Vertex Pharmaceuticals Incorporated (VRTX) Earnings
Vertex Pharmaceuticals Incorporated is expected to report next earnings on August 3, 2026 (in NaN days), with a consensus EPS estimate of $4.74. VRTX has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise -1.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 4, 2026 | $4.24 | $4.47 | +5.4% | $3.0B | -0.2% |
| Feb 12, 2026 | $5.11 | $5.03 | -1.6% | $3.2B | +1.3% |
| Aug 1, 2024 | $-11.63 | $-12.83 | -10.3% | $2.6B | -1.1% |
| Aug 1, 2023 | $3.88 | $3.89 | +0.3% | $2.5B | +3.0% |
| May 1, 2023 | $3.00 | $3.05 | +1.7% | $2.4B | +1.6% |
| Feb 7, 2023 | $3.51 | $3.76 | +7.1% | $2.3B | -0.1% |
| Oct 27, 2022 | $3.64 | $4.01 | +10.2% | $2.3B | +4.7% |
| Aug 4, 2022 | $3.48 | $3.60 | +3.4% | $2.2B | +3.0% |
| May 5, 2022 | $3.49 | $3.52 | +0.9% | $2.1B | +1.1% |
| Jan 26, 2022 | $3.30 | $3.37 | +2.1% | $2.1B | +3.5% |
| Nov 2, 2021 | $3.08 | $3.56 | +15.6% | $2.0B | +7.5% |
| Jul 29, 2021 | $2.69 | $3.11 | +15.6% | $1.8B | +4.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 4, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Reshma highlighted strong Q1 revenue growth, key commercial milestones for newer products, and strong R&D execution. In CF, label expansions for AlifTrack and TRIKAFTA, progress on next-gen CFTR programs, and discontinuation of VX-522. In renal franchise, Povi showed strong interim analysis results in IgAN, enrollment completed in Phase II of Povi in primary membranous nephropathy, Phase II proof-of-concept study in myasthenia gravis underway, and progress on enaxaplin in AMKD. Duncan provided commercial updates, noting 6% global growth, AlifTrack's global revenue and reimbursement progress, KASJEVY's patient initiation and revenue, GERNAVICS' prescription and revenue trends, and plans for renal business launch.
Guidance
Reiterating 2026 total revenue guidance of $12.95 billion to $13.10 billion, growth of 8% to 9%. Confident in non-CF products revenue of $500 million or more, driven by KASJEVY infusions and GERNAVICS ramp. Full-year gross margin expected just under 86%. Combined non-GAAP operating expense guidance $5.65 billion to $5.75 billion. Non-GAAP effective tax rate expected 19.5%–20.5% for full year 2026. No material impact from tariffs in 2026.
Segment performance
Total product revenue was $2.99 billion, up 8% year over year. AlifTrack exceeded $1 billion in cumulative revenue. KASJEVY had over 500 people initiate treatment and over 1 million prescriptions for Jernabix. Products from new disease areas like KASJEVY and GERNAVICS drove ~25% of total product revenue growth. CF revenue grew 6% year over year. KASJEVY had $43 million in Q1 revenue, GERNAVICS had $29 million in Q1 revenue.
Risks & headwinds
Forward-looking statements subject to risks and uncertainties discussed in press release and SEC filings. VX-522 program discontinued due to tolerability issues. Potential impact of competition and regulatory approvals on product launches and revenue.
Analyst Q&A
Q: Jessica Fye asked about renal vision and greatest long-term revenue potential.
A: Reshma discussed renal diseases as common rare diseases with large patient pools and Povi's promising results.
Q: Salveen Richter asked about read-through from MACE's data to enaxaplin program.
A: Reshma noted Vertex's results in enaxaplin and early decision to not mix heterogeneous groups.
Q: Brian Abrahams asked about convincing KOLs and community physicians of povitacicept's differentiation.
A: Duncan talked about povitacicept's clinical effects, tolerability, dosing, and commercial capabilities.
Q: Geoffrey Meacham asked about IV modality for Gernavix and Povi's basket study.
A: Reshma discussed IV modality interest and basket study potential.
Q: Cory Kasimov asked about needed benefit in enaxaplin's AMPLIFIED population.
A: Reshma said double-digit improvement in proteinuria on top of standard care.
Q: Michael Yee asked about Povi's efficacy vs Otsuka and safety on hypogammaglobulinemia.
A: Reshma talked about Povi's favorable safety profile on infections and efficacy focus on proteinuria.
Q: Tazeen Ahmad asked about read-through from IgAN study to PMN study and CF pipeline data.
A: Reshma discussed positive impact on PMN study and CF pipeline data on sweat chloride.
Q: Evan Seigerman asked about VX-522 tolerability issues and future technologies.
A: Reshma discussed lung inflammation tolerability issue and future nucleic acid therapy work.
Q: David Risinger asked about reconciling GERNAVICS revenue and PBM coverage.
A: Duncan talked about Q1 revenue context and PBM coverage progress.
Q: Terence Flynn asked about FSGS patients in enaxaplin trial and AlifTrack patient mix.
A: Reshma guessed FSGS patients in enaxaplin trial and Duncan discussed AlifTrack patient mix.
Q: Analyst asked about 828 bar and cystic fibrosis landscape.
A: Reshma talked about 828's special efficacy/safety bar and cystic fibrosis landscape