Key Highlights

  • Jazz Pharmaceuticals posted the largest loss of the five at $483.4 million, driven by a $754.2 million acquired research charge.
  • The five net losses total $889.1 million (calculated), an average of about $177.8 million each.
  • BioMarin reported its first quarter above $1 billion in revenue, at $1,025 million, alongside a $123 million GAAP loss.
  • Recursion Pharmaceuticals narrowed its loss 27% to $119.0 million on Revenue of $18.6 million.
  • Travere Therapeutics had the smallest loss at $52.3 million, even as FILSPARI sales reached $200.2 million.

Which Healthcare Companies Reported the Largest Net Losses in Q3 2026?

Five healthcare companies posted the largest net losses in this group for the third quarter of 2026, with results released or filed on Nov 2, 2026. Ranked from the largest loss to the smallest, Jazz Pharmaceuticals (NASDAQ:JAZZ) reported a net loss of $483.4 million, BioMarin (NASDAQ:BMRN) $123 million, Recursion Pharmaceuticals (NASDAQ:RXRX) $119.0 million, CRISPR Therapeutics (NASDAQ:CRSP) $111.4 million and Travere Therapeutics (NASDAQ:TVTX) $52.3 million.

The losses came from different sources. Jazz and Travere booked large acquired in-process Research and Development charges, of $754.2 million and $113.1 million, while still growing sales. BioMarin cited acquisition-related amortization, interest and a research charge. Recursion and CRISPR Therapeutics reported revenue of only $18.6 million and $12.7 million.

The revenue bases are far apart, from $1.243 billion at Jazz to $12.7 million at CRISPR Therapeutics, so a larger loss does not by itself signal a weaker business. All figures are GAAP net loss as stated in each company's materials, and the Recursion, CRISPR Therapeutics and Travere results come from quarterly filings and, for Travere, a call transcript.

1. Jazz Pharmaceuticals: Why Did a Record Revenue Quarter End in a $483.4 Million Loss?

Jazz reported record revenue of $1.243 billion, up about 10% from $1.126 billion, but a net loss of $483.4 million, or $7.48 per share, against Net Income of $251.4 million a year earlier. The gap traces to a $754.2 million acquired in-process research and development expense after it completed the Actio Biosciences Acquisition on Sep 15, 2026. It paid $820.0 million net of cash acquired, with up to $500.0 million more tied to milestones.

Management said non-GAAP loss per share was $3.88, and non-GAAP Earnings would have been $7.15 per share excluding the charge. Xywav net sales rose 12% to $483 million and Zepzelca rose 32% to $104 million. The company raised and narrowed 2026 revenue guidance to $4.775 billion to $4.85 billion, though the prior range was not stated in the source materials.

2. BioMarin: How Did a First $1 Billion Quarter Still Produce a $123 Million GAAP Loss?

BioMarin reported revenue of $1,025 million, up 32% from $776 million and the first quarter above $1 billion in its history. The GAAP net loss was $123 million, or $0.63 per share, versus a $31 million loss a year earlier. The company pointed to intangible amortization, interest on acquisition debt, inventory step-up amortization, integration costs and $287.7 million of acquired in-process research and development tied to the Alesta deal.

Non-GAAP earnings were $0.23 per share versus $0.12. Guidance moved lower: 2026 revenue is now expected at $3,800 million to $3,900 million, from $3,875 million to $3,925 million, after a single international customer deferred orders of roughly $70 million. Non-GAAP earnings guidance fell to $2.80 to $3.10 per share from $4.90 to $5.10, which the company tied mostly to the Alesta acquisition and a Fabry license.

3. Recursion Pharmaceuticals: What Sits Behind an $18.6 Million Revenue Quarter and a $119.0 Million Loss?

Recursion reported revenue of $18.6 million, up from $5.2 million, or about 3.6 times the prior-year level (calculated), mainly on a $10.0 million milestone from a large drugmaker collaboration. The net loss narrowed 27% to $119.0 million, or $0.22 per share, from $162.3 million. Research and development expense fell 18% to $99.1 million, led by a 75% cut in discovery spending.

Cash and cash equivalents were $549.9 million, which management believes funds operations for at least 12 months, although the filing states more financing will be needed later. New Phase 1b/2 data showed 87% of adult patients (13 of 15) on REC-4881 had lower polyp burden after 12 weeks. A registrational trial is expected to start in the second half of 2027, pending FDA discussions. Figures come from the quarterly filing only.

4. CRISPR Therapeutics: Why Did the Loss Widen Slightly on $12.7 Million of Revenue?

CRISPR Therapeutics posted a net loss of $111.4 million, or $1.15 per share, compared with $106.4 million, or $1.17, a year earlier. Revenue was $12.7 million versus $0.9 million, and nearly all of it was $12.3 million of previously deferred collaboration revenue recognized after a partner said it would not exercise an option on a specified target.

Research and development expense rose to $71.9 million from $58.9 million, while net collaboration expense fell to $41.3 million from $57.1 million as its share of CASGEVY revenue grew. Cash and securities were $2,276.6 million, expected to fund operations for at least 24 months excluding partner proceeds, against $600.0 million of convertible notes due March 1, 2031. The nine-month loss was $325.5 million versus about $451.0 million (calculated).

5. Travere Therapeutics: How Did FILSPARI Passing $200 Million Coincide With a $52.3 Million Loss?

Travere reported revenue of $224.6 million, up 36.2% (calculated) from $164.9 million, with FILSPARI net sales of $200.2 million versus $90.9 million. It still posted a net loss of $52.3 million, or $0.55 per share, against net income of $25.7 million. A $113.1 million in-process research and development charge for the civorebrutinib license, including a $112.5 million upfront payment, drove the swing.

Research and development expense rose to $70.3 million and selling, general and administrative expense to $98.4 million as the field force expanded for the FSGS launch. Discontinued operations added $8.7 million. Cash and equivalents were $123.5 million plus $348.3 million of marketable Debt securities, and the chief executive plans to step down in December, with a successor joining on Dec 1, 2026.

Healthcare Net Loss Gap: Charges, Deal Costs and Development Spending Compared

The five losses add up to $889.1 million (calculated), an average of about $177.8 million (calculated). Jazz alone accounts for 54.4% of that total (calculated), and its loss is about 3.9 times BioMarin's (calculated), so the group is heavily weighted to one acquisition charge.

Scaled to revenue, the picture changes. Jazz's loss equals 38.9% of its revenue (calculated), BioMarin's 12.0% and Travere's 23.3% (calculated). Recursion's loss is about 6.4 times its revenue and CRISPR Therapeutics' about 8.8 times (calculated), reflecting very small revenue bases.

Two of the five, Jazz and Travere, tied their losses largely to licensing or acquisition charges, and BioMarin cited several acquisition-related items. Bases differ in other ways: Jazz and BioMarin are commercial-stage with large sales, while Recursion's and CRISPR Therapeutics' revenue includes collaboration items and, in CRISPR Therapeutics' case, mostly one deferred amount.

What to Watch Next: Dated Regulatory Decisions and Pipeline Readouts

Jazz expects initial ABS-1230 patient data at a medical meeting this quarter, with no date given. An FDA decision on a new Epidiolex capsule is due Apr 16, 2027, and overall survival data from its Phase III ACTION trial are expected in the first half of 2027.

BioMarin has an FDA decision on full approval of VOXZOGO in children with achondroplasia due Feb 28, 2027 and an action date of May 30, 2027 in hypochondroplasia. Recursion expects REC-1245 expansion data in the second half of 2027.

Travere's new chief executive joins on Dec 1, 2026, and Phase 3 pegtibatinase results are expected in the second half of 2027. No dated event was identified in CRISPR Therapeutics' materials, which say only that further clinical updates are the next items to follow.