TLDR
- Despite falling short of Q4 earnings expectations with just $864,000 in revenue, CRISPR Therapeutics (CRSP) stock rallied 9.2% on Friday.
- The stock surge was driven by Vertex Pharmaceuticals’ guidance for over $500 million in non-CF product revenue, including Casgevy.
- In 2025, Casgevy generated $116 million in full-year revenue, with 147 patients starting treatment, nearly three times the 2024 levels.
- Reimbursement coverage has expanded to around 90% of eligible U.S. patients, and access is growing across Europe and the Middle East.
- The company holds $1.98 billion in cash while推进 pipeline candidates CTX310, CTX321, CTX611, and zugo-cel.
On Friday, CRISPR Therapeutics (CRSP) stock climbed 9.2% in a counterintuitive move that defied its disappointing fourth-quarter earnings report. The gene-editing company reported Q4 revenue of only $864,000 and a loss of $1.37 per share, missing analyst estimates that called for a $1.20 per share loss on several million dollars in sales.
The stock’s rally was due to 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 the full year of 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 was nearly triple that of 2024, indicating growing momentum as the new year approaches.
Reimbursement Expansion Drives Access
Market access for the high-priced therapy continues to improve. Reimbursement now covers approximately 90% of eligible patients in the United States, removing financial barriers for most candidates.
The treatment has 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 reach.
William Blair analysts pointed to the 147 first cell collections as evidence that higher initiation volumes will drive significantly greater revenue in 2026. The therapy costs over $2 million per patient, requiring months of preparation and patient-specific treatment creation.
Vertex estimates that 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 reach nearly $130 million, with expectations exceeding $330 million by 2027.
Pipeline Programs Show Promise
CTX310 remains in Phase 1b trials for lipid disorders, showing competitive LDL-C reductions compared to Arrowhead Pharmaceuticals’ AROANG3 and Regeneron Pharmaceuticals’ Evkeeza. William Blair analyst Sami Corwin noted that the triglyceride reductions may set a new standard in the field.
CTX321, targeting Lp(a), is progressing through enabling studies, with updates expected in the second half of 2026. These cardiovascular gene editing programs are considered meaningful value drivers by 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 advancing 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
Financial Position and Outlook
The company ended 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.
The 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.