Analyst Conference Summary

Biotechnology

conference date: August 3, 2026 @ 1:30 PM Pacific Time
for quarter ending: June 30, 2026 (second quarter, Q2 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, down % sequentially from $2.99 billion, and up % from $ billion in the year-earlier quarter.

Net income was $ billion, down % sequentially from $1.03 billion and up % from $ million year-earlier.

Diluted Earnings Per Share (EPS) were $, down % sequentially from $4.02 and up % from $ year-earlier.

Guidance:

Conference Highlights:

Reshma Kewalramani, CEO, said ""

In Q2 2026 the FDA approved label extensions for Alyftrex and Trikafta, expanding availability of these medicines to approximately 95% of all people with CF in the United States. This label expansion was supported by clinical and/or in vitro data. Reimbursement for Alyftrex was finalized in Scotland, Spain, Sweden, Switzerland, New Zealand, Israel, and Finland. Continues work for children under 5 years.

In Q2 2026 Vertex completed the regulatory submission in the U.S. for approval of Casgevy in children ages 5 to less than 12 years old with Sickle Cell Disease or TDT (thalassemia).

In Q2 2026 VX-522 mRNA program for CF ws discontinued due to tolerability issues. Was developed by Moderna.

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. In March 2026 the Phase 3 data interim readout was positive with very low adverse events (Vertex called it a home run). A Phase 2/3 study continued for pMN. Plans Phase 2 study in myasthenia gravis started in Q2 2026. Planning marketing campaign. AMKD results due in early 2027.

Non-GAAP results: Net income $ billion, down % sequentially from $1.15 billion, and up % from $ billion year-earlier. EPS $, down % sequentially from $4.47, and up % from from $ year-earlier.

See also the Vertex Pharmaceuticals Pipeline page.

Cash and equivalents balance ended at $ billion, up sequentially from $13.0 billion. No debt. There was a small share buy back in the quarter.

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 $0 million. Income taxes $ million.

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