Glaukos Corp

Glaukos shares have surged 67.9% year to date, significantly outperforming its industry's 8.4% decline and the S&P 500's 12% return, driven by accelerating operating momentum from the commercial ramp of iDose TR and the early launch of Epioxa. Second-quarter revenues jumped 49.5% to $185.6 million, prompting management to raise 2026 revenue guidance by $60-$65 million to $680-$700 million. U.S. glaucoma revenues increased 64% to $118.5 million, with iDose TR sales reaching approximately $74 million, up 37% sequentially, while the Corneal Health franchise grew 48% to $30.4 million, including roughly $11 million from Epioxa. The company is expanding internationally, with second-quarter international revenues up 17% to $36.6 million, and is advancing a diversified pipeline across five novel therapeutic platforms and 13 publicly disclosed programs. Key risks include reimbursement execution for iDose TR, early-stage Epioxa commercialization, and competitive pressures from Alcon, Sight Sciences, and AbbVie.

Glaukos reported second-quarter revenue of $95.69 million, a 19% increase from the same period last year, surpassing the Zacks Consensus Estimate of $88.41 million by 8.24%. The company posted a net loss of $0.52 per share, matching analyst expectations and narrowing from a loss of $0.55 per share a year ago. Within the United States, glaucoma revenue reached $49.75 million, up 25.6% year over year and above the $44.75 million estimate, while corneal health revenue in the U.S. was $17.07 million, a 4.7% increase that slightly exceeded the $17.04 million consensus. International revenue totaled $28.87 million, growing 17.9% and beating the $26.24 million estimate, with international glaucoma revenue of $26.13 million and international corneal health revenue of $2.74 million both topping projections. Overall, glaucoma revenue was $75.90 million, up 22.6%, and corneal health revenue was $19.80 million, up 7.1%, each ahead of analyst forecasts.

The presbyopia market across seven major markets is forecast to grow from approximately USD 11 billion in 2025 to nearly USD 18 billion by 2036, a compound annual growth rate of 4.9 percent. The United States accounted for about half of the total market in 2025 and is expected to remain the largest region. Presbyopia eye drops generated roughly USD 3 billion across the seven major markets in 2025, reflecting rising demand for noninvasive pharmacological treatments. Eyeglasses represented around half of US presbyopia market revenue in 2022 and are projected to stay the leading treatment category through 2036. The treatment landscape is shifting from conventional optical correction toward prescription therapies, with approved products including VUITY, QLOSI, and YUVEZZ, while late-stage pipeline candidates from Eyenovia, Opus Genetics and Viatris, and Glaukos Corporation may further reshape competition.

Glaukos shares have surged 45.7% since the end of May, outpacing the industry's 4% gain and the S&P 500's 0.9% decline. The rally was driven by investor enthusiasm following positive management commentary on iDose TR, despite proposed Medicare coverage restrictions that would limit the glaucoma therapy to patients who have failed both selective laser trabeculoplasty and two topical medications, restrict concurrent use with minimally invasive glaucoma surgery, and limit re-administration to once every two years. Management expressed confidence in securing modifications to these restrictions and is promoting iDose TR as a first-line treatment, while also highlighting the significant market opportunity and reaffirming 2026 and 2027 guidance. First-quarter iDose TR sales reached $54 million, with sequential growth expected in the second quarter. Additional support came from the encouraging launch of Epioxa, which has built a treatment network covering nearly 65% of the U.S. population and secured coverage for more than 100 million commercial lives, and a broad pipeline of 13 disclosed programs spanning glaucoma, corneal disorders, retinal diseases, and ocular surface therapies.

T-Mobile and Gilead Sciences both received Buy upgrades on Monday, with Bank of America setting a $220 target on T-Mobile and HSBC setting a $155 target on Gilead. Pfizer was downgraded to Hold from Buy at HSBC, which trimmed its target to $28 from $32, while Datadog was cut to Market Perform from Outperform at Bernstein, though its target was raised to $226 from $180. Among other notable calls, Agnico Eagle Mines was upgraded to Buy at Jefferies with a $200 target, Okta was raised to Outperform at Scotiabank with a $165 target, and Delta Air Lines was cut to Outperform from Strong Buy at Raymond James with a target lifted to $104 from $80. New initiations included ERock with Outperform ratings from Evercore ISI and JPMorgan at a $28 target, and Glaukos with a Buy rating at H.C. Wainwright and a $168 target.

Glaukos Corporation has completed patient enrollment in its Phase 2 clinical study evaluating GLK-321 for the treatment of Demodex blepharitis. The randomized, double-masked, placebo-controlled, dose-ranging, parallel-group, multi-center trial enrolled 275 patients across clinical sites in the United States. GLK-321 is an investigational drug candidate using Glaukos' proprietary iLution platform, a dropless transdermal delivery system applied to the outer surface of the eyelids, with physostigmine as its active pharmaceutical ingredient. The primary efficacy endpoint assesses the proportion of study eyes achieving elimination of collarettes following six weeks of treatment. Demodex blepharitis is a chronic eyelid disease associated with Demodex mite infestation, characterized by inflammation, irritation, redness, itching, and the presence of collarettes at the base of eyelashes, and is believed to be significantly underdiagnosed.