Jun 2026 (Q2 FY26) — Aug 3, 2026
Vertex Pharmaceuticals Q2 FY26 — Strong Commercial Momentum and Strategic Expansion
Read the full callVertex Pharmaceuticals (VRTX) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Vertex Pharmaceuticals earnings: last reported Mon, 3 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,334 | +12.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 37.4 | −1.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,100 | +6.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
31 of 35 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Complete enrolment of the AGLOW Phase II study of VX-407 in ADPKD | complete enrolment during 2026 | Dec 2025 | Our AGLOW Phase II study has completed enrollment. This is a proof-of-concept study with up to 52 weeks of treatment | Achieved |
| Conclusion of the JOURNAVX patient support programme | conclude the patient support programme by the end of 2025 as national coverage is secured | Jun 2025 | we are seeing greater use of the PSP program than we forecast ... In the meantime, we will maintain the PSP program so that patients who are prescribed JOURNAVX can get it | Missed |
| Complete enrolment and dosing of the zimislecel Phase I/II/III pivotal study in type 1 diabetes | complete enrolment and dosing during 2025 | Dec 2024 | as we continue to dose the Phase I/II/III study of zimislecel in type 1 diabetes ... We expect to provide updated T1D plans, including time lines later this year | Delayed |
4 of VERTEX PHARMACEUTICALS INC / MA's 57 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 54 more targets are in the full ledger.
Claimed
- Total revenue grew 12% year-on-year.
- ALYFTREK revenue exceeded $1 billion in the first half of 2026.
- CASGEVY revenue grew 75% sequentially to $76 million in Q2 2026.
- JOURNAVX revenue grew 70% sequentially to $50 million in Q2 2026.
- Pove BLA for IgAN accepted by FDA with a November 30 PDUFA date.
Qualified
- Gross margin stepped down to 85.6% in Q2 2026 due to product mix and manufacturing investments.
- JOURNAVX gross-to-net normalization is now expected in H1 2027, delayed from prior expectations.
- Full year 2026 non-GAAP operating expense guidance is now expected at the high end of the $5.65 billion to $5.75 billion range.
Price
$501.95 +0.44% · +$2.21
Performance +20.4% 1Y
1Y: $416.81 on 17 Oct 2025 → $501.95. High $557.96 (3 Sept 2026), low $409.47 (7 Nov 2025).
- Previous close
- $499.74
- 52-week range
- $409.47 – $557.96
- One year
- +19.77%
Overview
- Symbol
- VRTX
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
31 of 35 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Complete enrolment of the AGLOW Phase II study of VX-407 in ADPKD | complete enrolment during 2026 | Dec 2025 | Our AGLOW Phase II study has completed enrollment. This is a proof-of-concept study with up to 52 weeks of treatment | Achieved |
| Conclusion of the JOURNAVX patient support programme | conclude the patient support programme by the end of 2025 as national coverage is secured | Jun 2025 | we are seeing greater use of the PSP program than we forecast ... In the meantime, we will maintain the PSP program so that patients who are prescribed JOURNAVX can get it | Missed |
| Complete enrolment and dosing of the zimislecel Phase I/II/III pivotal study in type 1 diabetes | complete enrolment and dosing during 2025 | Dec 2024 | as we continue to dose the Phase I/II/III study of zimislecel in type 1 diabetes ... We expect to provide updated T1D plans, including time lines later this year | Delayed |
Claimed
- Total revenue grew 12% year-on-year.
- ALYFTREK revenue exceeded $1 billion in the first half of 2026.
- CASGEVY revenue grew 75% sequentially to $76 million in Q2 2026.
- JOURNAVX revenue grew 70% sequentially to $50 million in Q2 2026.
- Pove BLA for IgAN accepted by FDA with a November 30 PDUFA date.
Qualified
- Gross margin stepped down to 85.6% in Q2 2026 due to product mix and manufacturing investments.
- JOURNAVX gross-to-net normalization is now expected in H1 2027, delayed from prior expectations.
- Full year 2026 non-GAAP operating expense guidance is now expected at the high end of the $5.65 billion to $5.75 billion range.
The full ledger
Open VERTEX PHARMACEUTICALS INC / MA’s full ledger
A free account opens 5 company ledgers a month. All 57 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 4, 2026
Vertex Pharmaceuticals Q1 FY26 — Strong Growth Across Portfolio and Rapid Pipeline Advancement
Read the full callDec 2025 (Q4 FY25) — Feb 12, 2026
Vertex Pharmaceuticals Q4 FY25 — Strong Diversification and Pipeline Progress
Read the full callEvery analysed call
Vertex Pharmaceuticals earnings calls (VRTX)
Financials
What the filings say
Net profit, year on year: +6% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,772 | 2,912 | 2,770 | 2,965 | 3,076 | 3,190 | 2,987 | 3,334 |
| Expenses | 1,656 | 1,886 | 2,140 | 1,814 | 1,890 | 1,984 | 1,849 | 2,087 |
| Operating profit | 1,116 | 1,026 | 630 | 1,151 | 1,186 | 1,206 | 1,138 | 1,247 |
| Operating margin | 40.3% | 35.2% | 22.8% | 38.8% | 38.6% | 37.8% | 38.1% | 37.4% |
| Interest | 8 | 3 | 3 | 4 | 3 | 3 | — | — |
| Profit before tax | 1,224 | 1,137 | 730 | 1,283 | 1,299 | 1,331 | 1,253 | 1,392 |
| Tax rate | 14.6% | 19.7% | 11.5% | 19.5% | 16.6% | 10.5% | 17.7% | 21.0% |
| Net profit | 1,045 | 913 | 646 | 1,033 | 1,083 | 1,191 | 1,031 | 1,100 |
| EPS ($ per share) | 4.05 | — | 2.52 | 4.02 | 4.24 | — | 4.06 | 4.34 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | -2,989 | -1,853 | 859 | 3,201 | 6,523 | 10,142 | 9,607 | 13,560 |
| Total liabilities | 1,811 | 2,233 | 3,065 | 3,333 | 4,238 | 5,150 | 6,124 | 6,977 |
| Fixed assets | 812 | 745 | 959 | 1,094 | 1,108 | 1,159 | 1,228 | 1,520 |
| Investments | 518 | 699 | 671 | 730 | 275 | 849 | 1,546 | 1,523 |
| Total assets | 6,246 | 8,318 | 11,752 | 13,433 | 18,151 | 22,730 | 22,533 | 25,643 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,270 | 1,569 | 3,254 | 2,644 | 4,130 | 3,537 | -493 | 3,631 |
| Cash from investing | -202 | -1,235 | 99 | -341 | -321 | -3,142 | -3,770 | -945 |
| Cash from financing | -71 | 127 | -505 | -1,478 | -68 | -562 | -1,495 | -2,261 |
| Net cash flow | 991 | 462 | 2,868 | 811 | 3,712 | -140 | -5,800 | 516 |
| Capital expenditure | -95 | -75 | -260 | -235 | -205 | -200 | -298 | -438 |
| Free cash flow | 1,175 | 1,494 | 2,994 | 2,409 | 3,925 | 3,337 | -790 | 3,194 |
VRTX revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Pharmaceuticals | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +12.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
VRTX operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Change vs prior quarter |
|---|---|---|---|---|
| Patients CASGEVY | 16And finally, a total of 29 patients have completed their treatment journey and received their infusions of CASGEVY edited cells, including 16 patients in the second quarter of 2025.Source: earnings call transcript | 10And a total of 39 patients have received their infusions of CASGEVY edited cells, including 10 patients in the third quarter of 2025.Source: earnings call transcript | 30You can see the evidence of this acceleration in our excellent quarter 4 '25 results, where CASGEVY had 111 new patient initiations, 37 patients with first cell collections and 30 patients receiving infusions, driving $54 million in quarterly revenue.Source: earnings call transcript | +200% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 62%
- Europe 29% ↓ 1 pt
- Other Countries Outsideofthe United States and Europe 9%
As VRTX cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
190 filings between Nov 13, 2025 and Sep 8, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$158.10M
93 sales by 13 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 41
- Award — granted as compensation
- 8
- Option exercise — converted options into shares
- 42
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 dispositions to the issuer, 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| LEIDEN JEFFREY M | — | $60.94M | Dec 3, 2025 |
| Sachdev Amit | — | $28.38M | Feb 25, 2026 |
| Kewalramani Reshma | — | $19.74M | Feb 27, 2026 |
| Bozic Carmen | — | $11.31M | Jun 26, 2026 |
| WAGNER CHARLES F JR | — | $10.78M | Jan 6, 2026 |
| Tatsis Ourania | — | $6.51M | Jul 2, 2026 |
| McKechnie Duncan | — | $5.66M | Jul 2, 2026 |
| Biller Jonathan | — | $3.80M | Feb 25, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 8, 2026 | van Grunsven Jasper EVP, CP and NPPO | Award | 8,682 | $0 |
| Aug 28, 2026 | Ambrose Kristen SVP & Chief Accounting Officer | Award | 5,000 | $0 |
| Aug 27, 2026 | SACHS BRUCE I Director | Gift | 6,000 | $0 |
| Jul 21, 2026 | Sachdev Amit EVP Chief Patient & Ext Af Off | Award | 8,251 | $0 |
| Jul 21, 2026 | Tatsis Ourania EVP, Chief Reg. & Quality Off. | Award | 8,251 | $0 |
| Jul 2, 2026 | Tatsis Ourania EVP, Chief Reg. & Quality Off. | Sale 10b5-1 plan | 1,500 | $787.5K |
| Jul 2, 2026 | McKechnie Duncan EVP, Chief Commercial Officer | Sale 10b5-1 plan | 1,541 | $799.8K |
| Jul 1, 2026 | Liu Joy EVP and Chief Legal Officer | Sale 10b5-1 plan | 828 | $416.2K |
| Jun 26, 2026 | Bozic Carmen EVP and CMO | Sale 10b5-1 plan | 596 | $287.6K |
| Jun 18, 2026 | Bozic Carmen EVP and CMO | Sale 10b5-1 plan | 1,020 | $471.4K |
| Jun 15, 2026 | Bozic Carmen EVP and CMO | Sale 10b5-1 plan | 4,062 | $1.83M |
| Jun 5, 2026 | Bozic Carmen EVP and CMO | Sale 10b5-1 plan | 1,745 | $785.3K |
| Jun 1, 2026 | Liu Joy EVP and Chief Legal Officer | Sale 10b5-1 plan | 828 | $364.2K |
| May 29, 2026 | Bozic Carmen EVP and CMO | Sale 10b5-1 plan | 1,974 | $888.3K |
| May 15, 2026 | Bunnage Mark E. EVP, Chief Scientific Officer | Sale 10b5-1 plan | 33 | $15.0K |
| May 15, 2026 | Bozic Carmen EVP and CMO | Sale 10b5-1 plan | 1,354 | $614.0K |
| May 12, 2026 | Bozic Carmen EVP and CMO | Sale 10b5-1 plan | 6,988 | $3.14M |
| May 4, 2026 | Bhatia Sangeeta N. Director | Sale 10b5-1 plan | 318 | $134.7K |
| May 1, 2026 | Upadhyay Suketu Director | Disposition to issuer | 796 | — |
| May 1, 2026 | Thornberry Nancy Director | Disposition to issuer | 398 | — |
| May 1, 2026 | Bhatia Sangeeta N. Director | Award 10b5-1 plan | 943 | $0 |
| May 1, 2026 | MCKENZIE DIANA Director | Disposition to issuer | 796 | — |
| May 1, 2026 | Schneider Jennifer Director | Award | 472 | $0 |
| May 1, 2026 | Thornberry Nancy Director | Award | 472 | $0 |
| May 1, 2026 | MCKENZIE DIANA Director | Award | 943 | $0 |
| May 1, 2026 | Schneider Jennifer Director | Disposition to issuer | 796 | — |
| May 1, 2026 | Garber Alan M Director | Award | 472 | $0 |
| May 1, 2026 | Liu Joy EVP and Chief Legal Officer | Sale 10b5-1 plan | 1,104 | $469.2K |
| Apr 1, 2026 | Liu Joy EVP and Chief Legal Officer | Sale 10b5-1 plan | 978 | $439.3K |
| Mar 27, 2026 | Bozic Carmen EVP and CMO | Sale 10b5-1 plan | 2,329 | $1.05M |
| Mar 13, 2026 | Bozic Carmen EVP and CMO | Sale 10b5-1 plan | 2,329 | $1.12M |
| Mar 11, 2026 | McKechnie Duncan EVP, Chief Commercial Officer | Sale 10b5-1 plan | 2,633 | $1.31M |
| Mar 4, 2026 | McKechnie Duncan EVP, Chief Commercial Officer | Sale 10b5-1 plan | 2,437 | $1.16M |
| Mar 2, 2026 | Liu Joy EVP and Chief Legal Officer | Sale 10b5-1 plan | 892 | $442.4K |
| Feb 27, 2026 | Kewalramani Reshma CEO & President | Sale 10b5-1 plan | 949 | $466.2K |
| Feb 27, 2026 | Kewalramani Reshma CEO & President | Sale 10b5-1 plan | 1,725 | $857.2K |
| Feb 27, 2026 | Kewalramani Reshma CEO & President | Sale 10b5-1 plan | 400 | $191.9K |
| Feb 27, 2026 | Kewalramani Reshma CEO & President | Sale 10b5-1 plan | 3,498 | $1.73M |
| Feb 27, 2026 | Kewalramani Reshma CEO & President | Sale 10b5-1 plan | 2,520 | $1.24M |
| Feb 27, 2026 | Bozic Carmen EVP and CMO | Sale 10b5-1 plan | 2,329 | $1.12M |
| Feb 27, 2026 | Kewalramani Reshma CEO & President | Sale 10b5-1 plan | 2,725 | $1.34M |
| Feb 27, 2026 | Kewalramani Reshma CEO & President | Sale 10b5-1 plan | 15,580 | $7.72M |
| Feb 27, 2026 | Kewalramani Reshma CEO & President | Sale 10b5-1 plan | 460 | $225.1K |
| Feb 27, 2026 | Kewalramani Reshma CEO & President | Sale 10b5-1 plan | 3,278 | $1.60M |
| Feb 27, 2026 | Kewalramani Reshma CEO & President | Sale 10b5-1 plan | 2,510 | $1.22M |
| Feb 27, 2026 | Kewalramani Reshma CEO & President | Sale 10b5-1 plan | 5,995 | $2.97M |
| Feb 27, 2026 | Kewalramani Reshma CEO & President | Sale 10b5-1 plan | 240 | $115.9K |
| Feb 27, 2026 | Kewalramani Reshma CEO & President | Sale 10b5-1 plan | 120 | $57.8K |
| Feb 26, 2026 | Ambrose Kristen SVP & Chief Accounting Officer | Sale 10b5-1 plan | 357 | $172.6K |
| Feb 25, 2026 | Atkinson Edward Morrow III EVP, Chief Technical Ops. Off. | Sale 10b5-1 plan | 668 | $324.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for VERTEX PHARMACEUTICALS INC / MA
Free account. Everything above stays public.
Write why you follow VERTEX PHARMACEUTICALS INC / MA and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other companies in Health Care
Nearest to Vertex Pharmaceuticals by market cap among the sector's top 20 companies at Q2 2026.