Vertex Pharmaceuticals, Inc.

Q1 2026 performance: strong growth, driven by new launches; full-year guidance reiterated - Total revenue $2.99B, +8% YoY. - CF grew +6% YoY; non-CF (KASJEVY + GERNAVICS) contributed meaningfully: ~25% of total product revenue growth. - New product momentum: AlifTrack cumulative >$1B; KASJEVY >500 patients initiated; Jernabix >1M prescriptions written. - 2026 guidance reiterated: total revenue $12.95B–$13.10B (+8%–9% YoY). - Non-CF outlook: expects $500M+ from non-CF products in 2026 (KASJEVY infusions visibility due to patient journey length; GERNAVICS ramp as gross-to-net normalizes H2). - Capital return: deployed ~$344M in Q1 to repurchase 741k+ shares (and ended with ~$13B cash/investments).

Commercial execution: KASJEVY scaling; GERNAVICS prescriptions/payer progress - KASJEVY: delivered $43M revenue in Q1; 600+ patient journey milestones progressing (initiated → collection → ready for infusion). - Germany pricing/access: pricing agreement secured; implementation underway—expected to enable broader long-term access for German patients at a sustainable price. - KASJEVY full-year promise: management said strong visibility for the rest of 2026; on path toward meaningful contribution to the $500M+ non-CF target and multibillion-dollar potential. - GERNAVICS (acute pain): $29M revenue in Q1; 350k+ prescriptions filled in Q1 (vs ~550k filled in all 2025); 1M+ prescriptions written since launch. - Payer/formulary drivers: 240M lives covered; reached agreement for Medicare Part D coverage effective May 1 (discussions ongoing for remaining plans). - Commercial ramp: expanded field force to 300 reps (ahead of plan); expects to triple 2026 prescriptions and benefit from tapering patient support to reach normalized gross-to-net in 2026.

CF R&D and labeling: expanded eligibility to ~95% of patients + younger age submissions; one setback - U.S. label expansions for AlifTrack and TRIKAFTA: clinical diagnosis CF now covered when there’s ≥1 responsive CFTR variant based on clinical/in vitro data—expanding impact to ~95% of people with CF, including “rare” and N-of-1 genotypes. - Pediatric expansion plans: soon to submit AlifTrack for ages 2–5 (pivotal data: 65% reached normal CFTR function); plan near-term TRIKAFTA submission for ages 1–2. - Next-gen pipeline: VX-828 study results targeted H2 2026; VX-581 and VX-2272 in Phase I healthy volunteers. - Negative/surprising: VX-522 (mRNA therapy for no CFTR protein) discontinued due to unresolved tolerability issues—no ability to assess full efficacy/safety.