stockrowLatest quarter
Revolution Medicines reported Q3 revenue of $197.6 million, compared with $0.00 a year earlier. The company said the revenue came from RASONQUE sales following its U.S. approval in August and reflected both patient demand and initial stocking in the distribution channel.
The company reported a diluted loss per share of −$1.90, compared with −$1.61 a year earlier. Its reported per-share loss was narrower than the consensus estimate. Revolution Medicines reported net income of −$407.5 million for the quarter.
The filing attributed higher research and development expenses primarily to clinical trials and manufacturing, including pre-launch materials. The company reported $153.3 million in selling, general and administrative expenses, with the filing attributing the increase in part to commercial spending and additional staff. Revolution Medicines reported free cash flow of −$419.3 million, compared with −$210.7 million a year earlier, and ended the quarter with $3.7 billion in cash, cash equivalents and marketable securities.
| Q3 FY2026 | A year before | Change | |
|---|---|---|---|
| Revenue | $197.6 million | — | — |
| Diluted EPS | −$1.90 | −$1.61 | — |
| Gross margin | 100.0% | — | — |
| Operating margin | −188.9% | — | — |
| Free cash flow | −$419.3 million | −$210.7 million | — |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | −$2.34 | −$1.93 | Missed by 21.2% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
Revolution Medicines’ filing said initial RASONQUE revenue reflected patient demand and stocking of the distribution channel.
Guidance
Revolution Medicines reiterated its full-year operating expense guidance, including its expected stock-based compensation component. The company’s outlook lists the same ranges for both measures as in its previous guidance.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| Operating expenses | FY2027 | Revolution Medicines expects FY2027 GAAP operating expenses to increase from its current run rate. | — | — |
| Operating expenses, Stock Based Compensation | FY2026 | $270.0 million–$290.0 million | $270.0 million–$290.0 million | Held |
| Operating expenses | FY2026 | $2.1 billion–$2.2 billion | $2.1 billion–$2.2 billion | Held |
| Research and development, Clinical Development | FY2026 | Revolution Medicines anticipates higher clinical development expenses in FY2026. | — | — |