Key Highlights

  • Jazz Pharmaceuticals had the largest loss in the group at $483.4 million, pushed by a $754.2 million charge for acquired research.
  • Combined, the five losses reach $889.1 million (calculated), or roughly $177.8 million on average.
  • BioMarin passed $1 billion in quarterly sales for the first time, reaching $1,025 million, yet a GAAP loss of $123 million emerged.
  • Recursion's loss contracted by 27%, reaching $119.0 million, while it generated $18.6 million in revenue.
  • Travere posted the narrowest loss of the group, $52.3 million, despite FILSPARI sales of $200.2 million.

Biggest Healthcare Losses Ranked for Q3 2026

Filings and releases dated Nov 2, 2026 underpin these five healthcare names, listed starting with the biggest net loss. Jazz Pharmaceuticals (NASDAQ:JAZZ) leads with $483.4 million; BioMarin (NASDAQ:BMRN) follows at $123 million; Recursion Pharmaceuticals (NASDAQ:RXRX) sits at $119.0 million; then CRISPR Therapeutics (NASDAQ:CRSP) at $111.4 million, with Travere Therapeutics (NASDAQ:TVTX) last at $52.3 million.

These losses come from varied sources. Jazz's in-process R&D charge reached $754.2 million, and Travere's $113.1 million, even as sales expanded at both. Recursion posted $18.6 million in revenue, and CRISPR Therapeutics $12.7 million. For BioMarin, the drivers were deal-related amortization, interest costs and a research charge.

Bases are uneven: Jazz's Revenue of $1.243 billion dwarfs CRISPR Therapeutics' $12.7 million, which means a bigger loss alone does not reveal a weaker operation. Each figure is the GAAP net loss stated in the company's own materials; Recursion, CRISPR Therapeutics and Travere rely on quarterly filings, and Travere's data also includes a call transcript alongside its filing.

1. Jazz Pharmaceuticals: A Record Top Line Coexists With a $483.4 Million Net Deficit

Jazz's top line hit a record $1.243 billion, a rise of roughly 10% from $1.126 billion. Net loss reached $483.4 million; per share, that is $7.48, which reverses a prior-year profit of $251.4 million. The main culprit was an in-process R&D expense of $754.2 million, tied to an acquisition. The purchase price of the Actio Biosciences deal, finalized Sep 15, 2026, was $820.0 million after netting acquired cash, and up to $500.0 million could be added through milestones.

Without the charge, the per-share non-GAAP figure would have reached $7.15, against a non-GAAP loss of $3.88 per share. Xywav sales grew 12% to $483 million, while Zepzelca climbed by 32%, reaching $104 million. The 2026 revenue outlook stretches from $4.775 billion at the low end up to $4.85 billion, and the earlier band is missing from the article.

2. BioMarin: Passing $1 Billion in Sales While Booking a $123 Million GAAP Deficit

BioMarin's revenue climbed 32% from $776 million to $1,025 million, marking its first quarter past $1 billion. The GAAP net loss totaled $123 million, or $0.63 a share, compared with a loss of $31 million in the earlier-year quarter. Drivers included amortization of intangibles, borrowing costs tied to deal financing, step-ups in inventory valuation, and integration expenses, along with $287.7 million in acquisition-related in-process R&D linked to Alesta.

Non-GAAP Earnings reached $0.23 per share, compared with $0.12. The company lowered 2026 revenue expectations to between $3,800 million and $3,900 million, from a prior $3,875 million at the bottom and $3,925 million at the top, as an order deferral of about $70 million from an overseas buyer weighed on results. Non-GAAP per-share guidance now sits at $2.80 to $3.10 (earlier $4.90 to $5.10), a shift the company mostly ties to Alesta and a Fabry licensing agreement.

3. Recursion Pharmaceuticals: Milestone Income and Pipeline Spending Shape a $119.0 Million Loss

Recursion's revenue reached $18.6 million, against $5.2 million, roughly 3.6 times last year's level (calculated), chiefly because of a $10.0 million milestone payment from a major pharma partner. Net loss contracted 27%, landing at $119.0 million; per share, that is $0.22, from $162.3 million earlier. Research and Development spending dropped 18% to $99.1 million, with discovery spending falling 75%.

Phase 1b/2 findings for REC-4881 indicated that 13 of 15 adult patients, or 87%, had reduced polyp burden at week 12. Registrational work could start during the second half of 2027, depending on FDA talks. Cash and cash equivalents amounted to $549.9 million, a level management views as sufficient for at least 12 months; the filing nonetheless notes further financing will be needed down the road. This information rests solely on the quarterly report.

4. CRISPR Therapeutics: A Slightly Wider Loss on $12.7 Million of Collaboration Revenue

The company's Bottom Line was a $111.4 million loss, or $1.15 a share. The prior-year figure was a $106.4 million loss, or $1.17 a share. Revenue jumped to $12.7 million from $0.9 million, mostly from a deferred collaboration amount of $12.3 million, which was recognized after a partner declined to exercise an option on a particular target.

Spending on R&D climbed from $58.9 million to $71.9 million. Net collaboration costs dropped to $41.3 million, down from $57.1 million, because its CASGEVY revenue share expanded. The company holds $2,276.6 million in cash and securities, a sum it views as enough for 24 months or more without partner money. Convertible notes of $600.0 million mature on March 1, 2031. Across nine months the figures are $325.5 million versus roughly $451.0 million (calculated), comparing the two periods.

5. Travere Therapeutics: FILSPARI Sales Surpass $200 Million Despite a $52.3 Million Loss

Travere's revenue reached $224.6 million, a 36.2% (calculated) increase from $164.9 million, and FILSPARI net sales rose to $200.2 million from $90.9 million. The company nonetheless reported $52.3 million in losses, or $0.55 per share, while the prior-period profit was $25.7 million. The civorebrutinib license carried an in-process R&D cost of $113.1 million, $112.5 million of which was an upfront payment.

SG&A climbed to $98.4 million, reflecting a larger sales force supporting the FSGS launch. R&D outlays reached $70.3 million. A discontinued-operations item of $8.7 million also appeared. Cash and equivalents reached $123.5 million, with $348.3 million more in marketable Debt securities. The chief executive intends to leave in December, and a replacement starts on Dec 1, 2026.

Five-Loss Totals and Ratios: Scaling Charges Against Sales and Development Outlays

Combined, the losses come to $889.1 million (calculated), averaging about $177.8 million (calculated), and Jazz represents 54.4% (calculated) of the total. Its loss is roughly 3.9 times BioMarin's (calculated), which means the group leans heavily on one Acquisition charge.

Relative to sales, Jazz's loss is 38.9% (calculated), BioMarin's is 12.0%, and Travere's is 23.3% (calculated). Recursion's loss amounts to 6.4 multiples of its revenue; CRISPR Therapeutics' figure is 8.8 times (calculated), since both revenue bases are minimal.

Jazz and Travere attribute their losses mainly to licensing or acquisition charges, while BioMarin points to several deal-related items. Jazz and BioMarin rely on large product sales, whereas the revenue at Recursion and CRISPR Therapeutics comes from collaboration items, and for CRISPR Therapeutics that is mostly a single deferred sum.

What to Watch Next: Upcoming FDA Dates and Trial Data Timing

Early ABS-1230 patient results are anticipated during a medical conference in the current quarter, with the date unspecified. A regulatory determination concerning a fresh Epidiolex capsule has a due date of Apr 16, 2027, and Phase III ACTION overall survival figures are slated for the first half of 2027.

BioMarin's full-approval question for VOXZOGO in achondroplasia children faces an FDA date of Feb 28, 2027, and a separate hypochondroplasia decision is due May 30, 2027. Recursion anticipates data on its REC-1245 expansion during the back half of 2027.

Travere's incoming chief executive begins on Dec 1, 2026, and the pegtibatinase Phase 3 readout is set for the latter part of 2027. No dated item appeared in CRISPR Therapeutics' materials, which only mention that further clinical updates come next.