Strong Revenue Growth
Consolidated Q4 2025 revenue of $89.1M (+33% YoY) and full-year 2025 revenue of $272M (+36% vs 2024), demonstrating robust top-line expansion across the branded portfolio.
Meaningful Profitability and Cash Generation
Adjusted EBITDA of $24.2M in Q4 and $61.9M for the full year (adjusted EBITDA growth +54% YoY) and ~ $44M generated from operations in 2025; year-end cash and cash equivalents $72.9M.
BYOOVIZ Outperformance
BYOOVIZ Q4 revenue $25.9M (+14% sequentially) and full-year revenue $88.7M (+216% vs 2024), reflecting strong adoption and expanding demand for the Lucentis-referenced biosimilar.
Accelerating IHEEZO Momentum
IHEEZO Q4 revenue $35.9M and full-year $81.3M; reported 64% quarter-over-quarter growth and 65% year-over-year growth in unit demand; retina now ~70% of Q4 unit volume and ordering accounts up 49% YoY; pricing improvement expected in H2 2026 and dedicated retina packaging being launched.
Rapid TRIESENCE Adoption
TRIESENCE Q4 revenue $5.1M (Q4 vs Q3 +36%) and full-year $9.9M (+193% vs 2024); company is doubling the dedicated TRIESENCE sales force to deepen penetration in ocular inflammation and surgery markets; Phase 3/IND progress announced for cataract label expansion.
VEVYE Commercial Inflection
VEVYE prescribers writing VEVYE increased by 115%; covered patients average ~9 refills annually (persistence ~1 year); expanded payer coverage effective Jan 1, 2026 and plan to more than double the VEVYE sales force to capture multi‑hundred‑million-dollar potential (company expects VEVYE to become a 9‑figure product).
2026 Guidance and Upside Pathway
Company guides 2026 revenue $350M–$365M with adjusted EBITDA $80M–$100M, with explicit H1 revenue guide $133M–$153M and H2 $203M–$226M showing expected second-half acceleration from launches, salesforce expansion, and pricing tailwinds.
Pipeline and M&A Synergies (Melt Acquisition)
Melt acquisition programs (G-MELT and YOCHIL) prioritized: G-MELT on track for NDA submission in early 2027 with potential to be a large, opioid-free procedural sedation product; multiple IHEEZO clinical readouts planned (investigator-initiated data at ASRS July 2026 and company Phase 4 readout end of 2026) to support broader adoption.
Operational Investments to Support Scale
Plan to add ~100 sales roles in H1 2026 and double salesforces behind VEVYE and TRIESENCE; SG&A being increased to support launches (VEVYE, TRIESENCE, BYOOVIZ, BYQLOVI) while maintaining focus on profitability and cash generation.