VRTX · 10-Q · 2026Q2 · Full report

Operating Expense Trends

VERTEX PHARMACEUTICALS INC / MA · 2026-08-04 · Importance 78 · Surprise 74 · From source text

Second-quarter 2026 total R&D, AIPR&D, and SG&A expenses increased to $1,597.4 million from $1,405.2 million, driven primarily by investment to commercialize new products. SG&A increased 37% year over year to $582.2 million in the quarter and 31% to $1,075.9 million in the first half. The SG&A increase reflected higher internal headcount and commercial investment supporting JOURNAVX and the anticipated povetacicept launch in IgA nephropathy. R&D was comparatively stable at $993.8 million in the quarter, up 2%, and $1,955.4 million in the first half, essentially unchanged year over year, while first-half outsourced development costs declined 8% because certain clinical programs were discontinued during 2025.

Key facts

• Recorded an intangible asset impairment charge of $379.0 million associated with VX-264 in the first quarter of 2025 source
• Selling, general and administrative expenses in Q2 2026: $582.2 million, up 37% from $424.6 million in Q2 2025; six months SG&A: $1,075.9 million, up 31% from $821.0 million source
• AIPR&D included $21.4 million in Q2 2026 and $2.2 million in Q2 2025; AIPR&D for six months ended June 30, 2026: $21.9 million vs $22.0 million in 2025 source
• Total R&D, AIPR&D and SG&A expenses in the second quarter of 2026: $1.6 billion, as compared to $1.4 billion in the second quarter of 2025 source
• Research and development expenses in Q2 2026: $993.8 million vs $978.4 million in Q2 2025 (2% increase); six months R&D: $1,955.4 million vs $1,958.1 million (flat) source
• Development expenses breakdown Q2 2026: salary and benefits $194.1 million; stock-based compensation $83.2 million; outsourced services $367.7 million; infrastructure costs $141.5 million source

Impact estimates