Glaukos Corporation announced that the U.S. Centers for Medicare & Medicaid Services (CMS) has granted a permanent Healthcare Common Procedure Coding System (HCPCS) J‑code, J2789, to its Epioxa™ keratoconus therapy. The code will become effective on July 1 2026, allowing Medicare and commercial payers to reimburse the drug on a recurring basis and eliminating the temporary coding period that had previously limited reimbursement and patient access.
The permanent J‑code removes a key barrier to widespread adoption of Epioxa. With a permanent code, providers can bill for the drug without awaiting additional payer approvals, and patients can receive the therapy more quickly and consistently. This regulatory milestone is expected to accelerate market penetration and drive revenue growth for Glaukos’ corneal health segment.
Epioxa is the first FDA‑approved, incision‑free topical treatment for keratoconus, a rare corneal disorder that traditionally required invasive procedures. The drug received FDA approval on October 20 2025, and the J‑code assignment is a critical step in translating that approval into commercial success.
Glaukos’ Q4 2025 net sales reached $143.1 million, a 36% year‑over‑year increase, while full‑year 2025 net sales totaled $507.4 million, up 32% from 2024. The company reaffirmed its 2026 net sales guidance of $600 million to $620 million. iDose TR, Glaukos’ sustained drug‑delivery system for glaucoma, generated approximately $136 million in 2025 sales. Gross margin for 2025 was about 56% versus 75% in 2024, while non‑GAAP gross margin was 84% in 2025 compared with 82% in 2024.
Thomas Burns, Glaukos Chairman and CEO, said, "The assignment of a product‑specific J‑code for Epioxa represents an important milestone, supporting our market access initiatives to increase access and expand coverage for patients suffering from keratoconus." He added, "Once effective, this new J‑code is expected to enable more streamlined and consistent coverage and payment for Epioxa over time, strengthening the foundation for our commercial launch and enabling broader patient access." Burns also noted that Epioxa is designed to significantly improve patient comfort and minimize recovery time, representing a game‑changing new treatment for patients suffering from keratoconus. Regarding Q4 2025 results, he said, "Our record fourth quarter results cap off a highly successful year of global execution across our key commercial and development initiatives, leaving us well positioned to sustain our strong growth momentum in 2026 and beyond, driven by two transformational growth drivers in iDose TR and now Epioxa."
Analysts have maintained buy ratings for Glaukos, with a consensus rating of moderate buy or strong buy and price targets ranging from $130 to $135. The J‑code assignment, combined with the company’s strong Q4 2025 revenue growth and reaffirmed 2026 guidance, has reinforced analyst confidence in Glaukos’ growth trajectory.
The permanent J‑code positions Glaukos to expand Epioxa adoption, potentially increasing revenue in the corneal health segment and supporting the company’s broader strategy to capture a large untreated patient population. The regulatory milestone strengthens Glaukos’ competitive position in the corneal health market and provides a foundation for sustained growth in 2026 and beyond.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.