Key Highlights

  • VRTX reported third quarter 2026 Revenue of $3.44 billion, up 12% from the prior-year quarter.
  • GAAP Net Income was $654 million, or $2.56 per diluted share, versus $1.1 billion, or $4.20, a year earlier.
  • Non-GAAP diluted EPS was $4.76 compared with $4.80 in the third quarter of 2025.
  • Full-year 2026 revenue guidance was raised to $13.15 billion to $13.25 billion from $13.1 billion to $13.2 billion.
  • CASGEVY revenue reached $99 million and JOURNAVX revenue reached $58 million in the quarter.

Cystic Fibrosis Strength and New Launches Drive 12% Revenue Growth

Vertex Pharmaceuticals (NASDAQ:VRTX) reported results for the third quarter ended Sep 30, 2026 on Nov 2, 2026. Total revenue rose 12% to $3.44 billion from $3.08 billion a year earlier. U.S. revenue increased 10% to $2.17 billion, while revenue outside the U.S. grew 16% to $1.27 billion, helped by a favorable currency effect.

The company attributed the growth mainly to its cystic fibrosis medicines, including new patient starts on ALYFTREK and higher realized net prices, along with contributions from CASGEVY, JOURNAVX and PALSONIFY. Reimbursement for ALYFTREK now covers 32 countries after seven were added in the quarter.

Crinetics Deal Costs Cut GAAP Net Income by About 40% While Non-GAAP Holds Flat

GAAP net income was $654 million, down from $1.1 billion, a decline of roughly 39.6% (calculated). The company pointed to expenses tied to the Crinetics Pharmaceuticals acquisition, which closed on Sep 1, 2026. Those included about $500 million of compensation and transaction-related costs.

Combined GAAP research and development, acquired in-process R&D and selling, general and administrative expenses were $2.2 billion, up from $1.5 billion. Non-GAAP net income was $1.2 billion in both periods, as higher product revenue was offset by greater operating spending, more interest expense and less interest income.

Cash and marketable securities totaled $9.8 billion at quarter end versus $12.3 billion at Dec 31, 2025. The decline reflected $9.0 billion of net cash used for the Acquisition and share repurchases, partly offset by a $4.5 billion term loan. Management said it bought back about 250,000 shares for roughly $120 million in the quarter.

CASGEVY, JOURNAVX and PALSONIFY Add Revenue Beyond Cystic Fibrosis

CASGEVY revenue was $99 million, up 30% from the prior quarter and nearly six times the $17 million of a year earlier. The U.S. FDA approved it in July for children as young as two years old with sickle cell disease or transfusion-dependent Beta thalassemia.

JOURNAVX revenue was $58 million, up 18% sequentially, on more than 750,000 prescriptions filled, up over 40% from the prior quarter. Management said a patient savings program will be extended into 2027 and sunset by mid-2027, with net pricing expected to stabilize afterward. PALSONIFY contributed $10 million in September, its first month under the company's ownership.

Nov 30 FDA Decision on Povetacicept and a CFO Transition Frame the Next Phase

The company expects combined 2026 revenue from CASGEVY and JOURNAVX of at least $500 million and PALSONIFY revenue of $40 million to $50 million. Combined non-GAAP R&D, in-process R&D and SG&A expense guidance rose to about $6.0 billion from $5.65 billion to $5.75 billion, and the non-GAAP tax rate guidance of 19.5% to 20.5% is unchanged.

The FDA has set a Nov 30, 2026 target action date for povetacicept in IgA nephropathy, which would anchor a fifth commercial Franchise in kidney disease. Management also said the current finance chief will move to a chief operating role and a successor takes over as CFO on Jan 1, 2027.