Q2 26 EPS GAAP
$-1.50
BEAT +6.30%
Est. $-1.60
Includes $20.2 million non-cash interest expense related to revenue participation right purchase agreements and $1.1 million loss from change in fair value of derivative liabilities; Q2 2025 comparison included $14.6 million change in fair value of derivative liabilities and $64.4 million in non-recurring license and milestone revenues
Q2 26 Revenue
$28.6M
BEAT +63.93%
Est. $17.5M
vs S&P Since Q2 26
-4.0%
TRAILING MARKET
CYTK -4.1% vs S&P -0.1%
Market Reaction
Did CYTK Beat Earnings? Q2 2026 Results
Cytokinetics delivered a stronger-than-expected second quarter for fiscal 2026, beating Wall Street on both the top and bottom lines as its newly launched cardiac drug MYQORZO gained meaningful commercial traction. The company posted a GAAP net loss … Read more Cytokinetics delivered a stronger-than-expected second quarter for fiscal 2026, beating Wall Street on both the top and bottom lines as its newly launched cardiac drug MYQORZO gained meaningful commercial traction. The company posted a GAAP net loss of $1.50 per share, which includes $20.20 million in non-cash interest expense tied to revenue participation right purchase agreements and a $1.10 million loss from the change in fair value of derivative liabilities; that result came in 6.30% ahead of the consensus estimate of negative $1.60. Revenue of $28.62 million beat estimates of $17.46 million by 63.93%, though the figure fell 57.1% year over year as $64.35 million in non-recurring license and milestone revenues present in Q2 2025 did not repeat. The real story was MYQORZO's commercial ramp, with net product revenue reaching $25.33 million, over 1,500 patients dispensed the drug, and recent UK NHS backing reinforcing the global rollout narrative. Looking ahead, Cytokinetics raised its full-year combined R&D and SG&A guidance to $860 million to $890 million, citing commercial readiness spending tied to positive Phase 3 results in non-obstructive HCM and a planned supplemental NDA filing in Q4 2026.
Key Takeaways
- • MYQORZO U.S. commercial launch gaining momentum with over 700 unique prescribers and approximately 1,500 patients dispensed
- • Over 80% of patients on therapy on paid prescriptions as of June 30, 2026
- • Initial inventory purchases by German distributors contributed $2.3 million in European revenue
- • Absence of license and milestone revenues in Q2 2026 (vs $64.4 million in Q2 2025) drove total revenue decline
CYTK Forward Guidance & Outlook
Cytokinetics updated its full-year 2026 financial guidance, raising GAAP combined R&D and SG&A expense to $860 million–$890 million (from $830 million–$870 million previously), with non-cash stock-based compensation of $140 million–$130 million (from $130 million–$120 million previously). The increase is primarily driven by commercial readiness investments prompted by the positive ACACIA-HCM results to support a potential 2027 launch of MYQORZO in nHCM. The company expects to submit a supplemental NDA for aficamten in nHCM in Q4 2026 and to launch MYQORZO in more than five additional markets by the first half of 2027. The company reported approximately $1.7 billion in cash, cash equivalents, and investments as of June 30, 2026.
CYTK YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
CYTK Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our second quarter results demonstrate commercial launch momentum for MYQORZO alongside continued excellence for our development pipeline, both hallmarks of continued strong execution for our maturing business. In the U.S., we continued to build launch velocity evidenced by expanding physician adoption and increasing patient access. Internationally, we launched MYQORZO in Germany and laid the foundation for broadening access to aficamten by submitting reimbursement dossiers alongside regulatory filings advancing in multiple countries in Europe.”
— Robert I. Blum, Q2 2026 Earnings Press Release
CYTK Earnings Trends
CYTK vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CYTK EPS Trend
Earnings per share: estimate vs actual
CYTK Revenue Trend
Quarterly revenue: estimate vs actual
CYTK Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Includes $20.2 million non-cash interest expense related to revenue participation right purchase agreements and $1.1 million loss from change in fair value of derivative liabilities; Q2 2025 comparison included $14.6 million change in fair value of derivative liabilities and $64.4 million in non-recurring license and milestone revenues | $-1.60 | $-1.50 | +6.30% | $28.6M | +63.93% |
| Q1 26 MISS | $-1.63 | $-1.67 | -2.31% | $19.4M | +113.25% |
| Q4 25 MISS FY | $-1.37 | $-1.50 | -9.67% | $17.8M | +121.30% |
| FY Full Year | — | $-6.54 | — | $88.0M | — |
| Q3 25 MISS | $-1.63 | $-2.55 | -56.33% | $1.9M | -69.88% |
| Q2 25 BEAT | $-1.34 | $-1.12 | +16.12% | $66.8M | +3,131.07% |
| Q1 25 BEAT | $-1.36 | $-1.36 | +0.23% | $1.6M | -39.51% |