iDoseTR Approval Sets Stage for Glaukos' Game-Changing Product, Surpassing Market Expectations, Says Analyst

Thursday, the FDA approved Glaukos Corporation's GKOS marketing application for a single administration per eye of iDose TR (travoprost intracameral implant) 75 mcg, a prostaglandin analog indicated for the reduction of intraocular pressure in patients with ocular hypertension or open-angle glaucoma.

William Blair suggests that the approval paves the way for what they anticipate to be the company's most successful product to date, poised to revolutionize the treatment of glaucoma by addressing issues related to noncompliance with drops.

Glaukos has set a wholesale acquisition cost of $13,950 per dose (or implant) for iDose TR, spanning three years of therapy. This figure stands four times higher than initial estimates of $3,000-$4,000 per implant. While there might be slight deviations from this price, it notably surpasses expectations. The company clarified that this pricing decision was independent of the final FDA label. Based on an estimated target population of 1 million eyes, this positions the domestic market opportunity at exceeding $10 billion.

With the green light for iDose TR now secured, boasting an appealing label despite the initial exclusion of reimplantation, the analyst anticipates that 2024 will mark the start of an impactful multiyear phase for the company. As Glaukos persists in achieving its reimbursement and commercial targets in the initial half of 2024, a significant surge in momentum is expected in the latter half when iDose undergoes a complete launch.

William Blair reiterates the Outperform rating.

Price Action: GKOS shares are up 4.74% at $79.33 on the last check Friday.

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