Key Highlights

  • Total Revenue rose 12% to USD 3.44 billion, with U.S. revenue up 10% and international revenue up 16%.
  • GAAP Net Income was USD 654 million, or USD 2.56 per diluted share, versus USD 1.1 billion and USD 4.20.
  • Non-GAAP net income was USD 1.2 billion in both quarters, as product revenue growth met higher operating expenses.
  • Full-year revenue guidance increased to USD 13.15 billion to USD 13.25 billion from USD 13.1 billion to USD 13.2 billion.

Quarter in Numbers

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) reported third-quarter 2026 total revenue of USD 3.44 billion, up 12% from USD 3.08 billion, driven by cystic fibrosis therapies and Diversification into other disease areas. U.S. revenue rose 10% to USD 2.17 billion on strong cystic fibrosis Demand including new ALYFTREK initiations, higher realized net prices and contributions from CASGEVY, JOURNAVX and PALSONIFY. International revenue rose 16% to USD 1.27 billion on cystic fibrosis performance across several regions, increased CASGEVY infusions and a favorable currency effect.

TRIKAFTA and KAFTRIO revenue was USD 2,436.9 million versus USD 2,653.6 million, so growth came from newer products. CASGEVY revenue was USD 99 million, up 30% from the second quarter and nearly six times the USD 17 million of a year earlier.

Earnings and Expenses

GAAP net income was USD 654 million, or USD 2.56 per diluted share, compared with USD 1.1 billion, or USD 4.20, a decline the company attributed to expenses related to the Crinetics Pharmaceuticals acquisition. Non-GAAP net income was USD 1.2 billion in both periods. Combined GAAP research and development, acquired in-process Research and Development and selling, general and administrative expenses were USD 2.2 billion versus USD 1.5 billion, including about USD 500 million of compensation and transaction expenses tied to Crinetics. The non-GAAP combined figure was USD 1.5 billion versus USD 1.3 billion. The increases reflect build-out of the renal Franchise led by povetacicept in IgA nephropathy, the addition of Crinetics and the JOURNAVX launch in acute pain.

For the nine months, revenue was USD 9,761.6 million versus USD 8,811.3 million, and net income was USD 2,784.8 million versus USD 2,762.1 million, or USD 10.90 per diluted share versus USD 10.68.

Balance Sheet and Acquisition

Cash, cash equivalents and marketable securities were USD 9.8 billion, compared with USD 12.3 billion at year end, mainly because of USD 9.0 billion of net cash used to acquire Crinetics and repurchase stock, partly offset by a USD 4.5 billion term Loan taken in the third quarter and operating cash flow. The Crinetics Acquisition closed on September 1 and established a fourth commercial pillar in rare endocrine diseases. Chief executive Reshma Kewalramani said a potential approval of povetacicept in IgA nephropathy, with a regulatory decision date of November 30, would support nephrology as a fifth commercial franchise.

Franchise and Expense Markers

Full-year 2026 revenue guidance is USD 13.15 billion to USD 13.25 billion. It embeds continued cystic fibrosis growth, CASGEVY and JOURNAVX revenue combined of USD 500 million or more, and USD 40 million to USD 50 million from PALSONIFY, with about 150 basis points of benefit from currency. Combined GAAP expenses guidance rose to USD 7.15 billion to USD 7.2 billion from USD 6.3 billion to USD 6.45 billion, and non-GAAP expenses to about USD 6.0 billion from USD 5.65 billion to USD 5.75 billion. The non-GAAP tax rate guidance of 19.5% to 20.5% was unchanged.

Vertex secured reimbursement for ALYFTREK in seven more countries, bringing the total to 32, and the U.S. FDA approved CASGEVY in July for children 2 years and older. Items to track include the povetacicept decision, JOURNAVX adoption, integration expense from Crinetics and cystic fibrosis revenue trends.