Crinetics Pharmaceuticals Q1 revenue jumps on Palsonify launch

Crinetics Pharmaceuticals

07/05/2026 22:16

Overview

U.S. endocrine drugmaker's Q1 revenue rose sharply on Palsonify launch

Net loss widened from prior year as R&D and SG&A expenses increased

Company reported strong Palsonify adoption, with 232 enrollment forms and growing prescriber base

Outlook

Crinetics expects 2026 GAAP operating expenses between $600 mln and $650 mln

Company sees 2026 non-GAAP operating expenses between $480 mln and $520 mln

Crinetics plans to initiate Phase 2/3 atumelnant trial for Cushing’s syndrome in Q2 2026

Result Drivers

PALSONIFY ADOPTION - Co said rapid uptake of Palsonify drove Q1 net product revenue, with 232 enrollment forms and 263 unique prescribers in first two quarters of launch

REIMBURSEMENT ENVIRONMENT - Co said about 70% of Palsonify patients at end of Q1 were on reimbursed therapy as payer coverage increased

Company press release: ID:nGNX8LHJk2

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Income
-$127.85 mln
Q1 Basic EPS
-$1.23
Q1 Operating Expenses
$151.11 mln
Q1 Operating Income
-$140.38 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the biotechnology & medical research peer group is "buy"

Wall Street's median 12-month price target for Crinetics Pharmaceuticals Inc is $88.00, about 111% above its May 6 closing price of $41.71

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)