantly outpaces the typical refill rates seen with other therapies in the dry eye disease market. This sustained refill behavior highlights not only VEVYE's clinical value, but also its ability to foster ongoing patient engagement well beyond the initial prescription.

2024 年，透過 PhilRx 接受 VEVYE 治療的患者平均獲得了 9 次續藥，這一數字大大超過了乾眼症市場其他療法的典型續藥率。這種持續的補充行為不僅凸顯了 VEVYE 的臨床價值，也凸顯了它在初始處方之外促進患者持續參與的能力。

The compounding effect of rising numbers of new prescriptions and consistently high refill rates positions us for sustained revenue growth. We anticipate the first meaningful financial impact as early as the third quarter of this year, driven by the continued momentum in new prescription volume, a more stable ASP and a growing wave of refill activity. This surge is largely attributable to the strong demand generated since the launch of the VAFA program.

新處方數量的增加和持續的高續藥率的複合效應使我們的收入能夠持續成長。我們預計，最快將在今年第三季產生第一個有意義的財務影響，這得益於新處方量的持續增長、更穩定的平均售價以及不斷增長的續藥活動浪潮。這一激增很大程度上歸因於VAFA計劃啟動以來產生的強勁需求。

To reiterate what I said earlier, under the VAFA initiative, nearly every prescription written for VEVYE is now profitable, and this is a notable shift from before we had this program going when that wasn't always the case. We've also secured additional manufacturing capacity for 2025, enabling us to further scale our commercial reach. In parallel, we are revisiting next year's forecast, increasing our supply chain flexibility and ensuring that we are well positioned to meet the sustained and growing demand we anticipate for both new and refill prescriptions of VEVYE.

重申我之前所說的，在 VAFA 計劃下，幾乎每一張為 VEVYE 開出的處方現在都是有利可圖的，這與我們實施該計劃之前的情況相比是一個顯著的轉變，當時的情況並非總是如此。我們還確保了 2025 年的額外製造能力，使我們能夠進一步擴大商業範圍。同時，我們正在重新審視明年的預測，提高我們的供應鏈靈活性，並確保我們能夠很好地滿足我們預期的對 VEVYE 新處方和補充處方的持續增長的需求。

Importantly, as noted earlier, we're also preparing to bring a second VEVYE manufacturing site online next year, and this will further strengthen our supply chain and facilitate our growth strategy. VEVYE's market penetration continues to accelerate.

重要的是，如前所述，我們也準備好明年上線第二個 VEVYE 製造基地，這將進一步加強我們的供應鏈並促進我們的成長策略。VEVYE的市場滲透率持續加速。

By the end of Q2, we had captured a 7.8% share of the national dry eye disease market. That's a 2.6%-plus increase quarter over quarter. Notably, according to IQVIA and PhilRx data, VEVYE has now surpassed Sequa and national market share. This is an important milestone that reinforces the effectiveness of our commercial strategy and execution.

截至第二季末，我們已佔據全國乾眼症市場7.8%的份額。與上一季相比，成長了 2.6% 以上。值得注意的是，根據 IQVIA 和 PhilRx 的數據，VEVYE 的全國市場份額現已超過 Sequa。這是一個重要的里程碑，增強了我們商業策略和執行的有效性。

According to IQVIA, VEVYE is now the second largest cyclosporine-based dry eye brand being prescribed. Once again, a significant milestone that validates the strength of our primary strategy, which is to win the cyclosporine category in dry eye. VEVYE is beginning to also gain ground on MIEBO, having surpassed MIEBO and new prescriptions in four US markets that are quite sizable.

根據 IQVIA 的數據，VEVYE 現在是第二大以環孢素為基礎的乾眼症處方品牌。這又是一個重要的里程碑，證明了我們的主要策略的實力，即在乾眼症的環孢菌素類藥物中獲勝。VEVYE 也開始在 MIEBO 上取得進展，在美國四個相當大的市場上已經超越了 MIEBO 和新處方。

In summary, we're still in the early stages of the VEVYE launch and the growth trajectory is compelling. Demand continues to rise sharply. Refill rates remain industry-leading and with only 7.8% market share captured so far, the runway ahead is significant.

總而言之，我們仍處於 VEVYE 發布的早期階段，其成長軌跡引人注目。需求持續急遽上升。補充率仍處於行業領先地位，目前僅佔 7.8% 的市場份額，未來的發展空間巨大。

With a best-in-class clinical profile, strong access infrastructure in place and a robust commercial team, we believe VEVYE is well positioned to exceed $100 million in annual revenue this year, marking just the beginning of a multiyear growth opportunity.

憑藉一流的臨床概況、強大的訪問基礎設施和強大的商業團隊，我們相信 VEVYE 今年的年收入將超過 1 億美元，這標誌著多年成長機會的開始。

In June of 2025, we announced the acquisition of BYQLOVI from Formosa Pharmaceuticals. I'm particularly excited about BYQLOVI, an FDA-approved steroid indicated for the treatment of inflammation and pain after ocular surgery.

2025年6月，我們宣布從台塑製藥收購BYQLOVI。我對 BYQLOVI 特別感興趣，這是一種經 FDA 批准的類固醇，用於治療眼科手術後的發炎和疼痛。

And it's the first novel steroid introduced to the US market in over a decade. BYQLOVI is a highly potent next-generation therapy, and it's the only FDA-approved ocular steroid formulated with clobetasol, delivering robust clinical efficacy supported by a well-established safety profile.

這是十多年來第一個引進美國市場的新型類固醇。BYQLOVI 是一種高效的下一代療法，它是唯一獲得 FDA 批准的含有氯倍他索的眼部類固醇，具有強大的臨床療效，並有完善的安全性支持。

From a clinician's perspective, the typical risks associated with ophthalmic corticosteroids includes increased intraocular pressure or IOP. And in this case, the resultant IOP increase was only 1.4% of the population exposed to the product during pivotal clinical studies.

從臨床醫生的角度來看，眼科皮質類固醇的典型風險包括眼部升高或眼壓升高。在這種情況下，在關鍵臨床研究中，接觸該產品的人群中眼壓升高的僅佔 1.4%。

The incidence of increased IOP was substantially higher with products such as DEXTENZA and others, all comprised of less potent corticosteroids than BYQLOVI, but with a higher risk profile. BYQLOVI also has longer duration of action, allowing for reduced frequency of administration, in this case, twice daily versus 4 times daily.

使用 DEXTENZA 等產品時，眼壓升高的發生率明顯較高，這些產品所含的皮質類固醇效力均低於 BYQLOVI，但風險較高。BYQLOVI 的作用時間也更長，從而可以減少給藥頻率，在這種情況下，每天兩次而不是每天四次。

And in the ophthalmic market, when a product is to be administered 4 times daily, it's typically every four hours while awake, which could pose significant compliance issues. Therefore, we believe BYQLOVI may offer important patient compliance features.

在眼科市場，當產品每天需要使用四次時，通常是在清醒時每四小時使用一次，這可能會帶來嚴重的依從性問題。因此，我們相信 BYQLOVI 可能提供重要的患者依從性功能。

Finally, in terms of efficacy, both in terms of the percent of responders to full pain relief at the earliest regulatory time point of four days postop and in terms of complete clearance of inflammation post-op four days, BYQLOVI performed better than all other approved products for the same indication in the US.

最後，就療效而言，無論是以術後四天最早監管時間點完全緩解疼痛的反應者百分比，還是以術後四天炎症完全清除的比例，BYQLOVI 的表現都優於美國所有其他針對相同適應症獲批的產品。

While this assessment is not based on head-to-head studies, it's based on a cross comparison between approved product labels. With over 7 million ophthalmic surgeries performed annually in the US and a wide range of additional clinical applications for topical steroids, we see a substantial market opportunity ahead, and I'm confident our commercial team is well equipped to drive strong adoption of this differentiated product. We expect to launch BYQLOVI in the first quarter of 2026.

雖然該評估並非基於面對面的研究，而是基於對已批准產品標籤的交叉比較。美國每年進行超過 700 萬例眼科手術，局部類固醇還有廣泛的臨床應用，我們看到了巨大的市場機會，我相信我們的商業團隊有能力推動這種差異化產品的大力推廣。我們預計將於 2026 年第一季推出 BYQLOVI。

I'm encouraged to see both IHEEZO's revenue and unit volumes return to near fourth quarter 2024 levels, a period that benefited from increased stocking, showing clear signs of momentum and growing market share. The second quarter showed new account growth and deeper utilization within existing practices with 25% growth in unit volume over the first quarter of 2025.

我很高興看到 IHEEZO 的收入和銷售都回升至 2024 年第四季度的水平，這段時期受益於庫存增加，顯示出明顯的成長勢頭和市場份額增長的跡象。第二季度，新帳戶數量有所成長，現有業務的使用率也有所提高，單位數量比 2025 年第一季成長了 25%。

This surge in demand is being fueled by strong momentum from our retina pivot strategy and expanded distribution through new GPO relationships. This expansion led to the addition of 19 new accounts during the period, all of which were retina practices, underscoring the targeted success of our strategic focus and IHEEZO's growing adoption in this critical specialty.

需求激增的動力來自於我們的視網膜樞紐策略和透過新的 GPO 關係擴大分銷的強勁勢頭。此次擴張導致在此期間增加了 19 個新帳戶，所有帳戶均為視網膜實踐，凸顯了我們的策略重點的目標成功以及 IHEEZO 在這一關鍵專業領域的日益普及。

Notably, IHEEZO volume grew 33% quarter over quarter within the largest retina GPO, which represents approximately 70% of the retina market. Overall, distributor shipment volume for IHEEZO increased by an impressive 170% in Q2 compared to Q1 of 2025, underscoring the strong and accelerating demand we're seeing.

值得注意的是，在最大的視網膜 GPO 中，IHEEZO 的銷售量較上季成長了 33%，約佔視網膜市場的 70%。總體而言，與 2025 年第一季相比，第二季 IHEEZO 經銷商的出貨量成長了 170%，凸顯了我們所看到的強勁且不斷加速的需求。

IHEEZO currently enjoys broad coverage with better than 81% of commercial and government payers providing reimbursement. Our data indicates that only 3% of IHEEZO claims are categorized as not covered and only 4% require prior authorization, amazing coverage data.

IHEEZO 目前享有廣泛的覆蓋範圍，超過 81% 的商業和政府付款人提供報銷。我們的數據表明，只有 3% 的 IHEEZO 索賠被歸類為未涵蓋，只有 4% 需要事先授權，覆蓋數據令人驚嘆。

In response to the strong access position, I recently developed the IHEEZO for All strategy, an initiative focused on expanding IHEEZO utilization and retina procedures across both existing and new accounts with the goal of driving near-term sales growth.

為了應對強大的訪問地位，我最近制定了 IHEEZO for All 策略，該計劃專注於擴大現有和新帳戶的 IHEEZO 利用率和視網膜程序，目標是推動近期銷售成長。

Now with all four major GPOs on board, and strong clinical synergy between IHEEZO, TRIESENCE and eventually our new anti-VEGF products, BYOOVIZ and OPUVIZ, I believe IHEEZO's growth is just beginning. These are still early days in its launch, but with four differentiated and highly complementary therapies in Harrow's portfolio and a proven commercial team to execute our strategy, I expect IHEEZO is entering a new phase of accelerated growth.

現在，隨著四大 GPO 的加入，以及 IHEEZO、TRIESENCE 以及我們最終推出的新型抗 VEGF 產品 BYOOVIZ 和 OPUVIZ 之間強大的臨床協同作用，我相信 IHEEZO 的增長才剛剛開始。該藥物的推出仍處於初期階段，但憑藉 Harrow 的產品組合中的四種差異化和高度互補的療法以及一支經驗豐富的商業團隊來執行我們的策略，我預計 IHEEZO 將進入加速成長的新階段。

By the way, so far in the early days of the third quarter, we've already eclipsed the number of new IHEEZO account starts achieved in the entirety of the second quarter, with all of our new accounts being retina practices. TRIESENCE is gaining strong traction within the retina community with accelerating volumes and growing market share.

順便說一句，到目前為止，在第三季度初期，我們新開設的 IHEEZO 帳戶數量已經超過了整個第二季度實現的數量，而且我們所有的新帳戶都是視網膜實踐。TRIESENCE 在視網膜領域獲得了強勁的發展，其銷售和市場份額不斷增長。

Year-to-date, TRIESENCE added 870 new accounts, and achieved 32% quarter-over-quarter growth. TRIESENCE has also achieved 84% coverage with only 8% of claims requiring prior authorization and a mere 3% of documented claims being returned as uncovered. This is near completely pervasive coverage.

今年迄今，TRIESENCE 新增了 870 個帳戶，較上季成長 32%。TRIESENCE 還實現了 84% 的覆蓋率，其中只有 8% 的索賠需要事先授權，僅有 3% 的記錄索賠因未覆蓋而被退回。這幾乎是完全普及的報道。

Our go-to-market strategy with TRIESENCE is showing clear signs of momentum in the early days of our relaunch. Now that we have all the necessary buy-and-bill commercial infrastructure in place, we'll be expanding its use into the ocular inflammation market, such as cataract surgery, the largest market opportunity for TRIESENCE and the one that we have not marketed into to date.

我們與 TRIESENCE 合作的行銷策略在重新推出的初期就顯示出明顯的動能。現在我們已經擁有了所有必要的購買和計費商業基礎設施，我們將把它的用途擴展到眼部發炎市場，例如白內障手術，這是 TRIESENCE 最大的市場機會，也是我們迄今為止尚未進入的市場。

We recently hired Chad Brines to lead our Specialty Brands sales team, which includes TRIESENCE. One of Chad's chief responsibilities is to drive our strategic efforts with TRIESENCE in the ocular inflammation market. Chad has extensive experience selling buy-and-bill ophthalmic steroid products into this market, positioning them well to lead this critical initiative.

我們最近聘請了 Chad Brines 來領導我們的專業品牌銷售團隊，其中包括 TRIESENCE。Chad 的主要職責之一是推動我們與 TRIESENCE 在眼部發炎市場的策略合作。Chad 在向該市場銷售購買單式眼科類固醇產品方面擁有豐富的經驗，這使他們能夠很好地領導這項關鍵舉措。

Based on feedback from our physician customers, we believe these new go-to-market approaches will result in unit demand growth, which will begin to show in the fourth quarter and into 2026, especially as we move more resolutely into the ocular inflammation market.

根據我們醫生客戶的回饋，我們相信這些新的上市方式將導致單位需求成長，這將在第四季度和 2026 年開始顯現，特別是當我們更堅定地進入眼部發炎市場時。

I couldn't be more excited about the transaction we announced in July with Samsung Bioepis. We secured the exclusive US commercial rights to their biosimilars ophthalmology portfolio. That includes BYOOVIZ, an FDA-approved biosimilar referencing Lucentis and OPUVIZ, an FDA-approved biosimilar referencing EYLEA, two of the most widely used anti-VEGF therapies for retinal diseases. Importantly, both products have interchangeability status.

我對我們 7 月宣布的與三星 Bioepis 的交易感到非常興奮。我們獲得了其生物相似藥眼科產品組合在美國的獨家商業權利。其中包括 BYOOVIZ（一種 FDA 批准的參考 Lucentis 的生物仿製藥）和 OPUVIZ（一種 FDA 批准的參考 EYLEA 的生物仿製藥），這兩種都是治療視網膜疾病最廣泛使用的抗 VEGF 療法。重要的是，兩種產品具有可互換性。

These products will integrate seamlessly with our existing commercial infrastructure, and we expect to leverage our significant commercial flexibility to compete aggressively in this market.

這些產品將與我們現有的商業基礎設施無縫集成，我們希望利用我們強大的商業靈活性在這個市場上積極競爭。

By combining Harrow's deep retina expertise with Samsung's key learnings from its prior BYOOVIZ launch, we're uniquely positioned to refine our offering and compete effectively in this large, competitive and contested market. We look forward to sharing more about our upcoming commercial launch soon. ImprimisRx showed signs of sequential recovery following seasonal softness in Q1. April was a record month for the business and momentum continued throughout the quarter with steady growth across key product lines.

透過將 Harrow 的深厚視網膜專業知識與三星從先前 BYOOVIZ 推出中獲得的關鍵經驗相結合，我們擁有獨特的優勢來改進我們的產品，並在這個龐大、​​競爭激烈的市場中有效競爭。我們期待很快分享有關我們即將推出的商業產品的更多消息。ImprimisRx 在第一季經歷季節性疲軟之後，顯示出連續復甦的跡象。四月份是公司業務創紀錄的一個月，整個季度都保持了良好的發展勢頭，主要產品線均實現了穩步增長。

The team is driving several initiatives to enhance gross margins, drive revenue growth and improve operational efficiency. The business just continues to generate cash flow, contributing meaningful value to our stockholders.

該團隊正在推動多項舉措，以提高毛利率、推動收入成長並提高營運效率。業務持續產生現金流，為我們的股東貢獻有意義的價值。

To wrap up, Harrow is firmly in growth mode, and we're just at the beginning of an exciting journey. I couldn't be more energized by the incredible team we've assembled, the strategic products we've brought into our portfolio and the tremendous opportunities that lie ahead. The best is yet to come for Harrow.

總而言之，哈羅正處於穩定成長模式，我們才剛開始一段令人興奮的旅程。我們組成的優秀團隊、我們納入產品組合的策略產品以及未來的巨大機會讓我倍感振奮。哈羅公學的未來還很美好。

With the accelerating performance of VEVYE, TRIESENCE finally positioned to enter its largest market, IHEEZO hitting a growth stride and the recent addition of BYQLOVI and a robust pipeline of biosimilars on deck, not to mention our proven compounding business, ImprimisRx, we now cover the full spectrum of high-value ocular conditions.

隨著 VEVYE 業績的加速成長，TRIESENCE 終於準備好進入其最大的市場，IHEEZO 也取得了增長，最近又增加了 BYQLOVI，並擁有強大的生物仿製藥產品線，更不用說我們成熟的複合業務 ImprimisRx，我們現在可以覆蓋所有高價值眼部疾病。

Our nationwide GPO partnerships, specialty pharmacy reach and track record of commercial execution create powerful leverage. Each new launch accelerates uptake of the others by deepening our presence in surgical centers and retina practices and general ophthalmic practices and even in optometry offices.

我們遍布全國的 GPO 合作夥伴關係、專業藥房覆蓋範圍以及商業執行記錄創造了強大的影響力。每次新產品的推出都會加深我們在外科中心、視網膜診所、一般眼科診所甚至驗光室的影響力，加速其他產品的普及。

Combined with a seasoned leadership team, strong balance sheet, well-defined R&D roadmap and an active M&A strategy, our runway for growth is substantial. Simply put, we've assembled the right products, platforms and people to redefine what success looks like in the ophthalmic market and the most significant gains lie ahead.

憑藉著經驗豐富的領導團隊、強勁的資產負債表、明確的研發路線圖和積極的併購策略，我們的成長空間十分廣闊。簡而言之，我們匯集了合適的產品、平台和人才，重新定義眼科市場的成功，而最重要的效益就在前方。

With that, I'll turn it over to our operator to open the line for questions. Operator?

說完這些，我將把電話交給我們的接線員，以便開通問答熱線。操作員？

(Operator Instructions) Chase Knickerbocker, Craig-Hallum.

（操作員指示）Chase Knickerbocker，Craig-Hallum。

Good morning, guys. Thanks for taking the questions and congrats on the progress here. Mark, maybe just first on VEVYE. Can you help us a little bit with any business rule changes within there as you guys onboard Apollo Care, et cetera, as far as how we should be thinking about ASPs sequentially from here? Is it just normal seasonality where less co-pay assistance brings ASPs a little bit higher? Are there any other changes that you've made that you expect some sequential improvement to ASPs through the year?

大家早安。感謝您回答問題，並祝賀這裡的進展。馬克，也許只是 VEVYE 上的第一個。當你們加入 Apollo Care 等公司時，你能否幫助我們了解其中的業務規則變化，以及我們應該如何按順序考慮 ASP？這是否只是正常的季節性現象，即較少的共同支付援助會導致平均售價略高？您是否做出了其他改變，期望全年 ASP 能夠有所提升？

Thanks for the question, Chase. Yes. So on VEVYE ASP, I think a couple of things. One, in terms of new business rules going forward, we continue to tweak our algorithm, but it's really -- these are really minor things. At this point, the business rules are, I think, performing very well.

謝謝你的提問，Chase。是的。因此，關於 VEVYE ASP，我認為有幾件事。首先，就未來的新業務規則而言，我們將繼續調整我們的演算法，但實際上，這些都是小事。目前，我認為業務規則表現得非常好。

The reality, though, is that between Q1 and Q2, we needed to wash, if you will, all of the existing VEVYE patients through those new business rules for the VEVYE Access for All program.

但現實情況是，在第一季和第二季之間，我們需要透過 VEVYE Access for All 計畫的新業務規則，對所有現有的 VEVYE 患者進行清洗。

And what I mean by that is, at the beginning of the year, you had a lot of patients, especially with co-pay resets that were paying $300, $400, $500 out of pocket for VEVYE. And the reality is that many patients just can't afford that level of payment for a product like VEVYE or really any product for that matter.

我的意思是，今年年初，有很多患者，尤其是共同支付重置的患者，他們為 VEVYE 自掏腰包支付 300 美元、400 美元、500 美元。而現實情況是，許多患者根本無法負擔 VEVYE 之類的產品或任何其他產品的費用。

And what the VEVYE Access for All program allowed those patients to do is to continue to stay on therapy and to be able to access the product at a much lower cost. Those are patients we probably would have lost anyway. But the bottom line is that as we got through Q2 and certainly now in Q3 with the existing business rules, we're really seeing what the ASP should look like.

VEVYE 全民健保計畫讓這些患者能夠繼續接受治療，並且能夠以更低的成本獲得產品。無論如何，我們可能都會失去這些病人。但最重要的是，隨著我們度過第二季度，當然現在進入第三季度，按照現有的業務規則，我們真正看到了 ASP 應該是什麼樣子。

Now with Apollo Care, we have been losing patients. So we have patients that have coverage, but that are not able to use their coverage because the plan may have not been contracted with our existing pharmacy provider. And with this expansion of the network, we should be able to capture many more high-value patients into the overall ASP calculation.

現在有了 Apollo Care，我們卻不斷失去患者。因此，我們有一些患者有保險，但無法使用他們的保險，因為該計劃可能尚未與我們現有的藥房提供者簽訂合約。隨著網路的擴展，我們應該能夠將更多高價值患者納入整體 ASP 計算中。

So we're thinking that certainly by the end of the year, we should see, as I said, a bias upward in terms of ASP, but we're also very confident that from here, given the fact that all of those existing patients have washed through these business rules that we do have stability to our ASP.

因此，我們認為，到今年年底，我們肯定會看到，正如我所說的，平均銷售價格會有所上升，但我們也非常有信心，從現在開始，考慮到所有現有患者都已通過這些業務規則，我們的平均銷售價格確實會保持穩定。

Got it. And maybe just on the biosimilars we expect that we're going to get an Analyst Day in September. But any thoughts as far as contribution to the model in '26 and '27 because some of these biosimilar launches can be pretty quick uptake considering their existing markets. So any thoughts on particularly the LUCENTIS biosimilar as we think about '26 and '27?

知道了。也許只是就生物相似藥而言，我們預計我們將在九月舉辦分析師日。但對於 26 年和 27 年模型的貢獻，您有何想法？因為考慮到現有市場，其中一些生物相似藥的推出可以很快被接受。那麼，當我們考慮 26 年和 27 年時，您對 LUCENTIS 生物相似藥有什麼看法？

Well, we're still working -- by the way, I've done a lot of talking so far. So I'm very excited about the Samsung portfolio, but there's one person who's even more excited than me, and that's Andrew. So I'm going to let him take that question.

嗯，我們還在努力——順便說一句，到目前為止我已經說了很多了。所以我對三星的產品組合感到非常興奮，但有一個人比我更興奮，那就是安德魯。所以我會讓他回答這個問題。

Hey, Chase. Thanks, Mark. Like Mark said, I'm really, really excited about the biosimilar portfolio. Samsung is a leader in biosimilars and Harrow is, we think, a leader in ophthalmology. And definitely, we have a vision of being one of the top ophthalmology company -- ophthalmology pharma companies in the US, and we see this really as a perfect marriage between the two companies. I think in regards to contribution in '26, our hope is that we'll be able to launch BYOOVIZ in 2026 with having an immediate uptick in product demand for that product, there's an existing market for it.

嘿，蔡斯。謝謝，馬克。正如馬克所說，我對生物相似藥產品組合真的非常興奮。我們認為，三星是生物相似藥領域的領導者，而哈羅則是眼科領域的領導者。毫無疑問，我們的願景是成為美國頂尖的眼科公司之一——眼科製藥公司，我們認為這是兩家公司之間的完美結合。我認為，就 2026 年的貢獻而言，我們希望能夠在 2026 年推出 BYOOVIZ，並且該產品的需求會立即上升，因為它有一個現有的市場。

We've got a great strategy, go-to-market strategy. There's not a whole lot we can talk about right now as we're working through this transition period with Samsung and their prior partner. But I think once we are through this transition period, we can talk a little bit more and be more specific about timing of that launch or relaunch and also the other biosimilar in the portfolio.

我們有一個很好的策略，即市場進入策略。由於我們正在與三星及其之前的合作夥伴一起度過這個過渡期，因此我們現在不能談論太多。但我認為，一旦我們度過這個過渡期，我們就可以進行更多討論，更具體地說明推出或重新推出的時間以及產品組合中的其他生物相似藥。

But I want to reiterate, I think out of all the deals we've done, this one is probably one of the ones I'm most excited about. It's incredibly synergistic, fits right into the commercial infrastructure, fits right into the relationships we have on the retina side.

但我想重申，我認為在我們完成的所有交易中，這筆交易可能是我最興奮的交易之一。它具有令人難以置信的協同作用，完美契合商業基礎設施，完美契合我們在視網膜方面的關係。

And it fits really well with IHEEZO and with some of the other buy-and-bill products, and so we get a ton of leverage with the product. We know where these products are being used. We have relationships with those customers already. And I think it's going to be a lot of -- it will be a really pleasant upside for a lot of investors and people looking at the long-term value of the company.

它與 IHEEZO 以及其他一些買單產品非常契合，因此我們可以從該產品中獲得大量槓桿。我們知道這些產品的用途在哪裡。我們已經與這些客戶建立了關係。我認為這將會帶來很大的好處——對於許多投資者和關注公司長期價值的人來說，這將是一個非常令人愉快的好處。

Steve Seedhouse, Cantor.

史蒂夫‧西德豪斯 (Steve Seedhouse)，領唱。

Good morning. Thanks so much. First question, I just want to ask about the growth in new prescriptions in the second quarter for VEVYE. How much of that was driven by Klarity-C switchers? And are you largely through any expected bolus of patients from Klarity-C now?

早安.非常感謝。第一個問題，我只想問 VEVYE 第二季新處方的成長情況。其中有多少是由 Klarity-C 轉換器推動的？現在您對 Klarity-C 的預期患者推注量大致如此嗎？

And then just second part of that question, you mentioned you're cautious about growing too much faster for the remainder of the year for VEVYE in your stockholder letter. I'm just wondering how much growth would slow naturally from the Klarity-C patient bolus unwinding? Or are you also expecting a slowing of the organic growth ex Klarity-C?

然後就是這個問題的第二部分，您在致股東的信中提到，您對 VEVYE 今年剩餘時間內的成長速度過快持謹慎態度。我只是想知道 Klarity-C 患者推注劑解開後，生長會自然減緩多少？或者您也預期 Klarity-C 的自然成長將會放緩？

Hey. Thanks for that question, Steve. I'm going to -- I'll tell you just straight up how many units came from Klarity-C. It was about 7,000 or so during the period. And in terms of those patients falling off, those patients typically have been as loyal, I think, refillers or even more loyal than the VEVYE experience that we've seen so far.

嘿。謝謝你的提問，史蒂夫。我將—我會直接告訴你有多少單位來自 Klarity-C。期間大概有7000左右。至於那些失去的患者，我認為這些患者的忠誠度通常與我們迄今為止所看到的 VEVYE 體驗中的一樣高，甚至更加忠誠。

The other thing that I would mention that I think you're hitting on, which is true, and I alluded to this a little bit in the stockholder letter is that we really didn't count on VEVYE taking off in the way that it did in terms of our forecasting, in terms of our production with our supply chain partners.

我想提到的另一件事是，我認為你提到了這一點，這是事實，我在致股東的信中也提到了這一點，那就是就我們的預測和與供應鏈合作夥伴的生產而言，我們真的沒有指望 VEVYE 能以這種方式騰飛。

And I don't want to say that we got caught flat-footed. These are very luxurious problems to have. But we had purposely, I would say, not poured gasoline onto the VEVYE fire with intention because we really -- we want to make sure that if an existing patient needs VEVYE or if an NRx comes in that we can supply the market. I think over the next couple of months, we're going to have far greater clarity in terms of acceptable levels of safety stock with VEVYE.

我不想說我們措手不及。這些都是非常奢侈的問題。但我想說，我們故意沒有給 VEVYE 火上澆油，因為我們真的——我們想確保如果現有患者需要 VEVYE 或 NRx 上市，我們可以供應市場。我認為在接下來的幾個月裡，我們將對 VEVYE 可接受的安全庫存水準有更清晰的認識。

And as I said in the stockholder letter, because every unit of VEVYE is -- nearly every unit is profitable, we feel really confident in entering a new investment cycle and dramatically hopefully taking additional market share, probably starting that process at the end of the year and really setting us up well for 2026.

正如我在致股東信中所說，由於 VEVYE 的每個部門——幾乎每個部門——都是盈利的，我們對進入新的投資週期充滿信心，並有望大幅增加市場份額，可能在年底開始這一進程，並為 2026 年做好準備。

All right. Thanks for the color on that, Mark. And just I wanted to also follow up on the Specialty Branded and TRIESENCE segment. So the guidance here, obviously, is pretty assertive, I mean, like more than a 7x increase half-over-half from $6 million to the incremental $44 million. And I know you mentioned the ocular inflammation market, but you did say that, that would kick in, in force in fourth quarter. So I guess what are the expectations for third quarter? And what other assumptions are you making there to grow revenue so acutely in that segment really in fourth quarter, it sounds like?

好的。謝謝你的解釋，馬克。我也想跟進一下 Specialty Branded 和 TRIESENCE 部分。因此，這裡的指導顯然是相當積極的，我的意思是，從 600 萬美元到增量的 4400 萬美元，增長了 7 倍以上。我知道您提到了眼部發炎市場，但您確實說過，該市場將在第四季度強勢啟動。那我猜對第三季的預期是什麼？那麼，您還做出了哪些其他假設，使得該部門第四季度的收入大幅成長？

Yes. So I would say that the ex TRIESENCE products from that basket has not performed to the levels that we expect. We are seeing a rebound. And we need to, I would say, and we expect to probably double the revenue levels of those ex TRIESENCE products certainly by the end of the year. We think that's achievable.

是的。所以我想說，該籃子中的 TRIESENCE 產品的表現並未達到我們預期的水平。我們正在看到反彈。我想說，我們需要這樣做，而且我們預計到今年年底，這些前 TRIESENCE 產品的收入水平可能會翻倍。我們認為這是可以實現的。

But what -- really what is not baked in, I think, is TRIESENCE revenue. There is a reasonably decent WACC price there.

但我認為，真正沒有被納入考慮的是 TRIESENCE 的收入。那裡的 WACC 價格相當不錯。

I covered the coverage levels in the opening remarks and in the stockholder letter. There is pervasive coverage for TRIESENCE. And without going into a whole lot of detail, we don't need to capture a whole lot of market share, for example, in the postsurgical ocular inflammation market in order to hit those numbers.

我在開場白和股東信中介紹了覆蓋範圍。TRIESENCE 的報導十分廣泛。無需贅述，我們不需要佔領大量的市場份額，例如在術後眼部發炎市場，就能達到這些數字。

But you're right, we do need some things to go our way. We've got new leadership helping us drive value for that part of our portfolio. And we have work to do, to be clear.

但你說得對，我們確實需要一些事情來按照我們的意願進行。我們有新的領導階層幫助我們提高投資組合中這一部分的價值。明確地說，我們還有很多工作要做。

But when we look at the math, we think it's achievable. We're also seeing meaningful improvement in TRIESENCE in the retina market actually in the third quarter. And I think I alluded to that both in the stockholder letter and the prepared remarks. So TRIESENCE is on the upswing. It really is.

但當我們從數學角度考慮時，我們認為這是可以實現的。實際上，在第三季度，我們也看到 TRIESENCE 在視網膜市場取得了顯著的改善。我想我在致股東的信和準備好的評論中都提到了這一點。因此，TRIESENCE 正處於上升期。確實如此。

We have great coverage, same with IHEEZO, frankly. IHEEZO is probably more set up to exceed. And I think we can get there with TRIESENCE. It is going to be a challenge, though.

坦白說，我們的報導很廣泛，與 IHEEZO 一樣。IHEEZO 可能更有能力超越。我認為我們可以透過 TRIESENCE 實現這一目標。但這將是一個挑戰。

Mayank Mamtani, B. Riley Securities.

Mayank Mamtani，B. Riley 證券。

Good morning. Thanks for taking our questions and congrats on the progress. My two questions are a follow-up to the comments you had, Mark, earlier. So on the stabilizing of ASP, you imply that the net price is reset at where you've been in 2Q. Is that -- just to confirm, is that the case that you expect that to be sustained at the levels that you found yourself in 2Q?

早安.感謝您回答我們的問題，並祝賀取得的進展。我的兩個問題是針對你之前的評論的，馬克。因此，關於平均售價的穩定，您暗示淨價格將重置在第二季的水平。只是為了確認一下，您是否預計這種情況會維持在第二季的水平？

And then how much do you anticipate the unit volume to expand, particularly driven by new patient starts so that I'm thinking longer term, if your peak sales assumption isn't materially altered? And then I have a follow-up.

那麼，如果您的峰值銷售假設沒有發生實質改變，您預計單位銷售會擴大多少，特別是受新患者開始的推動，所以我考慮的是長期銷售？然後我有一個後續問題。

Yeah. So in terms of the ASP for VEVYE, we are comfortable with the current levels of ASP for the product. As I said, I think that we should see a bias to ASP possibly improving certainly by the end of the year. That's going to be bolstered by improved coverage and really this overall ratio of higher paid claims versus lower-priced prescriptions.

是的。因此，就 VEVYE 的 ASP 而言，我們對產品的當前 ASP 水準感到滿意。正如我所說，我認為我們應該看到對 ASP 的偏見可能在年底前肯定會改善。這將透過擴大覆蓋範圍以及高額賠償與低價處方的整體比例來加強。

So all in all, though, I mean -- and I think we've talked about this in the past, it's really about the average for us. We're going to get some units that we make a lot of money on or more money on and some that we make very little money on.

總而言之，我想我們過去已經討論過這個問題，這對我們來說實際上只是平均值。我們將收購一些能為我們帶來大量或更多利潤的部門，以及一些能為我們帶來很少利潤的部門。

But the average is very acceptable. In fact, the current average is in excess of where we were certainly in 2024, and it's significantly ahead of what we had planned for prelaunch. So we're actually very happy with where we are with ASP. And I think as it does improve, and I do believe it will improve, we're seeing signs of that. I think we'll be in good shape on the ASP side.

但平均值還是可以接受的。事實上，目前的平均水平已經超過了我們 2024 年的水平，並且大大超出了我們之前製定的計劃。因此，我們對 ASP 的現狀非常滿意。我認為隨著情況的改善，而且我確實相信情況會改善，我們已經看到了這種跡象。我認為我們在 ASP 方面會表現良好。

In terms of growth, I see the weekly prescriptions come in. It's one of the cool things about working with these specialty pharmacies. I can literally monitor the prescriptions. And sometimes I do hour by hour. It's like watching a ticker tape, frankly.

就成長而言，我看到每週的處方都在增加。這是與這些專業藥房合作的很酷的事情之一。我實際上可以監控處方。有時我會逐小時進行。坦白說，這就像觀看股票行情紙帶一樣。

You see the prescriptions come in. And we're doing really well on the NRx side of things. Those NRxs are not yielding even in the midst of the summer -- a summer lull typically that you see with people going on vacation, patients going on vacations and prescribers we're still seeing those NRxs come in, which is terrific.

你會看到處方進來了。我們在 NRx 方面做得非常好。即使在夏季中旬，這些 NRx 也沒有產生收益 - 通常情況下，夏季是淡季，人們去度假，患者去度假，開處方者也去度假，但我們仍然看到這些 NRx 進來，這太棒了。

And by the way, we have a very modest sales organization. We have not -- as I said to Steve earlier, we have not invested heavily as we intend to or more heavily into that organization. Once we shore up supply and get really comfortable with our safety stock and make those investments, I think you're going to see many years of growth.

順便說一下，我們的銷售組織規模非常小。正如我之前對史蒂夫所說的那樣，我們並沒有像我們計劃的那樣對該組織進行大量或更多的投入。一旦我們鞏固了供應，對我們的安全庫存感到滿意，並進行了這些投資，我認為你將會看到多年的成長。

I think I've said to other investors, I mean, we're going to have many, many years of growth with VEVYE. We don't see that yielding. And we're in a really good place with VEVYE.

我想我已經對其他投資者說過，我的意思是，我們將與 VEVYE 一起實現多年的成長。我們認為這不會有任何進展。我們與 VEVYE 的關係非常好。

Understood. And also would be helpful to hear a bit more on the IHEEZO end of 2Q stocking dynamic, how similar or different it is to what we saw back in 4Q? I understand that was end of year. And if there's any other stocking dynamic we need to be aware of for any other branded products. Thanks for taking the question.

明白了。另外，如果能多了解 IHEEZO 第二季末的庫存動態，與我們在第四季看到的情況有何相似或不同，那將會很有幫助。我知道那是年底了。如果有任何其他庫存動態，我們需要了解其他品牌產品的情況。感謝您回答這個問題。

Yeah, I would say that no concern on additional products in terms of the stocking dynamic. But I will say this with IHEEZO, I just -- and I said this in the letter to stockholders, I returned from the ASRS meeting in Long Beach, California. And I remember when we acquired the product, we did some advisory board meetings, and I remember doctors saying, what do I need this for?

是的，我想說，就庫存動態而言，無需擔心額外的產品。但我將在 IHEEZO 上這樣說，我只是 - 我在給股東的信中說過，我從加州長灘的 ASRS 會議回來。我記得當我們收購該產品時，我們召開了一些顧問委員會會議，我記得醫生們說，我需要這個做什麼？

What I'm doing is okay. And I gave them my analogies of really loving my BlackBerry until I ultimately got the iPhone and that what they were doing in terms of their anesthesia protocol for intravitreal injections as an example, in many cases, is not an efficient process.

我做的沒什麼問題。我給他們打了個比方，我非常喜歡我的黑莓手機，直到我最終買了 iPhone，而他們在玻璃體內注射麻醉方案方面的做法，在很多情況下並不是一個有效的過程。

It costs them not only in terms of supplies and materials, but more important for them, their time. And with one dose being required in order to anesthetize an eye for, for example, an intravitreal injection, IHEEZO just adds tremendous value to these practices.

他們不僅要花費物資和材料，更重要的是，還要花時間。例如，玻璃體內注射時，只需一劑就可以麻醉一隻眼睛，IHEEZO 為這些實踐增添了巨大的價值。

And when I went to this ASRS meeting, I really saw this thing catching on. It was clear. The looks that we were getting when we initially were going to market were pronounced and the reception that we're now receiving for whatever reason, maybe it's the Samsung deal, maybe it's now people -- more and more offices getting access to TRIESENCE, the great coverage that we have.

當我參加這次 ASRS 會議時，我確實看到這個東西正在流行起來。很清楚。當我們最初將產品推向市場時，我們得到的關注是顯而易見的，現在我們也受到了歡迎，無論出於什麼原因，也許是與三星的交易，也許是現在人們——越來越多的辦公室開始使用 TRIESENCE，以及​​我們擁有的廣泛覆蓋範圍。

It is a different ball game. And more and more accounts are adopting IHEEZO, they're open to IHEEZO. They're seeing the benefits of this product. And this is one where I think there's really nice upside based on the guidance that we gave earlier this year. So we're excited about IHEEZO for the balance of the year.

這是完全不同的一場比賽。而越來越多的帳戶正在採用 IHEEZO，他們對 IHEEZO 持開放態度。他們看到了該產品的好處。根據我們今年早些時候給出的指導，我認為這確實有很大的上升空間。因此，我們對 IHEEZO 今年的剩餘時間感到很興奮。

And really, once again, we still have a very, very small percentage of the overall number of intravitreal injections that use IHEEZO. So a lot of upside. And we have a great leadership team selling that product.

事實上，再說一次，使用 IHEEZO 的玻璃體內注射只佔總注射量非常小的比例。因此有很多好處。我們擁有一支出色的領導團隊來銷售該產品。

Tom Shrader, BTIG.

BTIG 的湯姆·施拉德 (Tom Shrader)。

Good morning. Thanks for all the details. A little bit on the difference between the two specialty pharmas for you. Is Apollo better for you because they're more integrated with existing plans? And can you steer patients that way? And IHEEZO for All, is that -- are you making it easy for people to try IHEEZO so we may have some average selling price swings for IHEEZO in the short term with the hope of growth down the road? Thank you.

早安.感謝您提供所有詳細資訊。稍微向您介紹一下這兩家專科製藥公司之間的差異。Apollo 對您是否更有利，因為它們與現有計劃的整合度更高？你能用這種方式指導病人嗎？那麼 IHEEZO for All 是否——您是否讓人們可以輕鬆嘗試 IHEEZO，以便我們在短期內可以對 IHEEZO 的平均售價進行一些波動，並希望未來能夠實現增長？謝謝。

Thanks, Tom. Yes. So in terms of the difference between Phil and Apollo Care, Phil is very well known, I think, within ophthalmic practices and even optometric offices in the United States. So a lot of the offices are very familiar with the Phil platform. We use Apollo Care as a co-pay card vendor.

謝謝，湯姆。是的。因此，就 Phil 和 Apollo Care 之間的區別而言，我認為 Phil 在美國眼科診所甚至驗光辦公室中都非常有名。因此，很多辦公室都非常熟悉 Phil 平台。我們使用 Apollo Care 作為共同支付卡供應商。

And so they also are once again very, I think, well known within the ophthalmic market. And now they're expanding into the specialty pharmacy market.

因此，我認為他們在眼科市場上也再次非常知名。現在他們正在向專業藥房市場擴張。

So the thing that they offer us, as I said earlier, is that they have contracted with so many plans. And we have seen in terms of how we manage ASP literally day-to-day and certainly week-to-week that we get prescriptions in that could be covered by, for example, a commercial policy, but that ultimately become $59 prescriptions, because Phil, for example, may not be contracted with that plan.

正如我之前所說，他們向我們提供的是他們已經簽訂了許多計劃的合約。我們從日常和每週管理 ASP 的方式中看到，我們收到的處方本來可以透過商業保險覆蓋，但最終變成了 59 美元的處方，因為 Phil 可能沒有與該計劃簽約。

And so for us, this is an opportunity, I think, to capture more commercial covered prescriptions through Apollo Care. And as I said, that's one of the reasons -- and there are a few other reasons why we think ASP is stable and has a bias towards improving.

因此，我認為，對我們來說，這是一個透過 Apollo Care 獲得更多商業承保處方的機會。正如我所說，這是原因之一——還有其他一些原因讓我們認為 ASP 穩定並且有改善的趨勢。

In terms of IHEEZO for All, the point of IHEEZO for All is that we believe every patient who can benefit from IHEEZO should have access to it. And I think there has been a misnomer within even some of our customers that they need to pick and choose patients.

就 IHEEZO for All 而言，IHEEZO for All 的重點在於，我們相信每個可以從 IHEEZO 中受益的患者都應該能夠使用它。我認為，甚至我們的一些客戶也存在一種誤解，認為他們需要挑選病人。

That IHEEZO should only be used for a fee-for-service patient or that they need to really do a deep dive into a benefits investigation before using IHEEZO. And we have such a powerful message in terms of coverage. It is really, I think, coverage that any product would envy.

IHEEZO 應該只用於按服務收費的患者，或者他們在使用 IHEEZO 之前需要進行深入的福利調查。從報道角度來看，我們傳達了非常強烈的訊息。我認為，它的覆蓋範圍確實令任何產品都羨慕不已。

And when we spread that message and let our physician customers know that they can actually use IHEEZO for All of their intravitreal injections and that there's no reason to pick and choose. That's really what this program is about. So it's about greater depth within existing accounts.

當我們傳播這一訊息並讓我們的醫生客戶知道他們實際上可以使用 IHEEZO 進行所有玻璃體內注射並且沒有理由挑選時。這才是該計劃的真正目的。因此，這是為了擴大現有帳戶的深度。

And as I think that message gets spread in terms of not only the experience of what their colleagues are having with IHEEZO, but the value that it offers these practices, we'll have more and more new account starts. And that's what we're seeing in the third quarter, by the way.

我認為，隨著這一訊息的傳播，不僅是他們的同事使用 IHEEZO 的體驗，而且它為這些實踐提供的價值，我們將會有越來越多的新帳戶開始。順便說一句，這就是我們在第三季度看到的情況。

As I said, I think just after early into August, we'd already eclipsed the number of new account starts for IHEEZO than we had in the entirety of the second quarter.

正如我所說，我認為剛過 8 月初，IHEEZO 的新帳戶數量就已經超過了整個第二季的新帳戶數量。

So more than free drug, it's help showing that they can get it covered?

那麼，這不僅免費提供藥物，還能幫助他們獲得保障嗎？

Yeah, it's not -- yeah, it's not about free drug. It's about reimbursement confidence. It's about confidence of coverage. I don't think that these practices know how pervasive our coverage is for TRIESENCE for IHEEZO and even we're seeing improved coverage for VEVYE. So coverage is our friend with those products. It's their friend with those products, and we're spreading that message.

是的，這不是——是的，這與免費藥物無關。這關乎償還信心。這關乎報道的信心。我認為這些做法不知道我們對 TRIESENCE 和 IHEEZO 的覆蓋範圍有多麼廣泛，甚至我們看到對 VEVYE 的覆蓋範圍有所改善。因此，覆蓋範圍是我們使用這些產品的好幫手。這些產品是他們的朋友，我們正在傳播這個訊息。

Great. Thank you.

偉大的。謝謝。

Lachlan Hanbury-Brown, William Blair.

拉克蘭·漢伯里·布朗，威廉·布萊爾。

Hey, guys. Thanks for taking the questions. I guess VEVYE is the number-one prescribed product per prescriber in dry eye, does that performance warrant more investment in the commercial team or the infrastructure to increase that? Or how do you expand that to add new prescribers? I know you talked about investing in it once you've secured supply, but can you elaborate on maybe what that looks like?

嘿，大家好。感謝您回答這些問題。我猜 VEVYE 是每位處方醫生開出的治療乾眼症的首選產品，這種性能是否值得在商業團隊或基礎設施上進行更多投資來提高其性能？或者您如何擴展它來添加新的處方者？我知道您談到一旦確保供應就會對其進行投資，但您能詳細說明一下具體情況嗎？

There are parts of the country where if you go to talk to an ophthalmologist or an optometrist, they don't even know about VEVYE. Many of them have not even heard of VEVYE. We don't have feet on the street. We haven't done a lot of marketing into many communities across the country, significant communities. And we need to be there.

在該國的一些地區，如果你去諮詢眼科醫生或驗光師，他們甚至不知道 VEVYE。他們中的許多人甚至沒有聽說過VEVYE。我們沒有在街上露面。我們還沒有在全國許多社區、重要社區進行大量行銷。我們需要去那裡。

And we're not there because we haven't invested, I think, in feet on the street and in marketing, but that's been because we're a little bit wary of pouring fuel onto the VEVYE fire, as I said earlier. We have got to get sufficient safety stock of this product consistent with our forecast and the new forecast that we have. All of that said, though, we have sufficient supply.

我們之所以沒有做到這一點，是因為我們沒有在實地研究和行銷方面進行投資，但這是因為我們有點擔心會給 VEVYE 火上澆油，就像我之前說的那樣。我們必須根據我們的預測和新的預測來獲得足夠的該產品安全庫存。儘管如此，我們的供應仍然充足。

I mean, if we sell and we very well likely may sell all of what we have, certainly for this year, our stockholders are going to be very, very happy. So we are in great shape certainly through the end of the year. And then as I said, we're setting up well from a supply chain side to be able to supply the market, I think, more robustly into 2026 and beyond.

我的意思是，如果我們出售（而且我們很可能會出售我們擁有的所有資產），那麼就今年而言，我們的股東肯定會非常非常高興。因此，到今年年底我們的狀態肯定很好。正如我所說，我們正在從供應鏈方面做好充分準備，以便能夠在 2026 年及以後更強勁地供應市場。

That is going to allow us and if someone like Andrew, who's a pretty conservative person is going to say, okay, now let's invest in VEVYE. We're making money on these prescriptions. We've got the access figured out. We know where we need to be. We know where those markets are that they really haven't heard of VEVYE or they're not prescribing it.

這將允許我們，如果像安德魯這樣的相當保守的人會說，好吧，現在讓我們投資 VEVYE。我們靠這些處方賺錢。我們已經找到了存取方法。我們知道我們需要去哪裡。我們知道這些市場在哪裡，他們真的沒有聽說過 VEVYE，或者他們沒有推薦它。

And as you alluded to, the data shows that when we capture a prescriber, when they start using VEVYE and they come in -- the patients come back and they say, wow, this product didn't burn. It didn't sting. I didn't get this weird taste in my mouth. I like this.

正如您所提到的，數據顯示，當我們捕獲到開處方者時，當他們開始使用 VEVYE 並進來時 - 患者回來後會說，哇，這個產品沒有燃燒。它沒有刺痛。我嘴裡沒有感覺到這種奇怪的味道。我喜歡這個。

Then the prescriber feels more comfortable using it on more and more of their patients. And as you said, it is the number one prescribed dry eye medication per prescriber. And we have a great clinical story to sell, and we've got to get our supply chain dialed in a little bit more robustly, and then we'll, I think, see even greater growth next year.

這樣，開藥者就會更放心地將其用於越來越多的患者。正如您所說，它是每位處方醫生開出的首選乾眼症藥物。我們有一個很棒的臨床故事可以推銷，我們必須讓我們的供應鏈更加穩健，然後我認為，明年我們會看到更大的成長。

Got it. Thanks. And then on the Apollo agreement, you said that expands your network and distribution. Can you give a sense of how much that expands the network or your distribution ability? Or is it more about that coverage element you were talking about earlier of having more of those commercial scripts covered than it is the physical distribution?

知道了。謝謝。然後關於阿波羅協議，您說這擴大了您的網路和分銷範圍。您能否說明一下這在多大程度上擴展了網絡或分銷能力？或者這更多的是關於您之前談到的覆蓋範圍，即覆蓋更多的商業腳本而不是實體分發？

Thank you for that, Lachlan. It's the latter and not the former. It is about getting scripts covered. We have said to our prescriber partners, listen, we're going to help you get access to VEVYE for the most difficult patients in your practice for patients with no insurance.

謝謝你，Lachlan。是後者，而不是前者。這是關於獲取腳本的內容。我們對我們的處方合作夥伴說，聽著，我們將幫助您為診所裡最難纏的、沒有保險的患者獲得 VEVYE 治療。

Patients that may not have means, we're going to partner with you and make sure that everybody in your practice who can benefit from this product will get access to it. And at the same time, as part of that, because they see the clinical benefits, they're also sending us the commercial scripts.

對於可能沒有能力的患者，我們將與您合作，並確保您診所中每個可以從該產品中受益的人都能使用該產品。同時，由於他們看到了臨床益處，他們也向我們發送了商業腳本。

As you said, we get more units per prescriber than any other medication. But the challenge for us in terms of delivering a sturdy ASP is to be able to take a commercial covered script and financially benefit from it. And the relationship with Apollo Care is going to help in that regard.

正如您所說，我們每位處方醫生獲得的藥物單位比任何其他藥物都多。但在提供堅固的 ASP 方面，我們面臨的挑戰是能夠採用商業覆蓋腳本並從中獲得經濟利益。與 Apollo Care 的合作關係將在這方面提供協助。

Jeffrey Cohen, Ladenburg Thalman & Company.

傑弗瑞‧科恩（Jeffrey Cohen），拉登堡泰爾曼公司（Ladenburg Thalman & Company）。

Hey. Good morning, Mark and Andrew. It's been brought up a couple of times, but I wanted to get back to it and hopefully, you can walk us through bit of information as far as specialty sales team out there that you have now and how you'd expect that to grow into back half of the year, Q3, Q4 and how that's helping on the awareness drive and education and actual number of feet on the street. Thanks.

嘿。早上好，馬克和安德魯。這個問題已經提過幾次了，但我想回到這個問題上，希望您能向我們介紹一下您現在的專業銷售團隊，以及您預計該團隊在下半年、第三季度、第四季度的增長情況，以及這對提高知名度、教育水平和實際的銷售量有何幫助。謝謝。

Thanks, Jeff. As I said, I don't think that we have done as well as we should have and could have with those non -- well, even TRIESENCE I would say. It's been a fairly slow launch. But the question is what is possible. And our expectation is that -- by the end of the year and very likely into the fourth quarter, we should see a revenue run rate that is consistent with where these products were when we took over them.

謝謝，傑夫。正如我所說的，我認為我們在處理這些非——好吧，甚至可以說是 TRIESENCE——方面做得還不夠好。這次發布進展相當緩慢。但問題在於，什麼才是可能的。我們的預期是——到今年年底，很可能是到第四季度，我們應該看到與我們接管這些產品時的收入運行率保持一致。

TRIESENCE is a totally different story. We do have very high -- I have very high hopes for that product. I'm particularly excited about entering the ocular inflammation market. I think it's a very, very big opportunity for us. It's a great product.

TRIESENCE 則是一個完全不同的故事。我們確實對該產品抱有很高的期望。我對進入眼部發炎市場感到特別興奮。我認為這對我們來說是一個非常大的機會。這是一個很棒的產品。

It's trusted. It's proprietary. But importantly, at the consumer level, it has a $37 co-payment. It is the lowest out-of-pocket cost at the consumer level of any product in the category.

這是值得信賴的。它是專有的。但重要的是，在消費者層面，它有 37 美元的共同支付。這是同類別產品中消費者自付費用最低的。

And so if you're a prescriber and you want to save your patients' money in terms of actual out-of-pocket cost at the consumer level on a month -- per month of therapy, it's certainly the lowest of any product in the category. So it offers tremendous value. That said, Chad is coming on. We're staffing him up. But I am going to -- and we are focused on that TRIESENCE opportunity.

因此，如果您是處方醫生，並且希望節省患者每月治療的實際自付費用（以消費者層面而言），那麼它肯定是同類產品中最低的。因此它具有巨大的價值。話雖如此，查德還是上場了。我們正在為他配備人員。但我會——我們會專注於 TRIESENCE 的機會。

We intend to launch BYQLOVI at the Hawaiian Eye meeting in the January time frame, early next year, we'll probably get some sales, some stocking orders in the fourth quarter for BYQLOVI, but modest. But we're really focused in.

我們計劃在明年一月份的夏威夷眼會議上推出 BYQLOVI，我們可能會在第四季度獲得一些 BYQLOVI 的銷售和庫存訂單，但數量會很少。但我們確實非常專注。

As a stockholder, they want us, I think, dialed in on that TRIESENCE opportunity in the ocular inflammation market. At the same time, Ali and her team are doing a terrific job, and I've seen it -- I saw it at the ASRS meeting in Long Beach, growing unit volumes of TRIESENCE in the retina market. So I think we're in good shape. As I said earlier, we have work to do with that portfolio. But I think there's -- we're going to get there.

我認為，作為股東，他們希望我們抓住眼部發炎市場中 TRIESENCE 的機會。與此同時，阿里和她的團隊做得非常出色，我已經看到這一點——我在長灘的 ASRS 會議上看到這一點，視網膜市場上的 TRIESENCE 銷量不斷增長。所以我認為我們的情況很好。正如我之前所說，我們需要針對該投資組合進行工作。但我認為——我們將會實現這一目標。

I think we're going to get there. We're seeing good signs of growth in the third quarter, and I remain confident we can get to that number for that basket of products.

我想我們會到達那裡。我們在第三季看到了良好的成長跡象，我仍然相信我們可以讓這一系列產品達到這個數字。

And I want to make one thing also clear. I said this in the letter to stockholders. We're going to underperform in certain parts of our business. But other parts of our business, we're going to overperform. And so all in all, I think we're going to do really well for the overall period.

我還想澄清一件事。我在致股東的信中說過這一點。我們的某些業務部分的表現將會不佳。但在我們的其他業務中，我們將會表現得更出色。總而言之，我認為我們在整個期間都會做得很好。

TRIESENCE by the fourth quarter is when I think we could certainly overperform for the period. IHEEZO is an overperformer and VEVYE could overperform well as well.

我認為，到第四季度，我們的業績肯定會超出預期。IHEEZO 表現出色，VEVYE 也可能表現出色。

Got it. Thanks for taking the question.

知道了。感謝您回答這個問題。

Thank you, Jeff.

謝謝你，傑夫。

Thomas Flaten, Lake Street Capital Markets.

托馬斯·弗拉頓（Thomas Flaten），湖街資本市場。

Yeah. I appreciate you guys taking the question. Mark, in your prepared comments, you said something that caught my eye about right now, your solutions or pharmaceuticals, but that might evolve. Can you dig into that a little bit for us?

是的。感謝你們回答這個問題。馬克，在你準備好的評論中，你說了一些現在引起我注意的事情，即你的解決方案或藥物，但這可能會有所發展。您能為我們深入探討一下嗎？

Sure. We are -- and this will be, I think, described further when we get to the Investor and Analyst Day. We never talk about our pipeline. And at that Investor Day, we're going to talk about some of our pipeline products, some of the things that we're working on. And some of them are not pharmaceutical initiatives.

當然。我認為，當我們進入投資者和分析師日時，我們會對此進行進一步描述。我們從不談論我們的管道。在投資者日，我們將討論我們的一些產品線以及我們正在進行的一些工作。其中一些並不是製藥業的措施。

And so I want our investors to be aware of that.

所以我希望我們的投資者意識到這一點。

The key for us is to be an ophthalmic disease management solution business. And those solutions don't necessarily need to be pharmaceuticals per se. They might exist outside of purely a pharmaceutical product.

我們的關鍵是成為眼科疾病管理解決方案企業。而這些解決方案本身不一定需要是藥物。它們可能存在於純粹的藥品之外。

But I have to say because I've done so much talking today, and I promise on our next investor call, I'm going to have Amir talking about the science. We're going to have Head of Commercial talking about commercial and Andrew talking about the financials. So you'll hear a lot less of me on the next conference call.

但我必須說，因為我今天已經說了很多，我保證在下次投資者電話會議上，我會讓阿米爾談論科學。我們將讓商務主管談論商業問題，讓安德魯談論財務問題。因此，在下次電話會議中，你們會很少聽到我的消息。

And at that investor and analyst meeting, you'll really have a great opportunity to meet all these people to meet commercial leadership, the folks that are selling IHEEZO that are selling TRIESENCE. And we're also planning to have a number of customers there, physicians who use the product and experience these products, and they can talk to you about their experiences firsthand.

在投資者和分析師會議上，您將有絕佳的機會與所有這些人會面，與商業領導層會面，與銷售 IHEEZO 和 TRIESENCE 的人會面。我們還計劃在那裡接待一些客戶，即使用和體驗這些產品的醫生，他們可以直接與您談論他們的體驗。

Excellent. And just one quick follow-up. You mentioned the refill rates in 2024. I was curious if in 2025, seven and a bit months in, if the refill rates in 2025 are annualizing at that nine refills per patient per year rate.

出色的。還有一個快速的後續問題。您提到了 2024 年的補充率。我很好奇，到 2025 年，也就是七個多月後，2025 年的續藥率是否會達到每年每位患者九次續藥的水平。

I think we're on track. I mean, you have to put -- so it's an amazing product. It just feels so good in the eye relative to other products. We just had a campaign. There was a terrific meeting called Women in Ophthalmology.

我認為我們正走在正確的軌道上。我的意思是，你必須投入——所以這是一個令人驚嘆的產品。與其他產品相比，它看起來感覺非常好。我們剛剛開展了一場活動。有一場名為「眼科女性」的精彩會議。

And we had a campaign at that meeting that I came up with a long time -- our commercial team didn't like it. It was called the Cut the BS and it's a risky title. But what BS stands for is burning and stinging. And these doctors really identified with the concept of cutting the burning and stinging.

在那次會議上，我們開展了一項我很久以前就想出來的活動——但我們的商業團隊並不喜歡它。它被稱為“Cut the BS”，這是一個有風險的標題。但 BS 代表的是灼燒和刺痛。這些醫生確實認同減少灼傷和刺痛的理念。

And a lot of other products out there, especially some of the recently launched products, they can't say that. They have problems with burning and stinging. And we don't -- we have a really terrific tolerability profile. And the person who cares most about that tolerability profile is the patient.

但對於市面上的許多其他產品，特別是一些最近推出的產品，他們卻不能這麼說。它們有灼燒和刺痛的問題。而我們沒有——我們有一個非常好的耐受性概況。最關心耐受性的人是患者。

When the patient gets relief, they don't have the burning and stinging and their dry eye disease is being alleviated, they refill. And when you get that refill rate and our refill rate is steady Eddie, you see -- and we don't anticipate that yielding anytime soon, Thomas.

當患者感覺舒服一些，不再有灼燒和刺痛感，乾眼症得到緩解時，他們就會重新註滿眼藥水。當你獲得那個補充率並且我們的補充率穩定時，Eddie，你看 - 而且我們預計不會很快產生收益，Thomas。

Yi Chen, H.C. Wainwright & Company.

陳毅，H.C. Wainwright & Company。

Thank you for taking my question. Could you provide some comments regarding the timing difference of the VEVYE prescription growth in the quarter and also the recorded revenue for the quarter? And also, do you have an estimate time line as to when VEVYE could become the largest cyclosporine-based dry product?

感謝您回答我的問題。您能否就本季 VEVYE 處方成長的時間差異以及本季的記錄收入提供一些評論？另外，您是否有一個預期的時間表，即 VEVYE 何時能成為最大的環孢菌素乾粉產品？

Wow, Andrew, do you want to -- I'm going to -- you start -- I give you the first one, I'm going to give you -- maybe the last.

哇，安德魯，你想——我要——你開始——我給你第一個，我要給你——也許是最後一個。

Hey. Thanks for the question. With all the products this quarter, we didn't see a whole lot of stocking dynamics. So the unit demand and script numbers were pretty tight as it related to the revenue recognition during the quarter.

嘿。謝謝你的提問。對於本季的所有產品，我們並沒有看到太多的庫存動態。因此，單位需求和腳本數量非常緊張，因為它與本季的收入確認有關。

Timing -- and by the way, on the timing of being the top banana in dry eye, our primary goal with the franchise, as I said in the prepared remarks, is to be the number one cyclosporine in the US market. Secondarily, we intend to be the number one anti-inflammatory in the US market.

時機——順便說一下，關於成為乾眼症治療領域頭號藥物的時機，正如我在準備好的演講中所說，我們特許經營的主要目標是成為美國市場上排名第一的環孢菌素。其次，我們立志成為美國市場上第一的消炎藥。

And I think the tertiary goal would then be the number one most prescribed product in the US. And that's -- when I talk to Maria, who's the CEO of that franchise, that's the goal. Primary is to be the number one cyclosporine, and that's what she's driving towards with her team every day.

我認為第三個目標就是成為美國處方量最大的產品。這就是——當我與該特許經營店的首席執行官瑪麗亞交談時，這就是目標。她的首要目標是成為全球排名第一的環孢素公司，這也是她和她的團隊每天都在努力實現的目標。

Thank you. And we're currently out of time. I will now turn the call back to Mark L. Baum for closing remarks.

謝謝。目前我們已經沒有時間了。現在我將把電話轉回給馬克·鮑姆 (Mark L. Baum) 進行結束語。

Thank you, operator, and thanks, everyone, for the questions and for joining us today. As we continue to build on our strong momentum, we remain focused on driving sustained growth and expanding our impact across the ophthalmic space.

謝謝接線員，也謝謝大家的提問和今天的參與。隨著我們繼續保持強勁勢頭，我們仍然專注於推動持續成長並擴大我們在眼科領域的影響力。

The addition of experienced senior leaders to our team further strengthens our ability to execute with excellence and scale with confidence. Thanks to the efforts of our Harrow family, we're excited about what lies ahead and look forward to sharing more progress in the coming months to come.

經驗豐富的高階領導加入我們團隊，進一步增強了我們卓越執行和自信擴展的能力。感謝哈羅大家庭的努力，我們對未來充滿期待，並期待在未來幾個月分享更多進展。

If you have any further questions or need additional information, please don't hesitate to reach out to Mike Biega, once again, mbiega@harrowoinc.com. This will conclude our call.

如果您還有其他問題或需要更多信息，請隨時聯繫 Mike Biega，郵箱：mbiega@harrowoinc.com。本次通話到此結束。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。