Vertex Q1: Revenue Up 8%, Renal Pipeline Advances, Guidance Reaffirmed

Transcript intelligence

What changed

Q1 2026 revenue rose 8% year-over-year to $2.99 billion, essentially in line with consensus. EPS of $4.47 beat estimates of $4.24 by 5.4%. New launches KASJEVY and GERNAVICS together accounted for approximately 25% of quarterly growth. Povi's interim Phase III data in IgA nephropathy demonstrated a 52% reduction in proteinuria with a strong safety profile, and Vertex submitted a BLA for the indication in 27 days — the fastest submission in company history. KASJEVY secured its first reimbursement agreement in Germany. The VX-522 mRNA CF program was discontinued due to lung inflammation caused by the lipid nanoparticle delivery system. Label expansions for AlifTrack and TRIKAFTA now cover roughly 95% of CF genotypes, adding approximately 800 newly eligible U.S. patients.

Guidance delta

Full-year 2026 revenue guidance of $12.95–$13.10 billion (8–9% growth) was reaffirmed, as was the expectation for non-CF revenue exceeding $500 million and non-GAAP operating expenses of $5.65–$5.75 billion. Guidance sentiment was maintained with no upward or downward revision.

Key takeaways

• Q1 revenue of $2.99B rose 8% YoY, with new launches KASJEVY and GERNAVICS driving roughly 25% of growth
• Povi interim Phase III IgAN data showed 52% proteinuria reduction with strong safety, supporting near-term launch
• CF label expansions for AlifTrack and TRIKAFTA now cover ~95% of eligible patients, adding ~800 newly eligible U.S. patients
• BLA for Povi in IgAN submitted in 27 days, the fastest in Vertex history
• VX-522 mRNA CF program discontinued due to delivery-related lung inflammation
• KASJEVY secured its first reimbursement agreement in Germany

Management priorities

• Submit AlifTrack for approval in 2–5-year-old patients and TRIKAFTA for 1–2-year-old patients
• Complete Phase III interim analysis presentation for Povi IgAN and prepare for product launch pending approval
• Advance Povi Phase III in primary membranous nephropathy and Phase II in myasthenia gravis
• Deliver Phase III results for enaxaplin AMPLITUDE in early 2027 and analyze AMPLIFIED data later this year
• Resume dosing in the zamylosel trial after manufacturing analysis and provide updated timelines
• Continue development of next-gen CFTR programs (VX-828, VX-581, VX-2272) through Phase I/II studies in H2 2026