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Vertex reported Q3 revenues of $3.44 billion, up 12% year over year, but EPS missed estimates.
Casgevy sales increased 30% sequentially, while Journavx prescriptions grew more than 40% sequentially.
VRTX raised 2026 revenue guidance to $13.15-$13.25 billion from its previous $13.10-$13.20 billion range.
Vertex Pharmaceuticals (VRTX - Free Report) reported adjusted earnings of $4.76 per share for the third of 2026, missing the Zacks Consensus Estimate of $4.92. Earnings declined 0.8% year over year as higher product revenues were offset by increased operating expenses, higher interest costs and lower interest income.
Third-quarter total revenues of $3.44 billion beat the Zacks Consensus Estimate of $3.40 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. The company also benefited from the addition of Palsonify following its acquisition of Crinetics Pharmaceuticals in September 2026.
Year to date, shares of Vertex have rallied 22% compared with the industry’s increase of 10.9%.
Image Source: Zacks Investment Research
VRTX's Q3 Earnings in Detail
Trikafta/Kaftrio generated sales of $2.44 billion, down 8.2% year over year. The product’s sales missed the Zacks Consensus Estimate of $2.49 billion.
Alyftrek, a next-in-class triple combination regimen for CF, generated sales of $705.8 million in the third quarter, up 23% sequentially, reflecting continued uptake across multiple geographies. During the quarter, Vertex secured reimbursement for Alyftrek in seven additional countries, bringing the total to 32.
Revenues from other CF products decreased 6.3% year over year to $130.5 million.
Revenues from Vertex and partner CRISPR Therapeutics’ (CRSP - Free Report) gene therapy, Casgevy, were $99.2 million in the third quarter, up approximately 30% sequentially and 487% year over year. Higher sales reflected increasing patient infusions.
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.
Vertex's newest pain drug, Journavx, generated $58.3 million in sales, up 18% sequentially. More than 750,000 prescriptions were filled during the quarter, representing sequential growth of more than 40%.
Newly added product Palsonify contributed $10.1 million in third-quarter sales.
VRTX's Q3 Cost Discussion
Adjusted research and development (R&D) expenses increased 8.7% year over year to $935.6 million, reflecting continued investment in pipeline development and commercial opportunities.
Adjusted selling, general and administrative (SG&A) expenses rose 50.8% year over year to $556.3 million, primarily driven by investments in the emerging renal franchise, the Journavx launch and the addition of Crinetics.
Acquired in-process R&D expenses declined 25.5% year over year to $40.6 million.
Adjusted operating income increased 2% year over year to $1.41 billion.
Raises 2026 Revenue Guidance
Vertex raised its full-year 2026 revenue guidance to $13.15-$13.25 billion from the previous expectation of $13.10-$13.20 billion.
The revised outlook reflects continued growth in CF medicines and anticipated combined revenues of at least $500 million from Casgevy and Journavx. Management also expects Palsonify revenues of $40-$50 million in 2026.
The company increased its combined adjusted R&D, acquired R&D and SG&A expense guidance to approximately $6 billion from the earlier range of $5.65-$5.75 billion. The increase primarily reflects expenses associated with Crinetics' operations and integration.
The adjusted tax-rate guidance remains unchanged at 19.5%-20.5%.
VRTX's Recent Pipeline Updates
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. Per management, a potential approval would establish nephrology as the company's fifth commercial franchise.
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.
In APOL1-mediated kidney disease, Vertex completed enrollment in the pivotal AMPLITUDE study of inaxaplin and expects interim data in early 2027. The company also remains on track to complete enrollment in its pivotal studies of suzetrigine for diabetic peripheral neuropathy by year-end, with results expected in mid-2027.
Vertex Pharmaceuticals Incorporated Price, Consensus and EPS Surprise
Over the past 60 days, estimates for TG Therapeutics’ 2026 earnings per share have risen from 92 cents to 94 cents, while estimates for 2027 have increased from $2.65 to $2.66 during the same time. TGTX shares have surged 101.1% year to date.
TG Therapeutics’ earnings beat estimates in one of the trailing four quarters, while missing the same on the remaining three occasions, with the average surprise being 184.65%.
View the Zacks #1 Rank List
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VRTX's Q3 Earnings Lag Estimates, Revenues Top, 2026 Sales View Raised
Key Takeaways
Vertex Pharmaceuticals (VRTX - Free Report) reported adjusted earnings of $4.76 per share for the third of 2026, missing the Zacks Consensus Estimate of $4.92. Earnings declined 0.8% year over year as higher product revenues were offset by increased operating expenses, higher interest costs and lower interest income.
Third-quarter total revenues of $3.44 billion beat the Zacks Consensus Estimate of $3.40 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. The company also benefited from the addition of Palsonify following its acquisition of Crinetics Pharmaceuticals in September 2026.
Year to date, shares of Vertex have rallied 22% compared with the industry’s increase of 10.9%.
Image Source: Zacks Investment Research
VRTX's Q3 Earnings in Detail
Trikafta/Kaftrio generated sales of $2.44 billion, down 8.2% year over year. The product’s sales missed the Zacks Consensus Estimate of $2.49 billion.
Alyftrek, a next-in-class triple combination regimen for CF, generated sales of $705.8 million in the third quarter, up 23% sequentially, reflecting continued uptake across multiple geographies. During the quarter, Vertex secured reimbursement for Alyftrek in seven additional countries, bringing the total to 32.
Revenues from other CF products decreased 6.3% year over year to $130.5 million.
Revenues from Vertex and partner CRISPR Therapeutics’ (CRSP - Free Report) gene therapy, Casgevy, were $99.2 million in the third quarter, up approximately 30% sequentially and 487% year over year. Higher sales reflected increasing patient infusions.
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.
Vertex's newest pain drug, Journavx, generated $58.3 million in sales, up 18% sequentially. More than 750,000 prescriptions were filled during the quarter, representing sequential growth of more than 40%.
Newly added product Palsonify contributed $10.1 million in third-quarter sales.
VRTX's Q3 Cost Discussion
Adjusted research and development (R&D) expenses increased 8.7% year over year to $935.6 million, reflecting continued investment in pipeline development and commercial opportunities.
Adjusted selling, general and administrative (SG&A) expenses rose 50.8% year over year to $556.3 million, primarily driven by investments in the emerging renal franchise, the Journavx launch and the addition of Crinetics.
Acquired in-process R&D expenses declined 25.5% year over year to $40.6 million.
Adjusted operating income increased 2% year over year to $1.41 billion.
Raises 2026 Revenue Guidance
Vertex raised its full-year 2026 revenue guidance to $13.15-$13.25 billion from the previous expectation of $13.10-$13.20 billion.
The revised outlook reflects continued growth in CF medicines and anticipated combined revenues of at least $500 million from Casgevy and Journavx. Management also expects Palsonify revenues of $40-$50 million in 2026.
The company increased its combined adjusted R&D, acquired R&D and SG&A expense guidance to approximately $6 billion from the earlier range of $5.65-$5.75 billion. The increase primarily reflects expenses associated with Crinetics' operations and integration.
The adjusted tax-rate guidance remains unchanged at 19.5%-20.5%.
VRTX's Recent Pipeline Updates
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. Per management, a potential approval would establish nephrology as the company's fifth commercial franchise.
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.
In APOL1-mediated kidney disease, Vertex completed enrollment in the pivotal AMPLITUDE study of inaxaplin and expects interim data in early 2027. The company also remains on track to complete enrollment in its pivotal studies of suzetrigine for diabetic peripheral neuropathy by year-end, with results expected in mid-2027.
Vertex Pharmaceuticals Incorporated Price, Consensus and EPS Surprise
Vertex Pharmaceuticals Incorporated price-consensus-eps-surprise-chart | Vertex Pharmaceuticals Incorporated Quote
VRTX’s Zacks Rank & Key Pick
Vertex currently carries a Zacks Rank #3 (Hold).
A better-ranked stock in the biotech sector is TG Therapeutics (TGTX - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for TG Therapeutics’ 2026 earnings per share have risen from 92 cents to 94 cents, while estimates for 2027 have increased from $2.65 to $2.66 during the same time. TGTX shares have surged 101.1% year to date.
TG Therapeutics’ earnings beat estimates in one of the trailing four quarters, while missing the same on the remaining three occasions, with the average surprise being 184.65%.