Vertex Pharmaceuticals misses first quarter 2026 revenue estimates but beats on EPS as new product diversification begins to take hold.

Vertex Pharmaceuticals reported first quarter 2026 revenue of $2.99 billion, an 8% increase year-over-year, and non-GAAP diluted EPS of $4.47. These results missed the consensus revenue estimate of $3.25 billion but significantly beat the EPS estimate of $3.67. The company reiterated its full-year 2026 financial guidance.

Key Highlights

• The company's non-CF franchise showed initial traction, with CASGEVY contributing revenue of $42.9 million and the acute pain treatment JOURNAVX adding $29 million.
• Vertex submitted a rolling Biologics License Application (BLA) to the FDA for povetacicept for the treatment of IgA nephropathy, seeking accelerated approval following positive Phase 3 data.
• Total Cystic Fibrosis (CF) product revenue grew 6% year-over-year to $2.92 billion, driven by the uptake of ALYFTREK.
• The company announced the termination of its Phase 1/2 study of VX-522, an mRNA therapy for CF, due to persistent tolerability issues, precluding further development.