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Glaukos: Epioxa Is Replacing Photrexa — But How Quickly Can Access and Coverage Normalize?

Glaukos reported a record-breaking financial performance for both the fourth quarter and full year 2025, showcasing significant growth and operational success across its global business initiatives. The company’s consolidated net sales reached $143.1 million for the fourth quarter, a 36% increase compared to the previous year, and full-year sales hit $507.4 million, marking a 32% increase from 2024. Despite these commendable results, the company maintains a cautious outlook, providing sales guidance for 2026 in the range of $600 million to $620 million, suggesting a projected growth exceeding 20%. The success is attributed largely to the advancement of Glaukos’ interventional vision solutions, particularly in glaucoma treatment. The U.S. glaucoma franchise achieved net sales of $86.4 million, a 53% growth, with significant contributions from the iDose TR glaucoma implant, generating approximately $45 million in sales in the fourth quarter alone. This underscores robust physician adoption and reinforces its therapeutic benefits.