Maeder’s Mailbag: What Are Your Latest Thoughts On The Epioxa Launch?

研报英文原文证据摘录

Maeder’s Mailbag: What Are Your Latest Thoughts On The Epioxa Launch?

C O M PA N Y N O T E

J u n e 2 6 , 2 0 2 6

Glaukos Corporation (GKOS) Overweight

CONCLUSION PRICE: US$142.57

If you have a question, chances are someone else is wondering the same thing. That’s the TARGET: US$165.00

point of this note series – discuss questions we’ve received that we believe other investors Based on our SOTP analysis, which ascribes

may also have. While the bulk of the investor focus has shifted to the proposed iDose LCDs ~8x to our 2035 iDose revenue forecast

in recent weeks, we’ve also taken several questions from investors regarding the ongoing discounted by ~9% per year to 2026YE, ~5x

U.S. Epioxa launch. Below we provide our latest thoughts on the topic. our 2027E revenue forecast for the remaining

business, and ~$750M of risk-adjusted value

• We Expect Good Q2 Print Driven By iDose And Corneal Health. For starters, we for the company’s other pipeline assets.

expect GKOS to deliver another beat-and-raise print in Q2 driven by strength in both Assumes net cash of $281M and ~58M S/O.

iDose and corneal health—we expect both segments to top consensus estimates of Adam C. Maeder

$58.0M and $17.6M (incl. $14.9M for U.S.), respectively. Sr. Research Analyst, Piper Sandler & Co.

212 284-9392, adam.maeder@psc.com

• Recent Mgmt. Commentary Suggests U.S. Epioxa Launch Going Well. Recall on Kyle Winborne Research Analyst, Piper Sandler & Co.

the Q1 EPS call (4/29), GKOS noted it has O2n systems actively placed at locations 212 466-8060, kyle.winborne@psc.com

covering 65% of the U.S. population, and “access pathways” established for over 100M Andrea Irawan

covered lives, including with 4 of the 5 largest commercial payors. Additionally, GKOS Research Analyst, Piper Sandler & Co.