Quarterly guidance

Quarterly guidance
No explicit numerical quarterly guidance was given for Q4 2026.

Annual guidance

Total revenue
Raised from $13.1 billion to $13.2 billion to a revised range of $13.15 billion to $13.25 billion.
Gross margin
Expected to be slightly below 86%.
Non-GAAP operating expenses
Revised from $5.65 billion to $5.75 billion to approximately $6 billion, including Crinetics expenses.
Non-GAAP effective tax rate
Expected to be between 19.5% and 20.5%.

Outlook

Cystic Fibrosis
Continued growth driven by ALYFTREK label expansions, penetration into younger age groups, and international reimbursement agreements.
CASGEVY Infusions
Infusion timing reflects patient choice with expected seasonality in the fourth quarter, while annual performance remains strong.
JOURNAVX Access
Patient support program will remain active through mid-2027 to support uncontracted patients before gross-to-net stabilizes between 50% and 60%.
Crinetics Integration
Integration is well underway with a focus on accelerating commercial execution for PALSONIFY and advancing clinical pipelines like atremelmant.