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VRTX missed Q2 earnings estimates but topped revenue expectations as total sales rose 12% y/y.
Vertex saw growth from Alyftrek, Casgevy, and Journavx alongside higher overall product sales in Q2.
VRTX ups 2026 revenue guidance to $13.10-$13.20 billion and expects non-CF revenues to exceed $500 million.
Vertex Pharmaceuticals (VRTX - Free Report) reported adjusted earnings of $4.73 per share for the second quarter of 2026, missing the Zacks Consensus Estimate of $4.79. Earnings, however, rose around 4.6% year over year on higher product revenues.
Second-quarter total revenues of $3.33 billion beat the Zacks Consensus Estimate of $3.23 billion. Total revenues rose 12% year over year, primarily driven by higher sales of cystic fibrosis (CF) drugs Trikafta/Kaftrio and Alyftrek, as well as meaningful contributions from other new products, Journavx and Casgevy.
Year to date, shares of Vertex have risen 3.9% compared with the industry’s increase of 2.8%.
Image Source: Zacks Investment Research
VRTX's Q2 Earnings in Detail
Trikafta generated sales worth $2.50 billion, down around 2% year over year. The product’s sales slightly beat the Zacks Consensus Estimate of $2.45 billion.
Alyftrek, a next-in-class triple combination regimen for CF, generated sales worth $573.6 million in the second quarter compared with $424.4 million in the first quarter. Per management, the U.S. and European launch of Alyftrek is progressing well across all patient groups. The drug surpassed $1 billion in global revenues in the first half of 2026.
Revenues from other CF products decreased 29.2% year over year to $137.1 million.
Revenues from Vertex and partner CRISPR Therapeutics’ (CRSP - Free Report) one-shot gene therapy, Casgevy, were $76.4 million in the second quarter of 2026, up 78% on a sequential basis and 151% on a year-over-year basis.
Casgevy is approved for two blood disorders, sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT). Vertex leads the global development and commercialization of Casgevy under the terms of the 2021 agreement, with support from CRISPR Therapeutics.
The FDA approved Casgevy for use in children aged two years and older with SCD or TDT in July 2026. Following the nod, Casgevy became the first and only genetic therapy to be approved for treating kids as young as two years for both severe SCD and TDT.
Vertex’s newest pain drug, Journavx (suzetrigine) generated $49.6 million in sales in the second quarter compared with $29 million in the first quarter. Journavx, a novel non-opioid pain medicine (suzetrigine), was approved in the United States in January 2025.
Journavx sales in the second quarter benefited from both strong underlying prescription growth and inventory restocking by distributors, following a reduction in channel inventory during the first quarter.
VRTX's Q2 Cost Discussion
Adjusted research and development (R&D) expenses increased 1.2% year over year to $888.7 million.
Adjusted selling, general and administrative (SG&A) expenses rose 44.7% to $520.2 million in the reported quarter, primarily driven by higher commercialization costs for pain and renal drugs.
During the quarter, Vertex recorded acquired in-process research and development (AIPR&D) costs of $21.4 million compared with $2.2 million in the year-ago quarter.
Adjusted operating income rose 7.5% year over year to $1.42 billion in the quarter.
VRTX's 2026 Guidance
Vertex increased its full-year 2026 revenue guidance.
The company now expects total revenues to be in the range of $13.10-$13.20 billion for 2026 compared with the previous expectation of $12.95-$13.10 billion.
Vertex expects its non-CF product revenues to be more than $500 million in 2026, reflecting higher patient infusions for Casgevy and a ramp-up in Journavx prescriptions.
Combined adjusted R&D, AIPR&D and SG&A expense guidance for 2026 is in the band of $5.65-$5.75 billion. The adjusted tax rate is expected to be in the range of 19.5%-20.5%. Both remain unchanged from the previous expectation.
The guidance, however, does not reflect the impact of Vertex’s impending acquisition of Crinetics Pharmaceuticals , which is expected to close later in the third quarter, subject to customary closing conditions.
The impending acquisition will add Crinetics’ marketed drug, Palsonify, which is the first once-daily oral therapy approved for treating adults with acromegaly, to Vertex’s commercial portfolio. The company will also add several of Crinetics’ pipeline candidates, further strengthening Vertex's long-term pipeline.
Vertex is rapidly advancing its mid- to late-stage pipeline in other disease areas like acute and neuropathic pain, APOL1-mediated kidney disease, IgA nephropathy (IgAN) and primary membranous nephropathy (pMN).
In June 2026, the FDA accepted VRTX’s regulatory filing seeking approval for its investigational candidate, povetacicept, for treating adults with IgAN, a rare progressive kidney disease. A final decision from the FDA is expected on Nov. 30, 2026.
Vertex is also developing povetacicept in a pivotal phase II/III study for a second renal indication, pMN. The company is also evaluating povetacicept in a mid-stage study for the treatment of generalized myasthenia gravis.
Vertex is conducting pivotal phase III studies on suzetrigine in diabetic peripheral neuropathy (DPN) and plans to complete enrollment in both studies by the end of 2026. It is also conducting a phase II study with the oral formulation of the next-gen Nav1.8 inhibitor, VX-993, in DPN.
Vertex Pharmaceuticals Incorporated Price, Consensus and EPS Surprise
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VRTX's Q2 Earnings Lag Estimates, Revenues Top, 2026 Sales View Raised
Key Takeaways
Vertex Pharmaceuticals (VRTX - Free Report) reported adjusted earnings of $4.73 per share for the second quarter of 2026, missing the Zacks Consensus Estimate of $4.79. Earnings, however, rose around 4.6% year over year on higher product revenues.
Second-quarter total revenues of $3.33 billion beat the Zacks Consensus Estimate of $3.23 billion. Total revenues rose 12% year over year, primarily driven by higher sales of cystic fibrosis (CF) drugs Trikafta/Kaftrio and Alyftrek, as well as meaningful contributions from other new products, Journavx and Casgevy.
Year to date, shares of Vertex have risen 3.9% compared with the industry’s increase of 2.8%.
Image Source: Zacks Investment Research
VRTX's Q2 Earnings in Detail
Trikafta generated sales worth $2.50 billion, down around 2% year over year. The product’s sales slightly beat the Zacks Consensus Estimate of $2.45 billion.
Alyftrek, a next-in-class triple combination regimen for CF, generated sales worth $573.6 million in the second quarter compared with $424.4 million in the first quarter. Per management, the U.S. and European launch of Alyftrek is progressing well across all patient groups. The drug surpassed $1 billion in global revenues in the first half of 2026.
Revenues from other CF products decreased 29.2% year over year to $137.1 million.
Revenues from Vertex and partner CRISPR Therapeutics’ (CRSP - Free Report) one-shot gene therapy, Casgevy, were $76.4 million in the second quarter of 2026, up 78% on a sequential basis and 151% on a year-over-year basis.
Casgevy is approved for two blood disorders, sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT). Vertex leads the global development and commercialization of Casgevy under the terms of the 2021 agreement, with support from CRISPR Therapeutics.
The FDA approved Casgevy for use in children aged two years and older with SCD or TDT in July 2026. Following the nod, Casgevy became the first and only genetic therapy to be approved for treating kids as young as two years for both severe SCD and TDT.
Vertex’s newest pain drug, Journavx (suzetrigine) generated $49.6 million in sales in the second quarter compared with $29 million in the first quarter. Journavx, a novel non-opioid pain medicine (suzetrigine), was approved in the United States in January 2025.
Journavx sales in the second quarter benefited from both strong underlying prescription growth and inventory restocking by distributors, following a reduction in channel inventory during the first quarter.
VRTX's Q2 Cost Discussion
Adjusted research and development (R&D) expenses increased 1.2% year over year to $888.7 million.
Adjusted selling, general and administrative (SG&A) expenses rose 44.7% to $520.2 million in the reported quarter, primarily driven by higher commercialization costs for pain and renal drugs.
During the quarter, Vertex recorded acquired in-process research and development (AIPR&D) costs of $21.4 million compared with $2.2 million in the year-ago quarter.
Adjusted operating income rose 7.5% year over year to $1.42 billion in the quarter.
VRTX's 2026 Guidance
Vertex increased its full-year 2026 revenue guidance.
The company now expects total revenues to be in the range of $13.10-$13.20 billion for 2026 compared with the previous expectation of $12.95-$13.10 billion.
Vertex expects its non-CF product revenues to be more than $500 million in 2026, reflecting higher patient infusions for Casgevy and a ramp-up in Journavx prescriptions.
Combined adjusted R&D, AIPR&D and SG&A expense guidance for 2026 is in the band of $5.65-$5.75 billion. The adjusted tax rate is expected to be in the range of 19.5%-20.5%. Both remain unchanged from the previous expectation.
The guidance, however, does not reflect the impact of Vertex’s impending acquisition of Crinetics Pharmaceuticals , which is expected to close later in the third quarter, subject to customary closing conditions.
VRTX's Recent Key Updates
In July 2026, Vertex agreed to acquire all outstanding shares of Crinetics for $85 per share, valuing the deal at around $10 billion.
The impending acquisition will add Crinetics’ marketed drug, Palsonify, which is the first once-daily oral therapy approved for treating adults with acromegaly, to Vertex’s commercial portfolio. The company will also add several of Crinetics’ pipeline candidates, further strengthening Vertex's long-term pipeline.
Vertex is rapidly advancing its mid- to late-stage pipeline in other disease areas like acute and neuropathic pain, APOL1-mediated kidney disease, IgA nephropathy (IgAN) and primary membranous nephropathy (pMN).
In June 2026, the FDA accepted VRTX’s regulatory filing seeking approval for its investigational candidate, povetacicept, for treating adults with IgAN, a rare progressive kidney disease. A final decision from the FDA is expected on Nov. 30, 2026.
Vertex is also developing povetacicept in a pivotal phase II/III study for a second renal indication, pMN. The company is also evaluating povetacicept in a mid-stage study for the treatment of generalized myasthenia gravis.
Vertex is conducting pivotal phase III studies on suzetrigine in diabetic peripheral neuropathy (DPN) and plans to complete enrollment in both studies by the end of 2026. It is also conducting a phase II study with the oral formulation of the next-gen Nav1.8 inhibitor, VX-993, in DPN.
Vertex Pharmaceuticals Incorporated Price, Consensus and EPS Surprise
Vertex Pharmaceuticals Incorporated price-consensus-eps-surprise-chart | Vertex Pharmaceuticals Incorporated Quote
VRTX’s Zacks Rank
Vertex currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.