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Vertex Pharmaceuticals

VRTX · Nasdaq

Alyftrek supplied the growth Trikafta no longer does

Trikafta/Kaftrio fell 2.1% while Alyftrek rose 265.8% to $573.6M, so revenue grew 12.45% with the best seller shrinking.

Q2 FY2026, the quarter to Jun 30, 2026 · 10-Q filed Aug 4, 2026

Q2 FY2026 · revenue
$3.3B+12.5% on the year
Operating margin
37.4%
Net income
$1.1B
Free cash flow, quarter
$1.0B

Largest source of revenue: Trikafta/kaftrio, 74.9% of the total.

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Where Vertex Pharmaceuticals's money goes

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Key insights · Q2 FY2026
  1. 01

    Alyftrek supplied the growth Trikafta no longer does

    Trikafta/Kaftrio fell 2.1% while Alyftrek rose 265.8% to $573.6M, so revenue grew 12.45% with the best seller shrinking.

    Why it matters

    Trikafta/Kaftrio revenue fell 2.1% to $2.50B and its share of revenue dropped 11.15 points to 74.9%. Alyftrek rose 265.8% to $573.6M and gained 11.92 points to 17.2% of revenue. Older CF medicines fell 29.2% to $137.1M. Total revenues still grew 12.45% to $3.33B.1

    The filing attributes U.S. growth to continued strong patient demand, "including from new initiations of ALYFTREK", and to higher realized net prices in CF. Outside the U.S. it cites ALYFTREK uptake across multiple geographies. Reimbursement for Alyftrek reached 25 countries in the quarter.1

    By Vertex's reading of its agreement with the Cystic Fibrosis Foundation, Alyftrek carries a lower royalty than Trikafta/Kaftrio. The filing credits a lower blended CF royalty rate with partly offsetting the product-mix rise in cost of sales, which reached 14.7% of revenue.1

    AnalysisAnalysis: moving patients to its own successor keeps the revenue inside the franchise and can improve unit economics at the same time. The price is that the leading product's own growth turns negative, so the CF total, not any single medicine, is the measure of whether the franchise is still growing.

  2. 02

    Flat research spending paid for the launch build-out

    SG&A gained 3.14 points of revenue while R&D gave up 3.19, so the 1.43-point margin slip came from cost of sales and acquired research.

    Why it matters

    Selling, general and administrative expenses rose 37.1% to $582.2M against revenue growth of 12.45%. The filing attributes the rise to increased internal headcount and commercial investment to support JOURNAVX and the anticipated launch of povetacicept in IgAN.1

    Research and development rose only 1.57% to $993.8M and fell 3.19 points to 29.8% of revenue. The filing says outsourced services and other direct expenses were lower after certain clinical programs were discontinued in the prior year.1

    With those two moves nearly cancelling out, the 1.43-point fall in operating margin to 37.4% traces to cost of sales, up 0.93 points of revenue on product mix, and to acquired in-process R&D of $21.4M against $2.2M a year earlier, up 0.57 points.1

    AnalysisAnalysis: the swap kept the margin close to steady while two launches were funded. It relies on research spending staying flat. If the kidney, diabetes and pain programs need more money while launch spending stays high, the margin would have to absorb both at once.

  3. 03

    A higher tax rate pulled net growth below operating growth

    Operating income rose 8.32% but net income only 6.48%, as taxes climbed to 21.0% of pretax income from 19.5% a year earlier.

    Why it matters

    Income from operations rose 8.32% to $1.25B. Net income rose 6.48% to $1.10B. The provision for income taxes grew 16.75% to $292.0M, equal to 21.0% of pretax income of $1.39B, against 19.5% of pretax income a year earlier.1

    The filing says its effective tax rate fluctuates with the global mix of taxable earnings and with excess tax benefits from stock-based compensation, and that recent U.S. tax legislation could affect future tax rates, liabilities and cash taxes.1

    Per-share results moved the other way. Diluted shares fell to 255.2M from 258.9M, with financing cash going primarily to share repurchases, and diluted earnings per share rose to $4.31 from $3.99, a faster climb than net income's 6.48%.1

    AnalysisAnalysis: the operating story and the bottom line diverged for reasons outside the medicines. A reader comparing profit growth across periods should separate the tax rate and the share count from what the business itself earned.

Sources

  1. 1.Vertex Pharmaceuticals 10-Q for the period to 2026-06-30 (the filing), Aug 4, 2026, read Nov 2, 2026

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Business performance

Growth, profit and margin

Revenue went from $175.5M in FY2008 to $12.0B in FY2025, the operating margin from -263.6% to 34.8%, over 17 years.

  • Revenue$12.0B
  • Operating income$4.2B
  • Operating margin34.8%
Period
Q2 FY2026
Revenue
$3.3B
Operating income
$1.2B
Operating margin
37.4%
Net income
$1.1B
Free cash flow
$1.0B
Business performance

Does the profit turn into cash?

Q2 FY2026: free cash flow of $1.0B against net income of $1.1B in the quarter.

  • Operating cash flow$3.6B
  • Capital expenditure$437.6M
  • Free cash flow$3.2B
  • Net income$4.0B

Capital expenditure is drawn below the axis as cash out. Cash conversion is operating cash flow over net income, shown in the tooltip for years with a profit.

Financial data and sources

How the revenue mix has shifted

Each breakdown the filing reports, as shares of revenue, for every period it restates.

Segment Information - Schedule of Revenues by Product (Details). The filing restates this breakdown for 1 period.

Click a member to isolate it across the years shown.

The figures

Margins, cash and growth for the period, each with what it was computed from.

Gross margin
85.3%
Source10-Q, Derived from Total revenues and Cost of sales in the 10-Q filed 2026-08-04
Operating margin
37.4%
Source10-Q, Derived from Income from operations and Total revenues in the 10-Q filed 2026-08-04
Net margin
33.0%
Source10-Q, Derived from Net income and Total revenues in the 10-Q filed 2026-08-04
Free cash flow, quarter
$1.0B
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-04
Free cash flow margin, quarter
30.4%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-04
Cash conversion, quarter
1.02x
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-04
Capital spending, quarter
3.4%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-04
Revenue growth
+12.5%
From the record's own history, against the prior year.

Where revenue comes from

Every breakdown the filing reports for the period, with each item's share.

Revenue streams

Trikafta/kaftrio$2.5B74.9%
Alyftrek$573.6M17.2%
Other CF product revenues$137.1M4.1%
Casgevy$76.4M2.3%
Journavx$49.6M1.5%

Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-08-04

Geographic markets

Europe$977.7M29.3%
Other$299.8M9.0%

These items do not sum to total revenue; the filing states them beside it. Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-08-04

What it costs

The cost lines beneath operating income, each as a share of revenue, then the operating result.

Costs are reported by function: what it cost to make what was sold, then the expenses of selling, developing and administering.

Cost lineQ2 FY2026Of revenueSource
Total costs and expenses$2.1B62.6%Source10-Q, us-gaap:CostsAndExpenses, as reported in the 10-Q filed 2026-08-04
Income from operations$1.2B37.4%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-08-04

Operating figures the company states

From the text of the filing rather than its statements, each with the sentence that states it.

Countries reimbursing ALYFTREK
25 countries
As of Jun 30, 2026
View source
bringing the total number of countries where ALYFTREK is reimbursed to 25
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, 10-Q filed Aug 4, 2026
JOURNAVX prescriptions filled in the first half
900,000 prescriptions
As of Jun 30, 2026
View source
In the second quarter and first six months of 2026, approximately 535,000 and 900,000 prescriptions, respectively,
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, 10-Q filed Aug 4, 2026
JOURNAVX prescriptions filled in the quarter
535,000 prescriptions
As of Jun 30, 2026
View source
In the second quarter and first six months of 2026, approximately 535,000 and 900,000 prescriptions, respectively,
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, 10-Q filed Aug 4, 2026
People with reimbursed access to JOURNAVX
260,000,000 people
As of Jun 30, 2026
View source
approximately 260 million individuals have reimbursed access to JOURNAVX across a wide range of commercial
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, 10-Q filed Aug 4, 2026

The statements, as filed

The income statement, cash flow statement and balance sheet in the company's own order and words. Every line links to the filing.

Income statement20 lines, as presented in the 10-Q
LineQ2 FY2026A year earlierChangeOf revenueSource
Income Statement
Total revenues$3.33B$2.96B+12%100%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-08-04
Product revenues, net$3.33B$2.94B+13%100.0%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [us-gaap:ProductMember], as reported in the 10-Q filed 2026-08-04
Other revenues$0$20.7M0.0%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [vrtx:CollaborativeandRoyaltyMember], as reported in the 10-Q filed 2026-08-04
Costs and expenses:
Cost of sales$489.2M$407.5M+20%14.7%Source10-Q, us-gaap:CostOfGoodsAndServicesSold, as reported in the 10-Q filed 2026-08-04
Research and development expenses$993.8M$978.4M+1.6%29.8%Source10-Q, us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost, as reported in the 10-Q filed 2026-08-04
Acquired in-process research and development expenses$21.4M$2.2M+873%0.6%Source10-Q, us-gaap:ResearchAndDevelopmentAssetAcquiredOtherThanThroughBusinessCombinationWrittenOff, as reported in the 10-Q filed 2026-08-04
Selling, general and administrative expenses$582.2M$424.6M+37%17.5%Source10-Q, us-gaap:SellingGeneralAndAdministrativeExpense, as reported in the 10-Q filed 2026-08-04
Intangible asset impairment charge$0$00.0%Source10-Q, us-gaap:ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill, as reported in the 10-Q filed 2026-08-04
Change in fair value of contingent consideration$400.0K$900.0K-56%0.0%Source10-Q, us-gaap:BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1, as reported in the 10-Q filed 2026-08-04
Total costs and expenses$2.09B$1.81B+15%62.6%Source10-Q, us-gaap:CostsAndExpenses, as reported in the 10-Q filed 2026-08-04
Income Statement
Income from operations$1.25B$1.15B+8.3%37.4%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-08-04
Interest income, net$120.6M$118.7M+1.6%3.6%Source10-Q, us-gaap:InvestmentIncomeNet, as reported in the 10-Q filed 2026-08-04
Other income (expense), net$24.3M$13.2M+84%0.7%Source10-Q, us-gaap:OtherNonoperatingIncomeExpense, as reported in the 10-Q filed 2026-08-04
Income before Provision for income taxes$1.39B$1.28B+8.5%41.7%Source10-Q, us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, as reported in the 10-Q filed 2026-08-04
Provision for income taxes$292.0M$250.1M+17%8.8%Source10-Q, us-gaap:IncomeTaxExpenseBenefit, as reported in the 10-Q filed 2026-08-04
Net income$1.10B$1.03B+6.5%33.0%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-08-04
Net income per common share:
Basic (in dollars per share)$4$4+8.0%0.0%Source10-Q, us-gaap:EarningsPerShareBasic, as reported in the 10-Q filed 2026-08-04
Diluted (in dollars per share)$4$4+8.0%0.0%Source10-Q, us-gaap:EarningsPerShareDiluted, as reported in the 10-Q filed 2026-08-04
Shares used in per share calculations:
Basic (in shares)253,700,000256,700,000-1.2%Source10-Q, us-gaap:WeightedAverageNumberOfSharesOutstandingBasic, as reported in the 10-Q filed 2026-08-04
Diluted (in shares)255,200,000258,900,000-1.4%Source10-Q, us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding, as reported in the 10-Q filed 2026-08-04
Cash flow statement5 lines, as presented in the 10-Q

Year to date, as a quarterly filing reports it.

LineQ2 FY2026A year earlierChangeSource
Cash flows from operating activities:
Net income$1.10B$1.03B+6.5%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-08-04
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense$56.5M$51.7M+9.3%Source10-Q, us-gaap:DepreciationDepletionAndAmortization, as reported in the 10-Q filed 2026-08-04
Intangible asset impairment charge$0$0Source10-Q, us-gaap:ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill, as reported in the 10-Q filed 2026-08-04
Cash flows from investing activities:
Proceeds from conversion of notes receivable$75.5MSource10-Q, us-gaap:ProceedsFromCollectionOfNotesReceivable, as reported in the 10-Q filed 2026-08-04
Statement of Cash Flows
Cash, cash equivalents and restricted cash—end of period$6.15B$4.98B+24%Source10-Q, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-Q filed 2026-08-04
Balance sheet28 lines, as presented in the 10-Q
LineQ2 FY2026A year earlierChangeSource
Current assets:
Cash and cash equivalents$6.14B$4.97B+24%Source10-Q, us-gaap:CashAndCashEquivalentsAtCarryingValue, as reported in the 10-Q filed 2026-08-04
Marketable securities$1.71BSource10-Q, us-gaap:MarketableSecuritiesCurrent, as reported in the 10-Q filed 2026-08-04
Accounts receivable, net$2.13BSource10-Q, us-gaap:AccountsReceivableNetCurrent, as reported in the 10-Q filed 2026-08-04
Inventories$1.77BSource10-Q, us-gaap:InventoryNet, as reported in the 10-Q filed 2026-08-04
Prepaid expenses and other current assets$791.9MSource10-Q, us-gaap:PrepaidExpenseAndOtherAssetsCurrent, as reported in the 10-Q filed 2026-08-04
Total current assets$12.54BSource10-Q, us-gaap:AssetsCurrent, as reported in the 10-Q filed 2026-08-04
Assets
Property and equipment, net$1.67BSource10-Q, us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization, as reported in the 10-Q filed 2026-08-04
Goodwill$1.09BSource10-Q, us-gaap:Goodwill, as reported in the 10-Q filed 2026-08-04
Other intangible assets, net$412.8MSource10-Q, us-gaap:IntangibleAssetsNetExcludingGoodwill, as reported in the 10-Q filed 2026-08-04
Deferred tax assets$3.01BSource10-Q, us-gaap:DeferredIncomeTaxAssetsNet, as reported in the 10-Q filed 2026-08-04
Operating lease assets$1.66BSource10-Q, us-gaap:OperatingLeaseRightOfUseAsset, as reported in the 10-Q filed 2026-08-04
Long-term marketable securities$5.79BSource10-Q, us-gaap:MarketableSecuritiesNoncurrent, as reported in the 10-Q filed 2026-08-04
Other assets$1.25BSource10-Q, us-gaap:OtherAssetsNoncurrent, as reported in the 10-Q filed 2026-08-04
Total assets$27.42BSource10-Q, us-gaap:Assets, as reported in the 10-Q filed 2026-08-04
Current liabilities:
Accounts payable$429.5MSource10-Q, us-gaap:AccountsPayableCurrent, as reported in the 10-Q filed 2026-08-04
Accrued expenses$3.18BSource10-Q, us-gaap:AccruedLiabilitiesCurrent, as reported in the 10-Q filed 2026-08-04
Other current liabilities$329.4MSource10-Q, us-gaap:OtherLiabilitiesCurrent, as reported in the 10-Q filed 2026-08-04
Total current liabilities$3.94BSource10-Q, us-gaap:LiabilitiesCurrent, as reported in the 10-Q filed 2026-08-04
Liabilities and Shareholders’ Equity
Long-term operating lease liabilities$1.98BSource10-Q, us-gaap:OperatingLeaseLiabilityNoncurrent, as reported in the 10-Q filed 2026-08-04
Other long-term liabilities$1.26BSource10-Q, us-gaap:OtherLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-08-04
Total liabilities$7.18BSource10-Q, us-gaap:Liabilities, as reported in the 10-Q filed 2026-08-04
Shareholders’ equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued$0Source10-Q, us-gaap:PreferredStockValue, as reported in the 10-Q filed 2026-08-04
Common stock, $0.01 par value; 500,000,000 shares authorized, 253,347,555 and 253,991,224 shares issued and outstanding, respectively$2.5MSource10-Q, us-gaap:CommonStockValue, as reported in the 10-Q filed 2026-08-04
Additional paid-in capital$4.51BSource10-Q, us-gaap:AdditionalPaidInCapitalCommonStock, as reported in the 10-Q filed 2026-08-04
Accumulated other comprehensive income (loss)$48.5MSource10-Q, us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax, as reported in the 10-Q filed 2026-08-04
Retained earnings$15.69BSource10-Q, us-gaap:RetainedEarningsAccumulatedDeficit, as reported in the 10-Q filed 2026-08-04
Total shareholders’ equity$20.25B$17.18B+18%Source10-Q, us-gaap:StockholdersEquity, as reported in the 10-Q filed 2026-08-04
Liabilities and Shareholders’ Equity
Total liabilities and shareholders’ equity$27.42BSource10-Q, us-gaap:LiabilitiesAndStockholdersEquity, as reported in the 10-Q filed 2026-08-04

About this data

Source
Vertex Pharmaceuticals 10-Q, accession 0000875320-26-000259, filed Aug 4, 2026, read on Nov 2, 2026.
History
From the SEC's XBRL company facts, the value from the latest filing that stated each period.
Reading
Paragraphs marked Analysis are CXProWealth's reading; everything else is the filing's own numbers and words, or a cited source.
Version
methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02
Edge and risks

What holds Vertex Pharmaceuticals's model up, and what could bend it

Competitive edge

  • One quarter now out-earns a full year eight years ago

    Quarterly operating income of $1.25B is nearly double the $635.2M of a full year eight years earlier, on revenue only a little larger.

    The detail

    Quarterly revenue of $3.33B is a little above the $3.05B Vertex recorded in a full year eight years earlier, while quarterly operating income of $1.25B is nearly double that year's $635.2M. The operating margin is 37.4%, against 20.8% in that year.1

    The filing expects the number of people with CF taking its medicines to keep growing through new approvals and reimbursement agreements, treatment of younger patients, increased survival and expansion into additional geographies. Alyftrek is reimbursed in 25 countries, and submissions for younger children have begun.1

    AnalysisAnalysis: the advantage is a sequence, not a single drug. Each new CF regimen widened who could be treated, and because the cost of making a medicine already sold is small next to its price, revenue growth has compounded into faster profit growth.

  • An 85.3% gross margin with royalties already paid

    Cost of sales, mainly CF royalties, took 14.7% of revenue, leaving room for R&D at 29.8% and an operating margin of 37.4%.

    The detail

    Cost of sales was $489.2M, 14.7% of revenue, which the filing says primarily consists of third-party royalties payable on CF sales plus the cost of producing inventories. Gross margin was 85.3% of revenue.1

    Operating cash flow of $1.13B was 1.02 times net income of $1.10B. Capital spending of $112.2M was 3.4% of revenue, leaving free cash flow of $1.01B, 30.4% of revenue.1

    AnalysisAnalysis: when production is a small part of the price, most of each added dollar of sales is free for research, launches and capital returns. The same structure makes royalty terms, not manufacturing, the main lever on gross margin.

  • Payer access is built ahead of revenue

    About 260 million people have reimbursed access to Journavx, and 59.4% of its first-half prescriptions were filled in the latest quarter.

    The detail

    Journavx revenue rose 313.3% to $49.6M. About 535,000 prescriptions were filled in the quarter out of 900,000 in the first half, across hospital and retail settings. The filing reports new Medicare Part D agreements with major pharmacy benefit managers and Medicaid coverage in many states.1

    Outside the U.S., the filing says reimbursement is sought country by country for every new medicine and every label expansion. In the quarter Alyftrek gained reimbursement in more countries, bringing its total to 25, and Casgevy gained reimbursement in Germany.1

    AnalysisAnalysis: the capability is repeatable. Teams that have negotiated CF access across many health systems can bring the same work to each new launch, which may narrow the gap between approval and revenue compared with a company doing it for the first time.

What to watch

  • Trikafta/Kaftrio still carries 74.9% of revenue

    Casgevy and Journavx grew 151.3% and 313.3% but supply 2.3% and 1.5% of revenue, so cystic fibrosis still funds nearly everything.

    The detail

    Trikafta/Kaftrio brought in $2.50B of $3.33B in revenue, 74.9%. Alyftrek, which treats the same disease, added $573.6M, 17.2%, and older CF medicines $137.1M, 4.1%. Casgevy contributed $76.4M and Journavx $49.6M.1

    The filing states that product revenues in the first half came primarily from CF medicines, and that sales depend to a large degree on reimbursement by government programs and insurers, which it says cannot be assured.1

    AnalysisAnalysis: pressure on CF pricing, reimbursement or royalties reaches nearly the whole income statement at once. The newer medicines are growing fast, but at their present size they could not offset a setback in CF.

  • The Alyftrek switch rests on a disputed royalty

    The royalty holder's arbitration claims a higher Alyftrek royalty than the rate Vertex applies, on a medicine now selling $573.6M a quarter.

    The detail

    Under its agreement with the Cystic Fibrosis Foundation, Vertex pays tiered royalties on CF sales, lower on Alyftrek and Trikafta/Kaftrio than on older products. Royalty Pharma, which holds the foundation's rights, has started a confidential arbitration alleging a higher rate on Alyftrek and seeks alleged unpaid royalties, damages, costs and interest.1

    Vertex says the claim is contrary to the plain terms of the agreement and intends to defend its position. The filing records no material loss contingency accrued at the quarter end.1

    AnalysisAnalysis: the dispute targets the medicine carrying the franchise's growth. A ruling for the royalty holder would raise cost of sales on every Alyftrek sale and could add back royalties, narrowing the margin benefit of moving patients from Trikafta/Kaftrio.

  • Crinetics trades interest income for integration risk

    Net interest income of $120.6M equals 8.7% of pretax income, and the filing expects it to decrease once cash and a term loan fund Crinetics.

    The detail

    Net interest income was $120.6M, against $118.7M a year earlier, equal to 8.7% of pretax income of $1.39B. Because of the anticipated Crinetics acquisition, the filing expects future net interest income to decrease. The purchase is to be funded with cash, cash equivalents and proceeds from a new term loan.1

    The one risk factor added this quarter says the deal may not close, integration may not succeed, key employees may leave and synergies may not appear. The filing says the expected benefits depend on Palsonify's sales and on atumelnant's development and approval.1

    AnalysisAnalysis: the purchase replaces a steady, low-risk income line with a newly approved medicine and a late-stage candidate. Until those revenues build, reported profit would carry lost interest, loan costs and integration expense together.

Sources

  1. 1.Vertex Pharmaceuticals 10-Q for the period to 2026-06-30 (the filing), Aug 4, 2026, read Nov 2, 2026
Go deeper

Vertex Pharmaceuticals, further in

Member research, then your own questions on ChatGPT.

What could change the outlook

What Vertex Pharmaceuticals's numbers depend on from here, read from the filing: the conditions behind this period's margins and growth, and where a change would show first.

  • How much of the Alyftrek switch reaches profit?

    What moving patients from Trikafta/Kaftrio to Alyftrek does to gross profit under each royalty outcome, and the quarterly signs that show how far the switch has run.

  • Can the new launches carry their own selling costs?

    What Journavx, Casgevy and povetacicept would need to reach before commercial spending stops pressing on margin, and which access and prescription data to follow.

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Explore its profit drivers, competitive edge, risks, or your own investment and business questions with CXProWealth on ChatGPT.

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Questions to start with
  • How would a higher Alyftrek royalty change the profit Vertex gains from moving patients off Trikafta/Kaftrio?
  • Vertex held R&D flat while selling costs rose. What happens to its operating margin if research spending climbs again?
  • How much of Vertex's pretax profit comes from interest on its cash, and how does the Crinetics deal change that?

Business Lens describes Vertex Pharmaceuticals from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing, the dates and the version are under the financial data above.