BTIG has increased its price target for Glaukos Corporation to $131.00 from $123.00 while maintaining a Buy rating, following U.S. Food and Drug Administration approval of Glaukos's new drug application supplement that enables re-administration of the iDose TR implant. The stock is trading around $128.56 - close to BTIG's revised target and well above the InvestingPro Fair Value estimate, indicating that investors are pricing in elevated growth expectations.
The FDA action removes the prior limitation that restricted patients to a single lifetime iDose implant per eye. Under the updated label, patients with healthy corneas may receive repeat iDose implantations over time. The currently commercialized iDose has an expected duration of effect between one and three years, and Glaukos is also developing an extended version, iDose TR-Ex, which carries twice the drug payload and could provide therapeutic coverage for more than five years.
BTIG highlighted that the broadened label gives Glaukos more flexibility to pursue a larger patient base in the interventional glaucoma market. The firm said the expanded indication could support differentiated pricing approaches tied to implant duration and frequency of use, which may be attractive to both payers and providers. Incorporating early adoption from repeated use into its iDose revenue assumptions was a key factor behind BTIG's decision to raise the price target.
Glaukos's recent preliminary results reinforce the narrative of accelerating top-line momentum. The company reported preliminary fourth-quarter revenue of approximately $143 million, representing a 36% increase compared with the same period a year earlier and beating analyst estimates by roughly 10%. Within that total, U.S. glaucoma sales were reported at $86 million, about 5% ahead of consensus, and international glaucoma revenues also exceeded expectations. For the full year 2025, Glaukos expects total net sales near $507 million, which would represent a 32% increase year over year.
Analysts at other firms have responded to the company's performance and product news with bullish adjustments. Stifel raised its price target on Glaukos to $160 from $115, maintaining a Buy rating and citing positive survey results for the Epioxa product. Piper Sandler kept an Overweight rating with a $165 price target following the company's strong fourth-quarter showing. Collectively, these moves indicate that several equity research teams are building more optimistic revenue and product adoption scenarios into their models.
Operationally, the label change creates an opportunity set built around repeated iDose administrations and the potential commercialization of longer-duration implants. BTIG's commentary frames the approval as enabling broader market access and price differentiation, which it has begun to reflect in near-term iDose revenue forecasts. The firm also noted that the market has already moved toward pricing in a substantial amount of anticipated growth, given the stock's proximity to its revised target.
While the regulatory update and stronger-than-expected quarterly metrics have prompted positive analyst reactions, the company and the market will continue to monitor adoption patterns for repeat iDose use, payer reimbursement dynamics for variable-duration pricing, and progression of the iDose TR-Ex program. These factors will influence how quickly repeat administrations contribute to overall revenue growth beyond the momentum already observed over the past twelve months.
Summary
BTIG elevated its Glaukos price target to $131 from $123 and retained a Buy rating after FDA approval of iDose TR re-administration. The change reflects BTIG's inclusion of early repeat-use revenue in its forecasts. Glaukos reported preliminary Q4 revenue of about $143 million (up 36% year over year) and expects roughly $507 million in net sales for fiscal 2025, a 32% increase. Other analysts, including Stifel and Piper Sandler, also raised targets or maintained favorable ratings following the company update.
Key areas to watch
- Adoption rate for repeated iDose administrations and how quickly they contribute to recurring revenue.
- Payer and provider responses to variable pricing linked to implant duration and usage.
- Progression and potential market impact of the iDose TR-Ex extended-duration implant.