Revolution Medicines (RVMD)
Develops RAS(ON) therapeutics for KRAS-driven and broad RAS-driven solid tumors.
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Revolution Medicines spent its whole life as a laboratory chasing one idea: switch off a protein that gets stuck jammed on inside cells and drives cancers of the pancreas, lung and bowel. This summer its first pill was approved, for pancreatic cancer that has spread, and a research shop became a seller almost overnight. Everything else is still being tested, and investors, not customers, have paid for all of it.
Item facts: FY2025 + H1 2026 filings · US launch Aug 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 13 more below
RASONQUE (daraxonrasib) for metastatic pancreatic cancer
The only approved medicine, and the source of every dollar of product sales: a once-daily pill for pancreatic cancer that has spread. List price is $39,800 for thirty days. Watch how many patients insurers agree to cover.
Competes with Gemcitabine with nab-paclitaxel (generic chemotherapy makers) · FOLFIRINOX chemotherapy regimen (generic chemotherapy makers) · G12D-selective cancer pill in development (Eli Lilly)
In plain English
A tablet taken once a day by people whose pancreatic cancer has spread and who have had at least one earlier course of treatment, or who are not candidates for multi-drug chemotherapy. In the trial that won approval, the middle patient lived about 13 months on it against about 7 on chemotherapy.
An oncologist writes the prescription, a specialty pharmacy fills and ships it, and the insurer is billed against a list price of $39,800 for a thirty-day supply — the company keeps less than that after rebates and discounts. Outside factories do all the manufacturing, and the pill itself costs little to make next to what it sells for. About 67,000 Americans are diagnosed with pancreatic cancer each year.
(ON) Path patient services and the US sales organisation
The sales force, insurance specialists and copay help that turn a prescription into a paid shipment. Its first job is moving the more than 2,000 patients who were given the drug before approval onto paid supply.
Competes with LUMAKRAS sales and patient-access team (Amgen) · KRAZATI sales and patient-access team (Bristol Myers Squibb)
In plain English
Approval is permission to sell; it is not a sale. This is the machinery in between — representatives calling on cancer clinics, specialists who work through what each insurer will cover, and a support line called (ON) Path that handles the paperwork and can bring some insured patients' out-of-pocket cost down to nothing.
It earns nothing itself; it decides whether the pill earns anything. Staff went from 534 people to 883 in a single year to build it, general costs ran $110.2M in the second quarter of 2026 against $28.2M in late 2024, and it is one slice of a planned $2.1–2.2B of company spending this year.
Zoldonrasib (RMC-9805)
A second pill aimed only at G12D, the faulty RAS version most pancreatic tumours carry, given alongside chemotherapy. One early group saw tumours shrink in 63% of patients. Watch whether pairing it with the approved pill beats either alone.
Competes with ASP3082, a G12D-targeted candidate (Astellas) · G12D protein degrader programme (Arvinas) · RASONQUE, which already covers G12D tumours (Revolution Medicines)
In plain English
The approved pill is a master key that fits several broken versions of the RAS protein. This one is cut for a single lock — the version called G12D, the most common in pancreatic tumours — and being that specific lets patients stay on a full dose of chemotherapy at the same time.
Nothing is sold yet. Three large trials aim to make it a first treatment rather than a last resort: two in pancreatic cancer, one in lung cancer alongside Merck's immune drug Keytruda. If it is approved where the first pill already sells, Royalty Pharma's slice of sales follows it there as well.
Daraxonrasib in previously treated lung cancer (RASolve 301)
The same approved tablet, tested in lung cancer that has already been treated once — a far larger group of patients than pancreatic cancer. Roughly three in ten lung tumours of this type carry a faulty RAS protein. Results land in 2027.
Competes with LUMAKRAS for G12C lung cancer (Amgen) · KRAZATI for G12C lung cancer (Bristol Myers Squibb) · Olomorasib, a later-generation G12C pill (Eli Lilly)
In plain English
Same tablet, different patients. Roughly three in ten lung tumours of the common type carry a faulty RAS protein, and most of those are versions today's targeted pills cannot touch. The trial was widened during 2026 to put more statistical weight behind the survival question.
If it works, selling it adds almost nothing: the same molecule, made the same way, carried by the same representatives already walking into cancer clinics. The catch is timing and testing. Results are not due until 2027, and a doctor only reaches for the pill if the patient's tumour was genetically tested when the cancer was found.
Elironrasib (RMC-6291)
A pill for the one faulty RAS version that already has two approved rivals, given to lung-cancer patients before any other treatment. Early on, disease held steady in 97% of patients. The deciding trial is due to start by the end of 2026.
Competes with LUMAKRAS (sotorasib) (Amgen) · KRAZATI (adagrasib) (Bristol Myers Squibb) · Divarasib, a next-generation G12C pill (Roche/Genentech)
In plain English
About one lung tumour in eight of this type carries the RAS version called G12C — the corner of this field where rivals got there first, with Amgen's LUMAKRAS and Bristol Myers Squibb's KRAZATI both already approved. This is the company's entry into that corner, given together with chemotherapy and Merck's Keytruda before any other treatment.
Early results showed disease holding steady in 97% of patients, with liver safety the company called favourable — the measure this class of drug gets judged on. Nothing is sold yet, and the trial that settles it is only due to begin in the last quarter of 2026.
RAS(ON) tri-complex discovery platform
The chemistry behind all four pills now in trials, aimed next at tumours that have already learned to survive a RAS drug. Research spending hit $394.9M in a single quarter. First human dosing of its newest compound is due late in 2026.
Competes with Pan-KRAS inhibitor programme (BridgeBio) · Next-generation KRAS programmes (Frontier Medicines) · KRAS degrader programme (Ranok Therapeutics)
In plain English
RAS is a protein inside the cell that works like an ignition switch for growth; in these cancers it is stuck on. The company's chemistry catches it while it is still switched on, by gluing it to a second protein the cell already carries. Every one of its four trial drugs is built that way.
The lab sells nothing. It is the reason there is anything to sell later: its newest compound, RM-055, is meant to work on tumours that have already escaped an earlier RAS drug, and reaches its first patients in the last quarter of 2026. Research cost $394.9M in the second quarter alone, against $224.1M a year earlier.
BeOne Medicines Asia regional licence
All four RAS pills handed to BeOne Medicines for selected Asian markets, with Japan and South Korea kept back. BeOne pays milestones and a share of what it sells there, amounts never made public, and funds one worldwide trial.
Competes with KRAS G12C programme in China (Innovent Biologics) · KRAS inhibitor programmes (Jacobio Pharmaceuticals) · Regional RAS-targeted programmes (Hansoh Pharmaceutical)
In plain English
Selling a medicine in another country means building an organisation there and winning each regulator's approval. Rather than do that across parts of Asia, Revolution Medicines handed the job to BeOne Medicines — a cancer-drug company listed in New York, Hong Kong and Shanghai — while keeping Japan and South Korea for itself.
BeOne pays when development and sales milestones are hit, then hands back a share of sales in its territory; neither the rates nor the exact countries have been published. It also pays for and runs one worldwide late-stage trial of a Revolution pill, lifting that cost off Revolution's own books.
RASONQUE (daraxonrasib) for metastatic pancreatic cancerThe only approved medicine, and the source of every dollar of product sales: a once-daily pill for pancreatic cancer that has spread. List price is $39,800 for thirty days. Watch how many patients insurers agree to cover.The only approved medicine, and the source of every dollar of product sales: a once-daily pill for pancreatic cancer that has spread. List price is $39,800 for thirty days. Watch how many patients insurers agree to cover.
In plain English
A tablet taken once a day by people whose pancreatic cancer has spread and who have had at least one earlier course of treatment, or who are not candidates for multi-drug chemotherapy. In the trial that won approval, the middle patient lived about 13 months on it against about 7 on chemotherapy.
An oncologist writes the prescription, a specialty pharmacy fills and ships it, and the insurer is billed against a list price of $39,800 for a thirty-day supply — the company keeps less than that after rebates and discounts. Outside factories do all the manufacturing, and the pill itself costs little to make next to what it sells for. About 67,000 Americans are diagnosed with pancreatic cancer each year.
Competes with Gemcitabine with nab-paclitaxel (generic chemotherapy makers) · FOLFIRINOX chemotherapy regimen (generic chemotherapy makers) · G12D-selective cancer pill in development (Eli Lilly)
(ON) Path patient services and the US sales organisationThe sales force, insurance specialists and copay help that turn a prescription into a paid shipment. Its first job is moving the more than 2,000 patients who were given the drug before approval onto paid supply.The sales force, insurance specialists and copay help that turn a prescription into a paid shipment. Its first job is moving the more than 2,000 patients who were given the drug before approval onto paid supply.
In plain English
Approval is permission to sell; it is not a sale. This is the machinery in between — representatives calling on cancer clinics, specialists who work through what each insurer will cover, and a support line called (ON) Path that handles the paperwork and can bring some insured patients' out-of-pocket cost down to nothing.
It earns nothing itself; it decides whether the pill earns anything. Staff went from 534 people to 883 in a single year to build it, general costs ran $110.2M in the second quarter of 2026 against $28.2M in late 2024, and it is one slice of a planned $2.1–2.2B of company spending this year.
Competes with LUMAKRAS sales and patient-access team (Amgen) · KRAZATI sales and patient-access team (Bristol Myers Squibb)
Zoldonrasib (RMC-9805)A second pill aimed only at G12D, the faulty RAS version most pancreatic tumours carry, given alongside chemotherapy. One early group saw tumours shrink in 63% of patients. Watch whether pairing it with the approved pill beats either alone.A second pill aimed only at G12D, the faulty RAS version most pancreatic tumours carry, given alongside chemotherapy. One early group saw tumours shrink in 63% of patients. Watch whether pairing it with the approved pill beats either alone.
In plain English
The approved pill is a master key that fits several broken versions of the RAS protein. This one is cut for a single lock — the version called G12D, the most common in pancreatic tumours — and being that specific lets patients stay on a full dose of chemotherapy at the same time.
Nothing is sold yet. Three large trials aim to make it a first treatment rather than a last resort: two in pancreatic cancer, one in lung cancer alongside Merck's immune drug Keytruda. If it is approved where the first pill already sells, Royalty Pharma's slice of sales follows it there as well.
Competes with ASP3082, a G12D-targeted candidate (Astellas) · G12D protein degrader programme (Arvinas) · RASONQUE, which already covers G12D tumours (Revolution Medicines)
Daraxonrasib in previously treated lung cancer (RASolve 301)The same approved tablet, tested in lung cancer that has already been treated once — a far larger group of patients than pancreatic cancer. Roughly three in ten lung tumours of this type carry a faulty RAS protein. Results land in 2027.The same approved tablet, tested in lung cancer that has already been treated once — a far larger group of patients than pancreatic cancer. Roughly three in ten lung tumours of this type carry a faulty RAS protein. Results land in 2027.
In plain English
Same tablet, different patients. Roughly three in ten lung tumours of the common type carry a faulty RAS protein, and most of those are versions today's targeted pills cannot touch. The trial was widened during 2026 to put more statistical weight behind the survival question.
If it works, selling it adds almost nothing: the same molecule, made the same way, carried by the same representatives already walking into cancer clinics. The catch is timing and testing. Results are not due until 2027, and a doctor only reaches for the pill if the patient's tumour was genetically tested when the cancer was found.
Competes with LUMAKRAS for G12C lung cancer (Amgen) · KRAZATI for G12C lung cancer (Bristol Myers Squibb) · Olomorasib, a later-generation G12C pill (Eli Lilly)
Elironrasib (RMC-6291)A pill for the one faulty RAS version that already has two approved rivals, given to lung-cancer patients before any other treatment. Early on, disease held steady in 97% of patients. The deciding trial is due to start by the end of 2026.A pill for the one faulty RAS version that already has two approved rivals, given to lung-cancer patients before any other treatment. Early on, disease held steady in 97% of patients. The deciding trial is due to start by the end of 2026.
In plain English
About one lung tumour in eight of this type carries the RAS version called G12C — the corner of this field where rivals got there first, with Amgen's LUMAKRAS and Bristol Myers Squibb's KRAZATI both already approved. This is the company's entry into that corner, given together with chemotherapy and Merck's Keytruda before any other treatment.
Early results showed disease holding steady in 97% of patients, with liver safety the company called favourable — the measure this class of drug gets judged on. Nothing is sold yet, and the trial that settles it is only due to begin in the last quarter of 2026.
Competes with LUMAKRAS (sotorasib) (Amgen) · KRAZATI (adagrasib) (Bristol Myers Squibb) · Divarasib, a next-generation G12C pill (Roche/Genentech)
RAS(ON) tri-complex discovery platformThe chemistry behind all four pills now in trials, aimed next at tumours that have already learned to survive a RAS drug. Research spending hit $394.9M in a single quarter. First human dosing of its newest compound is due late in 2026.The chemistry behind all four pills now in trials, aimed next at tumours that have already learned to survive a RAS drug. Research spending hit $394.9M in a single quarter. First human dosing of its newest compound is due late in 2026.
In plain English
RAS is a protein inside the cell that works like an ignition switch for growth; in these cancers it is stuck on. The company's chemistry catches it while it is still switched on, by gluing it to a second protein the cell already carries. Every one of its four trial drugs is built that way.
The lab sells nothing. It is the reason there is anything to sell later: its newest compound, RM-055, is meant to work on tumours that have already escaped an earlier RAS drug, and reaches its first patients in the last quarter of 2026. Research cost $394.9M in the second quarter alone, against $224.1M a year earlier.
Competes with Pan-KRAS inhibitor programme (BridgeBio) · Next-generation KRAS programmes (Frontier Medicines) · KRAS degrader programme (Ranok Therapeutics)
BeOne Medicines Asia regional licenceAll four RAS pills handed to BeOne Medicines for selected Asian markets, with Japan and South Korea kept back. BeOne pays milestones and a share of what it sells there, amounts never made public, and funds one worldwide trial.All four RAS pills handed to BeOne Medicines for selected Asian markets, with Japan and South Korea kept back. BeOne pays milestones and a share of what it sells there, amounts never made public, and funds one worldwide trial.
In plain English
Selling a medicine in another country means building an organisation there and winning each regulator's approval. Rather than do that across parts of Asia, Revolution Medicines handed the job to BeOne Medicines — a cancer-drug company listed in New York, Hong Kong and Shanghai — while keeping Japan and South Korea for itself.
BeOne pays when development and sales milestones are hit, then hands back a share of sales in its territory; neither the rates nor the exact countries have been published. It also pays for and runs one worldwide late-stage trial of a Revolution pill, lifting that cost off Revolution's own books.
Competes with KRAS G12C programme in China (Innovent Biologics) · KRAS inhibitor programmes (Jacobio Pharmaceuticals) · Regional RAS-targeted programmes (Hansoh Pharmaceutical)
Named in filings, launches and programs
- RMC-5127Product line · Pre-revenueA fourth pill, aimed at the G12V version of RAS. Early testing brought no dose-limiting side effects; a Phase 2 dose is due in late 2026.
- RASolute 303Product line · RampingLate-stage trial of the approved pill, alone and with chemotherapy, as the first treatment for advanced pancreatic cancer; the FDA granted it breakthrough status in September 2026.
- RASolute 304Product line · RampingTests the approved pill on its own in patients whose pancreatic tumour has already been removed by surgery.
- RASolute 309Product line · RampingPairs the approved pill with zoldonrasib as a first treatment for G12D pancreatic cancer; began in the second half of 2026.
- RASolve 308Product line · AnnouncedZoldonrasib added to the standard chemotherapy-plus-Keytruda regimen as a first treatment for G12D lung cancer.
- Colorectal cancer programmeProduct · Pre-revenueAbout half of bowel cancers carry a faulty RAS protein; the company treats it as a combination problem and has promised a data update in late 2026.
- RM-055Product · Pre-revenueFirst of a new chemical class meant to push the stuck protein back to off; first human dosing guided for the last quarter of 2026.
- RMC-0708 and RMC-8839Product · Pre-revenueTwo earlier-stage pills for rarer faulty versions of RAS, named in the 2025 annual filing and not yet in late-stage trials.
- Royalty Pharma arrangementCustomer programCash up front against future sales: two $250M payments so far, in exchange for 2.55% of the pill's first $2B of yearly sales for fifteen years.
- Summit Therapeutics collaborationProduct · Pre-revenueTests the approved pill with Summit's ivonescimab and chemotherapy as a first treatment in lung cancer.
- PRMT5 combination workProduct · Pre-revenueClinical work with Tango, Amgen and Bristol Myers Squibb pairing RAS pills with a different drug class, for tumours missing a gene called MTAP.
- Iambic and Aethon research partnershipsEcosystem · Pre-revenueOutside help for the lab: Iambic uses artificial intelligence to pick which compounds are worth making; Aethon brings antibodies designed to pair with RAS pills.
- International launch build-outService · AnnouncedPart of this year's raised spending goes to building commercial operations for launches outside the United States; no country, timing or approval has been named.
RMC-5127Product line · Pre-revenue
A fourth pill, aimed at the G12V version of RAS. Early testing brought no dose-limiting side effects; a Phase 2 dose is due in late 2026.
RASolute 303Product line · Ramping
Late-stage trial of the approved pill, alone and with chemotherapy, as the first treatment for advanced pancreatic cancer; the FDA granted it breakthrough status in September 2026.
RASolute 304Product line · Ramping
Tests the approved pill on its own in patients whose pancreatic tumour has already been removed by surgery.
RASolute 309Product line · Ramping
Pairs the approved pill with zoldonrasib as a first treatment for G12D pancreatic cancer; began in the second half of 2026.
RASolve 308Product line · Announced
Zoldonrasib added to the standard chemotherapy-plus-Keytruda regimen as a first treatment for G12D lung cancer.
Colorectal cancer programmeProduct · Pre-revenue
About half of bowel cancers carry a faulty RAS protein; the company treats it as a combination problem and has promised a data update in late 2026.
RM-055Product · Pre-revenue
First of a new chemical class meant to push the stuck protein back to off; first human dosing guided for the last quarter of 2026.
RMC-0708 and RMC-8839Product · Pre-revenue
Two earlier-stage pills for rarer faulty versions of RAS, named in the 2025 annual filing and not yet in late-stage trials.
Royalty Pharma arrangementCustomer program
Cash up front against future sales: two $250M payments so far, in exchange for 2.55% of the pill's first $2B of yearly sales for fifteen years.
Summit Therapeutics collaborationProduct · Pre-revenue
Tests the approved pill with Summit's ivonescimab and chemotherapy as a first treatment in lung cancer.
PRMT5 combination workProduct · Pre-revenue
Clinical work with Tango, Amgen and Bristol Myers Squibb pairing RAS pills with a different drug class, for tumours missing a gene called MTAP.
Iambic and Aethon research partnershipsEcosystem · Pre-revenue
Outside help for the lab: Iambic uses artificial intelligence to pick which compounds are worth making; Aethon brings antibodies designed to pair with RAS pills.
International launch build-outService · Announced
Part of this year's raised spending goes to building commercial operations for launches outside the United States; no country, timing or approval has been named.