Key Takeaways
- Glaukos shares jumped 26% today on record third-quarter sales and a $1 billion sales outlook for 2027.
- iDose TR and Epioxa made up about 61% of sales, so that target looks within reach.
- The gains raise questions for rivals Alcon and AbbVie, which both report soon.
- Glaukos turned an operating profit, but trades at hundreds of times forward earnings.
Glaukos (GKOS) stock jumped 26% today after a record third quarter and a $1 billion sales target for 2027.
Most of that growth came in glaucoma, where Alcon (ALC) and AbbVie (ABBV) compete.
The details
After Wednesday’s close, Glaukos reported:
- Sales of $211.0 million, up 58%, against a $168.1 million consensus
- 2026 sales guidance raised to $775-$785 million, from $680-$700 million
- Preliminary 2027 sales guidance of $1 billion, against an $852.5 million consensus
BTIG analyst Ryan Zimmerman called the results “exceptional.”
Two launches are doing the heavy lifting
Quarterly sales have nearly doubled in under two years:
iDose TR, the glaucoma implant, brought in about $76 million. Epioxa, a keratoconus treatment launched in March, added about $53 million. That’s 61% of sales from two products.
And it makes $1 billion look reachable. The new 2026 guidance implies about $233 million of fourth-quarter sales. That’s a run rate of roughly $930 million before any more growth.
The profits are showing up
Sales are growing faster than costs, and the operating margin is finally above breakeven:
Adjusted operating income was $27.3 million, against a $9.3 million loss a year earlier.
The stock already traded at 647x forward earnings at Wednesday’s close, and today’s jump puts it even higher.
TIKR tracks 13 analysts on Glaukos. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on Glaukos, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See Glaukos’ Analyst Ratings
What it means for Alcon and AbbVie
Alcon’s implantables sales grew just 1% in constant currency in its second quarter, held back by lower surgical glaucoma sales. Glaukos’s U.S. glaucoma sales rose 47% in its third quarter. Is Alcon losing procedures to Glaukos? Its report next month should tell us.
AbbVie’s Lumigan and Ganfort glaucoma drops brought in $410 million in 2025, under 1% of its revenue and down from $514 million in 2022. iDose TR’s quarter already comes to about three-quarters of what those drops sell in an average quarter. AbbVie reports later this week: do the drops keep slipping?
The $1 billion looks real
My take: $1 billion in 2027 looks well within reach. At this price, though, the stock needs that growth to show up in earnings fast.
Of course, CEO Tom Burns called the 2027 figure “highly preliminary” on Glaukos’s third-quarter call. And five Medicare contractors have proposed coverage rules for iDose TR.
So what is Glaukos stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
