Revolution Medicines Kicks Off Lung-Cancer Trial as Truist Lifts Rasonque Revenue Forecast

Revolution Medicines has begun dosing patients in a Phase 3 lung-cancer study of zoldonrasib, a clinical milestone that sent the biotech's shares up 7.1% on the day. The RASolve 308 trial is testing the drug in combination with pembrolizumab and chemotherapy as a first-line treatment for metastatic non-squamous non-small cell lung cancer carrying a RAS-G12D mutation.

The distinction matters for investors: this is the start of actual patient treatment inside the study, not merely the unveiling of a planned trial program. Management framed the step as operational progress in the development pipeline, and the market's positive reaction tracked that advance rather than any efficacy readout. A treatment launch is a long way from a completed study, and the combination design means the result will not, on its own, prove how well zoldonrasib performs as a monotherapy.

A Second Front in Pancreatic Cancer

The lung program builds on a separate dosing start reported on October 5, when Revolution Medicines announced the first patients treated in the Phase 3 RASolute 309 study. That trial pairs RASONQUE — also known as daraxonrasib — with zoldonrasib as a first-line therapy for metastatic pancreatic cancer with a RAS-G12D mutation. Zoldonrasib is the thread linking the two efforts, though they differ in both tumor type and combination partners. Progress in lung cancer therefore extends the pancreatic program rather than replacing it.

Regulatory news has been stacking up alongside the clinical work. Last week the CHMP issued a positive opinion on RASONQUE for EU approval in adults with metastatic pancreatic adenocarcinoma following at least one prior systemic therapy — a recommendation distinct from the first-line studies now enrolling patients. That endorsement rests on data from the Phase 3 RASolute 302 trial, which pitted daraxonrasib as a monotherapy against chemotherapy and showed a 60% reduction in the risk of death across the full study population. The European Commission's final decision on marketing authorization is still pending, while the FDA cleared daraxonrasib more than a month ago.

Truist Raises the Bar

On the analyst side, Truist Securities on Wednesday lifted its third-quarter 2026 revenue estimate for Rasonque to $19.5 million from a prior $14.3 million. The firm reiterated its "Buy" rating on Revolution Medicines and nudged its price target to $241 from $240. The upgraded forecast reflects growing confidence in the commercial rollout of daraxonrasib as the company works to establish the monotherapy in advanced tumors and carve out oncology market share.

To fund that commercialization push and its clinical pipeline, the company drew $250.0 million on October 8 from Royalty Pharma Development Funding under Tranche A of a senior secured credit facility, paying a $5.0 million draw fee. The borrowing followed regulatory headway in the United States and gives the group a financial cushion to build out sales infrastructure and keep development programs moving without delay.

Shares Up Sharply Year to Date

The stock has ridden the clinical and regulatory momentum higher. At €163.40, Revolution Medicines has gained 137% since the start of the year, valuing the company at roughly €35.95 billion.