Glaukos Corporation announced that its new drug, Epioxa, is now commercially available. The therapy is the first FDA‑approved, incision‑free topical treatment for keratoconus, a rare corneal disease that has historically required surgical cross‑linking with epithelial removal.
Epioxa received FDA approval on October 20, 2025, and the company has now begun distribution. The launch follows a strong Q4 2025 earnings report in which Glaukos reported net sales of $143.1 million, up 36% year‑over‑year, but a net loss of $133.7 million, or $2.32 per diluted share. The company’s adjusted loss per share was $0.28, missing the Zacks Consensus Estimate of a $0.21 loss.
Segment data from the Q4 2025 results show that Glaucoma net sales totaled $119.2 million, with U.S. sales of $86.4 million, while Corneal Health net sales were approximately $24 million. The strong performance in the glaucoma segment helped offset the inventory write‑down of $1.3 million associated with the transition from Photrexa to Epioxa.
Thomas Burns, Glaukos chairman and CEO, said, “We are delighted to announce that Epioxa is now commercially available, ushering in a new standard‑of‑care for patients suffering from keratoconus with the first FDA‑approved topical drug therapy that does not require removal of the corneal epithelium.” He added that the product “is designed to improve patient comfort and minimize recovery time, representing a game‑changing new interventional keratoconus treatment for patients.”
Following the announcement, Glaukos’ shares fell nearly 8.1% in after‑hours trading. The decline was driven by a $0.28 adjusted loss per share that missed the $0.21 estimate, despite a $143.12 million revenue beat over the $132.16 million consensus. Analysts noted that the EPS miss and a recent downward revision of the 2026 EPS estimate to $–0.27 from $–0.16 may have tempered investor enthusiasm.
The Epioxa launch signals Glaukos’ broader strategy to move beyond its legacy MIGS devices toward integrated pharmaceutical‑device solutions. With the company reaffirming 2026 net sales guidance of $600 million to $620 million, the new therapy is expected to capture a growing keratoconus market projected to reach $479.52 million by 2035. The company’s solid cash position of $283 million and absence of debt provide a strong balance‑sheet foundation for continued investment in this and other product lines.
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