VRTX · 10-Q · 2026Q2

VERTEX PHARMACEUTICALS INC / MA

Filed 2026-08-04 · Healthcare · View original filing on EDGAR

Ranked Events

• End-Market Demand TrendsImportance 84 · Surprise 64
  Vertex’s total product revenues increased 13% in the second quarter and 11% in the first half of 2026, driven primarily by continued CF therapy performance and diversification into CASGEVY and JOURNAVX. CF product…
• Operating Expense TrendsImportance 78 · Surprise 74
  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…
• Acquisition / Partnership / DivestitureImportance 71 · Surprise 60
  In July 2026, Vertex entered into an agreement to acquire Crinetics Pharmaceuticals for $85.00 per share in cash, representing an approximately $10.0 billion equity value. The transaction is expected to close in the…
• Crinetics Acquisition FinancingImportance 71 · Surprise 60
  In July 2026, Vertex agreed to acquire Crinetics Pharmaceuticals for $85.00 per share in cash, representing approximately $10.0 billion of equity value. Crinetics contributes FDA- and EMA-approved PALSONIFY for…
• Revenue Performance and MixImportance 69 · Surprise 64
  Second-quarter 2026 total revenues increased 12% year over year to $3,333.9 million from $2,964.7 million, while first-half revenues increased 10% to $6,320.8 million from $5,734.9 million. Total CF product revenues…
• Liquidity and Debt PositionImportance 59 · Surprise 40
  Cash, cash equivalents, and marketable securities increased 11% to $13,641.5 million as of June 30, 2026, from $12,320.4 million at December 31, 2025. Working capital increased 17% to $8,605.8 million, supported by…
• Gross Margin DriversImportance 59 · Surprise 48
  Second-quarter 2026 cost of sales increased 20% year over year to $489.2 million, compared with 13% revenue growth to $3,333.9 million. Cost of sales as a percentage of net product revenue increased to 14.7% from 13.8%…
• Geographic Market CommentaryImportance 54 · Surprise 40
  U.S. revenue increased 11% in the second quarter and 9% in the first half of 2026, reflecting strong patient demand, new ALYFTREK initiations, higher realized CF net prices, and contributions from CASGEVY and JOURNAVX.…
• Geographic Revenue ShiftImportance 54 · Surprise 40
  Second-quarter 2026 U.S. revenue increased 11% year over year to $2,056.4 million, while ex-U.S. revenue increased 14% to $1,277.5 million. First-half U.S. revenue increased 9% to $3,832.3 million, and ex-U.S. revenue…
• Capital Return ProgramImportance 49 · Surprise 32
  First-half 2026 financing cash outflows were $965.5 million, compared with $1.0 billion in the prior-year period. The financing outflows primarily reflected common-stock repurchases and shares withheld for employee tax…
• Litigation and Legal RiskImportance 47 · Surprise 60
  On October 10, 2025, Royalty Pharma initiated confidential arbitration concerning the royalty burden payable on ALYFTREK under Vertex’s agreement with the Cystic Fibrosis Foundation. Royalty Pharma alleges that the…
• Regulatory Approval MilestonesImportance 47 · Surprise 60
  The FDA approved CASGEVY for children at least two years old with sickle cell disease or transfusion-dependent beta thalassemia, potentially adding approximately 5,500 eligible patients. Vertex completed submissions in…
• Product Launch and TransitionImportance 47 · Surprise 60
  Vertex is expanding ALYFTREK through regulatory submissions for children aged two to five following positive Phase 3 results. CASGEVY received FDA approval for children aged two and older with SCD or TDT, potentially…
• Income Tax Rate ChangesImportance 44 · Surprise 58
  Vertex’s effective tax rate was 16.6% in the first half of 2026, down from 19.4% in the first half of 2025, a decline of 2.8 percentage points. The lower 2026 rate was primarily attributable to excess tax benefits from…
• Reimbursement and Payer MixImportance 37 · Surprise 42
  Vertex secured ALYFTREK reimbursement in four additional countries during the second quarter of 2026, bringing reimbursement coverage to 25 countries, and signed a letter of intent with the Pan-Canadian Pharmaceutical…
• Supply Chain ConstraintsImportance 29 · Surprise 24
  Vertex relies on a global network of third-party manufacturers and distributors, including some suppliers in China, alongside internal capabilities. The company is establishing supply chains for newly approved products…

Revenue by Product (in millions)

Revenue by Geography (in millions)