Glaukos (GKOS) Wins FDA Nod for Epioxa—Is a New Era in Keratoconus Care Taking Shape?

• Glaukos Corporation recently received U.S. Food and Drug Administration (FDA) approval for Epioxa HD and Epioxa, its novel incision-free topical drug therapies designed to treat keratoconus, a rare and progressive eye disease.
• This marks a significant development as Epioxa offers an alternative to existing cross-linking treatments by avoiding the need for corneal epithelium removal, potentially enhancing patient comfort and reducing recovery time.
• We'll explore how FDA approval for Epioxa, which introduces incision-free keratoconus therapy, could impact Glaukos' growth outlook and competitiveness.

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Glaukos Investment Narrative Recap

To be a Glaukos shareholder, you need to believe in the company's ability to advance innovative ophthalmic therapies that establish new standards of care, especially as procedures shift to less invasive options. The recent FDA approval of Epioxa, a next-generation incision-free therapy for keratoconus, provides meaningful validation for Glaukos' corneal health platform and may represent the clearest near-term catalyst, but risks remain around execution and emerging competition as the product launches. Glaukos’ scheduled Q3 2025 earnings call on October 29, 2025, is poised to provide investors with additional details regarding the Epioxa approval, rollout plans, and updates on financial and operational guidance. Of particular interest will be any commentary around professional fee adoption and payer coverage for new therapies, as reimbursement headwinds may be material for near-term results. In contrast, investors should be aware of ongoing reimbursement risk for ophthalmic procedures, which could…

Read the full narrative on Glaukos (it's free!)

Glaukos' narrative projects $856.9 million in revenue and $72.3 million in earnings by 2028. This requires 25.6% yearly revenue growth and a $165.1 million earnings increase from current earnings of -$92.8 million.

Uncover how Glaukos' forecasts yield a $117.50 fair value, a 55% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members provided four unique fair value estimates for Glaukos, spanning from US$74.28 to US$165 per share. With competition intensifying across the ophthalmic device market, these diverging perspectives highlight the many factors shaping expectations around future growth.

Explore 4 other fair value estimates on Glaukos - why the stock might be worth over 2x more than the current price!

Build Your Own Glaukos Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Glaukos research is our analysis highlighting 2 key rewards that could impact your investment decision.
• Our free Glaukos research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Glaukos' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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