Key facts
- Vertex Pharmaceuticals raised its annual revenue forecast to between $13.1 billion and $13.2 billion.
- The company's new cystic fibrosis drug, Alyftrek, had $573.6 million in sales in the second quarter.
- Vertex's older cystic fibrosis drug, Trikafta, generated $2.50 billion in sales in the second quarter.
- Total second-quarter revenue increased 12% to $3.33 billion.
- Second-quarter adjusted earnings per share were $4.73.
- The updated forecast excludes the pending acquisition of Crinetics.
Vertex Pharmaceuticals on Monday raised the upper end of its annual revenue forecast, driven by strong demand for its cystic fibrosis treatments. The company now anticipates annual revenue to be between $13.1 billion and $13.2 billion, an increase from its previous guidance of $12.95 billion to $13.1 billion. Analysts, on average, had projected 2026 revenue of $13.07 billion.
The company's new cystic fibrosis drug, Alyftrek, generated $573.6 million in sales during the second quarter, a significant increase from $156.8 million a year ago. Vertex's established cystic fibrosis therapy, Trikafta, posted quarterly sales of $2.50 billion, though this fell short of the $2.65 billion estimate.
Overall, Vertex reported a 12% increase in second-quarter revenue, reaching $3.33 billion and surpassing the $3.23 billion estimate, largely due to the performance of its cystic fibrosis therapies. Adjusted earnings per share for the quarter were $4.73, in line with expectations.
Vertex's $10 billion acquisition of Crinetics, expected to close in the third quarter, is part of a diversification strategy beyond cystic fibrosis. This acquisition will add endocrine disorders to Vertex's portfolio, which already includes treatments for kidney, sickle cell, and pain conditions.