Crinetics reports Q2 2026 results alongside pending $10 billion Vertex acquisition
Crinetics disclosed the Vertex merger agreement, an FDA rare pediatric disease designation for atumelnant, and PALSONIFY sales growth in its second-quarter update.
Crinetics Pharmaceuticals reported second-quarter 2026 results on August 3, 2026, alongside business updates tied to its pending acquisition by Vertex Pharmaceuticals. On July 6, 2026, Vertex Pharmaceuticals and Crinetics announced that the companies have entered into a definitive agreement under which Vertex will acquire Crinetics for $85.00 per share in cash, for a total equity value of approximately $10.0 billion, or approximately $8.8 billion net of estimated cash acquired.1 The transaction was unanimously approved by both companies' boards and is anticipated to close in the third quarter of 2026, subject to customary closing conditions including regulatory approvals and Crinetics stockholder approval.1
On the pipeline side, Crinetics announced that the FDA has granted a Rare Pediatric Disease Designation to atumelnant, a once-daily oral ACTH receptor antagonist in Phase 3 development for classic congenital adrenal hyperplasia in pediatric patients and adults.1
For its commercial product, total revenue was $25.1 million for the quarter ended June 30, 2026, compared to $1.0 million a year earlier, including $24.0 million in net product revenue from PALSONIFY, up from $10.3 million in the first quarter of 2026.1 The company received 245 enrollment forms during the quarter, and 385 unique healthcare providers had prescribed PALSONIFY within the first three quarters of launch.1 Over 70% of patients treated with PALSONIFY at quarter end were on reimbursed therapy.1
Cash, cash equivalents, and investment securities totaled $1.2 billion as of June 30, 2026, compared to $1.0 billion as of December 31, 2025.1 Regarding forward guidance, the company said that in light of the July 6, 2026 announcement of the proposed Vertex transaction, Crinetics will not be providing updated guidance and is withdrawing its previously issued guidance.1 Crinetics also will not host an earnings conference call or webcast on its second-quarter 2026 results.1
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