Vertex misses Q3 profit estimates but raises 2026 revenue forecast

Vertex Pharmaceuticals (VRTX) reported third-quarter 2026 total revenue of $3.44 billion, up 12% from a year earlier. Adjusted profit came in below analyst expectations, and the company raised its full-year revenue forecast.

Shares were little changed in after-hours trading as of 5:19 p.m. ET.

Here's how the company did:

• Adjusted EPS: $4.76 vs. $4.88 expected, according to Finnhub
• GAAP EPS: $2.56 vs. $4.20 a year earlier
• Revenue: $3.44 billion vs. $3.08 billion a year earlier, and $3.49 billion expected, according to Finnhub

A regulatory filing showed GAAP net income was $654 million, down from $1.1 billion a year earlier. The company said the decline was primarily due to expenses related to its Crinetics Pharmaceuticals acquisition. Non-GAAP net income was $1.2 billion in each of the two quarters.

Vertex is a global biotechnology company whose approved therapies treat cystic fibrosis, sickle cell disease, transfusion-dependent beta thalassemia, acute pain and acromegaly, according to its press release.

Product sales

Cystic fibrosis drove most of the growth, the company said. Revenue from its CF products reached $3.27 billion in the quarter.

CASGEVY revenue was $99 million, and JOURNAVX revenue was $58 million. PALSONIFY, which Vertex gained with the Crinetics deal, contributed $10 million in September.

Chief Executive Officer and President Reshma Kewalramani said, "Vertex delivered excellent third quarter results marked by strong revenue growth across the increasingly diversified portfolio, continued advancement of the R&D pipeline, and the successful close of the Crinetics Pharmaceuticals acquisition."

Crinetics and cash

Vertex completed its acquisition of Crinetics Pharmaceuticals in September, for a total equity value of approximately $10.0 billion, or $9.0 billion net of cash acquired. The acquisition closed on Sept. 1.

Cash, cash equivalents and marketable securities totaled $9.8 billion on Sept. 30, down from $12.3 billion at the end of 2025. The company said the decline was primarily due to the Crinetics payment and share repurchases, partly offset by a $4.5 billion term loan.

2026 guidance

Vertex raised its full-year total revenue guidance to $13.15 billion to $13.25 billion, from the $13.1 billion to $13.2 billion range it gave on Aug. 3. The company said the forecast includes $500 million or more from CASGEVY and JOURNAVX combined, and $40 million to $50 million from PALSONIFY.

The company also raised its combined GAAP research and development, acquired in-process research and development, and SG&A expense guidance to $7.15 billion to $7.2 billion, from $6.3 billion to $6.45 billion. It said the increase reflects costs tied to operating and integrating Crinetics for the rest of 2026.

Its combined non-GAAP expense guidance is now approximately $6.0 billion, up from $5.65 billion to $5.75 billion.