Analyst Conference Summary

Biotechnology

conference date: November 2, 2026 @ 1:30 PM Pacific Time
for quarter ending: September 30, 2026 (third quarter, Q3 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $3.33 billion, and up % from $ billion in the year-earlier quarter.

Net income was $ billion, up % sequentially from $1.10 billion and up % from $ billion year-earlier.

Diluted Earnings Per Share (EPS) were $, up % sequentially from $4.31 and up % from $ year-earlier.

Guidance:

Conference Highlights:

Reshma Kewalramani, CEO, said ""

In Q3 2026 Vertex and Crinetics Pharmaceuticals entered into a definitive agreement for Vertex to acquire Crinetics for $85.00 per share in cash, or approximately $10.0 billion, or approximately $8.8 billion net of estimated cash acquired. The transaction is expected to close in Q3 2026. Crinetics already launched Palsonify for acromegaly in late 2025.

In Q2 2026 Vertex completed the regulatory submission in the U.S. for approval of Casgevy in children ages 2 to 12 years old with Sickle Cell Disease or TDT (thalassemia).

VX-017 insulin producing cell, for any blood type, will begin a Phase 1/2 trial soon.

Believes Journavx for pain has great opportunities for revenue growth.

Vertex continues to evaluate VX-828, a next-generation 3.0 CFTR corrector class, in a proof-of-concept study in people with CF. Completed dosing in this study, will share results in 2H 2026.

In Q2 2026 VX-670 Phase 1/2 clinical trial for DM1 (Myotonic Distrophy Type 1) completed enrollment. Results likely before end of 2026.

Trials are underway in Povetacicept for IgAN, pMN (membranous nephropathy), AMKD, and DM1. In March 2026 the Phase 3 data interim readout was positive with very low adverse events. PFUFA November 30, 2026. Planning marketing campaign.

Non-GAAP results: Net income $ billion, up % sequentially from $1.21 billion, and up % from $ billion year-earlier. EPS $, up % sequentially from $4.73, and up % from from $ year-earlier.

See also the Vertex Pharmaceuticals Pipeline page.

Cash and equivalents balance ended at $ billion, up sequentially from $13.6 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 income $ million. Income taxes $ million.

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