Vertex Pharmaceuticals, Inc.

Strong Q2 momentum + raised revenue outlook (and margin guidance unchanged) - Q2 total revenue: $3.3B, +12% YoY, driven mainly by CF and growing contributions from CASGEVY and JOURNAVX. - Raised full-year 2026 total revenue guidance to $13.1B–$13.2B (includes continued CF strength; CASGEVY + JOURNAVX growing; ~150 bps FX benefit net of hedging). - Gross margin outlook: just under 86% for full year (Q2 gross margin 85.6%; step-down expected from mix and manufacturing network investments, especially in 2H). - Non-GAAP operating expenses: reiterating $5.65B–$5.75B, now expecting the high end (more commercialization + late-stage clinical investment). - EPS (non-GAAP) $4.73 in Q2 (+5% YoY). - Capital return: repurchased ~1M shares for ~$455M in Q2; confidence to keep buybacks while still prioritizing growth investments.

Commercial leaders scaling: ALYFTREK surpasses $1B H1; JOURNAVX pain launch gaining traction - ALYFTREK: crossed >$1B revenue in the first half of 2026; strong switch momentum (majority of ALYFTREK revenue from TRIKAFTA switches), plus uptake from rare mutation approvals and open-label extension roll-offs. - EU launch strength: “no augmented liver monitoring requirement” in EU; in Germany/UK >1 in 3 eligible CF patients benefiting from ALYFTREK. - CASGEVY (heme/gene therapy): Q2 revenue $76M; ~75% sequential growth vs Q1 and >150% YoY; patients treated rising—management emphasized infusion timing creates quarter-to-quarter revenue volatility. - JOURNAVX (acute pain): Q2 revenue $50M, ~70% sequential growth and ~45% sequential prescription growth vs Q1. - Prescriptions: ~535k in Q2; ~900k in 1H. - Access: ~260M lives covered total, ~180M unrestricted (some plans have quantity limits/prior auth → PSP use). - Expectation: gross-to-net normalizing in line with oral branded meds with timing targeted for first half of 2027.

R&D progress is steady-to-accelerating across renal + CF next-gen + ADPKD - IgAN (Pove) regulatory milestone: FDA accepted BLA with Nov 30 PDUFA date (Phase III RAINIER interim analysis described as “home run” with statistically significant, clinically meaningful results across primary and secondary endpoints; safety favorable). - Pove in membranous nephropathy: Phase II complete; Phase III dose selected by IDMC: 80 mg SC every 4 weeks. (Fast-moving program progression; Phase III already underway.) - ADPKD (VX-407): AGLOW Phase II completed enrollment; data expected as dosing matures (proof-of-concept duration up to 52 weeks).