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Vertex Pharmaceuticals

Vertex Pharmaceuticals (VRTX) Q2 2026 Earnings

Reported Aug 3, 2026 at 4:09 PM ET · SEC Source

Q2 26 EPS

$4.73

MISS 0.32%

Est. $4.75

Q2 26 Revenue

$3.33B

BEAT +3.43%

Est. $3.22B

Did VRTX Beat Earnings? Q2 2026 Results

Vertex Pharmaceuticals delivered a mixed but broadly strong second quarter for fiscal 2026, with revenue clearing Wall Street's bar even as earnings came in just shy of expectations, a result investors had been watching closely after shares fell roug… Read more Vertex Pharmaceuticals delivered a mixed but broadly strong second quarter for fiscal 2026, with revenue clearing Wall Street's bar even as earnings came in just shy of expectations, a result investors had been watching closely after shares fell roughly 10% in the weeks leading up to the report. Total revenue rose 12.4% year-over-year to $3.33 billion, beating the $3.22 billion consensus by 3.43%, while adjusted EPS of $4.73 missed the $4.75 estimate by a narrow 0.32%. The headline growth was anchored by the cystic fibrosis franchise, where TRIKAFTA/KAFTRIO contributed $2.50 billion and the newer ALYFTREK added $573.60 million as global reimbursement expanded to 25 countries. Non-CF products are increasingly in the mix as well, with CASGEVY revenue up 151% year-over-year to $76.40 million and JOURNAVX reaching $49.60 million after more than quadrupling from a year ago. Management raised full-year 2026 revenue guidance to $13.10 billion to $13.20 billion, citing CF momentum and at least $500 million in non-CF product revenue, while the pending $10 billion acquisition of Crinetics Pharmaceuticals was not incorporated into the updated outlook.

Key Takeaways

  • • Continued strong CF patient demand and new ALYFTREK initiations
  • • Higher realized net CF prices versus prior year
  • • CASGEVY revenue growth of 151% YoY and 78% quarter-over-quarter
  • • JOURNAVX revenue more than quadrupled YoY with approximately 535,000 Q2 prescriptions
  • • Favorable foreign exchange impact on ex-U.S. revenue
  • • ALYFTREK reimbursement expansion to 25 countries

VRTX Forward Guidance & Outlook

Vertex raised its full-year 2026 total revenue guidance to $13.1 billion to $13.2 billion from $12.95 billion to $13.1 billion previously. The guidance embeds expectations for continued CF growth including global ALYFTREK and TRIKAFTA uptake, and $500 million or more in revenue from non-CF products (CASGEVY and JOURNAVX). Revenue guidance reflects an approximately 150 basis point year-over-year benefit from foreign exchange. Combined GAAP R&D, AIPR&D and SG&A expense guidance is unchanged at $6.3 billion to $6.45 billion, and non-GAAP at $5.65 billion to $5.75 billion. Tariff cost impact is expected to be immaterial in 2026. This guidance does not reflect the pending Crinetics acquisition, which is expected to close in Q3 2026; updated guidance will be provided following transaction close.

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VRTX YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

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VRTX Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
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VRTX Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Vertex delivered excellent second quarter results, expanding our leadership in cystic fibrosis; delivering strong revenue growth in sickle cell disease, beta thalassemia, and acute pain; and with the pending acquisition of Crinetics, adding rare endocrine diseases as our fifth pillar, further diversifying our portfolio.”

— Reshma Kewalramani, Q2 2026 Earnings Press Release

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