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First-quarter revenues were largely in line with consensus expectations, with Alyftrek ahead of estimates, while Trikafta, Casgevy and Journavx all came in below. Sales of its new non-CF products, Journavx and Casgevy, were softer than expected. These two non-CF new drugs are being viewed as Vertex’s key long-term growth drivers beyond cystic fibrosis (CF), its focus area. Casgevy experienced sequential variability, while Journavx’s first-quarter sales were hurt by channel destocking. The 2026 guidance for total revenues was reiterated.
Vertex’s recent price performance has left investors wondering if they should sellthe stock now or hold a little longer as the company enjoys strong fundamentals and a near-monopoly-like position in the CF market. Let’s understand the company’s strengths and weaknesses to better analyze how to play VRTX stock against this backdrop.
Consistent Rise in VRTX’s CF Product Sales
Vertex holds a leadership position in the CF market. With its five CF medicines, Vertex can treat nearly 95% of all people living with CF in core markets. Vertex’s CF franchise remains strong as demand for its CF therapies continues to grow, as the company expands access globally and wins approvals in younger patient populations. Meanwhile, Vertex does not face any near-term headwinds from LOE or increased competition for its CF therapies.
Its CF products generated revenues of $2.92 billion in the first quarter of 2026, up 6.2% year over year, driven by Trikafta/Kaftrio as well as increasing contribution from Alyftrek, a next-in-class triple combination regimen and Vertex’s fifth and newest CF medicine.
Alyftrek continues to outperform expectations and generated sales worth $424.4 million in the first quarter compared with $380.1 million in the fourth quarter. The rollout of Alyftrek in the United States and Europe is progressing well across all patient groups. The drug has now surpassed $1 billion in cumulative global revenues since its approval in the United States in late 2024 and in the EU in July 2025. Alyftrek’s once-daily dosing and improved sweat chloride profile continue to resonate with patients and doctors.
Vertex expects incremental patients from the label expansions for Alyftrek and Trikafta, along with launches of Alyftrek in additional geographies and for treating younger patients, to drive CF growth through the rest of the year.
Vertex is also conducting studies to expand the labels of Alyftrek and Trikafta to additional mutations as well as to younger patients.
Long-Term Potential of VRTX’s New Non-CF Products is Strong
The uptake of Vertex’s newly launched non-CF products, Journavx and Casgevy, has been slower than expected.
In the first quarter, products from Vertex’s new non-CF disease areas, namely Casgevy and Journavx, drove approximately 25% of total product revenue growth, which was encouraging as Vertex’s dependence on just the CF franchise for revenues has been a growing concern. CF sales are also slightly slowing down.
Journavx, a novel non-opioid pain medicine (suzetrigine), approved last year, has drawn significant investor attention because of the large unmet need for safer pain therapies amid the opioid crisis. Journavx generated sales of $29 million in the first quarter of 2026 which was less than expected. Though Journavx’s sales have been slow since launch, Vertex expects significant growth in 2026. Journavx’s launch metrics and early reimbursement progress look positive. In 2026, Vertex expects Journavx prescriptions to triple compared to 550,000 written in 2025, supported by a larger commercial field force, wider payer coverage and improving gross-to-net economics.
Vertex and partner CRISPR Therapeutics’ (CRSP - Free Report) one-shot gene therapy, Casgevy, was approved for two blood disorders, sickle cell disease and transfusion-dependent beta-thalassemia, in multiple regions in late 2023/early 2024. Vertex leads the global development and commercialization of Casgevy under the terms of the 2021 agreement with support from CRISPR Therapeutics.
Casgevy’s sales were $42.9 million in the first quarter of 2026, down from $54.3 million recorded in the fourth quarter of 2025 due to quarter-to-quarter variability in infusions.
Nonetheless, Casgevy’s launch metrics look positive with growing cell collections and product infusions. Vertex is also making rapid progress in the drug’s access and reimbursement.
In 2026, Vertex expects continued quarter-to-quarter variability in Casgevy infusions, which the company expects will smooth out in 2027 and beyond. If commercialization of Casgevy ramps up successfully over the next few years, Vertex Pharmaceuticals believes the therapy has multibillion-dollar commercial potential.
The company expects non-CF products to generate revenues of $500 million plus in 2026, representing year-over-year growth of around 185%, driven by growing Casgevy infusions and a meaningful ramp in Journavx prescriptions and revenues.
Focus Shifts to Vertex’s Emerging Renal Pipeline Portfolio
While Vertex’s main focus is on the development and strengthening of its CF franchise, the company also has a rapidly advancing mid- to late-stage pipeline in other disease areas beyond CF, like acute and neuropathic pain, APOL1-mediated kidney disease (AMKD), IgA nephropathy (IgAN), primary membranous nephropathy (pMN) and autosomal dominant polycystic kidney disease (ADPKD).
Many of these candidates represent multibillion-dollar opportunities. Five of these programs are in pivotal development, setting the stage for several potential regulatory filings in 2026 and early 2027, and potential new drug approvals in a couple of years.
Vertex’s candidates for kidney diseases are capturing investor attention. In kidney diseases, key pipeline candidates are VX-407 for ADPKD, inaxaplin for AMKD and povetacicept for IgAN and pMN. It is believed that povetacicept and inaxaplin represent significant commercial opportunities.
Povetacicept was added to Vertex’s portfolio from the Alpine acquisition in 2024. Vertex believes povetacicept has pipeline-in-a-product potential for B-cell-mediated diseases. Povetacicept is designed to target two proteins, namely BAFF and APRIL, which are jointly responsible for the cause of multiple serious autoimmune diseases. Based on positive interim data from the RAINIER phase III study in IgAN, a rolling BLA filing for povetacicept for IgAN was completed in March 2026 for potential accelerated approval in the United States.
Data from the RAINIER study showed that povetacicept led to a rapid, deep and sustained improvement in proteinuria (excess protein in the urine), a direct consequence of IgAN. Vertex is also conducting a pivotal phase II/III study of povetacicept for a second potential renal indication, pMN. Vertex has also initiated a phase II study on povetacicept for the treatment of gMG in the first half of 2026.
Vertex expects its kidney portfolio to become a significant growth driver over the next several years and diversify the company’s revenue streams.
However, it faced a couple of setbacks related to its pipeline in the past year. In 2026, Vertex ended the phase I/II clinical study on mRNA therapeutic VX-522 in CF, after observing persistent tolerability issues in the study. Vertex was developing VX-522 in partnership with Moderna (MRNA - Free Report) .
In August 2025, Vertex’s phase II study on the oral formulation of VX-993 for treating acute pain after bunionectomy surgery failed to demonstrate a statistically significant improvement on the primary endpoint. Following the disappointing results, the company decided not to advance VX-993 into pivotal development as a monotherapy for acute pain, as it felt that it would not be superior to its other NaV1.8 inhibitors.
VRTX’s Price, Valuation and Estimates
Vertex stock has risen 0.5% over the past year, underperforming the industry’s 25.3% growth.
VRTX Stock Underperforms Industry
Image Source: Zacks Investment Research
From a valuation standpoint, Vertex is slightly expensive. Going by the price/earnings ratio, the company’s shares currently trade at 22.40 forward earnings, higher than 17.44 for the industry. The stock is, however, trading below its five-year mean of 24.81.
VRTX Stock Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings has risen from $18.99 per share to $19.13 over the past 30 days, while that for 2027 has deteriorated from $21.28 per share to $21.17 per share over the same time frame.
VRTX Estimate Movement
Image Source: Zacks Investment Research
Stay Invested in VRTX Stock
Vertex dominates the CF market with drugs like Trikafta/Alyftrek and boasts a breakthrough non-CF pipeline. However, its reliance on the CF franchise for its revenues is a concern. While the company has other pipeline candidates targeting various diseases and some new non-CF drugs, such as Casgevy and Journavx, it will take a couple of years to bring in significant non-CF sales. Vertex’s non-CF pipeline programs also carry significant risk.
However, we believe Vertex is a good stock to have in one’s portfolio, considering its strong overall financial performance and robust pipeline progress. Vertex faces minimal competition in the CF franchise, which gives it pricing power. Its CF sales are expected to remain strong despite a slight slowdown in the growth rate. Sales of Casgevy and Journavx provide the necessary diversification from the CF franchise. Beyond its marketed drugs, investor focus remains on its renal programs in clinical development.
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Vertex Stock Down Nearly 8% in 3 Months: Time to Buy or Stay Cautious?
Key Takeaways
Vertex Pharmaceuticals Incorporated (VRTX - Free Report) stock has declined 7.9% in the past three months. One major reason for the weakness was its slightly muted first-quarter 2026 results.
First-quarter revenues were largely in line with consensus expectations, with Alyftrek ahead of estimates, while Trikafta, Casgevy and Journavx all came in below. Sales of its new non-CF products, Journavx and Casgevy, were softer than expected. These two non-CF new drugs are being viewed as Vertex’s key long-term growth drivers beyond cystic fibrosis (CF), its focus area. Casgevy experienced sequential variability, while Journavx’s first-quarter sales were hurt by channel destocking. The 2026 guidance for total revenues was reiterated.
Vertex’s recent price performance has left investors wondering if they should sellthe stock now or hold a little longer as the company enjoys strong fundamentals and a near-monopoly-like position in the CF market. Let’s understand the company’s strengths and weaknesses to better analyze how to play VRTX stock against this backdrop.
Consistent Rise in VRTX’s CF Product Sales
Vertex holds a leadership position in the CF market. With its five CF medicines, Vertex can treat nearly 95% of all people living with CF in core markets. Vertex’s CF franchise remains strong as demand for its CF therapies continues to grow, as the company expands access globally and wins approvals in younger patient populations. Meanwhile, Vertex does not face any near-term headwinds from LOE or increased competition for its CF therapies.
Its CF products generated revenues of $2.92 billion in the first quarter of 2026, up 6.2% year over year, driven by Trikafta/Kaftrio as well as increasing contribution from Alyftrek, a next-in-class triple combination regimen and Vertex’s fifth and newest CF medicine.
Alyftrek continues to outperform expectations and generated sales worth $424.4 million in the first quarter compared with $380.1 million in the fourth quarter. The rollout of Alyftrek in the United States and Europe is progressing well across all patient groups. The drug has now surpassed $1 billion in cumulative global revenues since its approval in the United States in late 2024 and in the EU in July 2025. Alyftrek’s once-daily dosing and improved sweat chloride profile continue to resonate with patients and doctors.
Vertex expects incremental patients from the label expansions for Alyftrek and Trikafta, along with launches of Alyftrek in additional geographies and for treating younger patients, to drive CF growth through the rest of the year.
Vertex is also conducting studies to expand the labels of Alyftrek and Trikafta to additional mutations as well as to younger patients.
Long-Term Potential of VRTX’s New Non-CF Products is Strong
The uptake of Vertex’s newly launched non-CF products, Journavx and Casgevy, has been slower than expected.
In the first quarter, products from Vertex’s new non-CF disease areas, namely Casgevy and Journavx, drove approximately 25% of total product revenue growth, which was encouraging as Vertex’s dependence on just the CF franchise for revenues has been a growing concern. CF sales are also slightly slowing down.
Journavx, a novel non-opioid pain medicine (suzetrigine), approved last year, has drawn significant investor attention because of the large unmet need for safer pain therapies amid the opioid crisis. Journavx generated sales of $29 million in the first quarter of 2026 which was less than expected. Though Journavx’s sales have been slow since launch, Vertex expects significant growth in 2026. Journavx’s launch metrics and early reimbursement progress look positive. In 2026, Vertex expects Journavx prescriptions to triple compared to 550,000 written in 2025, supported by a larger commercial field force, wider payer coverage and improving gross-to-net economics.
Vertex and partner CRISPR Therapeutics’ (CRSP - Free Report) one-shot gene therapy, Casgevy, was approved for two blood disorders, sickle cell disease and transfusion-dependent beta-thalassemia, in multiple regions in late 2023/early 2024. Vertex leads the global development and commercialization of Casgevy under the terms of the 2021 agreement with support from CRISPR Therapeutics.
Casgevy’s sales were $42.9 million in the first quarter of 2026, down from $54.3 million recorded in the fourth quarter of 2025 due to quarter-to-quarter variability in infusions.
Nonetheless, Casgevy’s launch metrics look positive with growing cell collections and product infusions. Vertex is also making rapid progress in the drug’s access and reimbursement.
In 2026, Vertex expects continued quarter-to-quarter variability in Casgevy infusions, which the company expects will smooth out in 2027 and beyond. If commercialization of Casgevy ramps up successfully over the next few years, Vertex Pharmaceuticals believes the therapy has multibillion-dollar commercial potential.
The company expects non-CF products to generate revenues of $500 million plus in 2026, representing year-over-year growth of around 185%, driven by growing Casgevy infusions and a meaningful ramp in Journavx prescriptions and revenues.
Focus Shifts to Vertex’s Emerging Renal Pipeline Portfolio
While Vertex’s main focus is on the development and strengthening of its CF franchise, the company also has a rapidly advancing mid- to late-stage pipeline in other disease areas beyond CF, like acute and neuropathic pain, APOL1-mediated kidney disease (AMKD), IgA nephropathy (IgAN), primary membranous nephropathy (pMN) and autosomal dominant polycystic kidney disease (ADPKD).
Many of these candidates represent multibillion-dollar opportunities. Five of these programs are in pivotal development, setting the stage for several potential regulatory filings in 2026 and early 2027, and potential new drug approvals in a couple of years.
Vertex’s candidates for kidney diseases are capturing investor attention. In kidney diseases, key pipeline candidates are VX-407 for ADPKD, inaxaplin for AMKD and povetacicept for IgAN and pMN. It is believed that povetacicept and inaxaplin represent significant commercial opportunities.
Povetacicept was added to Vertex’s portfolio from the Alpine acquisition in 2024. Vertex believes povetacicept has pipeline-in-a-product potential for B-cell-mediated diseases. Povetacicept is designed to target two proteins, namely BAFF and APRIL, which are jointly responsible for the cause of multiple serious autoimmune diseases. Based on positive interim data from the RAINIER phase III study in IgAN, a rolling BLA filing for povetacicept for IgAN was completed in March 2026 for potential accelerated approval in the United States.
Data from the RAINIER study showed that povetacicept led to a rapid, deep and sustained improvement in proteinuria (excess protein in the urine), a direct consequence of IgAN. Vertex is also conducting a pivotal phase II/III study of povetacicept for a second potential renal indication, pMN. Vertex has also initiated a phase II study on povetacicept for the treatment of gMG in the first half of 2026.
Vertex expects its kidney portfolio to become a significant growth driver over the next several years and diversify the company’s revenue streams.
However, it faced a couple of setbacks related to its pipeline in the past year. In 2026, Vertex ended the phase I/II clinical study on mRNA therapeutic VX-522 in CF, after observing persistent tolerability issues in the study. Vertex was developing VX-522 in partnership with Moderna (MRNA - Free Report) .
In August 2025, Vertex’s phase II study on the oral formulation of VX-993 for treating acute pain after bunionectomy surgery failed to demonstrate a statistically significant improvement on the primary endpoint. Following the disappointing results, the company decided not to advance VX-993 into pivotal development as a monotherapy for acute pain, as it felt that it would not be superior to its other NaV1.8 inhibitors.
VRTX’s Price, Valuation and Estimates
Vertex stock has risen 0.5% over the past year, underperforming the industry’s 25.3% growth.
VRTX Stock Underperforms Industry
From a valuation standpoint, Vertex is slightly expensive. Going by the price/earnings ratio, the company’s shares currently trade at 22.40 forward earnings, higher than 17.44 for the industry. The stock is, however, trading below its five-year mean of 24.81.
VRTX Stock Valuation
The Zacks Consensus Estimate for 2026 earnings has risen from $18.99 per share to $19.13 over the past 30 days, while that for 2027 has deteriorated from $21.28 per share to $21.17 per share over the same time frame.
VRTX Estimate Movement
Stay Invested in VRTX Stock
Vertex dominates the CF market with drugs like Trikafta/Alyftrek and boasts a breakthrough non-CF pipeline. However, its reliance on the CF franchise for its revenues is a concern. While the company has other pipeline candidates targeting various diseases and some new non-CF drugs, such as Casgevy and Journavx, it will take a couple of years to bring in significant non-CF sales. Vertex’s non-CF pipeline programs also carry significant risk.
However, we believe Vertex is a good stock to have in one’s portfolio, considering its strong overall financial performance and robust pipeline progress. Vertex faces minimal competition in the CF franchise, which gives it pricing power. Its CF sales are expected to remain strong despite a slight slowdown in the growth rate. Sales of Casgevy and Journavx provide the necessary diversification from the CF franchise. Beyond its marketed drugs, investor focus remains on its renal programs in clinical development.
Long-term investors may retain this Zacks Rank #3 (Hold) stock for now to see if its CF sales continue to rise and if Casgevy and Journavx’s sales improve in 2026. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.