TLDR
- CRISPR Therapeutics (CRSP) stock jumped 9% despite missing Q4 earnings with $864,000 revenue versus multi-million dollar estimates and a $1.37 per share loss.
- Partner Vertex Pharmaceuticals projects $500 million or more in revenue from non-CF products including Casgevy in 2026, driving investor optimism.
- Casgevy generated $54 million in Q4 revenue and $116 million for full year 2025, with 64 patient infusions in Q4 and 147 patients initiating treatment globally.
- Reimbursement now covers roughly 90% of eligible U.S. patients, with expanded access across European and Middle Eastern markets.
- The company ended 2025 with $1.98 billion in cash while advancing pipeline programs CTX310, CTX321, CTX611, and zugo-cel across cardiovascular and autoimmune indications.
CRISPR Therapeutics (CRSP) stock surged 9.2% Friday despite reporting disappointing fourth-quarter results that missed analyst expectations. The company posted just $864,000 in Q4 revenue and a loss of $1.37 per share, falling short of estimates for a loss of $1.20 per share on several million dollars in sales.
The unexpected rally came courtesy of partner Vertex Pharmaceuticals, which issued bullish 2026 guidance for Casgevy during its own earnings call. Vertex projected $500 million or more in revenue from non-cystic fibrosis products, including increased Casgevy patient infusions through its global treatment center network.
Casgevy, the FDA’s first-ever approved gene-editing therapy for sickle cell disease and transfusion-dependent beta thalassemia, generated $54 million in Q4 revenue. Full-year 2025 revenue reached $116 million, marking the therapy’s first full year of commercialization since its late-2023 approval.
A total of 64 patients received Casgevy infusions during the fourth quarter. For the full year, 147 patients initiated treatment through first cell collection, nearly tripling the number from 2024.
The therapy’s high price tag of over $2 million per patient initially raised questions about uptake speed. However, expanding reimbursement coverage is removing financial barriers for eligible patients.
Growing Market Access
Reimbursement now covers approximately 90% of eligible patients in the United States. The therapy has also secured reimbursed access across several European and Middle Eastern markets.
In January, Vertex locked in reimbursement for sickle cell disease patients in Scotland. This expanded coverage comes as roughly 60,000 patients remain viable candidates for Casgevy treatment, according to Vertex estimates.
William Blair analysts noted that the increase to 147 first cell collections strengthens confidence that higher initiation volumes will translate into materially greater revenue in 2026. The firm maintains that the therapy’s growing momentum heading into 2026 supports an optimistic revenue outlook.
The lengthy treatment preparation process has contributed to slower initial revenue growth. Creating each patient-specific treatment requires several months, following additional months needed to prepare treatment centers.
CRISPR Therapeutics reported total 2025 revenue of just $3.5 million. Analysts project 2026 revenue to jump to nearly $130 million, with expectations for over $330 million by 2027.
Pipeline Progress Beyond Casgevy
The company continues advancing its in vivo liver editing programs. CTX310 remains in Phase 1b trials targeting lipid disorders, showing competitive LDL-C reductions compared to Arrowhead Pharmaceuticals’ AROANG3 and Regeneron Pharmaceuticals’ Evkeeza.
CTX321, a next-generation Lp(a) program, is progressing through enabling studies. The company expects to provide updates on this cardiovascular gene editing program in the second half of 2026.
William Blair analyst Sami Corwin wrote that the in vivo cardiovascular gene editing programs represent meaningful value drivers. The analyst noted that CTX310’s triglyceride reductions potentially set a new bar in the space.
CTX611, an siRNA-based candidate developed with Sirius Therapeutics, is currently in Phase 2 trials. The therapy targets patients undergoing knee replacement surgery and may have broader applications across thromboembolic diseases.
Zugo-cel is progressing in autoimmune and oncology indications, including systemic lupus erythematosus and B-cell malignancies. The therapy is being evaluated in combination with pirtobrutinib under a collaboration with Eli Lilly.
CRISPR Therapeutics ended 2025 with $1.98 billion in cash and marketable securities. R&D expenses rose to $83.5 million in Q4, while net loss widened to $130.6 million from $37.3 million a year earlier.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
