Vertex Pharmaceuticals (VRTX) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 12% YoY to $3.44B, supported by CF therapies and newer products; U.S. revenue grew 10% and international revenue 16%.

• Crinetics added PALSONIFY and atumelnant, broadening commercial and pipeline reach into rare endocrinology.

• FY2026 revenue guidance increased to $13.15B–$13.25B; the November 30, 2026 PDUFA date for povetacicept in IgAN remains pending.

Financial highlights

• Q3 product revenue was $3.44B versus $3.08B in Q3 2025; nine-month revenue was $9.76B, up 11%.

• GAAP net income was $653.6M versus $1.08B and diluted EPS was $2.56 versus $4.20; acquisition-related costs contributed to the declines.

• Non-GAAP net income was $1.21B versus $1.24B and diluted EPS was $4.76 versus $4.80.

• Non-GAAP R&D expense was $936M, up 9% YoY, and SG&A was $556M, up 51%; nearly 80% of incremental SG&A supported commercial capabilities.

• Cash, cash equivalents and marketable securities totaled $9.82B at September 30, 2026, versus $12.32B at December 31, 2025.

Outlook and guidance

• FY2026 revenue guidance rose to $13.15B–$13.25B from $13.1B–$13.2B, including an ~150 bps FX benefit net of hedging.

• CASGEVY and JOURNAVX are expected to generate at least $500M combined in 2026; PALSONIFY guidance for September–December is $40M–$50M.

• FY2026 non-GAAP operating expense guidance is approximately $6.0B, including ~$250M from Crinetics; combined GAAP R&D, acquired IPR&D and SG&A guidance is $7.15B–$7.2B.

• Non-GAAP tax rate guidance remains 19.5%–20.5%; Crinetics financing is expected to add ~$105M of non-operating costs, while interest income is expected to decline.

• Expected milestones include early-2027 interim AMPLITUDE data, mid-2027 DPN results, H1 2027 povetacicept gMG data and the November 30, 2026 IgAN PDUFA date.