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.
VRTX YoY Financials
Q2 2026 vs Q2 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 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
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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $4.75 | $4.73 | -0.32% | $3.33B | +3.43% |
| 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% |