Revolution Medicines shares jump 10.6% after hours, RASONQUE sales beat

Revolution Medicines (RVMD) said on Nov. 4 that its net loss for the third quarter of 2026 was $407.5 million, or $1.90 per share, a smaller loss than the $2.46 per share expected. Net product revenue of $197.6 million from RASONQUE topped the $23.96 million estimate.

Shares rose 10.6% in after-hours trading as of 4:45 p.m. ET, from a regular-session close of $199.56.

Revolution Medicines develops oral RAS(ON) inhibitors for RAS-addicted cancers, and it launched RASONQUE (daraxonrasib) in the U.S. after the Food and Drug Administration approved it on Aug. 26.

Here's how the company did:

• Loss per share: $1.90 vs. $1.61 a year earlier, against $2.46 per share expected
• Net product revenue: $197.56 million vs. $23.96 million estimate
• Net loss: $407.5 million vs. $305.2 million a year earlier
• Cash, cash equivalents and marketable securities: $3.65 billion as of Sept. 30, from $2.03 billion at Dec. 31, 2025

Launch and sales

RASONQUE's revenue reflects about five weeks of commercial availability and initial stocking of product in the channel. More than 5,000 unique patients received commercial RASONQUE in the U.S. from approval through Sept. 30.

The company said early sales included patients moving off its Expanded Access Program and newly eligible patients starting treatment after approval. It called these finite early-launch dynamics and said third-quarter results should not be viewed as indicative of the launch's longer-term trajectory.

Claims have been reimbursed across health plans covering more than 90% of U.S. pancreatic cancer covered lives, while formal coverage policies continue to develop.

Cost of sales was $0.3 million. The company said the product sold included inventory made before approval, whose manufacturing costs had been expensed to research and development, so the quarter's cost of sales is not representative of normalized cost of sales.

Chief executive officer and chairman Mark A. Goldsmith said, “The U.S. approval and launch of RASONQUE marked a monumental step forward for eligible patients with pancreatic cancer and a transformational quarter for Revolution Medicines, and the CHMP opinion sets the stage for potential approval in the European Union.”

A positive CHMP opinion in October recommended marketing authorization for daraxonrasib in the European Union, and a European Commission decision is pending.

Expenses and cash

Research and development expenses were $417.1 million, compared with $262.5 million a year earlier. The company said the increase was driven mainly by clinical trial and manufacturing costs for RASONQUE, zoldonrasib and RMC-5127, along with more headcount and higher stock-based compensation.

Selling, general and administrative expenses were $153.3 million, compared with $52.8 million a year earlier. The company attributed the increase to personnel costs, commercial expenses from the RASONQUE launch and stock-based compensation.

The net loss included $40.7 million of non-cash charges from a change in the fair value of warrants assumed in the company's acquisition of EQRx.

The approval triggered a mandatory first debt tranche of $250 million under the company's funding arrangement with Royalty Pharma. Proceeds arrived in October and are not part of the $3.65 billion cash balance at Sept. 30.

The company elected not to draw an optional third royalty tranche of $250 million, which would have required incremental future royalty payments. Up to an additional $1.00 billion in committed capital remains available, subject to milestones.

2026 guidance

Revolution Medicines reiterated its full-year 2026 GAAP operating expense guidance of $2.1 billion to $2.2 billion, the same range it gave on Aug. 5. The range includes expected non-cash stock-based compensation expense of $270 million to $290 million.

Net income has fallen in each of the last three quarters, from -$305.2 million in the third quarter of 2025 to -$644.4 million in the second quarter of 2026, according to its SEC filings.