TLDR
- CRISPR Therapeutics (CRSP) stock rallied 9.2% Friday despite missing Q4 earnings expectations with only $864,000 in revenue.
- Vertex Pharmaceuticals’ guidance for $500 million-plus in non-CF product revenue including Casgevy drove the stock surge.
- Casgevy generated $116 million in full-year 2025 revenue with 147 patients initiating treatment, nearly triple 2024 levels.
- Reimbursement coverage expanded to 90% of eligible U.S. patients with growing access across Europe and Middle East.
- The company maintains $1.98 billion in cash while advancing pipeline candidates CTX310, CTX321, CTX611, and zugo-cel.
CRISPR Therapeutics (CRSP) stock climbed 9.2% Friday in a counterintuitive move that defied its disappointing fourth-quarter earnings report. The gene-editing company posted Q4 revenue of just $864,000 and a loss of $1.37 per share, missing analyst estimates calling for a $1.20 per share loss on several million dollars in sales.
The stock’s rally stemmed from partner Vertex Pharmaceuticals’ optimistic 2026 outlook. Vertex projected $500 million or more in revenue from non-cystic fibrosis products, specifically highlighting increased Casgevy patient infusions through its global authorized treatment center network.
Casgevy brought in $54 million during Q4 and $116 million for full-year 2025. The therapy treats sickle cell disease and transfusion-dependent beta thalassemia as the FDA’s first-ever approved gene-editing treatment.
Patient adoption accelerated throughout the year. A total of 64 patients received infusions in Q4, while 147 patients globally initiated treatment through first cell collection in 2025. That figure nearly tripled compared to 2024, signaling growing traction heading into the new year.
Reimbursement Expansion Drives Access
Market access continues improving for the high-priced therapy. Reimbursement now covers roughly 90% of eligible patients in the United States, removing financial barriers for most candidates.
The treatment secured reimbursed access across multiple European and Middle Eastern markets. In January, Vertex announced reimbursement for sickle cell disease patients in Scotland, further expanding the therapy’s geographic footprint.
William Blair analysts pointed to the 147 first cell collections as evidence that higher initiation volumes will drive materially greater revenue in 2026. The therapy costs over $2 million per patient, requiring months of preparation and patient-specific treatment creation.
Vertex estimates approximately 60,000 patients remain viable candidates for Casgevy. CRISPR Therapeutics reported total 2025 revenue of $3.5 million, but analysts project 2026 revenue to hit nearly $130 million with expectations exceeding $330 million by 2027.
Pipeline Programs Show Promise
CTX310 remains in Phase 1b trials for lipid disorders, demonstrating competitive LDL-C reductions versus Arrowhead Pharmaceuticals’ AROANG3 and Regeneron Pharmaceuticals’ Evkeeza. William Blair analyst Sami Corwin noted the triglyceride reductions potentially set a new standard in the space.
CTX321, targeting Lp(a), is advancing through enabling studies with updates expected in the second half of 2026. These cardiovascular gene editing programs represent meaningful value drivers according to analysts.
CTX611, developed with Sirius Therapeutics, is in Phase 2 trials for patients undergoing knee replacement surgery. The siRNA-based candidate 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.
Financial Position and Outlook
CRISPR Therapeutics closed 2025 with $1.98 billion in cash and marketable securities. R&D expenses increased to $83.5 million in Q4 as the company advanced multiple pipeline programs.
Net loss widened to $130.6 million in the fourth quarter from $37.3 million a year earlier. The company remains unprofitable as it scales Casgevy commercialization and invests in early-stage development programs across cardiovascular, autoimmune, and oncology indications.
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