Vertex Pharmaceuticals, Inc.
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+ FollowMarket Cap$143.25B
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Earnings Call Q3 2026
November 2, 2026 - AI Summary
Strong Q3 momentum + raised 2026 revenue guidance (with Crinetics contribution)
- Total Q3 revenue: +12% YoY, driven by growth across CF, heme, pain, and rare endocrinology, plus Palsonify (Palsonify revenue for Sept post-close).
- Guidance raised: Full-year 2026 revenue revised to $13.15B–$13.25B (from $13.1B–$13.2B). Management expects Crinetics to add ~$40M–$50M to full-year 2026 revenue.
- Margins/OpEx outlook: expects full-year gross margin slightly below 86%; non-GAAP operating expense guidance increased to ~ $6.0B (from $5.65B–$5.75B) largely due to Crinetics inclusion (~$250M of Crinetics operating + integration costs).
Commercial performance is diversifying beyond CF (opportunities + “launch engine” evidence)
- CF: Q3 CF revenue $3.3B (+8% YoY); ALYFTREK $706M in Q3, US YTD > $1B, reimbursed in 31 countries; >18k patients on ALYFTREK globally.
- Heme (CASGEVY): Q3 revenue $99M; ~750 patients initiated since launch; strong initiation trend (4 consecutive quarters >100 patient initiations).
- Pain (JOURNAVX): Q3 revenue $58M; >750k prescriptions in Q3 (+40% sequential); positioned as #1 prescribed branded oral analgesic in the US.
- Rare endocrinology (Palsonify): Palsonify contributed $10M in Sept; $24M in Q3 (and ~$60M expected for first 3 quarters of 2026). ~500 endocrinologists writing, >40% brand share among initiators/switchers.
Key launches and competitive differentiation are being emphasized (what could drive upside)
- Povitacept (renal/IgAN) PDUFA: Nov 30—management asserts they are 100% launch-ready (field team hired/trained; people + tech-enabled patient support; payer and nephrologist engagement).
- Patient-centric dosing positioning: povitacept described as 0.46 mL SC every 4 weeks via auto-injector, with survey claiming 96% preferred auto-injector and 80% preferred every 4 weeks vs weekly.
- CAR-T/cell therapy emphasis shift in T1D: Vertex chose to prioritize VX-017 (allogeneic, “off-the-shelf” glucose-responsive islet cells; expanded eligibility ~120k people vs Zemliakimab-type allotype constraints). Began dosing in Phase 1/2; goal to scale manufacturing and move toward pivotal development next year.
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$517.54
5.4% downside
Current Fair Value
5.4% downsideOvervalued by 5.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $143.25 Billion |
|---|---|
| Enterprise Value | $144.75 Billion |
| Earnings per Share | $15.46 |
| Beta | 0.32 |
| Outstanding Shares | 253,900,000 |
Return
| Return on Equity | 19.02% |
|---|---|
| Return on Assets | 12.15% |
| Return on Invested Capital | 16.63% |
Valuation & Multiples
| P/E Ratio | 32.27 |
|---|---|
| PEG | -81.4 |
| Price to Sales | 10.72 |
| Price to Book Ratio | 6.67 |
| Enterprise Value to Revenue | 11.18 |
| Enterprise Value to EBIT | 31.38 |
| Enterprise Value to Net Income | 36 |
| Total Debt to Enterprise | 0.04 |
| Debt to Equity | 0.31 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 2, 2026
EPS Estimate
$4.82
Consensus analyst estimateRevenue Estimate
$3.42 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 11, 2027
EPS Estimate
$4.23
Consensus analyst estimateRevenue Estimate
$3.50 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 103.28% |
|---|---|
| Total Calls | 2,163▼ 99.84% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.89%▼ 91.95% |
|---|---|
| Total Invested | $5.15B▼ 95.74% |
| Investors Holding | 705▼ 1118.00% |
About Vertex Pharmaceuticals, Inc.
6,400 employees
CEO: Jeffrey Leiden
Vertex Pharmaceuticals Incorporated is a biotechnology firm primarily dedicated to the discovery, development, and commercialization of therapies for cystic fibrosis (CF). The company offers a range of established CF treatments, such as ...