Vertex Pharmaceuticals (NASDAQ:VRTX) reported third-quarter 2026 revenue growth of 12% year over year, supported by continued cystic fibrosis franchise growth and contributions from newer products including CASGEVY, JOURNAVX and PALSONIFY.
Chief Executive Officer and President Reshma Kewalramani said revenue growth was balanced between U.S. and international markets and across cystic fibrosis, hematology, pain and rare endocrinology. The company’s acquisition of Crinetics Pharmaceuticals closed in September, adding PALSONIFY for acromegaly as Vertex’s fourth commercial pillar. Vertex is also preparing for a Nov. 30 PDUFA date for povetacicept in IgA nephropathy, which it views as a potential fifth commercial pillar in renal disease.
Revenue and Financial Guidance
Chief Operating Officer and Chief Financial Officer Charlie Wagner said third-quarter revenue rose 12%, including 10% growth in the U.S. and 16% growth internationally. Foreign exchange provided an approximately 1 percentage point benefit, while Crinetics contributed $10 million of revenue following the acquisition’s close.
Global cystic fibrosis revenue increased 8% year over year to $3.3 billion. Vertex’s non-GAAP net income totaled $1.21 billion, or $4.76 per share, during the quarter. Non-GAAP gross margin was 85.6%.
The company raised its full-year revenue guidance to a range of $13.15 billion to $13.25 billion, from a previous range of $13.1 billion to $13.2 billion. The revised outlook includes an expected $40 million to $50 million contribution from Crinetics for the full year.
Vertex raised its projected combined non-GAAP operating expenses to approximately $6 billion, compared with a prior range of $5.65 billion to $5.75 billion. Wagner said the increase reflected about $250 million of Crinetics operating and integration-related costs. The company ended the quarter with approximately $9.8 billion in cash and investments after financing part of the acquisition with $4.5 billion in term loans.
Commercial Products Gain Momentum
Chief Commercial Officer Duncan McKechnie said ongoing launches of ALYFTREK, CASGEVY and JOURNAVX generated more than $2 billion in revenue through the first nine months of 2026. ALYFTREK accounted for more than $1.7 billion of that amount, while CASGEVY and JOURNAVX combined contributed more than $350 million.
- ALYFTREK: Generated $706 million in third-quarter worldwide sales. More than 18,000 patients globally are receiving the treatment, and reimbursement is now available in 31 countries outside the U.S.
- CASGEVY: Produced $99 million in quarterly revenue, up 30% sequentially. Approximately 200 infusions were completed during the quarter, while more than 750 patients have initiated treatment worldwide since launch.
- JOURNAVX: Reported more than 750,000 prescriptions and $58 million in third-quarter revenue. More than 1.6 million U.S. patients have been treated with the acute pain medicine, which Vertex described as the most prescribed branded oral analgesic in the country.
- PALSONIFY: Contributed $10 million in September revenue after the Crinetics acquisition closed, and approximately $24 million for the full third quarter.
Vertex said JOURNAVX prescriptions rose more than 40% sequentially. However, McKechnie said revenue continues to be affected by the company’s patient support savings program and by rebates associated with expanded payer access. Vertex plans to keep the program in place through mid-2027, after which it expects gross-to-net deductions to stabilize in a range of 50% to 60%.
For PALSONIFY, Vertex said approximately 500 endocrinologists are prescribing the once-daily oral treatment. The product has more than 40% brand share among patients starting or switching acromegaly therapy, according to McKechnie.
Renal and Pipeline Milestones
Vertex said it is prepared to launch povetacicept, or pove, in IgA nephropathy if approved by the FDA. The company highlighted the therapy’s proposed at-home, once-every-four-weeks auto-injector administration. During the question-and-answer session, Kewalramani said the company feels good about its filing, including manufacturing discussions with regulators.
In renal development, Vertex completed enrollment in the AMPLITUDE phase II/III trial of inaxaplin for APOL1-mediated kidney disease, or AMKD. An interim analysis is expected early in 2027. Kewalramani said a statistically significant difference in eGFR slope versus placebo on top of standard care would represent a successful outcome supporting potential accelerated approval in the U.S.
The company also completed enrollment in the AGLOW phase II study of VX-407 in autosomal dominant polycystic kidney disease, with results expected next year. The OLYMPUS pivotal trial of povetacicept in membranous nephropathy remains underway.
In cystic fibrosis, Vertex initiated global regulatory submissions for ALYFTREK in children ages 2 to 5. The company also disclosed early data for VX-828, a next-generation CFTR corrector studied in patients with F/MF mutations. In a triple combination, VX-828 reduced sweat chloride by 6.6 mmol per liter at day 28 versus a TRIKAFTA baseline, with a 9.4 mmol reduction through day 28. Vertex said it will await data from additional next-generation candidates before deciding whether to advance a program into pivotal development.
Vertex also prioritized VX-017 as its lead type 1 diabetes cell-therapy program. The allogeneic, off-the-shelf insulin-producing islet-cell therapy is designed for patients across all blood types, which Vertex estimates could expand the eligible population to about 120,000 people. Patients have begun dosing in a phase I/II trial, and the company aims to move the program into pivotal development next year.
Wagner noted that this was his final quarterly earnings call as CFO before transitioning to the COO role solely on Jan. 1, 2027. Jonathan Poole, currently senior vice president of finance, is expected to become CFO and join Vertex’s fourth-quarter call in February.
About Vertex Pharmaceuticals (NASDAQ:VRTX)
Vertex Pharmaceuticals Incorporated is a global biotechnology company focused on developing and commercializing medicines for serious diseases. Founded in 1989 and headquartered in Boston, Massachusetts, the company applies expertise in the science of human disease to discover therapies that address significant unmet medical needs.
Vertex is best known for its cystic fibrosis portfolio, which includes Kalydeco, Orkambi, Symdeko/Symkevi, and Trikafta/Kaftrio. These medicines target the underlying cause of cystic fibrosis for patients with specific mutations in the CFTR gene.
