Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| CF Revenue | $3.3 billion | 8% year-over-year |
| JOURNAVX Revenue | $58 million | 18% quarter-over-quarter |
| CASGEVY Revenue | $99 million | 30% sequential growth |
| Non-GAAP EPS | $4.76 | Not stated |
| PALSONIFY Revenue | $24 million | Not stated |
Guidance and outlook
- Full year 2026 total revenue guidance raised to a range of $13.15 billion to $13.25 billion.
- Full year 2026 non-GAAP operating expense guidance revised to approximately $6 billion.
- Full year 2026 non-GAAP effective tax rate expected to be between 19.5% and 20.5%.
How management sounded
Positive (+6 on our -10 to +10 scale). Management raised full-year revenue guidance and highlighted strong commercial execution across cystic fibrosis, pain, and new rare endocrine pillars while maintaining a disciplined R&D strategy. Management sounded more upbeat than on 8% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Pove (povetasecept) regulatory
Asked: Analysts asked about the citizen petition regarding IgG monitoring and dose hold rules.
Answer: Management stated that the petition is anonymous and they are proceeding with the FDA as expected for the PDUFA date, noting that clinical trial data showed no opportunistic infections and balanced SAEs.
Inaxapline (AMKD) data
Asked: Analysts asked about confidence in the upcoming interim data for the AMPLITUDE study.
Answer: Management emphasized that targeting the underlying biology of proteinuric kidney disease is the best approach and that they have an agreement with the FDA based on GFR endpoints.
JOURNAVX gross-to-net
Asked: Analysts asked about the bridge between prescription growth and revenue as the patient support program rolls off.
Answer: Management explained they will keep the patient support program active until mid-2027 to ensure patient access, after which they expect gross-to-net to stabilize in the 50% to 60% range.
Pove (povetasecept) 2-year data
Asked: Analysts asked why the company decided to commit to 2-year eGFR data collection.
Answer: Management clarified that while the FDA is comfortable with 1-year data, they are pursuing global filings which require 2-year data, so they are proceeding to full trial completion.
What to watch before the next call
- The PDUFA date for povetasecept in IgAN on November 30, 2026.
- Interim analysis results for the AMPLITUDE study in AMKD expected early 2027.
- The transition of Jonathan Poole to CFO on January 1, 2027.
