Analyst Conference Summary

Biotechnology

conference date: May 4, 2026 @ 1:30 PM Pacific Time
for quarter ending: March 30, 2026 (first quarter, Q1 2026)

Forward-looking statements

Overview: Continuing rapid revenue growth.

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $3.19 billion, and up % from $ billion in the year-earlier quarter.

Net income was $ billion, up % sequentially from $1.19 billion and up % from $ million year-earlier.

Diluted Earnings Per Share (EPS) were $, up % sequentially from $4.65 and up % from $ year-earlier.

Guidance:

Conference Highlights:

Reshma Kewalramani, CEO, said ""

In Q4 2026 Vertex was enrolling and dosing a Phase 1 study of VX-581, another corrector in the next-generation 3.0 class for CF, in healthy volunteers.

In Casgevy for sickle cell disease and transfusion dependent beta thalassemia generated $ million in revenue in Q1 2026. There were 30 cell infusions, 37 collectons, and 111 patients initiated in the quarter. Expects rapid growth in 2026.

Trials are underway in Povetacicept for IgAN, pMN (membranous nephropathy), AMKD, and DM1. The FDA granted Breakthrough Therapy Designation in Q3 for IgAN, Phase 3 enrollment completed in Q4, and a rolling BLA submission began in December 2025. But waiting for Phase 3 data readout. A Phase 2/3 study was started for pMN, which now has Fast Track designation. An oral presentation was made on November 8, 2025 at ASN. Believes should be best in class. Plans Phase 2 study in myasthenia gravis to start in 1H 2026. Planning marketing campaign.

Non-GAAP results: Net income $ billion, up % sequentially from $1.29 billion, and up % from $ billion year-earlier. EPS $, up % sequentially from $5.03, and up % from from $ year-earlier.

No breakdown of revenue for Casgevy, Journavx, Syhmdeko, Orkambi, or Kalydeco. Lumped them into Other.

See also the Vertex Pharmaceuticals Pipeline page.

Cash and equivalents balance ended at $ billion, up sequentially from $12.3 billion. No debt.

Cost of sales was $ million. Research and development expense was $ million. Sales, general and administrative expenses were $ million. Acquired in-process R&D $ million; Change in contingent consideration $ million. Total costs and expenses were $ billion, leaving operating income of $ billion. Interest income net $ million. Other expense $ million. Income taxes $ million.

Q&A selective summary:

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