Glaukos Growth Hinges on Medicare Coverage for Second J-Code Drug

Glaukos is moving beyond a single-product reimbursement model toward a broader ophthalmic pharmaceutical business with two J-coded drugs. Second-quarter net sales increased 50% year over year to $185.6 million, helped by iDose TR and the Epioxa launch, while non-GAAP gross margin reached 85% and the company broke even on a non-GAAP basis. Management lifted its 2026 sales outlook to $680–700 million, but proposed Medicare coverage limits for iDose TR remain a key risk.

Glaukos is shifting from reliance on one reimbursed product toward a broader eye-care pharmaceutical business. It now has two drugs with J-codes, which may support more predictable payment pathways. In the second quarter, net sales rose 50% year over year to $185.6 million, aided by iDose TR and the Epioxa launch. Non-GAAP gross margin hit 85%, and the company reached non-GAAP breakeven.

Management raised its 2026 sales forecast to $680–700 million. It expects iDose TR to contribute $275–280 million and corneal health to grow more than 20%. Proposed Medicare coverage limits for iDose TR remain a notable risk, though the article describes it as non-binary. Epioxa’s launch and coverage could provide a second growth engine.

Count words. First para: Glaukos(1) is2 shifting3 from4 reliance5 on6 one7 reimbursed8 product9 toward10 a11 broader12 eye-care13 pharmaceutical14 business15. It16 now17 has18 two19 drugs20 with21 J-codes22, which23 may24 support25 more26 predictable27 payment28 pathways29. In30 the31 second32 quarter33, net34 sales35 rose36 50%37 year38 over39 year40 to41 $185.642 million43, aided44 by45 iDose46 TR47 and48 the49 Epioxa50 launch51. Non-GAAP52 gross53 margin54 hit55 85%56, and57 the58 company59 reached60 non-GAAP61 breakeven62. 62 words. Second: Management1 raised2 its3 2026 sales4 forecast5 to6 $680–7007 million8. It9 expects10 iDose11 TR12 to13 contribute14 $275–28015 million16 and17 corneal18 health19 to20 grow21 more22 than23 20%24. Proposed25 Medicare26