Revolution Medicines (RVMD) Q3 2026 earnings summary

Executive summary

• FDA approved RASONQUE on Aug. 26 for eligible adults with metastatic pancreatic adenocarcinoma; U.S. launch began immediately and generated $197.6M in Q3 revenue after ~5 weeks, with more than 5,000 patients treated.

• CHMP recommended EU marketing authorization for daraxonrasib in previously treated metastatic pancreatic cancer; European Commission review remains pending, and Japan launch preparations are advancing subject to approval.

Financial highlights

• Q3 revenue was $197.6M versus none in Q3 2025; nine-month revenue was also $197.6M, reflecting the August launch.

• Q3 operating loss was $373.1M and net loss was $407.5M, versus $315.3M and $305.2M in Q3 2025; nine-month operating and net losses were $1.324B and $1.506B.

• Q3 R&D was $417.1M versus $262.5M year over year; SG&A was $153.3M versus $52.8M, reflecting pipeline, staffing and launch investment. Nine-month R&D and SG&A were $1.156B and $364.8M.

• Q3 cost of sales was $0.3M; it included pre-approval inventory costs previously expensed to R&D and is not representative of normalized costs.

Outlook and guidance

• Reiterated FY 2026 GAAP operating expense guidance of $2.1B–$2.2B, including expected non-cash stock-based compensation of $270M–$290M.

• FY 2027 operating expenses are expected to rise as RAS(ON) portfolio investment and global commercialization expand; R&D and SG&A are expected to increase for the foreseeable future.

• RASolute 303 global enrollment is expected to complete in H1 2027; RASolve 301 enrollment is nearing completion, with an initial readout expected in 2027.

• Initial RMC-5127 monotherapy data are expected in 2027; RM-055 first-in-human study initiation is on track for Q4 2026.

• EU launch timing depends on European Commission approval and country-specific access requirements; Japan launch preparations are also advancing subject to approval.