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Q1 26 EPS
$4.47
BEAT +3.81%
Est. $4.31
Q1 26 Revenue
$2.99B
MISS 0.36%
Est. $3.00B
vs S&P Since Q1 26
+9.8%
BEATING MARKET
VRTX +11.1% vs S&P +1.4%
Market Reaction
Did VRTX Beat Earnings? Q1 2026 Results
Vertex Pharmaceuticals delivered a mixed but broadly encouraging first quarter for fiscal 2026, beating earnings expectations while falling just short on revenue as its diversification strategy continued to gain traction. The company posted earnings … Read more Vertex Pharmaceuticals delivered a mixed but broadly encouraging first quarter for fiscal 2026, beating earnings expectations while falling just short on revenue as its diversification strategy continued to gain traction. The company posted earnings per share of $4.47, ahead of the $4.31 consensus estimate by 3.81%, while revenue of $2.99 billion came in 0.36% below forecasts but still represented 7.8% growth year-over-year. The cystic fibrosis franchise remained the engine, with TRIKAFTA/KAFTRIO contributing $2.35 billion and the rapidly ramping ALYFTREK adding $424.40 million as new reimbursement agreements landed across seven countries. Critically, non-CF products accounted for more than 25% of the quarter's growth, with CASGEVY reaching $42.90 million and JOURNAVX generating $29.00 million in its first full quarter following its March 2025 launch, investor attention has grown around Vertex's kidney disease pipeline, particularly povetacicept, where a completed rolling BLA submission signals a near-term regulatory catalyst. Vertex reaffirmed full-year 2026 revenue guidance of $12.95 billion to $13.10 billion, including at least $500 million from non-CF products.
Key Takeaways
- • Continued strong CF patient demand including new ALYFTREK initiations
- • Higher realized net prices in CF versus prior year
- • CASGEVY and JOURNAVX contributed more than 25% of quarterly revenue growth
- • Favorable foreign exchange impact on ex-U.S. revenue
- • ALYFTREK uptake across multiple geographies
VRTX Forward Guidance & Outlook
Vertex reiterated full-year 2026 financial guidance: total revenue of $12.95 billion to $13.1 billion, including $500 million or more from non-CF products (CASGEVY and JOURNAVX). Combined GAAP R&D, AIPR&D, and SG&A expenses are expected at $6.3 billion to $6.45 billion; combined non-GAAP R&D, AIPR&D, and SG&A expenses at $5.65 billion to $5.75 billion, including approximately $100 million of AIPR&D expenses. Non-GAAP effective tax rate guidance is 19.5% to 20.5%. The company expects continued CF growth from ALYFTREK rollout and ex-U.S. launches, increased CASGEVY patient infusions, and second-year JOURNAVX prescription and revenue growth. Tariff cost impact is expected to be immaterial in 2026 based on currently known rates.
VRTX YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
VRTX Revenue by Segment
With YoY comparisons, source: SEC Filings
VRTX Revenue by Geography
With YoY comparisons, source: SEC Filings
“Vertex is off to a strong start in 2026, driven by leadership in cystic fibrosis; growth in sickle cell disease, beta thalassemia, and acute pain; as well as rapid pipeline progress.”
— Reshma Kewalramani, Q1 2026 Earnings Press Release
VRTX Earnings Trends
VRTX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
VRTX EPS Trend
Earnings per share: estimate vs actual
VRTX Revenue Trend
Quarterly revenue: estimate vs actual
VRTX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $4.31 | $4.47 | +3.81% | $2.99B | -0.36% |
| Q4 25 MISS FY | $5.15 | $5.03 | -2.30% | $3.19B | +0.48% |
| FY Full Year | — | $18.40 | — | $12.00B | — |
| Q3 25 BEAT | $4.58 | $4.80 | +4.87% | $3.08B | +0.56% |
| Q2 25 BEAT | $4.25 | $4.52 | +6.33% | $2.96B | +2.00% |
| Q1 25 MISS | $4.29 | $4.06 | -5.44% | $2.77B | -3.17% |