Crinetics Q2 revenue jumps on PALSONIFY launch, withdraws guidance

Crinetics Pharmaceuticals

03/08/2026 21:22

Overview
U.S. endocrine drugmaker's Q2 revenue rose sharply on PALSONIFY launch
Company's Q2 net loss widened, while loss per share narrowed yr/yr
Vertex to acquire Crinetics in $10 bln deal, expected to close in Q3 2026

Outlook
Company is withdrawing previously issued guidance and will not provide updated forecasts

Result Drivers
PALSONIFY LAUNCH - Co said Q2 revenue growth was driven by U.S. commercial launch and adoption of PALSONIFY for acromegaly
EXPANDING PRESCRIBER BASE - Co said breadth and depth of PALSONIFY prescribers continued to expand, with 385 unique healthcare providers having prescribed PALSONIFY within the first three quarters of launch
INCREASED R&D SPENDING - Co attributed higher research and development expenses to increased investment in clinical programs and personnel costs

Company press release: ID:nGNXcfhdpR

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Net Loss
 
$120.86 mln
 
Q2 Loss Per Basic Share
 
$1.14
 
Q2 Operating Expenses
 
$157.58 mln
 
Q2 Operating Income
 
-$132.46 mln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 13 "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 $85.00, about 1.8% above its July 31 closing price of $83.52

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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.)