Casgevy Starts Paying Off for CRISPR: Rapid Earnings Reaction
Key Points
Casgevy sales grew 30% from last quarter as approvals for younger children expanded.
CRISPR's own costs for the Vertex partnership are shrinking, though its net loss still widened.
Heart-drug data due next week may matter more to the stock than this quarter's numbers.
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CRISPR Therapeutics (NASDAQ:CRSP) said sales of Casgevy, the sickle cell and beta thalassemia therapy it shares with Vertex Pharmaceuticals (NASDAQ:VRTX), reached $99 million in the third quarter. Shares fell about 2% in early after-hours trading. Casgevy is starting to pay CRISPR back, but the quarterly loss barely moved, so the pipeline still carries the stock.
Key Numbers
- Casgevy sales: $99 million, up 30% from the second quarter and nearly six times the year-ago quarter.
- Collaboration revenue: $12.3 million, versus none a year earlier.
- Net loss: $111.4 million, versus $106.4 million a year earlier.
- Cash and marketable securities: $2.28 billion, versus $1.98 billion at the end of 2025.
What It Means
CRISPR doesn't book Casgevy sales itself. Vertex runs the launch, and the two split profits and costs 60/40. A year ago, CRISPR's share of costs far outran any income. Now sales are large enough to shrink that bill, and net collaboration expense fell about 28% from a year earlier.
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The loss still widened, but spending isn't the main reason. Operating loss narrowed slightly, even with a milestone payment to siRNA partner Sirius Therapeutics. The swing came from other income, which fell by about $7.5 million. The release doesn't say why.
The bigger cash balance isn't a sign of self-funding. It rose because CRISPR sold $585 million of convertible notes in March, and without them cash would have shrunk. Convertible notes can turn into stock later, and the share count is already higher than a year ago.
What to Watch Next
The next test is CTX310's Phase 1b data in severe hypertriglyceridemia, set for a late-breaking talk at the American Heart Association meeting on Nov. 9. After that, watch whether Casgevy keeps cutting CRISPR's net collaboration expense next quarter.
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David Kretzmann has positions in CRISPR Therapeutics. The Motley Fool has positions in and recommends Vertex Pharmaceuticals. The Motley Fool has a disclosure policy.
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