Vertex Q2 2026: revenue up 12% to $3.33 billion, guidance raised
Vertex's second quarter was a top-line story: revenue rose 12% to $3.33 billion, management nudged full-year guidance to $13.1 billion to $13.2 billion, and non-GAAP EPS of $4.73 landed just under the $4.83 consensus. Read the quarter as cystic fibrosis still paying the bills, ALYFTREK taking over that franchise, and CASGEVY and JOURNAVX only starting to matter. Every figure below comes from the company's own release and balance sheet.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $4.31 compared with $3.99 a year ago, and non-GAAP EPS of $4.73 compared with $4.52. Measured against the $4.83 consensus estimate, that is a 2.1% miss on the non-GAAP figure and a 10.8% miss on GAAP. Net income of $1.10 billion was dragged by a 21.0% tax rate versus 19.5% and by selling, general and administrative costs that jumped 37.1% to $582.2 million.
Revenue of $3.33 billion was up from $2.96 billion a year earlier, which Vertex describes as a 12% increase. The growth came almost entirely from ALYFTREK, which rose to $573.6 million from $156.8 million, while TRIKAFTA/KAFTRIO slipped to $2.50 billion from $2.55 billion. Total CF product revenue of $3.21 billion was 96.2% of the quarter.
Management raised full-year revenue guidance to $13.1 billion to $13.2 billion from $12.95 billion to $13.1 billion, moving the midpoint to $13.15 billion from $13.03 billion, a 1.0% increase. With $6.32 billion already booked in the first half, that midpoint implies about $6.83 billion in the second half. The range still excludes the pending Crinetics acquisition, and the expense guidance of $6.3 billion to $6.45 billion on a GAAP basis was left unchanged.
Log in to read 5 analyses a week for free
Create a free account to read 5 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.