Vertex Pharmaceuticals

Vertex Pharmaceuticals makes medicines for serious diseases. Its main business is cystic fibrosis (CF): its CFTR modulators, such as TRIKAFTA/KAFTRIO and ALYFTREK, can treat about 95% of people with CF in its core markets. It also sells CASGEVY, a gene-edited therapy for sickle cell disease and beta thalassemia, JOURNAVX, a non-opioid medicine for acute pain, and PALSONIFY for acromegaly, which it got when it bought Crinetics Pharmaceuticals in September 2026.

In Q3 2026, revenue was $3.44 billion, and CF medicines gave $3.27 billion of it. Its pipeline includes povetacicept for kidney diseases, inaxaplin for APOL1-mediated kidney disease, suzetrigine for nerve pain and cell therapies for type 1 diabetes. It trades on the Nasdaq.

Vertex trades at a premium because investors pay for its near-monopoly in CF and for new businesses that can grow after CF. CF revenue grew 7.7% in Q3 2026, and the patients take the medicines for life, and ALYFTREK extends the franchise. Investors also expect new products in kidney disease, pain, endocrine disease and diabetes. For the premium to be earned, four things must be true.

The FDA must approve povetacicept for IgA nephropathy by the target date of November 30, 2026, and the launch must grow fast in 2027. JOURNAVX, CASGEVY and PALSONIFY must keep growing; in Q3 2026, JOURNAVX revenue nearly tripled and CASGEVY revenue was nearly six times that of a year earlier. The Phase 3 studies of suzetrigine in diabetic nerve pain must succeed in mid-2027, and the inaxaplin interim analysis in early 2027 must support accelerated approval. CF revenue must keep growing while patients move to ALYFTREK.

The premium can shrink if a key study fails, if povetacicept is late, or if US drug price rules lower CF prices. The approval decision on November 30, 2026 and the 2027 guidance in the Q4 2026 report, expected in early 2027, are the next tests.

1. Nov 30, 2026Pending

   FDA decision on povetacicept in IgA nephropathyAccelerated approval by the target date passes; a delay or a refusal fails.
2. Feb 2, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2027 revenue guidance with growth near 10% or more and a fast povetacicept start pass; flat CF revenue or weak launch figures fail.
3. Q2 2027 · est.Pending

   Inaxaplin interim analysis and suzetrigine nerve pain resultsData that support accelerated approval of inaxaplin and positive Phase 3 results for suzetrigine in diabetic nerve pain in mid-2027 pass; a failed study fails.

Every passed and failed checkpoint across all picks

• November 2, 2026Vertex reported Q3 2026 results. Revenue rose 12% to $3.44 billion. CF revenue was $3.27 billion, ALYFTREK revenue was $705.8 million, CASGEVY revenue was $99 million and JOURNAVX revenue was $58 million. Non-GAAP EPS was $4.76, against $4.80 a year earlier, because of Crinetics costs and lower interest income. GAAP net income fell to $654 million because of about $500 million of acquisition costs. Vertex raised its 2026 revenue guidance to $13.15 billion to $13.25 billion.
• October 20, 2026Vertex added Daniel Brennan, a former Chief Financial Officer of Boston Scientific, to its board.
• September 1, 2026Vertex completed its purchase of Crinetics Pharmaceuticals for an equity value of about $10.0 billion, or $9.0 billion net of the cash it got. It borrowed $4.5 billion under a new term loan for the purchase.

Last earnings

November 2, 2026 (8-K on sec.gov)

Next earnings

Expected about February 2, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 3, 2026 · vrtx-20260930
• 8-KEarnings releaseFiled November 2, 2026 · vrtx-20261102
• 8-KChange of directors or officersFiled October 20, 2026 · vrtx-20261020
• 8-KChange of directors or officersFiled September 1, 2026 · vrtx-20260827
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 4, 2026 · vrtx-20260630
• 8-KEarnings releaseFiled August 3, 2026 · vrtx-20260803
• 8-KNew material agreement and Investor disclosureFiled July 7, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 13, 2026 · vrtx-20260513
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 5, 2026 · vrtx-20260331
• 8-KEarnings releaseFiled May 4, 2026 · vrtx-20260504

Every filing on SEC EDGAR (CIK 875320)

• CF medicines give about 95% of revenue. Lower prices from US drug price rules or from payers in Europe, or a new rival medicine, can cut profit.
• Much of the value depends on new medicines. The FDA can delay or refuse povetacicept, and the suzetrigine nerve pain studies or the inaxaplin study can fail.
• Vertex paid about $10.0 billion for Crinetics. If PALSONIFY and atumelnant sell less than planned, the purchase can lower returns, and the costs lower earnings per share in 2026 and 2027.
• Launches of CASGEVY and JOURNAVX need time. Cell therapy centers and pain prescribers adopt new medicines slowly, so revenue can grow more slowly than investors expect.
• Vertex now has $4.5 billion of term loan debt at floating rates. Higher interest rates raise its costs.

Vertex had cash, cash equivalents and marketable securities of $9.8 billion at September 30, 2026, down from $12.3 billion at December 31, 2025. The decrease came mainly from $9.0 billion of net cash for Crinetics Pharmaceuticals and buybacks. Read more

Vertex Pharmaceuticals does not pay a dividend.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.