Frank Mullery
About Frank Mullery
Appointed Chief Executive Officer of ImprimisRx, Harrow’s wholly owned subsidiary, on October 6, 2025, with a mandate to lead the compounding operations’ next phase of quality, compliance, and commercial execution . Previously President of Sintetica US, President & Chief Commercial Officer at STI Pharma, and at Mylan culminating in President of Mylan Institutional; under his leadership Mylan Institutional introduced 20+ sterile injectables in one year, launched the first U.S. biosimilar (Fulphila), and exceeded $1 billion in revenue in 2018 . Education: Executive MBA (Villanova University) and B.S. in Accounting (King’s College) . Company performance context during his appointment: Harrow updated FY2025 revenue guidance to $270–$280 million amid product mix shifts , and pay-versus-performance disclosures show strong TSR progression with a 2024 cumulative TSR of $388 (base 100 at 12/31/2021) alongside a 2024 net loss of $17.5 million .
Company Performance Context (FY data)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Total Shareholder Return (base $100) | $130 | $388 |
| Peer Group TSR (Nasdaq Biotech Index base $100) | $92 | $91 |
| Net Loss ($USD) | $24.4 million | $17.5 million |
| Company Revenue Outlook (Updated FY2025) | — | $270–$280 million |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sintetica US | President | Not disclosed | Built U.S. subsidiary from concept to commercialization; launched first five sterile injectable products |
| STI Pharma | President & Chief Commercial Officer | Not disclosed | Revitalized strategy with five‑year growth plan; launched several sterile injectables |
| Mylan | President, Mylan Institutional; CFO North America; CFO Mylan Pharmaceuticals Inc. | “More than seven years” at Mylan (specific role dates not disclosed) | Launched first U.S. biosimilar (Fulphila); introduced 20+ sterile injectables in a single year; drove revenues to >$1B in 2018 |
External Roles
- Not disclosed in available filings specific to Mullery .
Fixed Compensation
- Mullery is not listed as a Named Executive Officer (NEO) in Harrow’s 2024 or 2025 proxy statements; his base salary or bonus terms were not disclosed in those filings .
| Component | 2025 Status |
|---|---|
| Base Salary ($) | Not disclosed; Mullery not an NEO in proxy |
| Target Bonus (%) | Not disclosed; Mullery not an NEO in proxy |
| Actual Bonus Paid ($) | Not disclosed; Mullery not an NEO in proxy |
Performance Compensation
- Harrow’s executive annual incentive plan (for NEOs) in 2024/2023 was based 100% on corporate performance metrics including revenue, adjusted EBITDA, revenue from certain products, and stock price performance; specific weightings and targets for Mullery are not disclosed . The 2025 Incentive Stock and Awards Plan authorizes performance awards tied to objectives such as TSR, EPS, margins, ROE/ROA, cash flow, revenue, and market share, with minimum one‑year vesting and prohibition on repricing without shareholder approval .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Revenue | Not disclosed for Mullery | Not disclosed | Not disclosed | Not disclosed | Plan requires ≥1 year vesting; performance awards permitted |
| Adjusted EBITDA | Not disclosed for Mullery | Not disclosed | Not disclosed | Not disclosed | ≥1 year vesting; no repricing |
| Stock Price / TSR | Not disclosed for Mullery | Not disclosed | Not disclosed | Not disclosed | Performance awards allowed; double‑trigger acceleration possible at Committee discretion in covered transactions |
| Product‑specific revenue | Not disclosed for Mullery | Not disclosed | Not disclosed | Not disclosed | ≥1 year vesting |
Equity Ownership & Alignment
- Mullery is not listed in Harrow’s beneficial ownership tables; no company share ownership data for him is disclosed in the 2024 or 2025 proxy .
- Hedging/pledging policy: directors and officers are prohibited from pledging or holding company securities in margin accounts; hedging and monetization transactions are strongly discouraged and require compliance pre‑approval; policy applies to directors, officers, and employees .
| Item | Status |
|---|---|
| Total Beneficial Ownership (HROW shares) | Not in proxy ownership tables |
| Ownership as % of Shares Outstanding | Not disclosed |
| Vested vs. Unvested Shares | Not disclosed |
| Options (Exercisable/Unexercisable) | Not disclosed |
| Shares Pledged as Collateral | Prohibited for directors/officers per policy |
| Hedging Use | Strongly discouraged; requires compliance approval |
| Stock Ownership Guidelines | Not disclosed in proxies |
Employment Terms
- Appointment: CEO of ImprimisRx effective October 6, 2025 (press release and 8‑K) .
- Employment agreement, severance, change‑of‑control terms, non‑compete/non‑solicit: not disclosed for Mullery in available filings. Harrow’s 2025 equity plan allows performance awards, sets minimum vesting periods, and outlines covered transaction treatment (assumption/acceleration/cash‑out) at Compensation Committee discretion .
| Provision | Status |
|---|---|
| Employment start date | October 6, 2025 |
| Contract term/renewal | Not disclosed |
| Severance (salary+bonus multiples) | Not disclosed |
| Change‑of‑Control trigger (single/double) | Not disclosed for Mullery; plan‑level award treatment described |
| Non‑compete / Non‑solicit | Not disclosed |
| Clawbacks | Not disclosed; standard plan/Company policies apply |
| Tax gross‑ups | Not disclosed |
| Perquisites | Not disclosed |
Investment Implications
- Execution pedigree in sterile injectables and biosimilars (Mylan, Sintetica, STI) implies operational rigor and launch discipline for ImprimisRx’s 503B compounding platform—supportive of quality remediation, throughput, and customer relationships crucial to volume growth and margin stability .
- Compensation/ownership visibility is currently limited: Mullery is not a Harrow NEO and has no disclosed HROW shareholdings, reducing near‑term signals on pay-for-performance alignment and potential insider selling pressure; Harrow’s policies mitigate pledging/hedging risks and the 2025 Plan embeds performance award flexibility and minimum vesting safeguards .
- Corporate context: management updated FY2025 revenue outlook to $270–$280 million; VEVYE and IHEEZO tracking strongly while TRIESENCE and the Rare & Specialty portfolio underperformed—near‑term compounding execution (quality/commercial readiness) under Mullery may be important to offset product variability and sustain growth into 2026 .
- Monitoring: watch for future 8‑K Item 5.02 filings or proxy disclosures detailing Mullery’s compensation, performance metrics and equity awards; track any subsidiary-level retention bonuses or PSU structures that could create time‑bound vesting and potential selling pressure windows .