Vertex Q3 FY2026: revenue up 12.0%, Crinetics costs drag GAAP EPS
Vertex's commercial engine is still growing: revenue rose 12.0% to $3.44 billion and management nudged full-year revenue guidance to a $13.2 billion midpoint. The profit line looks ugly — GAAP EPS fell to $2.56 from $4.20 — but $502.0 million of Crinetics acquisition costs did most of that damage. Read revenue and non-GAAP EPS ($4.76) as the operating story, and GAAP net income as the accounting story.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $2.56 came in far below the $4.88 consensus and less than the $4.20 posted a year ago, with the gap explained by roughly $500 million of compensation and transaction expense tied to Crinetics. On a non-GAAP basis EPS was $4.76, still about $0.12 short of consensus and slightly below last year's $4.80. Non-GAAP net income was $1.2 billion in both third quarters, meaning the underlying profit engine was flat while revenue grew.
Revenue of $3.44 billion rose 12.0% from $3.08 billion a year earlier and topped last quarter's $3.33 billion, so the top line is still accelerating. ALYFTREK did the heavy lifting at $705.8 million versus $247.0 million a year ago, more than offsetting the $2.44 billion TRIKAFTA/KAFTRIO line, which shrank from $2.65 billion. Total CF revenue was $3.27 billion of the $3.44 billion, so the diversification story is real but still small.
Full-year revenue guidance went to $13.15 billion to $13.25 billion from $13.1 billion to $13.2 billion, a midpoint of $13.2 billion with a tolerance of just 0.4%. Note that the guidance explicitly includes $40 million to $50 million of PALSONIFY revenue from the September 1 acquisition close, so the raise is largely the newly bought product rather than an organic lift. The expense side moved much more: combined GAAP R&D, AIPR&D and SG&A guidance jumped to $7.15–$7.2 billion from $6.3–$6.45 billion.
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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 2026-11-03
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