[VRTX] Vertex: Q3 2026 earnings preview on the ALYFTREK switch and CF growth

Vertex Pharmaceuticals (VRTX) is a global biotechnology company built on cystic fibrosis (CF) medicines, with CASGEVY, a gene-editing therapy for sickle cell disease and transfusion-dependent beta thalassemia, and JOURNAVX for acute pain alongside them[1]. Vertex Q3 2026 earnings are scheduled for a call on 2026-11-02, according to the earnings calendar, and will cover the third quarter 2026 (quarter ending September 30, 2026)[2]. In the latest disclosed quarter, the second quarter of 2026, total revenue was $3.33 billion, up 12% year over year; CF revenue was $3.21 billion, up 11%, while CASGEVY and JOURNAVX contributed $76.4 million and $49.6 million[3]. GAAP operating income was $1.25 billion and diluted earnings per share were $4.31[4]. On August 3 the company raised its 2026 total revenue guidance from $12.95 billion-$13.1 billion to $13.1 billion-$13.2 billion, a range that includes about 1.5 percentage points of net foreign-exchange benefit and excludes the pending Crinetics acquisition[5]. As of October 16, the third-quarter revenue consensus from 11 analysts was $3.413 billion and the EPS consensus from 10 analysts was $4.76[6]; the full-year revenue consensus from 15 analysts was $13.247 billion, slightly above the top of company guidance[7].

Three things matter most in the coming results. The first is whether CF revenue can keep growing at least 5% while patients move from TRIKAFTA to ALYFTREK, because second-quarter growth of 11% was clearly faster than the first quarter's 6%, and royalties as a share of CF revenue have already fallen from 9.20% a year earlier to 8.44%[3][8]. The second is whether CASGEVY and JOURNAVX can carry non-CF revenue toward the full-year target of at least $500 million; the two products delivered only $197.9 million in the first half, so the second half needs at least $302.1 million[3][5]. The third is whether operating expenses stay within the top of full-year guidance, because non-GAAP selling, general and administrative expense rose 45% year over year in the second quarter, far faster than revenue, while the FDA decision date for the kidney drug povetacicept is November 30, 2026[9][10].

Company Background and Business Structure

Vertex's business is heavily concentrated in cystic fibrosis, and its other disease areas are still at an early stage. Its CF medicines are ALYFTREK, TRIKAFTA/KAFTRIO, SYMDEKO/SYMKEVI, ORKAMBI and KALYDECO; they are used by nearly three quarters of the approximately 97,000 people with CF in the U.S., Europe, Australia and Canada, and are reimbursed or accessible in more than 60 countries[11]. Its other approved medicines cover sickle cell disease, transfusion-dependent beta thalassemia and acute pain, while the mid- and late-stage pipeline spans IgA nephropathy, APOL1-mediated kidney disease, neuropathic pain, type 1 diabetes, primary membranous nephropathy, autosomal dominant polycystic kidney disease and myotonic dystrophy type 1[1]. In July 2026 the company agreed to acquire Crinetics, a rare endocrine disease company, for $85 per share in cash, a total equity value of about $10.0 billion, to be funded with cash and a new term loan, and it expected to close the deal in the third quarter[12].

Vertex reports a single operating segment and discloses revenue by product, and CF provides almost all of it. Product revenue in 2025 was $11.971 billion: TRIKAFTA/KAFTRIO contributed $10.313 billion, ALYFTREK $837.8 million and other products $820.1 million; within other products, CASGEVY contributed $115.8 million and JOURNAVX $59.6 million, with the remainder from older CF drugs such as KALYDECO, ORKAMBI and SYMDEKO[13]. By geography, 2025 U.S. revenue was $7.549 billion, up 13%, and ex-U.S. revenue was $4.453 billion, up 3%[14]. The 10-K states plainly that substantially all of the company's net product revenue comes from its CF medicines[15].

Sales channels and revenue recognition differ by product, which sets the timing of each revenue stream. In the U.S., Vertex sells mainly to a limited number of specialty pharmacies, specialty distributors and major wholesalers; outside the U.S., it sells mainly through distributors to hospitals and pharmacies, many of them government-owned or supported[16]. Small-molecule products, including the CF medicines and JOURNAVX, are recognized as revenue on delivery to customers, while CASGEVY is recognized only when the patient is infused; the company's most significant accounting estimate is the Medicaid Drug Rebate Program[16]. On manufacturing, Vertex has its own small-molecule capacity in Boston but still relies on third parties, including some based in China, for commercial supply; CASGEVY requires cell collection, gene editing, frozen transport and infusion, and each step must be completed on time[17].

Financial History and Current Position

Over the past three full years Vertex's revenue grew steadily, and profit recovered in 2025 after a one-time acquisition charge pushed 2024 into a loss. Total revenue rose from $9.869 billion in 2023 to $11.020 billion in 2024 and $12.001 billion in 2025, growth of 12% and 9%[13]. The 2024 acquisition of Alpine Immune Sciences added $4.4 billion of acquired in-process research and development expense (AIPR&D), and operating cash flow that year was a net outflow of $492.6 million[18][19]. In 2025 operating income was about $4.2 billion, operating cash flow was about $3.6 billion, and financing outflows were $2.3 billion, mainly for share repurchases[19].

The 2025 cost structure shows lower CF royalties partly offsetting heavier spending on new products. Cost of sales as a share of product revenue edged down from 13.9% in 2024 to 13.8% in 2025, which the company attributed to a lower overall royalty rate on its CF medicines[18]. Combined R&D and SG&A rose from $5.1 billion to $5.7 billion over the same period, mainly to commercialize new products and advance the pipeline; year-end cash, cash equivalents and marketable securities totaled $12.3 billion, up from $11.2 billion at the end of 2024[18].

In 2026 revenue growth has accelerated, profit has grown more slowly than revenue, and the cash pile has kept rising. First-quarter 2026 total revenue was $2.987 billion, up 8%[20]; second-quarter total revenue was $3.334 billion, up 12%, bringing the first half to $6.321 billion, up 10%[3]. Second-quarter cost of sales was $489.2 million, GAAP operating income was $1.247 billion, up 8%, net income was $1.100 billion, and diluted EPS was $4.31, up from $3.99 a year earlier[4]. First-half operating cash flow was $2.554 billion, up from $1.892 billion, with capital expenditure of $245.6 million and share repurchases of $806.4 million[21]; on June 30, cash, cash equivalents and marketable securities totaled $13.642 billion, with $2.6 billion of repurchase authorization remaining[22], and inventory stood at $1.765 billion[23]. On July 30 the company signed a $4.5 billion delayed-draw term loan, which had not been drawn when the 10-Q was filed[12].

Operating Model

Vertex's revenue breaks into three parts with different drivers. CF revenue is roughly the number of treated patients multiplied by annualized net price, with growth coming from ALYFTREK switching, younger-age label expansion, new country reimbursement and higher U.S. net prices, less Medicaid and other rebates; the company says it expects most people with CF to transition to ALYFTREK over time[11][16]. CASGEVY revenue equals infusions in the quarter multiplied by net price per course, with a lag of several quarters between first cell collection and infusion; in 2025, 147 people globally had their first cell collection and 64 were infused[24]. JOURNAVX revenue equals prescriptions multiplied by net revenue per prescription, and about 535,000 prescriptions produced $49.6 million of revenue in the second quarter[25].

Operating income depends mainly on three lines: royalties, product manufacturing cost and commercial spending. Cost of sales is dominated by CF royalties: the TRIKAFTA/KAFTRIO rate is 9.33%, Vertex's position is that ALYFTREK carries 4%, second-quarter royalties were $270.9 million, and product manufacturing cost was $218.3 million, up from $140.5 million a year earlier[26][8]. Manufacturing cost rises as CASGEVY and JOURNAVX take a larger share, and the company said in its annual report that its 2026 cost-of-sales ratio would rise for that reason[27]. On expenses, second-quarter non-GAAP R&D was $888.7 million, roughly flat, and non-GAAP SG&A was $520.2 million, up 45%[9]; the company kept its full-year gross margin guidance at just under 86%[28].

Operating cash flow is roughly net income plus non-cash items such as stock-based compensation, less increases in receivables and inventory. First-half 2026 net income was $2.131 billion, receivables rose $100.4 million and inventory rose $125.4 million, leaving operating cash flow of $2.554 billion; cash income taxes paid were $501.5 million[21]. Cash goes mainly to buybacks and business development; the roughly $10 billion Crinetics deal is to be paid with cash and the $4.5 billion term loan, whose first $1.0 billion tranche is due 364 days after drawdown, a second $1.0 billion tranche after two years and the remaining $2.5 billion after three years, which means cash will fall sharply after closing and Vertex will carry significant interest-bearing debt for the first time[12].

Industry and Competitive Position

Vertex dominates CFTR modulators, and competition turns on who can bring more patients' sweat chloride down to normal levels. Management says ALYFTREK already brings two-thirds of CF patients below the normal carrier threshold of 30 mmol/L and treats that proportion as the bar any competitor's next-generation drug must beat; beyond efficacy, a rival also needs a strong safety profile, good drug-drug interactions and once-daily dosing[29]. ALYFTREK was non-inferior to TRIKAFTA on lung function and improved sweat chloride[11]; in Germany and the UK more than one third of eligible patients now use ALYFTREK, and the U.S. has approved it for patients aged 2-11[10].

Outside CF, Vertex's position is weaker and comparable peer data are limited. JOURNAVX is entering an acute pain market full of lower-cost alternatives, and the 10-K lists those alternatives and sales, pricing and distribution challenges as market acceptance risks[30]. CASGEVY's ramp is constrained by authorized treatment centers, third-party manufacturing and shipping coordination[17]. If approved, povetacicept will enter the IgA nephropathy market, and Vertex used a priority review voucher to cut the review from ten months to six[31]. The company's disclosures do not provide competitors' revenue, share or clinical data, so readers can see Vertex's own advantages and constraints but cannot quantify its gap with peers.

Core Debates

Vertex's cystic fibrosis patients are moving from TRIKAFTA to once-daily ALYFTREK, which carries a lower royalty. Can third-quarter CF revenue keep growing at least 5% while the royalty rate keeps falling?

This switch matters because it moves both the growth rate and the gross margin of Vertex's largest revenue source. CF revenue was about $11.795 billion in 2025, roughly 98% of total revenue, and almost all profit comes from it[13]. On the revenue side, ALYFTREK moves patients to a more convenient once-daily regimen and supports younger-age expansion and higher net prices; on the cost side, Vertex's position is that ALYFTREK carries only a 4% royalty against 9.33% for TRIKAFTA[26]. Taking first-half revenue and the non-CF target out of full-year revenue guidance leaves second-half CF needing only about 5%-7% year-over-year growth, so the third quarter tests whether second-quarter growth can last[5].

Current evidence shows the switch accelerated sharply in the second quarter, but two explanations remain for where the growth came from. Second-quarter CF revenue was $3.208 billion, up 10.6%, including ALYFTREK at $573.6 million and TRIKAFTA/KAFTRIO at $2.497 billion, down 2%; first-quarter CF revenue was $2.915 billion, up only 6.2%, with ALYFTREK at $424.4 million[3][20]. The company said U.S. CF grew 9% and international CF 12%, with U.S. growth coming from new ALYFTREK initiations and higher realized net prices and international growth helped by ALYFTREK launches and currency; management also acknowledged that most new revenue came from patients switching from TRIKAFTA[32][10]. The alternative reading is that part of the second-quarter acceleration came from rebate estimate adjustments, channel inventory or currency, and that switching itself merely moves revenue between two drugs.

The financial transmission is direct: switching and higher net prices lift CF revenue while lowering royalties as a share of CF revenue, which improves gross margin. Second-quarter royalties were $270.9 million, or 8.44% of CF revenue, against 9.20% a year earlier; for the first half the ratio was 8.22% against 8.84%[8][3]. But Royalty Pharma opened a confidential arbitration in October 2025 claiming the ALYFTREK royalty is about 8%, and Vertex says that claim contradicts the agreement's terms and that it will defend its position vigorously[26]. If Vertex loses, the royalty decline from switching would narrow sharply, and the company might have to book catch-up payments for past periods.

The third-quarter report needs to show whether growth continues without one-off help and whether the royalty rate keeps falling. Specifically, readers should check whether CF revenue grows at least 5% year over year, ideally close to the first half's 8%; whether ALYFTREK revenue exceeds the second quarter's $573.6 million; whether royalties as a share of CF revenue keep falling year over year; how much currency and net price contribute to U.S. and international growth; and whether the Royalty Pharma arbitration has advanced or triggered a catch-up charge. If third-quarter CF growth falls below 5%, full-year guidance would lean more heavily on the fourth quarter; if the arbitration sets the ALYFTREK royalty at about 8%, the gross-margin benefit of switching would be halved, and either outcome would weaken the current understanding.

Vertex has committed to at least $500 million of non-CF revenue in 2026, but the first half delivered only about $200 million. Can third-quarter CASGEVY infusions and JOURNAVX prescriptions lift quarterly sales to roughly $150 million?

Revenue outside CF is the first quantifiable test of whether Vertex can reduce its dependence on a single disease. In August the company reaffirmed that combined 2026 CASGEVY and JOURNAVX revenue would be at least $500 million and said JOURNAVX remained on track to triple its 2025 prescriptions and revenue[28]. The two products make money differently: CASGEVY is a one-time gene-editing therapy that takes several quarters to move from cell collection to recognized revenue at infusion, while JOURNAVX is an oral painkiller with high prescription volume but low net revenue per prescription because of payer rebates. Both carry manufacturing costs far higher relative to revenue than the CF drugs, so a larger share pushes the cost-of-sales ratio up[27].

Both products grew strongly quarter over quarter in the second quarter, but a large gap to the full-year target remains. Second-quarter CASGEVY revenue was $76.4 million, up 78% sequentially and 151% year over year, and U.S. approval for children aged two and older made about 5,500 patients newly eligible; JOURNAVX revenue was $49.6 million, up 71% sequentially, on about 535,000 prescriptions, with about 260 million people holding reimbursed access[25]. Management said CASGEVY has had more than 100 first cell collections for three consecutive quarters and that first-half collections exceeded the whole of 2025[10]. The two products totaled $197.9 million in the first half, including $71.9 million in the first quarter, leaving at least $302.1 million still needed for the full-year target[3][20].

The financial transmission runs through both revenue and cost. On revenue, CASGEVY carries a lag of several quarters from first collection to recognized infusion, while JOURNAVX depends on wider payer coverage and a narrower gross-to-net discount; dividing revenue by prescriptions, JOURNAVX net revenue per prescription rose from about $79 in the first quarter to about $93 in the second, and management said gross-to-net would normalize to branded oral medicine levels only in the first half of 2027[25][10]. On cost, second-quarter cost of sales rose from 13.8% of product revenue a year earlier to 14.7%, which the company attributed to product mix[26]. The alternative reading is that JOURNAVX prescription growth was bought mainly with patient assistance and deep discounts, while CASGEVY infusions remain limited by manufacturing and hospital scheduling, so quarterly revenue will keep swinging and push the target into the fourth quarter.

The third-quarter report needs to show whether the two products together reach about $151 million, half of the second-half gap. Readers should also watch whether CASGEVY discloses infusion counts and their growth, whether JOURNAVX prescriptions and net revenue per prescription rise together, whether the cost-of-sales ratio stays at or below 14.5%, and whether the company reaffirms at least $500 million of non-CF revenue. If the third-quarter total falls below the second quarter's $126 million, the full-year target would need more than $176 million in the fourth quarter; if net revenue per prescription declines, JOURNAVX prescription growth is not converting into revenue, and either result would weaken the current understanding.

Vertex is spending ahead of the November 30 FDA decision on its kidney drug povetacicept and to push JOURNAVX. Can third-quarter operating expenses stay within the top of full-year guidance so that revenue growth keeps turning into profit?

Expense discipline matters because Vertex's profit comes almost entirely from CF while its new products are still in the investment phase. The company maintained full-year guidance for combined non-GAAP R&D, AIPR&D and SG&A of $5.65 billion-$5.75 billion but said spending would land at the high end, reflecting more investment in the late-stage pipeline and new commercial infrastructure[28]. That guidance excludes Crinetics, and the company said it would update full-year guidance after closing[5]. If Crinetics closed in the third quarter, the report will include new expenses and debt outside the original guidance, and readers will need to strip them out first.

Current evidence shows expense growth concentrated in commercialization, with R&D broadly stable. Second-quarter combined non-GAAP R&D, AIPR&D and SG&A was $1.430 billion, up 15%; within it, non-GAAP R&D was $888.7 million, roughly flat, and non-GAAP SG&A was $520.2 million, up 45%[9]. The company attributed the increase to the JOURNAVX launch and the build-out of a renal franchise led by povetacicept[32]. GAAP selling and other commercial expense was $388.1 million, up 47%, and GAAP operating income was $1.247 billion, up 8%, slower than 12% revenue growth[8][4].

The financial transmission is that pre-launch spending raises costs first and brings revenue later. The povetacicept BLA has been accepted with a PDUFA date of November 30, 2026; the company says launch preparation is complete and about 90% of its renal field force has relevant experience[10]. That build-out shows up first in selling and other commercial expense, while the matching revenue arrives only after approval. Mid- and late-stage trials raise R&D, and both flow into combined non-GAAP expense and ultimately operating income. Combined non-GAAP expense was $2.722 billion in the first half, so landing at the $5.75 billion top of guidance implies about $1.51 billion per quarter in the second half[9][28]. The alternative reading is that the povetacicept launch and expanded enrollment in several Phase 3 trials will keep actual spending above guidance in the second half, making margin expansion difficult before 2027.

The third-quarter report needs to show whether expenses excluding Crinetics remain on plan. Specifically, readers should check whether combined non-GAAP expense excluding the acquisition stays at or below about $1.6 billion, whether growth in selling and other commercial expense slows, whether GAAP operating income grows year over year, whether povetacicept is approved by its November 30 PDUFA date, and how updated guidance and acquisition costs are presented after Crinetics closes. If third-quarter expenses exceed about $1.6 billion, full-year spending would likely overshoot guidance; if the povetacicept decision slips, launch costs already incurred would go longer without matching revenue.

Risks and Falsifiers

The first risk is Vertex's dependence on CF and the chance that next-generation competitors change pricing and share in that market. The 10-K says substantially all product revenue comes from CF medicines and that competitive products or a failure of its own next-generation programs could make that revenue hard to sustain[15]. Dosing of Vertex's next-generation VX-828 is complete, with data due in the second half of 2026, and management says it will advance only assets that outperform ALYFTREK[33]. The exposure is roughly $11.795 billion of 2025 CF revenue and nearly all operating income; if competing data do not show more patients than ALYFTREK reaching sweat chloride below 30 mmol/L, and CF revenue keeps growing year over year, the concern would be falsified[29].

The second risk is the Crinetics deal's effect on the balance sheet and profit. The roughly $10 billion purchase is funded with existing cash and the $4.5 billion term loan, whose first $1.0 billion tranche is due 364 days after drawdown[12]; management says the deal will add to non-GAAP operating income only in 2029, which means it will weigh on profit and squeeze buyback capacity until then[33]. The exposure covers $13.642 billion of cash and marketable securities on June 30, new interest expense, non-GAAP operating income, first-half buybacks of $806.4 million and the remaining $2.6 billion authorization[22][21]. If acquisition costs and loan drawdowns disclosed after closing stay within guidance, and third-quarter operating cash flow still covers buybacks, the risk would ease.

The third risk is the royalty arbitration. Vertex says the ALYFTREK royalty is 4%, while Royalty Pharma claims about 8% and seeks past differences, interest and fees[27][26]. On first-half 2026 ALYFTREK revenue of $998.0 million, the 4-percentage-point gap is worth about $40 million, it widens as ALYFTREK's share rises, and a one-time catch-up for differences since 2025 may be required[3]. If an award or settlement keeps the rate at 4%, or third-quarter royalties as a share of CF revenue keep falling year over year with no catch-up charge, this risk would be falsified.

The fourth risk is a slower-than-expected new product ramp. CASGEVY depends on authorized treatment centers, third-party manufacturing and patient scheduling, so a single quarter's revenue turns on the timing of a few infusions[17]; JOURNAVX faces low-cost generic painkillers and payer restrictions, and management says the gross-to-net discount will normalize only in the first half of 2027[30][10]. The exposure is the full-year non-CF target of at least $500 million, which requires at least $302.1 million in the second half, and the cost-of-sales ratio, which was 14.7% in the second quarter[5][26]. If third-quarter CASGEVY and JOURNAVX revenue totals at least $151 million and net revenue per prescription rises, this risk would be falsified.

The fifth risk is the timing of povetacicept's approval and launch. Vertex filed for accelerated approval on interim analysis data[31], and if the FDA delays or asks for more data, the renal field force already built and launch spending would go longer without matching revenue, in an IgA nephropathy market where competing drugs are already sold. The exposure is second-quarter non-GAAP SG&A of $520.2 million, up 45%, and operating income of $1.247 billion[9][4]. If povetacicept is approved around November 30, 2026 and launches on schedule, this risk would be falsified[10].

What to Watch Next

The three core debates reduce to a few figures that can be checked directly in the third-quarter report.

• ALYFTREK switch and CF growth: CF revenue was $3.208 billion in the second quarter, up 10.6%, after 6.2% growth in the first quarter[3][20]. Growth of at least 5% in the third quarter supports the current reading; anything lower makes full-year guidance depend more on the fourth quarter.
• ALYFTREK revenue: $573.6 million in the second quarter, 17.9% of CF revenue[3]. A further sequential rise supports the switch; a decline raises doubts about its momentum.
• Royalty ratio: 8.44% of CF revenue in the second quarter versus 9.20% a year earlier[8]. Watch for a further year-over-year decline and any catch-up charge; an arbitration award of about 8% would halve the gross-margin benefit of switching.
• Non-CF revenue: CASGEVY and JOURNAVX totaled $126 million in the second quarter and $197.9 million in the first half[3]. About $151 million in the third quarter keeps the target on track; less than $126 million would require more than $176 million in the fourth quarter.
• JOURNAVX net revenue per prescription: about $93 in the second quarter on about 535,000 prescriptions[25]. Volume and net revenue need to rise together; a lower figure means prescription growth is not converting into revenue.
• Cost-of-sales ratio: 14.7% of product revenue in the second quarter versus 13.8% a year earlier[26]. A reading at or below 14.5% eases the concern; a continued rise means product mix is weighing on gross margin.
• Combined non-GAAP expense excluding Crinetics: $1.430 billion in the second quarter, up 15%[9]. Spending above about $1.6 billion would likely push the full year past guidance.
• GAAP operating income: $1.247 billion in the second quarter, up 8%[4]. A year-over-year decline would mean revenue growth is not turning into profit.
• Povetacicept: PDUFA date of November 30, 2026[10]. A delay would leave launch costs without matching revenue for longer.

Conclusion

Vertex's fundamentals are still set by CF, and the key question now is whether switching can deliver growth and lower costs at the same time. Total revenue was $12.001 billion in 2025, about 98% of it from CF; first-half 2026 revenue was $6.321 billion, up 10%, operating cash flow was $2.554 billion, and cash and marketable securities were $13.642 billion on June 30[13][3][21][22]. On that base, ALYFTREK switching drove 10.6% CF growth in the second quarter and cut the royalty ratio to 8.44%, while non-CF revenue and SG&A spending determine when new businesses can share the profit burden carried by CF[8][9]. The unresolved relationship is whether the growth and royalty relief from switching can last, and whether they are large enough to absorb the spending and cash needs of new launches and the Crinetics acquisition.

Since the second-quarter report, few independent outside assessments have been available, so the debates above lack external cross-checking. The outside coverage found in this period consists mainly of a wire report on the guidance raise, a paywalled article focused on a broker's changed view and a syndicated article whose original text could not be retrieved; none is a verifiable, independent analysis of CF switching, the non-CF ramp or expense discipline. Outside views therefore cannot yet serve as a basis for judging these three debates, and market sentiment cannot substitute for what the third-quarter report itself discloses.

Over the next few quarters, the combination that would materially strengthen the current understanding is CF revenue still growing at least 5% year over year, ALYFTREK revenue still rising sequentially, and the royalty ratio still falling year over year with no catch-up from the arbitration; together with quarterly CASGEVY and JOURNAVX revenue near $151 million, combined non-GAAP expense excluding Crinetics at or below about $1.6 billion, and povetacicept approved on schedule. Conversely, CF growth slipping below 5%, an arbitration award setting the ALYFTREK royalty at about 8%, non-CF revenue stalling at second-quarter levels, or acquisition-adjusted spending persistently above guidance would clearly weaken the current understanding[3][26][9].

Sources

[1] VRTX 10-K filed 2026-02-13 · overview and approved medicines · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/

[2] Drillr earnings calendar (updated 2026-10-17) · VRTX 2026-11-02 call · 2026-10-17 · Drillr earnings calendar

[3] VRTX 10-Q filed 2026-08-04 · revenues by product 2Q26 and 1H26 · 2026-08-04 · 10-Q · https://www.sec.gov/Archives/edgar/data/875320/000087532026000259/

[4] VRTX 10-Q filed 2026-08-04 · statements of income 2Q26 · 2026-08-04 · 10-Q · https://www.sec.gov/Archives/edgar/data/875320/000087532026000259/

[5] VRTX 8-K filed 2026-08-03 · full year 2026 guidance · 2026-08-03 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000875320&type=8-K

[6] Drillr analyst_financial_estimates (updated 2026-10-16) · VRTX quarter ending 2026-09-30 · 2026-10-16 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[7] Drillr analyst_financial_estimates (updated 2026-10-16) · VRTX FY2026 · 2026-10-16 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[8] VRTX 10-Q filed 2026-08-04 · cost and expense detail 2Q26 · 2026-08-04 · 10-Q · https://www.sec.gov/Archives/edgar/data/875320/000087532026000259/

[9] VRTX 8-K filed 2026-08-03 · non-GAAP reconciliation 2Q26 · 2026-08-03 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000875320&type=8-K

[10] VRTX Q2 2026 earnings call 2026-08-03 · commercial operations · 2026-08-03 · earnings-call · https://gateway.drillr.ai/mcp/private

[11] VRTX 10-K filed 2026-02-13 · marketed CF medicines and patient base · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/

[12] VRTX 10-Q filed 2026-08-04 · Crinetics acquisition and 2026 Term Loan · 2026-08-04 · 10-Q · https://www.sec.gov/Archives/edgar/data/875320/000087532026000259/

[13] VRTX 10-K filed 2026-02-13 · revenues by product 2023-2025 · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/

[14] VRTX 10-K filed 2026-02-13 · revenues by geography 2023-2025 · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/

[15] VRTX 10-K filed 2026-02-13 · dependence on CF medicines risk · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/

[16] VRTX 10-K filed 2026-02-13 · revenue recognition and customers · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/

[17] VRTX 10-K filed 2026-02-13 · manufacturing and CASGEVY process · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/

[18] VRTX 10-K filed 2026-02-13 · financial highlights 2025 · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/

[19] VRTX 10-K filed 2026-02-13 · cash flows 2025 · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/

[20] VRTX 10-Q filed 2026-05-05 · revenues by product 1Q26 · 2026-05-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/875320/000087532026000173/

[21] VRTX 10-Q filed 2026-08-04 · cash flows 1H26 · 2026-08-04 · 10-Q · https://www.sec.gov/Archives/edgar/data/875320/000087532026000259/

[22] VRTX 10-Q filed 2026-08-04 · liquidity June 30 2026 · 2026-08-04 · 10-Q · https://www.sec.gov/Archives/edgar/data/875320/000087532026000259/

[23] VRTX 10-Q filed 2026-08-04 · inventories June 30 2026 · 2026-08-04 · 10-Q · https://www.sec.gov/Archives/edgar/data/875320/000087532026000259/

[24] VRTX 10-K filed 2026-02-13 · business updates: CASGEVY and JOURNAVX 2025 · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/

[25] VRTX 10-Q filed 2026-08-04 · business updates: CASGEVY and JOURNAVX 2Q26 · 2026-08-04 · 10-Q · https://www.sec.gov/Archives/edgar/data/875320/000087532026000259/

[26] VRTX 10-Q filed 2026-08-04 · cost of sales and royalty 2Q26 · 2026-08-04 · 10-Q · https://www.sec.gov/Archives/edgar/data/875320/000087532026000259/

[27] VRTX 10-K filed 2026-02-13 · cost of sales and CFF royalty arbitration · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/

[28] VRTX Q2 2026 earnings call 2026-08-03 · guidance · 2026-08-03 · earnings-call · https://gateway.drillr.ai/mcp/private

[29] VRTX Q2 2026 earnings call 2026-08-03 · Q&A on CF competitive bar · 2026-08-03 · earnings-call · https://gateway.drillr.ai/mcp/private

[30] VRTX 10-K filed 2026-02-13 · JOURNAVX market acceptance risk · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/

[31] VRTX 10-K filed 2026-02-13 · povetacicept IgAN BLA plan · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/

[32] VRTX 8-K filed 2026-08-03 · 2Q26 results · 2026-08-03 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000875320&type=8-K

[33] VRTX Q2 2026 earnings call 2026-08-03 · pipeline and Crinetics · 2026-08-03 · earnings-call · https://gateway.drillr.ai/mcp/private