Vertex Pharmaceuticals Inc.
Revenue
$3B
Net Income
$1B
Vertex Pharmaceuticals Inc.
Revenue
$3B
Net Income
$1B
Vertex Pharmaceuticals Inc.
CIK: 0000875320
Earnings Analysis
Analyzed 11 of 12 reports
Performance Summary - Q2 2026bullish (79)not_provided
Reality-Based Sentiment Analysisbullish79/100
Based on actual market data, not just management spin. Weighted score: 10% management tone + 40% earnings beat/miss + 30% price action + 20% guidance accuracy.
Financial Performance Trend
Overall Analysis & Outlook
Over the past 5 quarters, Vertex Pharmaceuticals Inc. has been consistently bullish with stable guidance. Revenue has grown 34.2% during this period. The latest quarter shows bullish sentiment with neutral tone from management.
Latest Quarter Highlights:
Vertex delivered strong Q2 2026 revenue of $3.3 billion (+12.5% YoY), with robust growth driven by ALYFTREK ($573.6M, +265% YoY) and emerging products CASGEVY ($76.4M, +151% YoY) and JOURNAVX ($49.6M, 300%+ YoY). Operating cash flow of $2.6B demonstrates high-quality earnings, while the company maintains substantial liquidity of $13.6B. Major catalysts include povetacicept's November 2026 PDUFA target and the transformational $10B Crinetics acquisition announced in July.
Detailed Quarterly Reports
In-depth analysis of each quarter's earnings filing
Q2 2026
10-Q • Filed 8/4/2026
Summary
Vertex delivered strong Q2 2026 revenue of $3.3 billion (+12.5% YoY), with robust growth driven by ALYFTREK ($573.6M, +265% YoY) and emerging products CASGEVY ($76.4M, +151% YoY) and JOURNAVX ($49.6M, 300%+ YoY). Operating cash flow of $2.6B demonstrates high-quality earnings, while the company maintains substantial liquidity of $13.6B. Major catalysts include povetacicept's November 2026 PDUFA target and the transformational $10B Crinetics acquisition announced in July.
Revenue
$3.33B
Net Income
$1.10B
Guidance
Tone
Capex
$245.6M(+31.8% YoY)
Partnerships
Key Quotes
"In the second quarter of 2026, we recorded $76.4 million of CASGEVY product revenues, representing a 78% increase compared to the first quarter of 2026 and a 151% increase compared to the second quarter of 2025."
"In the second quarter of 2026, we recorded $49.6 million of JOURNAVX product revenues, representing a 71% increase compared to the first quarter of 2026 and a more than 300% increase compared to the second quarter of 2025."
"We entered into an agreement and plan of merger to acquire all of the issued and outstanding shares of common stock of Crinetics Pharmaceuticals, Inc. for $85.00 per share in cash, for a total equity value of approximately $10.0 billion."
Q1 2026
10-Q • Filed 5/5/2026
Summary
Vertex delivered strong Q1 2026 results with revenues of $2.99 billion (+8% YoY) driven by robust CF product performance, particularly ALYFTREK growth (687% increase), and successful launches of CASGEVY and JOURNAVX in adjacent disease areas. Net income surged 59.6% to $1.03 billion despite flat SG&A expense growth, reflecting improved operational efficiency and reduced intangible asset impairments. The company maintains strong pricing power with a consistent 13.2% cost of sales ratio, robust cash generation ($1.4 billion operating cash flow), and strategic partnerships positioning it well for pipeline expansion including povetacicept for IgA nephropathy.
Revenue
$2.99B
Net Income
$1.03B
Guidance
Tone
Capex
$133.4M(+228% YoY)
Partnerships
Key Quotes
"The U.S. Food and Drug Administration approved label extensions for ALYFTREK and TRIKAFTA, expanding availability of these medicines to approximately 95% of all people with CF in the United States."
"Since the launch of JOURNAVX in March 2025, more than 1 million prescriptions have been filled for JOURNAVX across the hospital and retail settings for a broad range of acute pain conditions."
"Following positive results from the RAINIER Phase 3 clinical trial evaluating povetacicept in adults with IgAN, we completed in March the submission of the rolling biologics license application to the FDA for potential accelerated approval in the U.S."
Q4 2025
10-K • Filed 2/13/2026
Summary
Vertex delivered strong full-year 2025 revenues of $12.0 billion (9% growth) driven by continued CF medicine demand and successful launches of ALYFTREK, CASGEVY, and JOURNAVX. Operating cash flow rebounded to $3.6 billion in 2025 versus $492.6 million cash use in 2024, supporting a robust balance sheet of $12.3 billion in cash. The company is advancing a diversified pipeline including povetacicept for IgAN (rolling BLA submission underway), inaxaplin for APOL1-mediated kidney disease, and cell therapies for Type 1 diabetes, positioning for sustained revenue growth beyond its CF heritage business.
Revenue
$3.19B
Net Income
$1.19B
Guidance
Tone
Capex
$945.4M
Partnerships
Key Quotes
"We expect that the number of people with CF taking our medicines will continue to grow through new approvals and reimbursement agreements, treatment of younger patients, increased survival and expansion into additional geographies."
"Povetacicept represents a potentially best-in-class approach to control B cell activity in immunoglobulin A nephropathy (IgAN), and we completed enrollment in the Phase 3 clinical trial evaluating povetacicept for IgAN."
"We expect our total revenues to increase due to continued growth of our CF product revenues, including from ALYFTREK globally, and increased contributions from CASGEVY and JOURNAVX."
Q3 2025
10-Q • Filed 11/4/2025
Summary
Vertex delivered strong Q3 2025 results with quarterly product revenues of $3.1 billion (+11% YoY) driven by TRIKAFTA/KAFTRIO strength and three ongoing commercial launches, generating net income of $1.1 billion. The company generated robust operating cash flow of $3.1 billion for the nine-month period while maintaining disciplined capital allocation with $1.9 billion in share repurchases. Strategic partnerships with Zai Lab and Ono Pharmaceuticals expand povetacicept's geographic reach, though a pending arbitration dispute with Royalty Pharma regarding ALYFTREK royalty rates represents a potential headwind.
Revenue
$3.08B
Net Income
$1.08B
Guidance
Tone
Capex
$288.2M
Partnerships
Key Quotes
"Collectively, our five medicines, led by TRIKAFTA/KAFTRIO, are being used to treat more than three quarters of the approximately 94,000 people with CF in the U.S., Europe, Australia, and Canada."
"Since JOURNAVX became available at pharmacies in March, through mid-October more than 300,000 prescriptions for JOURNAVX have been written and filled across the hospital and retail settings in different acute pain conditions."
"Across commercial and government payers, more than 170 million individuals have covered access to JOURNAVX, representing more than half of U.S. covered lives."
Q2 2025
10-Q • Filed 8/5/2025
Summary
Vertex delivered strong Q2 2025 results with product revenues of $2.9 billion (+11% YoY), driven by continued TRIKAFTA/KAFTRIO demand and early contributions from ALYFTREK, CASGEVY, and JOURNAVX launches. Net income of $1.0 billion reflects significant year-over-year improvement as Q2 2024 was burdened by $4.4 billion non-deductible Alpine acquisition charges. The company maintains robust cash position of $12.0 billion and demonstrates strong pricing power with >75% CF market share while expanding into adjacent high-value indications.
Revenue
$2.96B
Net Income
$1.03B
Guidance
Tone
Capex
$186.4M(+35.5% YoY)
Partnerships
Key Quotes
"Collectively, our five medicines, led by TRIKAFTA/KAFTRIO, are being used to treat more than three quarters of the approximately 94,000 people with CF in the U.S., Europe, Australia, and Canada."
"We have met our goal of activating more than 75 authorized treatment centers. Since launch through the end of the second quarter of 2025, approximately 115 patients have had their first cell collection, and 29 patients have received infusions of CASGEVY, including 16 patients infused in the second quarter of 2025."
"Since JOURNAVX became available at pharmacies in March through mid-July, more than 110,000 prescriptions have been written and filled across the hospital and retail settings in different acute pain conditions, consistent with its broad label."
Q1 2025
10-Q • Filed 5/6/2025
Summary
Vertex reported Q1 2025 revenues of $2.77 billion (+2.9% YoY) driven by TRIKAFTA/KAFTRIO and initial contributions from newly approved ALYFTREK, demonstrating strong pricing power in CF. Net income declined to $646.3M from $1.1B YoY primarily due to a $379M intangible asset impairment charge for the discontinued VX-264 T1D program, though operational cash flow remained robust at $819M. The company is aggressively expanding its commercial footprint with CASGEVY (60+ treatment centers, ~90 patients treated) and JOURNAVX (20,000+ prescriptions written since March launch), while advancing a diversified pipeline across multiple modalities with multiple Phase 3 programs approaching interim analyses.
Revenue
$2.77B
Net Income
$646.3M
Guidance
Tone
Capex
$40.7M(-40.4% YoY)
Partnerships
Key Quotes
"Collectively, our five medicines, led by TRIKAFTA/KAFTRIO, are being used to treat nearly three quarters of the approximately 94,000 people with CF in the U.S., Europe, Australia, and Canada."
"We estimate approximately 60,000 people with severe SCD or TDT are or could become eligible for CASGEVY in the U.S., Canada, Europe, Saudi Arabia and Bahrain."
"Since JOURNAVX became available in early March, more than 20,000 prescriptions have been written and filled across the hospital and retail settings in different acute pain conditions."
Q4 2024
10-K • Filed 2/13/2025
Summary
Vertex reported full-year 2024 revenues of $9,522 million and net income of $2,745 million, demonstrating solid financial performance driven primarily by CF medicines (TRIKAFTA, KAFTRIO, ORKAMBI, KALYDECO, SYMDEKO) and newly approved CASGEVY for SCD/TDT and JOURNAVX for acute pain. However, the 10-K reveals extensive regulatory headwinds including FDA labeling changes for TRIKAFTA, mandatory post-marketing safety studies for CASGEVY, pricing pressures from the Inflation Reduction Act and state PDABs, and intense competition across all therapeutic areas. Management tone is defensive, extensively documenting competitive threats and regulatory risks rather than articulating forward-looking growth drivers or guidance.
Revenue
$2.91B
Net Income
$913M
Guidance
Tone
Partnerships
Key Quotes
"Substantially all of our net product revenues have been derived from the sale of our CF medicines over the last several years. As a result, our business is dependent upon our ability to sustain and increase revenues from sales of our CF medicines."
"In December 2024, the FDA modified the labeling of TRIKAFTA by revising information regarding liver injury and liver failure and moving it from the 'warnings and precautions' section to a 'boxed warning' section, and included similar language in the ALYFTREK label."
"While coverage has not been a significant obstacle in the launch of CASGEVY, it is difficult to predict what third party payors, including U.S. or ex-U.S. governments or private insurance companies, will decide with respect to reimbursement for the other novel cell and genetic therapies in our pipeline."
Q3 2024
10-Q • Filed 11/5/2024
Summary
Vertex delivered strong Q3 2024 results with product revenues of $2.8B (11% YoY growth), driven by robust TRIKAFTA/KAFTRIO demand and pricing power globally. The company acquired Alpine Immune Sciences for $5B to bolster its pipeline with povetacicept for autoimmune kidney diseases, demonstrating confidence in growth beyond CF. However, significant near-term catalysts (suzetrigine and vanzacaftor launches in January-February 2025) and expanding CASGEVY access across multiple geographies position the company favorably, though the Alpine acquisition created a $4.4B non-cash charge that drove YTD pre-tax losses.
Revenue
$2.77B
Net Income
$1.05B
Guidance
Tone
Capex
$205.1M(+44.1% YoY)
Partnerships
Key Quotes
"Our four approved CF medicines, led by TRIKAFTA/KAFTRIO, are being used to treat nearly three quarters of the approximately 92,000 people with CF in North America, Europe, and Australia."
"We estimate approximately 35,000 people with severe SCD or TDT could be eligible for CASGEVY in the U.S. and Europe, with additional people in Saudi Arabia and Bahrain."
"In the third quarter of 2024, our net product revenues increased to $2.8 billion as compared to $2.5 billion in the third quarter of 2023, primarily due to increased TRIKAFTA/KAFTRIO product revenues resulting from strong demand globally."
Q2 2024
10-Q • Filed 8/2/2024
Summary
Vertex delivered Q2 2024 revenues of $2.6B (up 6% YoY), but reported a net loss of $3.6B primarily due to $4.4B in non-deductible in-process R&D expenses from the Alpine Immune Sciences acquisition. The company is executing well operationally with strong CF market share and near-term launches planned for vanzacaftor triple therapy and suzetrigine, but the quarter reflects substantial M&A-driven charges masking underlying operational performance.
Revenue
$2.65B
Net Income
$-3,593.6M
Guidance
Tone
Capex
$137.4M(+35% YoY)
Partnerships
Key Quotes
"Our net CF product revenues increased to $2.6 billion as compared to $2.5 billion in the second quarter of 2023. The increase was primarily due to the performance of TRIKAFTA in the U.S., following the launch of TRIKAFTA in children with CF 2 to 5 years of age"
"We estimate approximately 35,000 people with severe SCD or TDT could be eligible for CASGEVY in the U.S. and Europe, with additional people in Saudi Arabia and Bahrain"
"We have activated more than 35 authorized treatment centers globally, and patients across all regions have initiated cell collection"
Q1 2024
10-Q • Filed 5/7/2024
Summary
Vertex delivered strong Q1 2024 results with net product revenues of $2.7 billion (+13% YoY), driven by continued TRIKAFTA/KAFTRIO uptake globally and CASGEVY commercialization. Net income grew 57% to $1.1 billion with operating cash flow of $1.3 billion, demonstrating robust earnings quality. The company is advancing multiple late-stage programs (vanzacaftor triple, suzetrigine in acute pain) and announced a $4.9 billion acquisition of Alpine Immune Sciences to expand into autoimmune kidney disease, signaling confidence in its pipeline and financial strength.
Revenue
$2.69B
Net Income
$1.10B
Guidance
Tone
Capex
$68.4M(+62.5% YoY)
Partnerships
Key Quotes
"Our net CF product revenues increased to $2.7 billion as compared to $2.4 billion in the first quarter of 2023. The increase was primarily due to the continued strong uptake of TRIKAFTA/KAFTRIO in ex-U.S. markets with recently achieved reimbursements and label extensions in younger age groups."
"In April 2024, we entered into an agreement and plan of merger to acquire all of the issued and outstanding shares of common stock of Alpine Immune Sciences, Inc. for approximately $4.9 billion in cash."
"We are preparing for the following near-term launches of potential new products: Vanzacaftor/tezacaftor/deutivacaftor in CF and Suzetrigine in Acute Pain, with positive Phase 3 results announced in early 2024."
Q3 2023
10-Q • Filed 11/7/2023
Summary
Vertex delivered strong Q3 2023 results with product revenues of $2.48 billion (+6.4% YoY) driven by continued TRIKAFTA momentum, expansion into younger CF patient populations, and growing international uptake. The company demonstrated excellent operational execution with net income of $1.04 billion and robust free cash flow generation of $3.16 billion, enabling strategic investments in pipeline development including $225M for Entrada and $170M for CRISPR T1D programs. Management is well-positioned for multiple near-term catalysts including exa-cel regulatory decisions in SCD/beta thalassemia and clinical results for next-generation CF and pain therapies in early 2024.
Revenue
$2.48B
Net Income
$1.04B
Guidance
Tone
Capex
$142.3M(-16.9% YoY)
Partnerships
Key Quotes
"In the third quarter of 2023, our net product revenues increased to $2.5 billion as compared to $2.3 billion in the third quarter of 2022. The increase was primarily due to the continued performance of TRIKAFTA in the U.S., following the launch of TRIKAFTA in children with CF 2 to 5 years of age"
"Collectively, our four medicines are being used to treat more than two-thirds of the approximately 88,000 people with CF in North America, Europe, and Australia"
"We expect to share the results of all three clinical trials [SKYLINE 102, SKYLINE 103, and RIDGELINE for vanzacaftor/tezacaftor/deutivacaftor] in early 2024"
Sector Comparison
How VRTX performs vs Healthcare sector and Biotech peers
Sector Ranking (Healthcare)
Category Ranking (Biotech)
Key Metrics vs Averages
VRTX
$3,333.9M
Biotech Avg
$2,626.4M
Healthcare Avg
$2,626.4M
VRTX
31.8%
Biotech Avg
27.1%
Healthcare Avg
27.1%
Guidance: not_provided • Tone: neutral