Vertex Pharmaceuticals Incorporated (VRTX) SEC Filings & Earnings Calls
EquiReason read 15 Vertex Pharmaceuticals Incorporated SEC filings in the last 12 months. Latest: 8-K on 2026-10-20 — Vertex Pharmaceuticals appointed Daniel Brennan to its board of directors, increasing board size to 11. He received a $400K RSU award vesting in 2027. No other material changes..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 132.8B
- P/E TTM
- 30.5
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 2 Nov, in 9 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
1 Sep 20268-K · 5.02Appointment of Jonathan Poole as CFO effective Jan 1, 2027; Charles Wagner remains COO. Standard compensation and change-of-control terms disclosed.open
Figures in the filing · each found in the filing text
| Base salary · 2027 | $750000.00 | |
| Target annual bonus percentage · 2027 | 90.0% |
Risks flagged
No material risk from CFO transition; internal promotion reduces execution risk.
“Internal appointment; Wagner remains COO; no disruption to operations.”
4 Aug 202610-QVertex announced agreement to acquire Crinetics Pharmaceuticals for $10.0 billion in cash to expand into endocrine diseases.acquisitionopen
Figures in the filing · each found in the filing text
| Total revenues · Q2-2026 | $3.33B | +12% y/y |
| Total CF product revenues, net · CF · Q2-2026 | $3.21B | +11% y/y |
| TRIKAFTA/KAFTRIO revenues · CF · Q2-2026 | $2.50B | -2% y/y |
| ALYFTREK revenues · CF · Q2-2026 | $574M | +266% y/y |
| Other CF product revenues · CF · Q2-2026 | $137M | -29% y/y |
| CASGEVY product revenues · SCD/TDT · Q2-2026 | $76M | +151% y/y |
| JOURNAVX product revenues · Acute Pain · Q2-2026 | $50M | +313% y/y |
| Product revenues, net · Q2-2026 | $3.33B | +13% y/y |
| U.S. total revenues · U.S. · Q2-2026 | $2.06B | +11% y/y |
| ex-U.S. total revenues · ex-U.S. · Q2-2026 | $1.28B | +14% y/y |
Risks flagged
Acquisition integration risk
“We may be unable to complete the Crinetics Acquisition, successfully integrate Crinetics’ business, or realize the potential commercial benefits of the strategic acquisition, which could adversely affect our business and financial condition.” · word for word
Royalty arbitration risk
“On October 10, 2025, Royalty Pharma plc (“RP”), the third party to whom the CFF assigned its rights (and the CFF, which remains a party to the CFF Agreement), initiated a confidential arbitration alleging the royalty burden on ALYFTREK is approximately 8%.” · word for word
Product mix margin pressure
“Our cost of sales as a percentage of our net product revenues increased to 14.7% in the second quarter of 2026 as compared to 13.8% in the second quarter of 2025, as a result of changes in product mix” · word for word
Increased SG&A spending
“In the second quarter and first half of 2026, our selling, general and administrative expenses increased by 37% and 31% as compared to the second quarter and first half of 2025, respectively, primarily due to increased internal headcount and commercial investment to support JOURNAVX and the anticipated launch of povetacicept in IgAN.” · word for word
3 Aug 20268-K · 2.02Total revenue $3.33B (+12% y/y); GAAP net income $1.10B (+10% y/y); Non-GAAP net income $1.20B (+0% y/y); Guidance: FY2026 revenue raised to $13.1B-$13.2B from $12.95B-$13.1Bearningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q2-2026 | $3.33B | +12% y/y |
| GAAP net income · Q2-2026 | $1.10B | +10% y/y |
| Non-GAAP net income · Q2-2026 | $1.20B | 0% y/y |
Guidance
FY2026 revenue raised to $13.1B-$13.2B from $12.95B-$13.1B
Raised FY revenue guidance; strong CF performance and non-CF growth; R&D spend unchanged.
Risks flagged
Pending Crinetics acquisition integration risk; pipeline dependency on povetacicept PDUFA.
“Crinetics acquisition pending; povetacicept PDUFA date November 30th.”
7 Jul 20268-K · 1.01, 7.01, 8.01Vertex Pharmaceuticals to acquire Crinetics Pharmaceuticals for $85/share in cash, total ~$10B ($8.8B net of cash), adding endocrinology assets PALSONIFY and atumelnant with ~$5B+ peak sales potential.acquisitionopen
Risks flagged
Acquisition risks include integration challenges, regulatory approvals, and potential termination fee of $350M.
“Termination fee of $350,474,425 under certain circumstances; subject to HSR and foreign clearances.”
5 May 202610-QVertex reported Q1 2026 revenue of $3.0B, up 8% YoY, driven by CF therapies and new product launches.earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q1-2026 | $2.99B | +8% y/y |
| Net product revenues · Q1-2026 | $2.99B | +8% y/y |
| CF product revenues · CF · Q1-2026 | $2.92B | +6% y/y |
| CASGEVY product revenues · SCD/TDT · Q1-2026 | $43M | +202% y/y |
| JOURNAVX product revenues · Acute Pain · Q1-2026 | $29M | |
| ALYFTREK product revenues · CF · Q1-2026 | $424M | +687% y/y |
| TRIKAFTA/KAFTRIO product revenues · CF · Q1-2026 | $2.35B | -7% y/y |
| Cost of sales as % of net product revenues · Q1-2026 | 13.2% | |
| Cash, cash equivalents and marketable securities · 2026-03-31 | $13.00B | |
| Operating cash flow · Q1-2026 | $1.43B | +74% y/y |
Risks flagged
Royalty arbitration risk
“On October 10, 2025, Royalty Pharma plc initiated a confidential arbitration alleging the royalty burden on ALYFTREK is approximately 8%.” · word for word
Pipeline execution risk
“Our product candidates must satisfy rigorous standards of safety and efficacy before they can be approved for sale by regulatory authorities.” · word for word
Reimbursement risk
“Reimbursement for our products, including our potential pipeline therapies, cannot be assured and may take significant periods of time to obtain.” · word for word
4 May 20268-K · 2.02Total revenue $2.99B (+8% y/y); GAAP net income $1.00B (+55% y/y); Non-GAAP net income $1.10B (+9% y/y); Guidance: Revenue $12.95-13.1B; non-CF product revenue ≥$500M; combined GAAP R&D/AIPR&D/SG&A $6.3-6.45B; non-GAAP effective tax rate 19earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q1-2026 | $2.99B | +8% y/y |
| GAAP net income · Q1-2026 | $1.00B | +55% y/y |
| Non-GAAP net income · Q1-2026 | $1.10B | +9% y/y |
| Cash, cash equivalents, and marketable securities · Q1-2026 | $13.00B | |
| Combined GAAP R&D, AIPR&D and SG&A expenses · Q1-2026 | $1.50B | +7% y/y |
| Combined non-GAAP R&D, AIPR&D and SG&A expenses · Q1-2026 | $1.30B | +8% y/y |
| GAAP effective tax rate · Q1-2026 | 17.7% | |
| Non-GAAP effective tax rate · Q1-2026 | 19.6% | |
| U.S. revenue · U.S. · Q1-2026 | $1.78B | +7% y/y |
| Ex-U.S. revenue · ex-U.S. · Q1-2026 | $1.21B | +9% y/y |
Guidance
Revenue $12.95-13.1B; non-CF product revenue ≥$500M; combined GAAP R&D/AIPR&D/SG&A $6.3-6.45B; non-GAAP effective tax rate 19.5-20.5%
Vertex reiterated full year 2026 guidance, reflecting confidence in CF growth and non-CF product contributions.
Risks flagged
Tariff cost impact considered immaterial but could change with new regulations.
“This guidance also includes an immaterial cost impact from tariffs in 2026 based on currently known tariff rates and regulations.” · word for word
Increased operating expenses due to commercial investments for JOURNAVX and renal franchise.
“These increases were primarily due to commercial investment to support the launch of JOURNAVX in acute pain and the build-out of the renal franchise, led by povetacicept in IgAN.” · word for word
29 Apr 20268-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)open
Risks flagged
Loss of a director with financial expertise, though no disagreement indicates orderly transition
“Mr. Upadhyay has recently been named the forthcoming Chief Financial Officer of Incyte Corporation” · word for word
2 Apr 2026DEF 14AVertex Pharmaceuticals filed its 2026 Proxy Statement (DEF 14A) detailing executive compensation, corporate governance, and shareholder proposals.open
Figures in the filing · each found in the filing text
| Total Revenues · FY2025 | $12.00B | +9% y/y |
| Net Product Revenue · FY2025 | $11.97B | |
| Net Income · FY2025 | $4.00B | |
| R&D and SG&A Expenses · FY2025 | $5.70B | +12% y/y |
| Total Cash and Investments · FY2025 | $12.30B | |
| Market Capitalization · FY2025 | $115.00B | |
| JOURNAVX Prescriptions · FY2025 | 550,000 | |
| Charitable Giving · FY2025 | $51M | |
| Total Shareholder Return (5-year) · FY2025 | $191.83 |
Guidance
Total revenues $12.0B in 2025, +9% YoY
Vertex expects continued growth from CF medicines and increased revenue contributions from CASGEVY and JOURNAVX in 2026 and beyond.
Risks flagged
Clinical Trial Failure Risk
“In August 2025, VRTX announced that VX-993, an investigative non-opioid acute pain treatment, did not meet its primary endpoint in a Phase 2 trial.” · word for word
Regulatory Setback Risk
“The U.S. Food and Drug Administration (FDA) indicated it currently did not see a path to a broad label for suzetrigine for peripheral neuropathic pain (PNP), which could limit the drug's immediate market potential in that indication.” · word for word
Manufacturing Delay Risk
“We have temporarily postponed completion of the dosing in this clinical trial, pending an ongoing internal manufacturing analysis.” · word for word
CF Revenue Concentration Risk
“In 2025, sales of TRIKAFTA/KAFTRIO continued to drive our financial performance along with contributions from ALYFTREK, JOURNAVX and CASGEVY.” · word for word
31 Mar 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
Regulatory approval risk; BLA may not be accepted or approved
“Forward-looking statements caution about risks and uncertainties in regulatory approval”
13 Feb 202610-KTotal Revenues $12.00B (+9% y/y); TRIKAFTA/KAFTRIO Product Revenues $10.31B (+1% y/y); ALYFTREK Product Revenues $838M; Guidance: Expects total revenue growth in 2026, cost of sales as % of net product revenues to increase, development expeopen
Figures in the filing · each found in the filing text
| Total Revenues · FY2025 | $12.00B | +9% y/y |
| TRIKAFTA/KAFTRIO Product Revenues · CF · FY2025 | $10.31B | +1% y/y |
| ALYFTREK Product Revenues · CF · FY2025 | $838M | |
| CASGEVY Product Revenues · SCD/TDT · FY2025 | $116M | |
| JOURNAVX Product Revenues · Acute Pain · FY2025 | $60M | |
| Operating Cash Flow · FY2025 | $3.63B | |
| Cash, Cash Equivalents and Marketable Securities · 2025-12-31 | $12.32B | +10% y/y |
| U.S. Revenues · United States · FY2025 | $7.55B | +13% y/y |
| ex-U.S. Revenues · ex-U.S. · FY2025 | $4.45B | +3% y/y |
| Employees · 2025-12-31 | 6,400 |
Guidance
Expects total revenue growth in 2026, cost of sales as % of net product revenues to increase, development expenses to increase
Vertex expects continued revenue growth in 2026 driven by CF, CASGEVY, and JOURNAVX, but margin pressure from product mix shift and higher development expenses.
Risks flagged
ALYFTREK Royalty Arbitration
“Royalty Pharma plc initiated a confidential arbitration alleging the royalty burden on ALYFTREK is approximately 8%.”
Pipeline Failure (VX-264)
“we recorded a full intangible asset impairment charge of $379.0 million associated with VX-264” · word for word
T1D Program Delay
“We have temporarily postponed completion of dosing in this clinical trial, pending an internal manufacturing analysis.” · word for word
Interest Income Decline
“Interest income decreased from $598.1 million in 2024 to $490.9 million in 2025, primarily due to decreased market interest rates.” · word for word
12 Feb 20268-K · 2.02Total revenue $3.19B (+10% y/y); Total revenue $12.00B (+9% y/y); GAAP net income $1.20B (+31% y/y); Guidance: FY26 total revenue guidance $12.95-13.1B; non-CF product revenue $500M+; combined GAAP R&D, AIPR&D and SG&A $6.3-6.45B; non-GAAPearningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q4-2025 | $3.19B | +10% y/y |
| Total revenue · FY2025 | $12.00B | +9% y/y |
| GAAP net income · Q4-2025 | $1.20B | +31% y/y |
| GAAP net income · FY2025 | $4.00B | |
| Non-GAAP net income · Q4-2025 | $1.30B | +30% y/y |
| Non-GAAP net income · FY2025 | $4.70B | |
| Cash, cash equivalents, and total marketable securities · Q4-2025 | $12.30B | +10% y/y |
Guidance
FY26 total revenue guidance $12.95-13.1B; non-CF product revenue $500M+; combined GAAP R&D, AIPR&D and SG&A $6.3-6.45B; non-GAAP effective tax rate 19.5-20.5%
Vertex raised guidance with strong FY25 results and optimistic FY26 outlook, driven by CF franchise strength and pipeline progress. Margin expansion and commercial diversification are key positives.
Risks flagged
Guidance includes immaterial tariff impact, but tariff escalation could pressure costs.
“This guidance also includes an immaterial cost impact from tariffs in 2026 based on currently known tariff rates and regulations” · word for word
Dependence on CF franchise for majority of revenue; diversification still early.
“Non-CF product revenue guidance of $500 million or greater vs total revenue $12.95-13.1B”
4 Nov 202510-QVertex reported strong Q3 2025 results with 11% revenue growth, driven by CF franchise and new product launches, and improved margins.earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q3-2025 | $3.08B | +11% y/y |
| Net income · Q3-2025 | $1.08B | +4% y/y |
| TRIKAFTA/KAFTRIO product revenue · CF · Q3-2025 | $2.65B | +3% y/y |
| ALYFTREK product revenue · CF · Q3-2025 | $247M | |
| CASGEVY product revenue · SCD/TDT · Q3-2025 | $17M | |
| JOURNAVX product revenue · Pain · Q3-2025 | $20M | |
| U.S. product revenues · Q3-2025 | $1.98B | +15% y/y |
| ex-U.S. product revenues · Q3-2025 | $1.10B | +4% y/y |
Risks flagged
Royalty arbitration risk
“On October 10, 2025, Royalty Pharma plc initiated a confidential arbitration alleging the royalty burden on ALYFTREK is approximately 8%.” · word for word
Pipeline failure risk
“In the first quarter of 2025, based on results from a Phase 1/2 clinical trial evaluating our VX-264 clinical program in patients with T1D, we concluded that VX-264 will not be advancing further in clinical development. ... we recorded a full intangible asset impairment charge of $379.0 million associated with VX-264.” · word for word
Regulatory and pricing pressure
“We cannot, however, predict how changes in the law, including through the Inflation Reduction Act of 2022 and passage of state laws ... will affect our ability to negotiate successfully with third-party payors and distribute our products.” · word for word
3 Nov 20258-K · 2.02Total revenue $3.08B (+11% y/y); GAAP net income $1.10B (+10% y/y); Non-GAAP net income $1.20B (+9% y/y); Guidance: Revenue guidance raised to $11.9-12.0B from $11.85-12.0B; non-GAAP tax rate lowered to 17-18% from 20.5-21.5%earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q3-2025 | $3.08B | +11% y/y |
| GAAP net income · Q3-2025 | $1.10B | +10% y/y |
| Non-GAAP net income · Q3-2025 | $1.20B | +9% y/y |
| Cash and marketable securities · Q3-2025 | $12.00B | |
| FY2025 revenue guidance · FY2025 | $11.95B |
Guidance
Revenue guidance raised to $11.9-12.0B from $11.85-12.0B; non-GAAP tax rate lowered to 17-18% from 20.5-21.5%
Vertex raised FY2025 revenue guidance slightly and lowered tax rate guidance, reflecting strong CF demand and pipeline progress.
Risks flagged
Tariff cost impact is immaterial based on current rates, but could change.
“This financial guidance also includes an immaterial cost impact from tariffs in 2025 based on currently known tariff rates and regulations.” · word for word
Increased R&D and commercial investment may pressure margins if revenue growth slows.
“Increased R&D investment in support of multiple mid- and late-stage clinical development programs, increased commercial investment to support the launch of JOURNAVX.” · word for word
Vertex Pharmaceuticals Incorporated — questions
- What did Vertex Pharmaceuticals Incorporated file recently?
- 15 SEC filings in the last 12 months. Latest: 8-K on 2026-10-20 — Vertex Pharmaceuticals appointed Daniel Brennan to its board of directors, increasing board size to 11. He received a $400K RSU award vesting in 2027. No other material changes.
Every figure on this page comes from Vertex Pharmaceuticals Incorporated's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.