Revenue beat and guidance rose, but adjusted EPS missed expectations

The quarter cleared the market’s top-line bar, but not its profit bar. Published expectations were roughly $3.23 billion of revenue and $4.85 of adjusted diluted EPS; Vertex delivered $3.33 billion and $4.73, respectively. Revenue therefore beat by about 3%, while adjusted EPS missed by roughly 2.5% as operating investment increased. (Financial Highlights)

Growth is broadening beyond the mature CF base. Total revenue rose 12% year over year, with ALYFTREK revenue reaching $573.6 million versus $156.8 million a year earlier, JOURNAVX more than quadrupling to $49.6 million, and CASGEVY rising to $76.4 million. (Product revenues by product) That diversification helped offset a 2% decline in TRIKAFTA/KAFTRIO revenue, which remains the largest product line.

Management raised the revenue outlook, which is the clearest upside signal in the filing. Full-year revenue guidance moved from $12.95-$13.1 billion to $13.1-$13.2 billion, while expense and tax guidance were unchanged. (Full Year 2026 Financial Guidance) The increase is modest—only about $125 million at the midpoint—and still includes roughly 150 basis points of foreign-exchange benefit, so it is an improvement rather than a major reset.

The trade-off is heavier spending and a pending acquisition that remains outside the outlook. Combined non-GAAP R&D, acquired IPR&D and SG&A rose to $1.43 billion from $1.24 billion, driven by JOURNAVX commercialization and the renal franchise build-out. (Non-GAAP expense reconciliation) The $10 billion Crinetics acquisition is expected to close in Q3 2026, after which Vertex says it will update guidance; that refreshed outlook and early evidence on the acquired endocrine portfolio are the next material tests. (Acquisition announcement)