Vertex Pharmaceuticals (VRTX) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 12% year-over-year to $3.33 billion, driven by strong CF portfolio performance and significant contributions from CASGEVY and JOURNAVX, with global expansion and new product launches.

• Announced definitive agreement to acquire Crinetics Pharmaceuticals for $10 billion, adding rare endocrine diseases as a fifth commercial pillar; deal expected to close in Q3 2026.

• Major progress in R&D pipeline, including regulatory milestones, clinical trial advancements in CF, renal, and Type 1 Diabetes, and expanded access for ALYFTREK and TRIKAFTA.

• Expanded reimbursement and commercial access for ALYFTREK and JOURNAVX, with ALYFTREK now reaching ~95% of people with CF and reimbursement in 25 countries.

• Robust liquidity maintained with $13.6 billion in cash and investments at quarter end.

Financial highlights

• Q2 2026 total revenue: $3.33 billion, up 12% year-over-year; global CF revenue up 11%.

• CASGEVY revenue: $76 million (151% year-over-year growth); JOURNAVX revenue: $50 million (313% year-over-year growth).

• Non-GAAP EPS: $4.73, up from $4.52 in Q2 2025; GAAP EPS: $4.31, up from $3.99.

• Gross margin: 85.6% in Q2 2026; non-GAAP operating margin: 43%.

• Ended quarter with $13.6 billion in cash and investments; $455 million in share repurchases in Q2.

Outlook and guidance

• Raised 2026 revenue guidance to $13.1–$13.2 billion, reflecting strong CF, CASGEVY, and JOURNAVX performance; $500 million+ in non-CF product revenue expected.

• Full-year gross margin expected just under 86%; non-GAAP operating expense guidance at high end of $5.65–$5.75 billion.

• Non-GAAP effective tax rate expected at 19.5%–20.5%.

• Guidance excludes impact of pending Crinetics acquisition, which is expected to close in Q3 2026.

• Continued investment in mid- and late-stage clinical programs and commercialization.