BOSTON– Vertex Pharmaceuticals reported a 12% increase in third-quarter revenue to $3.44 billion, driven by continued growth in its cystic fibrosis franchise and expanding sales of newer treatments, while acquisition-related expenses contributed to a decline in quarterly net income.
The company raised its full-year 2026 revenue forecast to between $13.15 billion and $13.25 billion, up from its previous guidance of $13.1 billion to $13.2 billion.
Vertex reported net income of $654 million for the quarter ended September 30, 2026, compared with approximately $1.1 billion in the corresponding period last year. The decline was primarily attributed to expenses associated with its acquisition of Crinetics Pharmaceuticals.
On a non-GAAP basis, net income remained approximately $1.2 billion, unchanged from the third quarter of 2025, as increased product revenue was offset by higher operating expenses and financing costs.
“Vertex delivered excellent third quarter results marked by strong revenue growth across the increasingly diversified portfolio, continued advancement of the R&D pipeline, and the successful close of the Crinetics Pharmaceuticals acquisition,” said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. “With the potential povetacicept approval in IgAN coming later this month, we are well positioned to establish nephrology as our fifth commercial franchise and expand the reach of our transformative medicines to even more patients.”
U.S. revenue increased 10% to $2.17 billion, supported by continued demand for cystic fibrosis therapies, including ALYFTREK, and growing contributions from CASGEVY, JOURNAVX, and PALSONIFY.
Revenue outside the United States climbed 16% to $1.27 billion, reflecting cystic fibrosis treatment uptake across international markets, additional CASGEVY infusions, and favorable foreign exchange movements.
Vertex’s cystic fibrosis portfolio remained its primary revenue driver. During the quarter, the company secured reimbursement for ALYFTREK in seven additional countries, bringing the total to 32.
The company has also initiated regulatory submissions seeking to expand ALYFTREK’s use to children ages 2 to 5.
CASGEVY, the CRISPR-based gene-edited cell therapy developed for sickle cell disease and transfusion-dependent beta thalassemia, generated $99 million in third-quarter revenue, representing 30% sequential growth and an increase from $17 million a year earlier.
In July, the U.S. Food and Drug Administration approved CASGEVY for children ages 2 and older with sickle cell disease and transfusion-dependent beta thalassemia. The expanded indication makes it the first genetic therapy for these conditions available to children as young as 2.
The treatment has since received additional pediatric approvals in Bahrain, the United Arab Emirates, and the United Kingdom.
JOURNAVX, Vertex’s non-opioid treatment for moderate-to-severe acute pain, generated $58 million in quarterly revenue, compared with $20 million in the third quarter of 2025.
More than 750,000 JOURNAVX prescriptions were filled during the quarter across hospital and retail settings, representing growth of more than 40% from the preceding quarter and more than four times the volume recorded a year earlier.
Vertex said JOURNAVX became the most prescribed branded oral pain medication in the United States as of August 2026.
The company’s acquisition of Crinetics Pharmaceuticals, completed September 1, added PALSONIFY, an oral treatment for acromegaly, to its commercial portfolio.
PALSONIFY generated $10 million in September revenue following the acquisition. Vertex expects the treatment to contribute between $40 million and $50 million in revenue during 2026.
The company said approximately 500 of the 3,200 U.S. endocrinologists who treat most patients with acromegaly were prescribing PALSONIFY by the end of the third quarter.
Vertex is also advancing atumelnant, an investigational treatment for congenital adrenal hyperplasia and ACTH-dependent Cushing’s syndrome, strengthening its newly established rare endocrine disease franchise.
The company expects to complete enrollment in its Phase 3 trial of atumelnant for adults with congenital adrenal hyperplasia during the first quarter of 2027.
Meanwhile, Vertex is preparing for a major regulatory decision that could establish nephrology as its fifth commercial business.
The FDA is reviewing povetacicept for accelerated approval in IgA nephropathy, with a target decision date of November 30, 2026.
The application is supported by positive interim data from the Phase 3 RAINIER trial. If approved, povetacicept would become Vertex’s first commercial therapy in its emerging kidney disease franchise.
Vertex is also evaluating povetacicept in primary membranous nephropathy and generalized myasthenia gravis, with additional clinical data expected in 2027.
In another kidney disease program, Vertex reported positive Phase 2b results for inaxaplin in patients with APOL1-mediated kidney disease.
The AMPLIFIED study demonstrated a 42.7% reduction in urine albumin-to-creatinine ratio among patients with modest proteinuria and a 17.3% reduction among patients with APOL1-mediated kidney disease and Type 2 diabetes.
Vertex has completed enrollment in its pivotal AMPLITUDE trial and expects interim results in early 2027.
The company’s broader development pipeline includes next-generation cystic fibrosis therapies, treatments for neuropathic pain, and stem cell-derived therapies for Type 1 diabetes.
Vertex is advancing VX-017, an investigational stem cell-derived islet cell therapy for Type 1 diabetes, and expects to move the program into pivotal development in 2027.
The company has decided to prioritize VX-017 over zimislecel because of its potential applicability to patients regardless of blood type.
Research and development, acquired in-process research and development, and selling, general and administrative expenses totaled $2.2 billion on a GAAP basis, compared with $1.5 billion a year earlier.
The increase included approximately $500 million in compensation and transaction-related expenses associated with the Crinetics acquisition, as well as investments in the company’s kidney disease franchise and the commercial launch of JOURNAVX.
Vertex raised its full-year GAAP expense guidance for these categories to between $7.15 billion and $7.2 billion, compared with its previous forecast of $6.3 billion to $6.45 billion.
On a non-GAAP basis, the company expects approximately $6 billion in combined expenses, up from its previous forecast of $5.65 billion to $5.75 billion.
Vertex ended September with $9.8 billion in cash, cash equivalents, and marketable securities, compared with $12.3 billion at the end of 2025.
The decline reflected approximately $9 billion in cash used for the Crinetics acquisition and share repurchases, partially offset by operating cash flow and $4.5 billion in borrowing through a new term loan.
Despite the increase in operating expenses and acquisition-related costs, Vertex maintained its expectations for continued growth across its cystic fibrosis business and newer commercial products.
The company forecasts combined 2026 revenue of at least $500 million from CASGEVY and JOURNAVX, alongside its projected contribution from PALSONIFY.
Vertex Pharmaceuticals, headquartered in Boston, develops treatments for serious diseases, with commercial operations spanning cystic fibrosis, gene-edited cell therapies, pain management, and rare endocrine disorders, and an expanding pipeline in kidney disease and Type 1 diabetes.
