Cytokinetics Inc (CYTK.O): 3Q26: Launch Momentum Continues, Driven by an Expanding Prescriber Base

Morgan Stanley reports that Cytokinetics posted third-quarter Myqorzo net product revenue of $44.5M, above the $42.2M consensus, driven by an expanding prescriber base. More than 2,800 patients were dispensed by quarter-end versus 1,500 in 2Q, and nearly 1,100 unique healthcare providers had prescribed the drug versus more than 700 previously. On prescribing depth, HCPs prescribed Myqorzo to roughly 4 patients on average, with high-volume CMI writers at about 7. The CMI category keeps expanding, with NBRx up 56% year over year and the market up 45% year to date; management estimates new-to-brand exit share is approaching 45%, toward a goal of more than 50% by year-end 2026. Outside the US, Myqorzo captured over half of new CMI patient starts in Germany, with a UK launch expected this quarter. The nHCM sNDA is on track for 4Q26, the MAPLE-HCM PDUFA is November 14, COMET-HF enrollment now runs through 2027, and FY26 GAAP R&D plus SG&A guidance of $860-890M was reaffirmed. The rating rema