Analyst Consensus ?
ConsensusBuy56 ratings
Bullish4885.7%
Neutral712.5%
Bearish11.8%
Vertex Pharmaceuticals Incorporated · VRTX · FY2026 Q1 · Calendar Q2 2026
Vertex Q1: Revenue Up 8%, Renal Pipeline Advances, Guidance Reaffirmed
Vertex is executing a deliberate shift from a single-franchise CF company to a multi-pillar biotech. Q1 2026 revenue of $2.99 billion (up 8% YoY) was driven by both the core CF franchise and new non-CF launches KASJEVY and GERNAVICS, which together contributed roughly a quarter of growth. The interim Phase III IgAN data for Povi — 52% proteinuria reduction with a strong safety profile — and the record 27-day BLA submission position the renal franchise as Vertex's emerging fourth commercial pillar. Label expansions for AlifTrack and TRIKAFTA now cover approximately 95% of the CF population, extending the durability of the core franchise. Management reaffirmed full-year guidance of $12.95–$13.10 billion, signaling confidence in the trajectory despite the VX-522 mRNA CF program discontinuation. The stock traded with a -2.1% abnormal return in the reaction window on 1.8x baseline volume…
Reported After market closeNASDAQHealthcare
$121.57B market cap
100quality score
Company context
Snapshot as of publicationVertex Pharmaceuticals Incorporated is a leading biotechnology firm primarily focused on the discovery, advancement, and marketing of innovative treatments, particularly for cystic fibrosis (CF). The company offers a range of approved medications for CF patients, including SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO, which target specific mutations within the cystic fibrosis transmembrane conductance regulator gene. Additionally, they provide TRIKAFTA for individuals with CF aged six years and older who possess at least one F508del mutation. Beyond its established CF therapies, Vertex maintains a robust and diverse clinical pipeline.…
Earnings scorecard
Reported versus consensus
Reported EPS
$4.47
Consensus $4
EPS surprise
+5.4%
Reported versus consensus
Reported revenue
$2.99B
Consensus $2.99B
Revenue surprise
-0.2%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$515.44Current
$175Low
$474.33Average
$665High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 12, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Buy | Buy | Maintain | Aug 5, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 5, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 4, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Aug 4, 2026 |
| Canaccord Genuity | Hold | Hold | Maintain | Aug 4, 2026 |
| UBS | Buy | Buy | Maintain | Jul 13, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 7, 2026 |
| Baird | Underperform | Underperform | Maintain | Jul 7, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | May 5, 2026 |
| Bernstein | Outperform | Outperform | Maintain | May 5, 2026 |
| Maxim Group | Buy | Hold | Upgrade | Mar 18, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Mar 10, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Mar 10, 2026 |
| Citigroup | Buy | Buy | Maintain | Mar 10, 2026 |
| B of A Securities | Buy | Buy | Maintain | Mar 10, 2026 |
| HC Wainwright& Co. | Buy | Buy | Maintain | Feb 17, 2026 |
| Stifel | Hold | Hold | Maintain | Feb 13, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Feb 13, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jan 23, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jan 6, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Dec 29, 2025 |
| Wells Fargo | Overweight | Overweight | Maintain | Dec 10, 2025 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 8, 2025 |
| Guggenheim | Buy | Buy | Maintain | Aug 6, 2025 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 5, 2025 |
| Needham | Hold | Hold | Maintain | May 6, 2025 |
| Piper Sandler | Overweight | Overweight | Maintain | Jan 27, 2025 |
| Jefferies | Buy | Hold | Upgrade | Dec 9, 2024 |
| Argus Research | Buy | Buy | Maintain | Jun 17, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 31, 2024 |
| William Blair | Outperform | Outperform | Maintain | May 30, 2023 |
| SVB Leerink | Outperform | Outperform | Maintain | Feb 8, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jun 13, 2022 |
| Raymond James | Perform | Market Perform | Maintain | Jul 1, 2021 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 2, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jun 24, 2020 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Apr 30, 2020 |
| CFRA | Buy | Buy | Maintain | Apr 30, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jan 31, 2020 |
| PiperJaffray | Overweight | Overweight | Maintain | Jan 6, 2020 |
| Bank of America | Buy | Buy | Maintain | Nov 20, 2019 |
| Piper Jaffray | Overweight | Overweight | Maintain | Oct 31, 2019 |
| H.C. Wainwright | Buy | Neutral | Upgrade | Oct 26, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Deutsche Bank | Buy | Buy | Maintain | Dec 13, 2017 |
| DA Davidson | Buy | Buy | Maintain | Sep 29, 2017 |
| Janney Montgomery Scott | Buy | Neutral | Upgrade | Jul 19, 2017 |
| Janney Capital | Buy | Neutral | Upgrade | Jul 19, 2017 |
| Leerink Swann | Outperform | Outperform | Maintain | Mar 8, 2016 |
| BTIG Research | Buy | Buy | Maintain | Jan 6, 2015 |
| Summer Street | Neutral | Buy | Downgrade | Oct 30, 2013 |
| Wunderlich | Buy | Buy | Maintain | May 17, 2013 |
| Lazard | Neutral | Buy | Downgrade | Jan 15, 2013 |
| Brean Capital | Buy | Hold | Upgrade | May 8, 2012 |
| ISI Group | Buy | Neutral | Upgrade | May 7, 2012 |
| Bank oferica | Buy | Buy | Maintain | Mar 14, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $515.44. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Terence Flynn | $665 | $547.65 | +29.0% | Sep 1, 2026 |
| Goldman Sachs | Analyst unavailable | $653 | $544.52 | +26.7% | Sep 1, 2026 |
| Bernstein | Jeffrey Walch | $608 | $530.29 | +18.0% | Aug 11, 2026 |
| Wolfe Research | Andy Chen | $562 | $522.78 | +9.0% | Aug 10, 2026 |
| Truist Financial | Analyst unavailable | $565 | $488.56 | +9.6% | Aug 5, 2026 |
| Barclays | Analyst unavailable | $617 | $478.7 | +19.7% | Aug 5, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $595 | $470.72 | +15.4% | Aug 4, 2026 |
| Canaccord Genuity | Analyst unavailable | $442 | $470.72 | -14.2% | Aug 4, 2026 |
| Stifel Nicolaus | Analyst unavailable | $500 | $470.72 | -3.0% | Aug 4, 2026 |
| UBS | Analyst unavailable | $585 | $481.7 | +13.5% | Jul 13, 2026 |
| Truist Financial | Analyst unavailable | $560 | $479.02 | +8.6% | Jul 13, 2026 |
| RBC Capital | Analyst unavailable | $570 | $529.59 | +10.6% | Jul 7, 2026 |
| Robert W. Baird | Analyst unavailable | $350 | $529.59 | -32.1% | Jul 7, 2026 |
| Truist Financial | Danielle Brill | $542 | $435.93 | +5.2% | May 27, 2026 |
| Barclays | Analyst unavailable | $615 | $424.36 | +19.3% | May 6, 2026 |
| Morgan Stanley | Analyst unavailable | $616 | $417.72 | +19.5% | May 5, 2026 |
| RBC Capital | Brian Abrahams | $543 | $429.85 | +5.3% | May 5, 2026 |
| Bernstein | Analyst unavailable | $572 | $429.85 | +11.0% | May 5, 2026 |
| Canaccord Genuity | Analyst unavailable | $436 | $429.85 | -15.4% | May 5, 2026 |
| Canaccord Genuity | Analyst unavailable | $437 | $423.24 | -15.2% | Apr 30, 2026 |
| Morgan Stanley | Analyst unavailable | $612 | $436.89 | +18.7% | Apr 10, 2026 |
| Truist Financial | Joon Lee | $525 | $499.14 | +1.9% | Mar 10, 2026 |
| Jefferies | Akash Tewari | $580 | $496.5 | +12.5% | Mar 10, 2026 |
| BMO Capital | Evan David Seigerman | $600 | $487.57 | +16.4% | Mar 2, 2026 |
| Canaccord Genuity | Analyst unavailable | $441 | $491.47 | -14.4% | Feb 17, 2026 |
| Barclays | Eliana Merle | $607 | $491.47 | +17.8% | Feb 17, 2026 |
| H.C. Wainwright | Andrew Fein | $591 | $491.47 | +14.7% | Feb 17, 2026 |
| Morgan Stanley | Terence Flynn | $570 | $497.42 | +10.6% | Feb 13, 2026 |
| Scotiabank | Louise Chen | $558 | $493.98 | +8.3% | Feb 13, 2026 |
| RBC Capital | Analyst unavailable | $541 | $496.02 | +5.0% | Feb 13, 2026 |
| Bernstein | Analyst unavailable | $577 | $497.21 | +11.9% | Feb 13, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $590 | $495.11 | +14.5% | Feb 13, 2026 |
| Stifel Nicolaus | Paul Matteis | $466 | $465.02 | -9.6% | Feb 13, 2026 |
| H.C. Wainwright | Andrew Fein | $518 | $465.02 | +0.5% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $606 | $474.17 | +17.6% | Jan 27, 2026 |
| UBS | Analyst unavailable | $545 | $474.09 | +5.7% | Jan 26, 2026 |
| Evercore ISI | Cory Kasimov | $530 | $469.11 | +2.8% | Jan 23, 2026 |
| RBC Capital | Brian Abrahams | $546 | $461.14 | +5.9% | Jan 22, 2026 |
| UBS | Michael Yee | $535 | $468.38 | +3.8% | Jan 6, 2026 |
| Leerink Partners | Analyst unavailable | $525 | $462.12 | +1.9% | Dec 29, 2025 |
| Morgan Stanley | Analyst unavailable | $564 | $461.48 | +9.4% | Dec 5, 2025 |
| Morgan Stanley | Terence Flynn | $516 | $433.15 | +0.1% | Dec 3, 2025 |
| RBC Capital | Analyst unavailable | $415 | $426.93 | -19.5% | Nov 4, 2025 |
| Cantor Fitzgerald | Carter Gould | $485 | $427.3 | -5.9% | Nov 4, 2025 |
| Stifel Nicolaus | Analyst unavailable | $445 | $426 | -13.7% | Nov 4, 2025 |
| Barclays | Gena Wang | $414 | $426 | -19.7% | Nov 4, 2025 |
| Morgan Stanley | Analyst unavailable | $438 | $413.93 | -15.0% | Oct 10, 2025 |
| Leerink Partners | Analyst unavailable | $456 | $381.87 | -11.5% | Sep 25, 2025 |
| Truist Financial | Analyst unavailable | $490 | $374.98 | -4.9% | Aug 5, 2025 |
| Stifel Nicolaus | Analyst unavailable | $455 | $374.98 | -11.7% | Aug 5, 2025 |
| UBS | Eliana Merle | $553 | $374.98 | +7.3% | Aug 5, 2025 |
| BMO Capital | Analyst unavailable | $530 | $374.98 | +2.8% | Aug 5, 2025 |
| H.C. Wainwright | Analyst unavailable | $478 | $374.98 | -7.3% | Aug 5, 2025 |
| Morgan Stanley | Analyst unavailable | $439 | $374.98 | -14.8% | Aug 5, 2025 |
| RBC Capital | Brian Abrahams | $420 | $441.99 | -18.5% | Jun 17, 2025 |
| Scotiabank | Greg Harrison | $442 | $450.03 | -14.2% | May 6, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $535 | $490.47 | +3.8% | Apr 22, 2025 |
| BMO Capital | Evan Seigerman | $545 | $461.68 | +5.7% | Jan 31, 2025 |
| Wells Fargo | Mohit Bansal | $460 | $441.52 | -10.8% | Jan 30, 2025 |
| Morgan Stanley | Terence Flynn | $456 | $409.56 | -11.5% | Jan 10, 2025 |
| RBC Capital | Brian Abrahams | $400 | $469.22 | -22.4% | Dec 19, 2024 |
| Jefferies | Michael Yee | $550 | $462.1 | +6.7% | Dec 9, 2024 |
| Oppenheimer | Hartaj Singh | $540 | $499.1 | +4.8% | Nov 5, 2024 |
| RBC Capital | Brian Abrahams | $451 | $499.88 | -12.5% | Nov 5, 2024 |
| Canaccord Genuity | Whitney Ijem | $361 | $478.09 | -30.0% | Oct 22, 2024 |
| BMO Capital | Evan David Seigerman | $566 | $485.74 | +9.8% | Oct 21, 2024 |
| Goldman Sachs | Salveen Richter | $598 | $483 | +16.0% | Oct 21, 2024 |
| Bank of America Securities | Geoff Meacham | $541 | $482.12 | +5.0% | Oct 14, 2024 |
| RBC Capital | Brian Abrahams | $437 | $458.94 | -15.2% | Oct 9, 2024 |
| Truist Financial | Joon Lee | $550 | $494.46 | +6.7% | Aug 5, 2024 |
| Oppenheimer | Hartaj Singh | $550 | $477.86 | +6.7% | Aug 5, 2024 |
| Wolfe Research | Andy Chen | $576 | $476.91 | +11.7% | Aug 5, 2024 |
| H.C. Wainwright | Andrew Fein | $600 | $505.78 | +16.4% | Aug 2, 2024 |
| Argus Research | Jasper Hellweg | $550 | $474.61 | +6.7% | Jun 17, 2024 |
| RBC Capital | Brian Abrahams | $421 | $483.28 | -18.3% | Jun 11, 2024 |
| BMO Capital | Evan David Seigerman | $500 | $443.05 | -3.0% | May 31, 2024 |
| Raymond James | Christopher Raymond | $456 | $413.42 | -11.5% | May 7, 2024 |
| RBC Capital | Brian Abrahams | $424 | $402.5 | -17.7% | May 7, 2024 |
| H.C. Wainwright | Andrew Fein | $462 | $397.58 | -10.4% | Apr 11, 2024 |
| Evercore ISI | Liisa Bayko | $438 | $397.58 | -15.0% | Apr 11, 2024 |
| Morgan Stanley | Analyst unavailable | $285 | $297.18 | -44.7% | Feb 8, 2023 |
| H.C. Wainwright | Analyst unavailable | $326 | $308.54 | -36.8% | Feb 8, 2023 |
| Leerink Partners | Analyst unavailable | $365 | $308.54 | -29.2% | Feb 8, 2023 |
| Argus Research | Analyst unavailable | $340 | $310.86 | -34.0% | Nov 17, 2022 |
| Morgan Stanley | Analyst unavailable | $253 | $290.68 | -50.9% | Aug 8, 2022 |
| H.C. Wainwright | Analyst unavailable | $300 | $279.54 | -41.8% | Aug 5, 2022 |
| Cantor Fitzgerald | Olivia Brayer | $365 | $290.01 | -29.2% | Jul 12, 2022 |
| Stifel Nicolaus | Paul Matteis | $240 | $295.46 | -53.4% | Jul 11, 2022 |
| Argus Research | Jasper Hellweg | $280 | $287.32 | -45.7% | Jul 2, 2022 |
| Cowen & Co. | Analyst unavailable | $310 | $248.96 | -39.9% | Jun 13, 2022 |
| Morgan Stanley | Matthew Harrison | $250 | $261.96 | -51.5% | May 3, 2022 |
| Piper Sandler | Analyst unavailable | $249 | $279.02 | -51.7% | Apr 22, 2022 |
| Oppenheimer | Hartaj Singh | $350 | $272.39 | -32.1% | Apr 6, 2022 |
| Robert W. Baird | Brian Skorney | $240 | $251.88 | -53.4% | Mar 22, 2022 |
| BMO Capital | Evan Seigerman | $274 | $251.88 | -46.8% | Mar 22, 2022 |
| Jefferies | Michael Yee | $275 | $228.22 | -46.6% | Jan 27, 2022 |
| Wolfe Research | Andrew Galler | $282 | $228.22 | -45.3% | Jan 27, 2022 |
| J.P. Morgan | Cory Kasimov | $288 | $228.22 | -44.1% | Jan 27, 2022 |
| Morgan Stanley | Matthew Harrison | $208 | $228.22 | -59.6% | Jan 27, 2022 |
| Cowen & Co. | Phil Nadeau | $300 | $229.68 | -41.8% | Jan 24, 2022 |
| Leerink Partners | Geoff Porges | $175 | $204.45 | -66.0% | Dec 2, 2021 |
| Guggenheim | Debjit Chattopadhyay | $286 | $205 | -44.5% | Dec 1, 2021 |
| Bank of America Securities | Geoff Meacham | $275 | $181.4 | -46.6% | Nov 2, 2021 |
| Cantor Fitzgerald | Alethia Young | $281 | $193.02 | -45.5% | Jun 11, 2021 |
| Barclays | Gena Wang | $285 | $193.02 | -44.7% | Jun 11, 2021 |
| UBS | Colin Bristow | $279 | $212.68 | -45.9% | May 12, 2021 |
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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
Related earnings events
HealthcareSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T00:14:37.730999+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T00:14:37.728258+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.