Crinetics Q2 revenue jumps on PALSONIFY launch, withdraws guidance
CRNX•Guidance withdrawn as R&D spending increases
The company said it is withdrawing previously issued guidance and will not provide updated forecasts.
Crinetics attributed higher research and development expenses to increased investment in clinical programs and personnel costs.
The company also noted that Vertex will acquire Crinetics in a $10 billion deal, expected to close in the third quarter of 2026.
Q2 revenue rises on PALSONIFY launch, loss widens
Crinetics said second-quarter revenue rose sharply on the U.S. commercial launch and adoption of PALSONIFY for acromegaly.
The company's second-quarter net loss widened, while loss per share narrowed year over year.
| Metric | Actual |
|---|---|
| Q2 Net Loss | $120.86 mln |
| Q2 Loss Per Basic Share | $1.14 |
| Q2 Operating Expenses | $157.58 mln |
| Q2 Operating Income | -$132.46 mln |
Crinetics said the breadth and depth of PALSONIFY prescribers continued to expand, with 385 unique healthcare providers having prescribed PALSONIFY within the first three quarters of launch.
