VRTX · Earnings call · 2026Q3T · Full report

Operating Expense Trends

VERTEX PHARMACEUTICALS INC / MA · 2026-11-02 · Importance 75 · Surprise 64 · In source text

Third-quarter non-GAAP R&D expense was $936 million, up $74 million, or 9%, year over year; approximately $30 million of the increase was attributable to Crinetics. Non-GAAP SG&A was $556 million, up $187 million, or 51%, year over year, with nearly 80% of incremental spending directed to commercial capabilities. The largest commercial-spending drivers were povetacicept in renal and JOURNAVX, followed by Palsonify; $30 million of incremental SG&A related to Crinetics. Vertex also recorded $41 million of acquired IPR&D expense, including a $28 million upfront payment for a new AbCellera business-development agreement, and expects full-year non-GAAP operating expenses of approximately $6 billion, including about $250 million of Crinetics operating and integration costs.

Key facts

• Q3 2026 non-GAAP SG&A expense was $556 million, up $187 million or 51% year over year.
• Jonathan Pool is to take over as CFO on January 1, 2027.
• Q3 2026 non-GAAP R&D expense was $936 million, up $74 million or 9% year over year; approximately $30 million of the increase was attributable to Crinetics.
• The largest drivers of increased commercial spending were povetacicept in renal and JOURNAVX, followed by Palsonify; $30 million of incremental SG&A was related to Crinetics.
• Nearly 80% of incremental Q3 2026 SG&A spending went to enhance commercial capabilities.

Impact estimates