UBS Reiterates Buy Rating on Glaukos Corporation (GKOS)

UBS analyst Danielle Antalffy reiterated a Buy rating and $145.00 price target on Glaukos Corporation (NYSE: GKOS).

The analyst commented, "GKOS preannounced 4Q25 revenue of $143M (36% y/y), ahead of our $130.7M estimate (9% beat) and the Street's $129M (10.5% beat). U.S. glaucoma sales of $86M came in ~5% ahead of Street, with iDose revenue of $45M roughly in-line with Street estimates of $43.8M. We think the post-trading weakness (stock is down ~9%) might reflect elevated investor expectations for a larger iDose upside surprise. O.U.S glaucoma revenues came in at ~$33M, 6% above consensus expectations of ~$31M, and corneal health revenues came in at ~$24M, ~45% above consensus expectations of ~$17M. GKOS did reaffirm the 2026 guidance of $600M - $620M issued with 3Q25 earnings, but we remain confident in the underlying fundamentals here and do think this guide will prove to be conservative. As a reminder, when this guide was issued, it was a welcome surprise as the midpoint fell above Street estimates of $608M. Today, Street estimates sit at $612M in 2026. We think 2026 guidance signals accelerating glaucoma revenue growth as the LCD headwinds lapse, and the 4Q25 corneal health outperformance sets up the 1Q26 Epioxa launch well even as we await payer coverage traction through 2026. Overall, we think this was a bright quarter, and we remain encouraged by the company's path to profitability -- driven by potential iDose upside and a promising pipeline that includes Epioxa and iLution."

For an analyst ratings summary and ratings history on Glaukos Corporation click here. For more ratings news on Glaukos Corporation click here.

Shares of Glaukos Corporation closed at $110.23 yesterday.

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