Vertex Pharmaceuticals VRTX reported adjusted earnings of $4.47 per share for the first quarter of 2026, beating the Zacks Consensus Estimate of $4.23. Earnings rose around 10.1% year over year on higher product revenues.
First-quarter total revenues of $2.99 billion slightly beat the Zacks Consensus Estimate of $2.98 billion. Total revenues rose 8% year over year, primarily driven by higher sales of cystic fibrosis (CF) drugs Trikafta/Kaftrio and Alyftrek, as well as meaningful contributions from other new products, Journavx and Casgevy.
Year to date, shares of Vertex have declined 5.2% compared with the industry’s decrease of 3.2%.
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VRTX's Q1 Earnings in Detail
Trikafta generated sales worth $2.35 billion, down 7.5% year over year. The product’s sales missed the Zacks Consensus Estimate of $2.39 billion.
Alyftrek, a next-in-class triple combination regimen for CF, generated sales worth $424.4 million in the first quarter compared with $380.1 million in the fourth quarter. Per management, the U.S. and European launch of Alyftrek is progressing well across all patient groups. The drug has now surpassed $1 billion in cumulative global revenue since its approval.
Revenues from other CF products decreased 12.5% year over year to $135.9 million.
Revenues from Vertex and partner CRISPR Therapeutics’ CRSP one-shot gene therapy, Casgevy, were $42.9 million in the first quarter of 2026, down from $54.3 million recorded in the fourth quarter of 2025.
Casgevy is approved for two blood disorders, sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT). Vertex leads the global development and commercialization of Casgevy under the terms of the 2021 agreement, with support from CRISPR Therapeutics.
Vertex’s newest pain drug, Journavx (suzetrigine) generated $29 million in sales in the first quarter compared with $26.7 million in the fourth quarter. Journavx, a novel non-opioid pain medicine (suzetrigine), was approved in the United States in January 2025.
VRTX's Q1 Cost Discussion
Adjusted research and development (R&D) expenses declined 2.2% year over year to $859.3 million.
Adjusted selling, general and administrative (SG&A) expenses rose 29.8% to $432.2 million in the reported quarter, primarily to support the launch of Journavx.
During the quarter, Vertex recorded acquired in-process research and development (AIPR&D) costs of $0.5 million compared with $19.8 million in the year-ago quarter.
Adjusted operating income rose 11% year over year to $1.31 billion in the quarter.
VRTX's 2026 Guidance
Vertex reiterated its full-year 2026 guidance that it had provided earlier this year.
The company continues to expect total revenues to be in the range of $12.95-$13.10 billion for 2026. The company expects its non-CF product revenues to be more than $500 million in 2026, reflecting higher patient infusions for Casgevy and a ramp-up in Journavx prescriptions.
Combined adjusted R&D, AIPR&D and SG&A expense guidance for 2026 is in the band of $5.65-$5.75 billion. The adjusted tax rate is expected to be in the range of 19.5%-20.5%.
VRTX's Recent Pipeline Updates
Vertex is rapidly advancing its mid- to late-stage pipeline in other disease areas like acute and neuropathic pain, APOL1-mediated kidney disease, IgA nephropathy (IgAN) and primary membranous nephropathy (pMN).
The company recently completed rolling BLA filing for povetacicept in IgAN, a rare progressive kidney disease, for potential accelerated approval in the United States. Vertex is using a priority review voucher (PRV) to expedite the review of this FDA filing, which is expected to reduce the review period by four months.
Vertex is also developing povetacicept in a pivotal phase II/III study for a second renal indication, pMN. The company has also initiated a phase II dose-ranging study evaluating povetacicept for the treatment of generalized myasthenia gravis.
Vertex is conducting pivotal phase III studies on suzetrigine in diabetic peripheral neuropathy (DPN) and plans to complete enrollment in both studies by the end of 2026. It is also conducting a phase II study with the oral formulation of the next-gen Nav1.8 inhibitor, VX-993, in DPN.
Vertex Pharmaceuticals Incorporated Price, Consensus and EPS Surprise
Vertex Pharmaceuticals Incorporated price-consensus-eps-surprise-chart | Vertex Pharmaceuticals Incorporated Quote
VRTX's Zacks Rank & Stocks to Consider
Vertex currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Agenus AGEN and Amarin AMRN, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Agenus’ 2026 earnings per share have risen from 54 cents to $1.30, while loss per share estimates for 2027 have narrowed from $1.91 to $1.52 during the same time. AGEN shares have soared 28% year to date.
Agenus’ earnings beat estimates in two of the trailing four quarters, while missing the same on the remaining two occasions, with the average surprise being 31.42%.
Over the past 60 days, 2026 loss per share estimates for Amarin have narrowed from $7.01 to $6.36, while the same for 2027 have narrowed from $5.50 to $4.64 during the same time. AMRN stock has increased 2% year to date.
Amarin's earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 50.02%.
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Vertex Pharmaceuticals Incorporated (VRTX): Free Stock Analysis Report
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