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VRTX · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A solid quarter with revenue up 12% led by ALYFTREK's rapid ramp and strong diversification (CASGEVY, JOURNAVX), but heavier commercial and R&D investment and a higher tax rate held net income growth to just 6.5%.
Net Income
$1,100M
up 6.5% y/y
Total Revenue
$3,334M
up 12.5% y/y
Operating Income
$1,247M
up 8.3% y/y
Gross Profit
$2,845M
up 11.2% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| TRIKAFTA/KAFTRIO | $2,497 · -2.1% |
| ALYFTREK | $574 · +266% |
| Other CF products | $137 · -29.2% |
| CASGEVY | $76 · +151% |
| JOURNAVX | $50 · +313% |
| Total Revenue | $3,334 · +12.5% |
| Cost of Sales | $489 · +20.1% |
| Gross Profit | $2,845 · +11.2% · 85.3% margin |
| R&D + AIPR&D | $1,015 · +3.5% |
| SG&A | $582 · +37.1% |
| Operating Income | $1,247 · +8.3% · 37.4% margin |
| Interest & Other Income | $145 · +9.9% |
| Pre-Tax Income | $1,392 · +8.5% |
| Income Tax | $292 · +16.8% |
| Net Income | $1,100 · +6.5% · $4.31 diluted EPS |
Verdict: a solid quarter with revenue up 12% led by ALYFTREK's rapid ramp and strong diversification (CASGEVY, JOURNAVX), but heavier commercial and R&D investment and a higher tax rate held net income growth to just 6.5%.
Cash & marketable securities $13.6B (from $12.3B at YE2025); FY2026 revenue guidance raised to $13.1-13.2B; pending $10.0B Crinetics acquisition expected to close Q3 2026.
Source and notation
* marks non-cash / ≈ estimated. Source: Vertex Pharmaceuticals press release / 10-Q (SEC EDGAR).
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Chart: “VRTX Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/vrtx/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/vrtx/q2-2026"><img src="https://whoreportstoday.com/t/vrtx/q2-2026/sankey.png" alt="VRTX Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/vrtx/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/vrtx/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/vrtx/q2-2026">VRTX Q2 2026 earnings chart (Who Reports Today)</a>
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- TRIKAFTA/KAFTRIO revenue declined 2% y/y as patients transition to ALYFTREK, which more than tripled y/y to $574M, driving most of the CF franchise growth.
- CASGEVY (+151% y/y) and JOURNAVX (+313% y/y) remain small in absolute terms ($76M and $50M) but are the fastest-growing diversification products.
- Combined GAAP R&D+AIPR&D+SG&A rose to $1.6B from $1.4B y/y, driven by JOURNAVX launch investment and renal franchise build-out (povetacicept).
- GAAP effective tax rate rose to 21.0% from 19.5% y/y, dampening net income growth relative to operating income growth (+8.3%).
- Non-GAAP net income of $1.2B (adds back ~$170M stock-based comp, intangible amortization, and strategic investment fair-value swings) is roughly 10% above GAAP net income of $1.1B.
- No segment reporting; revenue is shown by product line (CF franchise + CASGEVY + JOURNAVX), consistent with the company's single-segment structure.
What distorts the picture in this report and what to watch beyond the headlines.
VRTX — Vertex Pharmaceuticals is a biotechnology company focused on developing and commercializing innovative treatments for serious diseases, particularly cystic fibrosis.
It is headquartered in Boston, Massachusetts.
More reports: VTRS · Q2 2026 · WAT · Q2 2026 · WST · Q3 2026 · ZBH · Q2 2026 · ZTS · Q2 2026 · A · Q3 FY2026 · ABBV · Q3 2026 · ABT · Q3 2026 · ALGN · Q3 2026 · AMGN · Q2 2026 · all reports