$RVMD · Revolution Medicines, Inc.
Revolution Medicines reported Q3 FY2026 results: RASONQUE (daraxonrasib) net product revenue of $197.6M from roughly five weeks of commercial availability following its August 26, 2026 FDA approval for metastatic pancreatic cancer. Net loss was $407.5M ($1.90/share) versus $305.2M ($1.61/share) a year earlier, driven by R&D of $417.1M and SG&A of $153.3M. Cash, equivalents and marketable securities stood at $3.7B as of September 30, 2026, excluding a $250M Royalty Pharma debt tranche received in October.
- RASONQUE net product revenue was $197.6M for the quarter, reflecting ~5 weeks of sales.
- More than 5,000 unique patients received commercial RASONQUE from approval through September 30, 2026.
- Net loss widened to $407.5M from $305.2M a year earlier.
- Cash and marketable securities totaled $3.7B, excluding a $250M Royalty Pharma tranche received in October.
- CHMP issued a positive opinion recommending EU approval of daraxonrasib.
Extended-hours trading pushed shares to $210.61, up 5.46% versus the regular close, as investors rewarded the strong launch revenue. The $197.6M quarter on a $42.8B market cap reflects a partial-quarter launch that management cautioned is not indicative of longer-term trajectory.
A $197.6M partial-quarter launch for a first-in-class pancreatic cancer drug validates the commercial thesis and signals rapid market uptake.
RASONQUE is the first Phase 3-proven targeted therapy to beat chemotherapy in metastatic pancreatic cancer, positioning Revolution Medicines ahead of peers in the RAS-addicted oncology space.
Management cautioned that the EAP transition and initial waiting-patient cohort are finite early-launch dynamics, so Q3 results should not be viewed as indicative of the launch's longer-term trajectory. Cost of sales of $0.3M is not representative of normalized levels because pre-approval inventory costs were previously expensed to R&D.