Boston — Vertex Pharmaceuticals Incorporated reported a 12 percent increase in second-quarter revenue and raised its full-year 2026 sales guidance, citing continued growth in cystic fibrosis treatments and newer products for sickle cell disease, beta thalassemia and acute pain.
Revenue for the quarter ended June 30 increased to $3.33 billion from the same period last year.
GAAP net income rose to $1.1 billion from $1 billion, while non-GAAP net income remained at approximately $1.2 billion.
“Vertex delivered excellent second quarter results, expanding our leadership in cystic fibrosis; delivering strong revenue growth in sickle cell disease, beta thalassemia, and acute pain; and with the pending acquisition of Crinetics, adding rare endocrine diseases as our fifth pillar, further diversifying our portfolio,” said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex.
U.S. revenue increased 11 percent to $2.06 billion, driven by demand for the company’s cystic fibrosis treatments, including new patients starting ALYFTREK, higher realized prices and contributions from CASGEVY and JOURNAVX.
Revenue outside the United States rose 14 percent to $1.28 billion, reflecting cystic fibrosis product growth, increased CASGEVY infusions and favorable foreign exchange effects.
Combined GAAP research and development, acquired in-process research and development, and selling, general and administrative expenses increased to $1.6 billion from $1.4 billion.
On a non-GAAP basis, those expenses rose to $1.4 billion from $1.2 billion. Vertex said the increase reflected commercial investments supporting the launch of JOURNAVX and expansion of its kidney disease business, led by povetacicept.
The company ended the quarter with $13.6 billion in cash, cash equivalents and marketable securities, up from $12.3 billion at the end of 2025.
Vertex raised its full-year revenue forecast to between $13.1 billion and $13.2 billion, compared with its previous range of $12.95 billion to $13.1 billion.
The outlook includes continued growth from ALYFTREK and TRIKAFTA and at least $500 million in combined revenue from non-cystic fibrosis products, primarily CASGEVY and JOURNAVX.
Vertex maintained its full-year forecast for combined GAAP research and development, acquired in-process research and development, and selling, general and administrative expenses of $6.3 billion to $6.45 billion.
The company also reaffirmed its non-GAAP expense forecast of $5.65 billion to $5.75 billion.
CASGEVY generated $76 million in second-quarter revenue, representing growth of 78 percent from the previous quarter and 151 percent from a year earlier.
The gene-edited cell therapy is approved for certain patients with severe sickle cell disease and transfusion-dependent beta thalassemia. It is approved in 39 countries across North America, Europe and the Middle East.
The U.S. Food and Drug Administration recently expanded approval of CASGEVY to children 2 years and older with sickle cell disease or transfusion-dependent beta thalassemia.
Vertex said the expanded indication could make approximately 5,500 additional patients eligible for treatment.
JOURNAVX, the company’s non-opioid treatment for moderate-to-severe acute pain, generated $50 million in second-quarter revenue. Sales increased 71 percent from the first quarter and more than quadrupled from $12 million a year earlier.
Approximately 535,000 JOURNAVX prescriptions were filled during the second quarter, bringing the first-half total to about 900,000.
Vertex said approximately 260 million people in the United States now have reimbursed access to JOURNAVX through commercial and government insurance plans.
The company also reported regulatory and clinical progress across its development pipeline.
The FDA accepted Vertex’s biologics license application seeking accelerated approval of povetacicept for adults with IgA nephropathy and assigned a target action date of Nov. 30, 2026.
Povetacicept is designed to inhibit the BAFF and APRIL cytokines, which are involved in several B cell-mediated autoimmune diseases. Vertex is also studying the therapy in primary membranous nephropathy and generalized myasthenia gravis.
Vertex expects to complete enrollment in two Phase 3 studies of suzetrigine for diabetic peripheral neuropathy by the end of 2026.
The company is also advancing clinical programs in APOL1-mediated kidney disease, type 1 diabetes, autosomal dominant polycystic kidney disease and myotonic dystrophy type 1.
Vertex completed enrollment in a Phase 2 study of VX-407 in patients with a subset of PKD1 gene variants associated with autosomal dominant polycystic kidney disease.
The company also completed enrollment in the multiple ascending dose portion of a Phase 1/2 trial of VX-670 in myotonic dystrophy type 1 and expects to report results during the second half of 2026.
Vertex said its FDA-cleared investigational new drug application for VX-017 will allow it to begin a Phase 1/2 trial of the stem cell-derived islet cell therapy in people with type 1 diabetes.
In July, Vertex agreed to acquire Crinetics Pharmaceuticals for $85 per share in cash, giving the transaction a total equity value of approximately $10 billion.
The acquisition is expected to close in the third quarter of 2026, subject to customary closing conditions. Vertex said its current financial guidance does not include the expected impact of the transaction.
