Precigen (PGEN) Q3 2026 earnings summary

Executive summary

• PAPZIMEOS generated $72.9 million in Q3 net product revenue, up 37% QoQ; launch-to-date revenue reached ~$151 million through Q3.

• Q3 net income was $35.8 million and operating cash flow was $11.9 million, with positive operating cash flow arriving a quarter ahead of guidance.

• Commercial adoption exceeded 500 treatment starts and 300 treatment completions; AdenoVerse received FDA Platform Technology Designation.

Financial highlights

• Q3 total revenue was $74.1 million, including $72.9 million of PAPZIMEOS revenue, versus $2.9 million in Q3 2025; 9M revenue was $152.4 million.

• Q3 operating income was $38.7 million versus a $34.5 million operating loss in Q3 2025; 9M operating income was $55.3 million versus an $88.8 million operating loss.

• Net income was $35.8 million in Q3 and $47.9 million for 9M 2026.

• Q3 R&D expense was $6.6 million, down $5.7 million YoY; SG&A was $22.4 million, down $1.6 million YoY.

• Q3 gross profit was $67.6 million, with a 91% gross margin; Q3 basic/diluted EPS was $0.10/$0.08.

Outlook and guidance

• Management expects continued PAPZIMEOS revenue momentum and spending discipline; no Q4 revenue guidance was given.

• U.S. PAPZIMEOS gross margins are expected to stabilize in the high-80% to low-90% range; product costs may rise as a percentage of revenue as pre-launch inventory is depleted.

• The redosing study is enrolling, with data anticipated in 2028; pediatric development and geographic expansion are lifecycle priorities, and EMA review is ongoing.

• R&D Day is expected to include Phase II PRGN-2009 data in HPV-associated oropharyngeal cancer and a development update.