GRAIL
Developer of Galleri and targeted methylation tools for cancer detection.
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Profile
Sells Galleri, a physician-ordered blood test for multi-cancer early detection, and provides methylation-based development services to biopharmaceutical partners. Screening drives most revenue; the U.S.-centered business relies on certified laboratory operations, clinical evidence, FDA review, and broader reimbursement.
Markets Galleri, a physician-ordered blood test that screens for a signal shared by multiple cancers and predicts its likely origin. Screening-test sales produce most revenue, while a targeted methylation platform supports research-use classifiers and precision-oncology development services for biopharmaceutical partners. Tests are processed at a CAP-accredited, CLIA-certified laboratory in Durham, North Carolina.
Commercial activity remains centered in the United States, with limited partner-led access in other markets. Execution combines population-scale clinical studies, sequencing, machine-learning classifiers, laboratory automation, and physician-support workflows. Galleri is offered as a laboratory-developed test and is designed to complement recommended single-cancer screening; it is not FDA-approved, and its premarket approval application remains under review. Illumina is the sole supplier of sequencers and certain reagents, and related oncology revenue carries a continuing royalty obligation.
Company facts
Key statistics
Year to date −10.0% · Average volume (30d) 690.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 15, 2026 | Mizuho Securities | Target | $58 | $65 | |
| Jun 5, 2026 | Goldman Sachs | Target | $60 | ||
| May 6, 2026 | Piper Sandler | Reiterate | Neutral | $54 | $56 |
| May 6, 2026 | Robert W. Baird | Target | $82 | $70 | |
| Apr 10, 2026 | Mizuho Securities | Target | $58 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | −$2.66 | −$2.56 | +3.8% | $42.4M | $44.7M | +5.4% | −14.53% |
| May 5, 2026Q1 FY26 | −$2.76 | −$2.29 | +17.1% | $39.2M | $40.8M | +4.2% | +15.35% |
| Feb 19, 2026Q4 FY25 | −$3.33 | −$2.44 | +26.7% | $43.6M | $43.6M | 0.0% | −50.55% |
| Nov 12, 2025Q3 FY25 | −$3.36 | −$2.46 | +26.8% | $34.6M | $36.2M | +4.6% | −1.85% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $31.8M | $35.5M | $36.2M | $43.6M | $40.8M | $44.7M | |
| Gross profit | −$19.9M | −$17.8M | −$13.7M | −$11.1M | $19.5M | −$12.6M | |
| Operating income | −$153.6M | −$158.9M | −$125.3M | −$124.4M | −$135.8M | −$173.8M | |
| Net income | −$106.2M | −$114.0M | −$89.0M | −$99.2M | −$93.2M | −$110.2M | |
| Diluted EPS | −$3.10 | −$3.18 | −$2.46 | −$2.44 | −$2.29 | −$2.56 | |
| Gross margin | -62.6% | -50.0% | -37.9% | -25.5% | 47.9% | -28.1% | |
| Operating margin | -482.5% | -446.9% | -346.2% | -285.4% | -332.9% | -388.9% |
Fiscal years (4-quarter sums)FY23 $93.1M · FY24 $125.6M · FY25 $147.2M
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $861.6M · Total debt $91.3M · Total assets $2.84B · Shareholders' equity $2.54B
Dividends
No dividends on record.
Ownership
Shares outstanding 42.92M · Float 39.29M · 91.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Farallon Capital Management LLC | 4.16M | 9.70% | 13F | Aug 14, 2026 |
| Baker Bros. Advisors LP | 4.03M | 9.39% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 3.58M | 8.33% | 13F | Aug 7, 2026 |
| Illumina, Inc. · 10 percent owner | 3.50M | 8.16% | Form 4 | Nov 18, 2025 |
| Ding Chun R · 10 percent owner | 3.31M | 7.70% | Form 4 | Jul 3, 2025 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 4, 2026 | Andrew John Partridge | officer: Chief Growth Officer | −1,491 | $61.08 |
| Apr 8, 2026 | Joshua J. Ofman | director, officer: President | −61,665 | $49.92 |
| Apr 8, 2026 | Robert P. Ragusa | director, officer: Chief Executive Officer | −123,502 | $49.92 |
| Apr 8, 2026 | Aaron Freidin | officer: Chief Financial Officer | −45,806 | $49.92 |
| Mar 9, 2026 | Robert P. Ragusa | director, officer: Chief Executive Officer | −7,461 | $47.89 |
Peers
- Guardant Health
Blood-based screening and oncology liquid biopsy overlap
- Natera
cfDNA oncology scale in MRD and recurrence monitoring
- Caris Life Sciences
Liquid-biopsy profiling platform with MCED-capable ambitions
- Quest Diagnostics
Scaled lab access and oncology diagnostics compete for channels
- Labcorp
Large diagnostics network with oncology and MRD overlap
- VolitionRx
Smaller epigenetic blood-test platform for cancer detection
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| GRAIL | $80.00 | −0.01% | $3.43B | — | — | 20.8 | +25.7% |
| Guardant Health | $161.50 | −0.03% | $21.67B | — | — | 18.3 | +44.3% |
| Natera | $325.30 | −0.26% | $46.73B | — | — | 17.3 | +37.7% |
| Caris Life Sciences | $25.63 | −0.03% | $7.25B | 71.6 | 101.6 | 7.3 | +45.4% |
| Quest Diagnostics | $244.50 | +0.69% | $26.79B | 25.8 | 21.2 | 2.3 | +10.2% |
| Labcorp | $333.00 | −0.68% | $27.48B | 27.7 | 17.7 | 1.9 | +5.8% |
| VolitionRx | $0.4091 | −8.46% | $3.7M | — | — | 1.5 | −0.3% |
| Median | 27.7 | 21.2 | 4.8 | +24.0% |








