Vertex Pharmaceuticals (VRTX) — Q2 2026 Earnings Preview
Key Points
- Guidance for FY26: Vertex reiterated FY26 revenue guidance of $12.95B–$13.1B (+8–9% YoY), with non-CF product revenue expected at $500M+ (CASGEVY, JOURNAVX).
- Consensus for Q2 2026: Revenue estimate is $3,216M; EBITDA $1,439M; Net Income $1,209M; EPS $4.40.
- Q1 2026 Actuals: Revenue $2,987M (+8% YoY); CF growth +6% YoY; CASGEVY $43M; JOURNAVX $29M; Non-CF products contributed ~25% of YoY growth.
- Q2 2025 Actuals (YoY Comp): Revenue $2,907M; EBITDA $1,336M; Net Income $1,113M; EPS $3.72.
- Most Important Factors for Q2 2026:
- Progress toward full-year revenue and non-CF product targets.
- Uptake and revenue conversion for JOURNAVX as gross-to-net normalizes.
- CASGEVY infusions and revenue ramp.
- ALYFTREK conversion rates and international expansion.
- Margin trends as commercial investments scale.
- Any updates on pipeline progress (notably renal, pain, and new launches).
- YoY Comparable: Q2 2025 was a strong quarter (+12% YoY revenue growth then), but Q2 2026 faces a higher base and must show continued momentum in both CF and new franchises.
