Earnings Releases·Nov 2, 2026, 4:05 PM ET

Vertex Pharmaceuticals — Third Quarter 2026 Earnings Summary

Total revenue increased 12% year-over-year to $3.44 billion, driven by growth in CF therapies and new product contributions from CASGEVY, JOURNAVX, and PALSONIFY; GAAP net income declined to $654 million from $1.1 billion due to acquisition-related expenses, while non-GAAP net income remained flat at $1.2 billion.
Full-year 2026 total revenue guidance was raised to $13.15 billion–$13.25 billion, with combined expense guidance for R&D, acquired IPR&D, and SG&A increased to $7.15 billion–$7.2 billion (GAAP) and approximately $6.0 billion (non-GAAP) to reflect pipeline investments and acquisition costs.
Completed the $10.0 billion acquisition of Crinetics Pharmaceuticals on September 1, 2026, resulting in $10 million in PALSONIFY revenue in September and a cash balance of $9.8 billion as of September 30, 2026.
CASGEVY and JOURNAVX generated $99 million and $58 million in Q3 revenue respectively, with embedded full-year guidance expecting $500 million or more combined from these products and $40 million–$50 million from PALSONIFY.
Strategic focus is expanding beyond CF into renal, pain, and endocrine markets, with povetacicept under priority review for IgA Nephropathy (PDUFA November 30, 2026) and Phase 3 enrollment on track for suzetrigine and VX-993 in diabetic peripheral neuropathy.