Jun 2026 (Q2 FY26) — Aug 5, 2026
Revolution Medicines Q2 FY26 — Daraxonrasib NDA Accepted, Strong Pipeline Progress in Pancreatic and Lung Cancers
Read the full callRevolution Medicines (RVMD) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Revolution Medicines earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | -644 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
13 of 13 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Elironrasib registrational strategy update disclosure | share an update on elironrasib registrational strategy during 2026 | Dec 2025 | we are advancing both zoldonrasib and elironrasib into registrational development in combination with standard of care in first-line non-small cell lung cancer | Achieved |
| Daraxonrasib first-line NSCLC registrational trial initiation / plan disclosure | initiate a registrational trial in first-line NSCLC (daraxonrasib + pembrolizumab +/- chemotherapy) in 2026 | Jun 2025 | The additional information and insights we gain over time will inform decisions about potential future registrational plans. | Diluted |
| Colorectal cancer combination data / development-plan visibility disclosure | provide visibility into CRC combination data during 2026 | Dec 2025 | In colorectal cancer, we look forward to providing a data update and visibility into our development plans during the fourth quarter of this year. | On Track |
12 of Revolution Medicines, Inc.'s 25 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 22 more targets are in the full ledger.
Claimed
- Daraxonrasib's New Drug Application (NDA) for pancreatic cancer was accepted for review by the U.S. FDA.
- The European Medicines Agency (EMA) designated daraxonrasib as a high priority under its Cancer Medicines Pathfinder project, initiating a phase review.
- The Expanded Access Program (EAP) for daraxonrasib has provided the drug to greater than 2,000 eligible patients across the U.S.
- Zoldonrasib combined with standard of care chemotherapy showed compelling preliminary objective response rates of 82% and 61% in first-line RAS G12D pancreatic cancer.
- Elironrasib in combination with pembrolizumab and chemotherapy demonstrated a highly encouraging objective response rate of 85% in first-line RAS G12C non-small cell lung cancer.
Qualified
- Net loss for Q2 FY26 increased to $644 million, compared to $248 million for Q2 FY25.
- Full-year 2026 GAAP operating expense expectations were updated to between $2.1 billion and $2.2 billion, reflecting increased investment.
- A noncash charge of $151 million was incurred in Q2 FY26 related to a change in the fair value of warrants assumed from the EQRx acquisition.
Price
$182.15 +2.35% · +$4.19
Performance +236.7% 1Y
1Y: $54.1 on 17 Oct 2025 → $182.15. High $221.15 (27 Aug 2026), low $52.98 (22 Oct 2025).
- Previous close
- $177.96
- 52-week range
- $52.98 – $221.15
- One year
- +237.25%
Overview
- Symbol
- RVMD
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 13 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Elironrasib registrational strategy update disclosure | share an update on elironrasib registrational strategy during 2026 | Dec 2025 | we are advancing both zoldonrasib and elironrasib into registrational development in combination with standard of care in first-line non-small cell lung cancer | Achieved |
| Daraxonrasib first-line NSCLC registrational trial initiation / plan disclosure | initiate a registrational trial in first-line NSCLC (daraxonrasib + pembrolizumab +/- chemotherapy) in 2026 | Jun 2025 | The additional information and insights we gain over time will inform decisions about potential future registrational plans. | Diluted |
| Colorectal cancer combination data / development-plan visibility disclosure | provide visibility into CRC combination data during 2026 | Dec 2025 | In colorectal cancer, we look forward to providing a data update and visibility into our development plans during the fourth quarter of this year. | On Track |
Claimed
- Daraxonrasib's New Drug Application (NDA) for pancreatic cancer was accepted for review by the U.S. FDA.
- The European Medicines Agency (EMA) designated daraxonrasib as a high priority under its Cancer Medicines Pathfinder project, initiating a phase review.
- The Expanded Access Program (EAP) for daraxonrasib has provided the drug to greater than 2,000 eligible patients across the U.S.
- Zoldonrasib combined with standard of care chemotherapy showed compelling preliminary objective response rates of 82% and 61% in first-line RAS G12D pancreatic cancer.
- Elironrasib in combination with pembrolizumab and chemotherapy demonstrated a highly encouraging objective response rate of 85% in first-line RAS G12C non-small cell lung cancer.
Qualified
- Net loss for Q2 FY26 increased to $644 million, compared to $248 million for Q2 FY25.
- Full-year 2026 GAAP operating expense expectations were updated to between $2.1 billion and $2.2 billion, reflecting increased investment.
- A noncash charge of $151 million was incurred in Q2 FY26 related to a change in the fair value of warrants assumed from the EQRx acquisition.
The full ledger
Open Revolution Medicines, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 25 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
Revolution Medicines Q1 FY26 — Daraxonrasib Shows Unprecedented OS Benefit in Pancreatic Cancer
Read the full callDec 2025 (Q4 FY25) — Feb 25, 2026
Revolution Medicines Q4 FY25 — Pipeline Advancement and Commercialization Readiness
Read the full callEvery analysed call
Revolution Medicines earnings calls (RVMD)
Financials
What the filings say
Net profit, year on year: −160% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 0 | — | — | — | — | — | — |
| Operating profit | -176 | -216 | -241 | -265 | -315 | -362 | -445 | -505 |
| Other income | 19 | 21 | 27 | 17 | 10 | -3 | -9 | -139 |
| Interest | 0 | 0 | 0 | 1 | 11 | 12 | 12 | 24 |
| Profit before tax | -156 | -195 | -213 | -248 | -305 | -365 | -454 | -644 |
| Tax rate | 0.0% | 0.4% | — | — | — | — | — | — |
| Net profit | -156 | -195 | -213 | -248 | -305 | -365 | -454 | -644 |
| EPS ($ per share) | -0.94 | — | -1.13 | -1.31 | -1.61 | — | -2.29 | -3.06 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | — | -157 | -266 | -453 | -701 | -1,138 | -1,738 | -2,869 |
| Total liabilities | — | 68 | 93 | 135 | 127 | 236 | 293 | 723 |
| Fixed assets | — | 7 | 9 | 12 | 19 | 23 | 24 | 33 |
| Investments | — | 106 | 336 | 469 | 484 | 1,157 | 1,746 | 1,642 |
| Total assets | — | 221 | 567 | 738 | 812 | 2,062 | 2,558 | 2,355 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1 | -50 | -100 | -147 | -224 | -351 | -557 | -898 |
| Cash from investing | -1 | -102 | -234 | -142 | -24 | -343 | -554 | 118 |
| Cash from financing | 61 | 99 | 423 | 294 | 301 | 1,229 | 959 | 622 |
| Net cash flow | 61 | -53 | 88 | 5 | 53 | 536 | -152 | -158 |
| Capital expenditure | -1 | -3 | -3 | -7 | -11 | -8 | -10 | -16 |
| Free cash flow | -0 | -52 | -103 | -154 | -235 | -358 | -568 | -914 |
Insider filings
214 filings between Nov 7, 2025 and Sep 29, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$153.78M
158 sales by 12 insiders
99% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 14
- Award — granted as compensation
- 36
- Option exercise — converted options into shares
Also filed: 6 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| GOLDSMITH MARK A | — | $55.93M | Sep 16, 2026 |
| Horn Margaret A | — | $25.25M | Sep 16, 2026 |
| Kelsey Stephen Michael | — | $21.33M | Sep 16, 2026 |
| Kim Lorence H. | — | $14.97M | Sep 8, 2026 |
| Cislini Jeff | — | $14.61M | Sep 25, 2026 |
| Mancini Anthony | — | $9.79M | Sep 25, 2026 |
| Anders Jack | — | $7.13M | Sep 16, 2026 |
| ANDERSON ELIZABETH M | — | $1.96M | Sep 22, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 29, 2026 | Sandler Alan B. Chief Development Officer | Sale 10b5-1 plan | 2,200 | $441.8K |
| Sep 29, 2026 | Sandler Alan B. Chief Development Officer | Option exercise 10b5-1 plan | 6,000 | $353.0K |
| Sep 29, 2026 | Sandler Alan B. Chief Development Officer | Sale 10b5-1 plan | 1,000 | $202.8K |
| Sep 29, 2026 | Sandler Alan B. Chief Development Officer | Sale 10b5-1 plan | 301 | $61.6K |
| Sep 29, 2026 | Sandler Alan B. Chief Development Officer | Sale 10b5-1 plan | 1,199 | $244.5K |
| Sep 29, 2026 | Sandler Alan B. Chief Development Officer | Sale 10b5-1 plan | 1,609 | $324.6K |
| Sep 25, 2026 | Cislini Jeff SVP & General Counsel | Sale 10b5-1 plan | 765 | $158.6K |
| Sep 25, 2026 | Mancini Anthony See Remarks | Option exercise 10b5-1 plan | 3,121 | $104.9K |
| Sep 25, 2026 | Mancini Anthony See Remarks | Sale 10b5-1 plan | 3,121 | $625.9K |
| Sep 24, 2026 | Mancini Anthony See Remarks | Sale 10b5-1 plan | 587 | $117.4K |
| Sep 22, 2026 | ANDERSON ELIZABETH M Director | Sale 10b5-1 plan | 2,648 | $512.2K |
| Sep 22, 2026 | ANDERSON ELIZABETH M Director | Sale 10b5-1 plan | 910 | $174.6K |
| Sep 22, 2026 | ANDERSON ELIZABETH M Director | Option exercise 10b5-1 plan | 5,070 | $5.7K |
| Sep 22, 2026 | ANDERSON ELIZABETH M Director | Sale 10b5-1 plan | 4,985 | $959.8K |
| Sep 22, 2026 | ANDERSON ELIZABETH M Director | Sale 10b5-1 plan | 1,500 | $291.9K |
| Sep 22, 2026 | ANDERSON ELIZABETH M Director | Sale 10b5-1 plan | 100 | $19.5K |
| Sep 18, 2026 | Mancini Anthony See Remarks | Sale 10b5-1 plan | 1,764 | $347.4K |
| Sep 16, 2026 | Horn Margaret A Chief Operating Officer | Sale 10b5-1 plan | 4,891 | $974.8K |
| Sep 16, 2026 | Mancini Anthony See Remarks | Sale 10b5-1 plan | 1,747 | $348.2K |
| Sep 16, 2026 | Cislini Jeff SVP & General Counsel | Sale 10b5-1 plan | 3,314 | $660.5K |
| Sep 16, 2026 | Anders Jack Chief Financial Officer | Sale 10b5-1 plan | 3,992 | $795.6K |
| Sep 16, 2026 | Mancini Anthony See Remarks | Sale 10b5-1 plan | 27 | $5.3K |
| Sep 16, 2026 | Kelsey Stephen Michael See Remarks | Sale 10b5-1 plan | 85 | $16.6K |
| Sep 16, 2026 | Anders Jack Chief Financial Officer | Sale 10b5-1 plan | 61 | $11.9K |
| Sep 16, 2026 | Sandler Alan B. Chief Development Officer | Sale 10b5-1 plan | 5 | $975 |
| Sep 16, 2026 | Cislini Jeff SVP & General Counsel | Sale 10b5-1 plan | 52 | $10.1K |
| Sep 16, 2026 | GOLDSMITH MARK A See Remarks | Sale 10b5-1 plan | 13,775 | $2.75M |
| Sep 16, 2026 | Kelsey Stephen Michael See Remarks | Sale 10b5-1 plan | 5,484 | $1.09M |
| Sep 16, 2026 | GOLDSMITH MARK A See Remarks | Sale 10b5-1 plan | 213 | $41.5K |
| Sep 16, 2026 | Horn Margaret A Chief Operating Officer | Sale 10b5-1 plan | 76 | $14.8K |
| Sep 16, 2026 | Sandler Alan B. Chief Development Officer | Sale 10b5-1 plan | 336 | $67.0K |
| Sep 11, 2026 | Kelsey Stephen Michael See Remarks | Option exercise 10b5-1 plan | 52,500 | $2.23M |
| Sep 11, 2026 | Kelsey Stephen Michael See Remarks | Option exercise 10b5-1 plan | 40,031 | $1.63M |
| Sep 11, 2026 | Kelsey Stephen Michael See Remarks | Sale 10b5-1 plan | 800 | $158.8K |
| Sep 11, 2026 | Kelsey Stephen Michael See Remarks | Sale 10b5-1 plan | 18,869 | $3.83M |
| Sep 11, 2026 | Kelsey Stephen Michael See Remarks | Sale 10b5-1 plan | 17,949 | $3.66M |
| Sep 11, 2026 | Kelsey Stephen Michael See Remarks | Sale 10b5-1 plan | 4,995 | $1.02M |
| Sep 11, 2026 | Kelsey Stephen Michael See Remarks | Sale 10b5-1 plan | 21,447 | $4.33M |
| Sep 11, 2026 | Kelsey Stephen Michael See Remarks | Sale 10b5-1 plan | 11,833 | $2.37M |
| Sep 11, 2026 | Kelsey Stephen Michael See Remarks | Sale 10b5-1 plan | 3,270 | $673.0K |
| Sep 11, 2026 | Kelsey Stephen Michael See Remarks | Sale 10b5-1 plan | 13,368 | $2.68M |
| Sep 10, 2026 | Mancini Anthony See Remarks | Sale 10b5-1 plan | 6,019 | $1.22M |
| Sep 10, 2026 | Mancini Anthony See Remarks | Sale 10b5-1 plan | 5,530 | $1.13M |
| Sep 10, 2026 | Mancini Anthony See Remarks | Sale 10b5-1 plan | 2,420 | $496.2K |
| Sep 10, 2026 | Mancini Anthony See Remarks | Sale 10b5-1 plan | 1,179 | $243.0K |
| Sep 10, 2026 | Mancini Anthony See Remarks | Sale 10b5-1 plan | 300 | $62.2K |
| Sep 10, 2026 | Mancini Anthony See Remarks | Option exercise 10b5-1 plan | 9,363 | $314.8K |
| Sep 8, 2026 | Kim Lorence H. Director | Sale 10b5-1 plan | 371 | $78.8K |
| Sep 8, 2026 | Kim Lorence H. Director | Sale 10b5-1 plan | 3,844 | $812.5K |
| Sep 8, 2026 | Kim Lorence H. Director | Sale 10b5-1 plan | 3,587 | $748.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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