Vertex

VRTX · 2026-09-08

Research

CF: 96% of Q2 2026 revenue. 10-Q ↗
Crinetics acquired September 1, 2026. Acquisition ↗

Programs

Revenue estimates

Vertex product sales · USDm · before probability weighting

Case	Launch / origin	Probability	2030 E	2035 E	2040 E	Peak to 2055
Bear	2012	100%	10,634	9,535	2,886	11,940 (2027)
Base	2012	100%	15,345	17,775	12,564	18,111 (2037)
Bull	2012	100%	18,002	22,557	23,882	23,882 (2039)

Revenue drivers

89% mature contribution margin · ALYFTREK royalty: 4% base; disputed claim ~8%

Market	Volume	Net price / unit, USD	Product sales, USDm
US · ALYFTREK	35,565 patient-years	252,837	8,992.3
US · TRIKAFTA/KAFTRIO	5,376 patient-years	243,112	1,307.0
US · Legacy	414 patient-years	37,941	15.7
Europe / Canada / Australia · ALYFTREK	43,213 patient-years	144,478	6,243.3
Europe / Canada / Australia · TRIKAFTA/KAFTRIO	6,532 patient-years	138,921	907.5
Europe / Canada / Australia · Legacy	502 patient-years	21,681	10.9
Other markets · ALYFTREK	7,202 patient-years	36,120	260.1
Other markets · TRIKAFTA/KAFTRIO	1,089 patient-years	34,730	37.8
Other markets · Legacy	84 patient-years	5,420	0.5

Cohorts and uptake

US · ALYFTREK

Genotype eligible: 49,830
Access: 97.0%
Vertex share: 93.0%
Regimen share: 86.0%
Royalty E: 4.0%

US · TRIKAFTA/KAFTRIO

Genotype eligible: 49,830
Access: 97.0%
Vertex share: 93.0%
Regimen share: 13.0%
Royalty E: 9.3%

US · Legacy

Genotype eligible: 49,830
Access: 97.0%
Vertex share: 93.0%
Regimen share: 1.0%
Royalty E: 13.0%

Europe / Canada / Australia · ALYFTREK

Genotype eligible: 65,253
Access: 90.0%
Vertex share: 93.0%
Regimen share: 86.0%
Royalty E: 4.0%

Europe / Canada / Australia · TRIKAFTA/KAFTRIO

Genotype eligible: 65,253
Access: 90.0%
Vertex share: 93.0%
Regimen share: 13.0%
Royalty E: 9.3%

Europe / Canada / Australia · Legacy

Genotype eligible: 65,253
Access: 90.0%
Vertex share: 93.0%
Regimen share: 1.0%
Royalty E: 13.0%

Other markets · ALYFTREK

Genotype eligible: 17,796
Access: 55.0%
Vertex share: 93.0%
Regimen share: 86.0%
Royalty E: 4.0%

Other markets · TRIKAFTA/KAFTRIO

Genotype eligible: 17,796
Access: 55.0%
Vertex share: 93.0%
Regimen share: 13.0%
Royalty E: 9.3%

Other markets · Legacy

Genotype eligible: 17,796
Access: 55.0%
Vertex share: 93.0%
Regimen share: 1.0%
Royalty E: 13.0%

Annual revenue · 2026 H2–2055

Year	Bear	Base	Bull
2026 H2 E	6,277.1	6,477.1	6,627.1
2027 E	11,940.1	13,266.4	14,034.7
2028 E	11,514.2	13,930.8	15,256.7
2029 E	11,078.4	14,623.4	16,576.8
2030 E	10,633.9	15,345.4	18,002.1
2031 E	10,409.7	15,822.3	18,862.6
2032 E	10,198.9	16,262.3	19,763.1
2033 E	9,987.8	16,738.8	20,699.6
2034 E	9,768.2	17,244.6	21,600.2
2035 E	9,535.4	17,775.0	22,556.6
2036 E	9,321.0	17,941.0	22,873.8
2037 E	8,718.9	18,111.4	23,201.4
2038 E	8,340.9	17,768.0	23,538.0
2039 E	4,910.2	17,675.3	23,882.4
2040 E	2,886.1	12,564.3	23,881.9
2041 E	1,731.7	8,795.0	23,597.0
2042 E	1,039.0	6,156.5	18,877.6
2043 E	623.4	4,309.6	15,102.1
2044 E	374.0	3,016.7	12,081.7
2045 E	224.4	2,111.7	9,665.3
2046 E	134.7	1,478.2	7,732.3
2047 E	80.8	1,034.7	6,185.8
2048 E	48.5	724.3	4,948.7
2049 E	29.1	507.0	3,958.9
2050 E	17.5	354.9	3,167.1
2051 E	10.5	248.4	2,533.7
2052 E	6.3	173.9	2,027.0
2053 E	3.8	121.7	1,621.6
2054 E	2.3	85.2	1,297.3
2055 E	1.4	59.6	1,037.8

Financials

USD millions; EPS in USD/share

Revenue

Historical quarterly results, Latest. USD millions, except EPS in dollars per share and shares in millions. Select a value for sources.
USD millions	2025-Q3	2025-Q4	2026-Q1	2026-Q2
Revenue
CF sales
TRIKAFTA / KAFTRIO
ALYFTREK
CASGEVY
JOURNAVX
Cost of sales
Gross profit
R&D
Acquired IPR&D
SG&A
Operating income / loss
Net income / loss
Diluted EPS ($/share)		—
Cash + marketable investments
Operating cash flow
Capex (cash outflow)
OCF − capex

Accounting

Cash includes investments. FCF = OCF − capex.

Historical data excludes Crinetics.

Filing comparison

Period

9 differences

2024-Q2 filing comparison. USD and share counts in millions; EPS in dollars per share.
Metric	Original	Difference
ALYFTREK	—	—
CASGEVY	—	—
CF sales		—
Intangible impairment	—	—
JOURNAVX	—	—
CASGEVY and JOURNAVX combined		—
Other product revenues (includes non-CF before 2026)	—	—
Other revenue		—
Product sales	—	—

Forecast

2026 A/E: H1 actual; Crinetics from September 1.

USD millions	2026 A/E	2027 E	2028 E	2029 E	2030 E	2031 E
Revenue	13,219	14,444	16,073	17,953	20,078	21,874
Cost of sales	1,918	2,046	2,359	2,682	3,012	3,311
Gross profit	11,301	12,398	13,714	15,272	17,066	18,564
R&D	4,383	4,650	4,733	4,817	4,900	4,860
SG&A	2,097	2,249	2,454	2,551	2,541	2,660
Acquired IPR&D	100	150	150	150	150	150
Operating income	4,719	5,349	6,377	7,754	9,475	10,894
Pretax income	5,091	5,557	6,778	8,396	10,401	12,132
Tax	1,003	1,111	1,356	1,679	2,080	2,426
Net income · pre-PPA	4,088	4,446	5,422	6,717	8,321	9,706
EPS · USD/share	16.09	17.50	21.34	26.44	32.75	38.20
Operating cash flow	4,928	5,465	6,355	7,679	9,313	10,746
Capex	510	550	583	617	650	640
Ending cash	11,219	14,856	19,335	23,590	31,932	41,717
Ending term debt	4,500	3,500	2,500	0	0	0

2032–2055

USD millions	2032 E	2033 E	2034 E	2035 E	2036 E	2037 E
Revenue	23,646	25,382	26,770	27,885	28,376	28,269
Cost of sales	3,595	3,864	3,997	4,073	4,107	3,905
Gross profit	20,051	21,518	22,772	23,811	24,269	24,363
R&D	4,820	4,780	4,740	4,700	4,460	4,220
SG&A	2,772	2,875	2,937	3,013	2,950	2,828
Acquired IPR&D	150	150	170	150	155	130
Operating income	12,309	13,713	14,925	15,948	16,705	17,186
Pretax income	13,913	15,727	17,403	18,937	20,258	21,320
Tax	2,783	3,145	3,481	3,787	4,052	4,264
Net income · pre-PPA	11,131	12,581	13,922	15,150	16,206	17,056
EPS · USD/share	43.81	49.52	54.80	59.63	63.79	67.13
Operating cash flow	12,189	13,658	15,049	16,318	17,375	18,223
Capex	630	620	610	600	570	540
Ending cash	52,953	65,669	79,785	95,180	111,679	129,072
Ending term debt	0	0	0	0	0	0

USD millions	2038 E	2039 E	2040 E	2041 E	2042 E	2043 E
Revenue	27,661	27,167	21,707	17,037	13,591	10,575
Cost of sales	3,662	3,455	2,856	2,343	1,946	1,569
Gross profit	23,999	23,712	18,850	14,694	11,645	9,006
R&D	3,980	3,740	3,500	3,180	2,860	2,540
SG&A	2,699	2,574	2,354	2,031	1,768	1,528
Acquired IPR&D	130	110	100	90	80	70
Operating income	17,190	17,288	12,896	9,393	6,937	4,867
Pretax income	21,942	22,675	18,920	15,926	13,918	12,239
Tax	4,388	4,535	3,784	3,185	2,784	2,448
Net income · pre-PPA	17,553	18,140	15,136	12,741	11,134	9,792
EPS · USD/share	69.09	71.40	59.58	50.15	43.82	38.54
Operating cash flow	18,708	19,221	16,652	14,102	12,297	10,835
Capex	510	480	450	414	378	342
Ending cash	146,998	165,484	181,447	194,927	206,657	216,982
Ending term debt	0	0	0	0	0	0

USD millions	2044 E	2045 E	2046 E	2047 E	2048 E	2049 E
Revenue	8,330	6,606	5,297	4,284	3,468	2,821
Cost of sales	1,278	1,045	861	713	590	486
Gross profit	7,052	5,562	4,436	3,571	2,879	2,335
R&D	2,220	1,900	1,680	1,460	1,240	1,020
SG&A	1,324	1,139	984	843	712	588
Acquired IPR&D	60	50	45	40	35	30
Operating income	3,448	2,473	1,728	1,228	892	697
Pretax income	11,189	10,512	10,068	9,857	9,830	9,893
Tax	2,238	2,102	2,014	1,971	1,966	1,979
Net income · pre-PPA	8,951	8,410	8,055	7,886	7,864	7,914
EPS · USD/share	35.23	33.10	31.70	31.04	30.95	31.15
Operating cash flow	9,842	9,172	8,716	8,457	8,356	8,329
Capex	306	270	247	224	201	178
Ending cash	226,369	235,141	243,495	251,628	259,697	267,778
Ending term debt	0	0	0	0	0	0

USD millions	2050 E	2051 E	2052 E	2053 E	2054 E	2055 E
Revenue	2,309	1,900	1,571	1,305	1,087	909
Cost of sales	402	334	278	231	193	161
Gross profit	1,907	1,566	1,294	1,073	894	748
R&D	800	690	580	470	360	250
SG&A	471	404	340	280	223	167
Acquired IPR&D	25	20	15	10	5	0
Operating income	610	453	358	313	307	330
Pretax income	10,090	10,221	10,446	10,671	10,969	11,305
Tax	2,018	2,044	2,089	2,134	2,194	2,261
Net income · pre-PPA	8,072	8,176	8,357	8,537	8,775	9,044
EPS · USD/share	31.77	32.18	32.89	33.60	34.54	35.60
Operating cash flow	8,414	8,467	8,600	8,733	8,927	9,243
Capex	155	132	109	86	63	40
Ending cash	275,980	284,267	292,717	301,332	310,170	319,356
Ending term debt	0	0	0	0	0	0

Quarterly forecast

USD millions	2026-Q3 E	2026-Q4 E	2027-Q1 E	2027-Q2 E
Revenue	3,338	3,560	3,611	3,611
Cost of sales	497	539	512	512
Gross profit	2,842	3,020	3,099	3,099
R&D	1,181	1,247	1,163	1,163
SG&A	475	546	562	562
Acquired IPR&D	39	39	38	38
Operating income	1,146	1,188	1,337	1,337
Pretax income	1,232	1,214	1,371	1,382
Tax	246	243	274	276
Net income · pre-PPA	986	972	1,097	1,105
EPS · USD/share	3.88	3.82	4.32	4.35
Operating cash flow	1,225	1,150	1,336	1,365
Capex	130	135	138	138
Ending cash	10,273	11,219	12,348	13,506
Ending term debt	4,500	4,500	4,500	4,500

USD millions	2027-Q3 E	2027-Q4 E	2028-Q1 E	2028-Q2 E
Revenue	3,611	3,611	4,018	4,018
Cost of sales	512	512	590	590
Gross profit	3,099	3,099	3,429	3,429
R&D	1,163	1,163	1,183	1,183
SG&A	562	562	613	613
Acquired IPR&D	38	38	38	38
Operating income	1,337	1,337	1,594	1,594
Pretax income	1,397	1,408	1,674	1,685
Tax	279	282	335	337
Net income · pre-PPA	1,117	1,126	1,339	1,348
EPS · USD/share	4.40	4.43	5.27	5.31
Operating cash flow	1,377	1,386	1,450	1,622
Capex	138	138	146	146
Ending cash	13,677	14,856	16,088	17,490
Ending term debt	3,500	3,500	3,500	3,500

USD millions	2028-Q3 E	2028-Q4 E	2029-Q1 E	2029-Q2 E
Revenue	4,018	4,018	4,488	4,488
Cost of sales	590	590	670	670
Gross profit	3,429	3,429	3,818	3,818
R&D	1,183	1,183	1,204	1,204
SG&A	613	613	638	638
Acquired IPR&D	38	38	38	38
Operating income	1,594	1,594	1,939	1,939
Pretax income	1,703	1,716	2,070	2,085
Tax	341	343	414	417
Net income · pre-PPA	1,362	1,373	1,656	1,668
EPS · USD/share	5.36	5.40	6.52	6.56
Operating cash flow	1,636	1,647	1,755	1,955
Capex	146	146	154	154
Ending cash	17,907	19,335	20,859	22,584
Ending term debt	2,500	2,500	2,500	2,500

USD millions	2029-Q3 E	2029-Q4 E	2030-Q1 E	2030-Q2 E
Revenue	4,488	4,488	5,020	5,020
Cost of sales	670	670	753	753
Gross profit	3,818	3,818	4,267	4,267
R&D	1,204	1,204	1,225	1,225
SG&A	638	638	635	635
Acquired IPR&D	38	38	38	38
Operating income	1,939	1,939	2,369	2,369
Pretax income	2,112	2,130	2,571	2,590
Tax	422	426	514	518
Net income · pre-PPA	1,690	1,704	2,057	2,072
EPS · USD/share	6.65	6.71	8.09	8.15
Operating cash flow	1,977	1,991	2,145	2,373
Capex	154	154	163	163
Ending cash	21,830	23,590	25,493	27,623
Ending term debt	0	0	0	0

Remaining quarters

USD millions	2030-Q3 E	2030-Q4 E	2031-Q1 E	2031-Q2 E
Revenue	5,020	5,020	5,469	5,469
Cost of sales	753	753	828	828
Gross profit	4,267	4,267	4,641	4,641
R&D	1,225	1,225	1,215	1,215
SG&A	635	635	665	665
Acquired IPR&D	38	38	38	38
Operating income	2,369	2,369	2,723	2,723
Pretax income	2,611	2,630	2,998	3,021
Tax	522	526	600	604
Net income · pre-PPA	2,089	2,104	2,398	2,417
EPS · USD/share	8.22	8.28	9.44	9.51
Operating cash flow	2,390	2,405	2,524	2,722
Capex	163	163	160	160
Ending cash	29,770	31,932	34,215	36,696
Ending term debt	0	0	0	0

USD millions	2031-Q3 E	2031-Q4 E	2032-Q1 E	2032-Q2 E
Revenue	5,469	5,469	5,911	5,911
Cost of sales	828	828	899	899
Gross profit	4,641	4,641	5,013	5,013
R&D	1,215	1,215	1,205	1,205
SG&A	665	665	693	693
Acquired IPR&D	38	38	38	38
Operating income	2,723	2,723	3,077	3,077
Pretax income	3,046	3,068	3,440	3,463
Tax	609	614	688	693
Net income · pre-PPA	2,437	2,454	2,752	2,771
EPS · USD/share	9.59	9.66	10.83	10.90
Operating cash flow	2,742	2,759	2,884	3,079
Capex	160	160	158	158
Ending cash	39,198	41,717	44,362	47,204
Ending term debt	0	0	0	0

USD millions	2032-Q3 E	2032-Q4 E	2033-Q1 E	2033-Q2 E
Revenue	5,911	5,911	6,346	6,346
Cost of sales	899	899	966	966
Gross profit	5,013	5,013	5,380	5,380
R&D	1,205	1,205	1,195	1,195
SG&A	693	693	719	719
Acquired IPR&D	38	38	38	38
Operating income	3,077	3,077	3,428	3,428
Pretax income	3,492	3,518	3,884	3,915
Tax	698	704	777	783
Net income · pre-PPA	2,794	2,814	3,107	3,132
EPS · USD/share	11.00	11.08	12.23	12.33
Operating cash flow	3,103	3,123	3,246	3,445
Capex	158	158	155	155
Ending cash	50,068	52,953	55,964	59,173
Ending term debt	0	0	0	0

USD millions	2033-Q3 E	2033-Q4 E	2034-Q1 E	2034-Q2 E
Revenue	6,346	6,346	6,692	6,692
Cost of sales	966	966	999	999
Gross profit	5,380	5,380	5,693	5,693
R&D	1,195	1,195	1,185	1,185
SG&A	719	719	734	734
Acquired IPR&D	38	38	38	38
Operating income	3,428	3,428	3,736	3,736
Pretax income	3,949	3,978	4,302	4,338
Tax	790	796	860	868
Net income · pre-PPA	3,159	3,182	3,442	3,470
EPS · USD/share	12.44	12.53	13.55	13.66
Operating cash flow	3,472	3,495	3,619	3,786
Capex	155	155	153	153
Ending cash	62,410	65,669	69,055	72,608
Ending term debt	0	0	0	0

USD millions	2034-Q3 E	2034-Q4 E	2035-Q1 E	2035-Q2 E
Revenue	6,692	6,692	6,971	6,971
Cost of sales	999	999	1,018	1,018
Gross profit	5,693	5,693	5,953	5,953
R&D	1,185	1,185	1,175	1,175
SG&A	734	734	753	753
Acquired IPR&D	38	58	38	38
Operating income	3,736	3,716	3,987	3,987
Pretax income	4,376	4,387	4,674	4,715
Tax	875	877	935	943
Net income · pre-PPA	3,501	3,510	3,740	3,772
EPS · USD/share	13.78	13.82	14.72	14.85
Operating cash flow	3,817	3,826	3,948	4,092
Capex	153	153	150	150
Ending cash	76,192	79,785	83,502	87,363
Ending term debt	0	0	0	0

USD millions	2035-Q3 E	2035-Q4 E	2036-Q1 E	2036-Q2 E
Revenue	6,971	6,971	7,094	7,094
Cost of sales	1,018	1,018	1,027	1,027
Gross profit	5,953	5,953	6,067	6,067
R&D	1,175	1,175	1,115	1,115
SG&A	753	753	737	737
Acquired IPR&D	38	38	35	35
Operating income	3,987	3,987	4,180	4,180
Pretax income	4,757	4,791	5,010	5,045
Tax	951	958	1,002	1,009
Net income · pre-PPA	3,805	3,833	4,008	4,036
EPS · USD/share	14.98	15.09	15.77	15.89
Operating cash flow	4,125	4,153	4,263	4,340
Capex	150	150	143	143
Ending cash	91,258	95,180	99,224	103,345
Ending term debt	0	0	0	0

USD millions	2036-Q3 E	2036-Q4 E	2037-Q1 E	2037-Q2 E
Revenue	7,094	7,094	7,067	7,067
Cost of sales	1,027	1,027	976	976
Gross profit	6,067	6,067	6,091	6,091
R&D	1,115	1,115	1,055	1,055
SG&A	737	737	707	707
Acquired IPR&D	35	50	33	33
Operating income	4,180	4,165	4,296	4,296
Pretax income	5,091	5,113	5,260	5,308
Tax	1,018	1,023	1,052	1,062
Net income · pre-PPA	4,073	4,090	4,208	4,246
EPS · USD/share	16.03	16.10	16.56	16.71
Operating cash flow	4,377	4,395	4,507	4,535
Capex	143	143	135	135
Ending cash	107,503	111,679	115,979	120,307
Ending term debt	0	0	0	0

USD millions	2037-Q3 E	2037-Q4 E	2038-Q1 E	2038-Q2 E
Revenue	7,067	7,067	6,915	6,915
Cost of sales	976	976	915	915
Gross profit	6,091	6,091	6,000	6,000
R&D	1,055	1,055	995	995
SG&A	707	707	675	675
Acquired IPR&D	33	33	30	30
Operating income	4,296	4,296	4,300	4,300
Pretax income	5,357	5,396	5,413	5,465
Tax	1,071	1,079	1,083	1,093
Net income · pre-PPA	4,286	4,317	4,331	4,372
EPS · USD/share	16.87	16.99	17.05	17.21
Operating cash flow	4,575	4,606	4,665	4,645
Capex	135	135	128	128
Ending cash	124,674	129,072	133,542	137,991
Ending term debt	0	0	0	0

USD millions	2038-Q3 E	2038-Q4 E	2039-Q1 E	2039-Q2 E
Revenue	6,915	6,915	6,792	6,792
Cost of sales	915	915	864	864
Gross profit	6,000	6,000	5,928	5,928
R&D	995	995	935	935
SG&A	675	675	644	644
Acquired IPR&D	30	40	28	28
Operating income	4,300	4,290	4,322	4,322
Pretax income	5,517	5,547	5,590	5,644
Tax	1,103	1,109	1,118	1,129
Net income · pre-PPA	4,414	4,437	4,472	4,516
EPS · USD/share	17.37	17.47	17.60	17.77
Operating cash flow	4,687	4,711	4,780	4,774
Capex	128	128	120	120
Ending cash	142,483	146,998	151,594	156,183
Ending term debt	0	0	0	0

USD millions	2039-Q3 E	2039-Q4 E	2040-Q1 E	2040-Q2 E
Revenue	6,792	6,792	5,427	5,427
Cost of sales	864	864	714	714
Gross profit	5,928	5,928	4,713	4,713
R&D	935	935	875	875
SG&A	644	644	588	588
Acquired IPR&D	28	28	25	25
Operating income	4,322	4,322	3,224	3,224
Pretax income	5,700	5,740	4,668	4,706
Tax	1,140	1,148	934	941
Net income · pre-PPA	4,560	4,592	3,734	3,765
EPS · USD/share	17.95	18.08	14.70	14.82
Operating cash flow	4,818	4,850	4,523	4,007
Capex	120	120	113	113
Ending cash	160,817	165,484	169,834	173,669
Ending term debt	0	0	0	0

USD millions	2040-Q3 E	2040-Q4 E	2041-Q1 E	2041-Q2 E
Revenue	5,427	5,427	4,259	4,259
Cost of sales	714	714	586	586
Gross profit	4,713	4,713	3,674	3,674
R&D	875	875	795	795
SG&A	588	588	508	508
Acquired IPR&D	25	25	23	23
Operating income	3,224	3,224	2,348	2,348
Pretax income	4,756	4,790	3,914	3,963
Tax	951	958	783	793
Net income · pre-PPA	3,805	3,832	3,131	3,171
EPS · USD/share	14.98	15.08	12.32	12.48
Operating cash flow	4,047	4,075	3,822	3,394
Capex	113	113	104	104
Ending cash	177,544	181,447	185,113	188,352
Ending term debt	0	0	0	0

USD millions	2041-Q3 E	2041-Q4 E	2042-Q1 E	2042-Q2 E
Revenue	4,259	4,259	3,398	3,398
Cost of sales	586	586	486	486
Gross profit	3,674	3,674	2,911	2,911
R&D	795	795	715	715
SG&A	508	508	442	442
Acquired IPR&D	23	23	20	20
Operating income	2,348	2,348	1,734	1,734
Pretax income	4,010	4,039	3,417	3,463
Tax	802	808	683	693
Net income · pre-PPA	3,208	3,231	2,733	2,770
EPS · USD/share	12.63	12.72	10.76	10.90
Operating cash flow	3,431	3,454	3,282	2,975
Capex	104	104	95	95
Ending cash	191,628	194,927	198,068	200,901
Ending term debt	0	0	0	0

USD millions	2042-Q3 E	2042-Q4 E	2043-Q1 E	2043-Q2 E
Revenue	3,398	3,398	2,644	2,644
Cost of sales	486	486	392	392
Gross profit	2,911	2,911	2,251	2,251
R&D	715	715	635	635
SG&A	442	442	382	382
Acquired IPR&D	20	20	18	18
Operating income	1,734	1,734	1,217	1,217
Pretax income	3,507	3,532	3,000	3,044
Tax	701	706	600	609
Net income · pre-PPA	2,805	2,826	2,400	2,435
EPS · USD/share	11.04	11.12	9.45	9.59
Operating cash flow	3,010	3,030	2,887	2,621
Capex	95	95	86	86
Ending cash	203,769	206,657	209,417	211,910
Ending term debt	0	0	0	0

USD millions	2043-Q3 E	2043-Q4 E	2044-Q1 E	2044-Q2 E
Revenue	2,644	2,644	2,082	2,082
Cost of sales	392	392	319	319
Gross profit	2,251	2,251	1,763	1,763
R&D	635	635	555	555
SG&A	382	382	331	331
Acquired IPR&D	18	18	15	15
Operating income	1,217	1,217	862	862
Pretax income	3,086	3,109	2,755	2,777
Tax	617	622	551	555
Net income · pre-PPA	2,469	2,487	2,204	2,222
EPS · USD/share	9.72	9.79	8.68	8.74
Operating cash flow	2,655	2,672	2,595	2,388
Capex	86	86	77	77
Ending cash	214,437	216,982	219,463	221,738
Ending term debt	0	0	0	0

USD millions	2044-Q3 E	2044-Q4 E	2045-Q1 E	2045-Q2 E
Revenue	2,082	2,082	1,652	1,652
Cost of sales	319	319	261	261
Gross profit	1,763	1,763	1,390	1,390
R&D	555	555	475	475
SG&A	331	331	285	285
Acquired IPR&D	15	15	13	13
Operating income	862	862	618	618
Pretax income	2,818	2,839	2,572	2,613
Tax	564	568	514	523
Net income · pre-PPA	2,255	2,271	2,057	2,091
EPS · USD/share	8.87	8.94	8.10	8.23
Operating cash flow	2,421	2,437	2,377	2,238
Capex	77	77	68	68
Ending cash	224,045	226,369	228,646	230,784
Ending term debt	0	0	0	0

USD millions	2045-Q3 E	2045-Q4 E	2046-Q1 E	2046-Q2 E
Revenue	1,652	1,652	1,324	1,324
Cost of sales	261	261	215	215
Gross profit	1,390	1,390	1,109	1,109
R&D	475	475	420	420
SG&A	285	285	246	246
Acquired IPR&D	13	13	11	11
Operating income	618	618	432	432
Pretax income	2,654	2,673	2,461	2,502
Tax	531	535	492	500
Net income · pre-PPA	2,123	2,139	1,969	2,002
EPS · USD/share	8.36	8.42	7.75	7.88
Operating cash flow	2,271	2,286	2,232	2,134
Capex	68	68	62	62
Ending cash	232,955	235,141	237,283	239,327
Ending term debt	0	0	0	0

USD millions	2046-Q3 E	2046-Q4 E	2047-Q1 E	2047-Q2 E
Revenue	1,324	1,324	1,071	1,071
Cost of sales	215	215	178	178
Gross profit	1,109	1,109	893	893
R&D	420	420	365	365
SG&A	246	246	211	211
Acquired IPR&D	11	11	10	10
Operating income	432	432	307	307
Pretax income	2,543	2,562	2,408	2,450
Tax	509	512	482	490
Net income · pre-PPA	2,035	2,049	1,927	1,960
EPS · USD/share	8.01	8.07	7.58	7.71
Operating cash flow	2,167	2,182	2,145	2,077
Capex	62	62	56	56
Ending cash	241,404	243,495	245,560	247,556
Ending term debt	0	0	0	0

USD millions	2047-Q3 E	2047-Q4 E	2048-Q1 E	2048-Q2 E
Revenue	1,071	1,071	867	867
Cost of sales	178	178	147	147
Gross profit	893	893	720	720
R&D	365	365	310	310
SG&A	211	211	178	178
Acquired IPR&D	10	10	9	9
Operating income	307	307	223	223
Pretax income	2,491	2,509	2,419	2,437
Tax	498	502	484	487
Net income · pre-PPA	1,993	2,007	1,935	1,949
EPS · USD/share	7.84	7.90	7.62	7.67
Operating cash flow	2,110	2,124	2,119	2,052
Capex	56	56	50	50
Ending cash	249,585	251,628	253,676	255,656
Ending term debt	0	0	0	0

USD millions	2048-Q3 E	2048-Q4 E	2049-Q1 E	2049-Q2 E
Revenue	867	867	705	705
Cost of sales	147	147	122	122
Gross profit	720	720	584	584
R&D	310	310	255	255
SG&A	178	178	147	147
Acquired IPR&D	9	9	8	8
Operating income	223	223	174	174
Pretax income	2,478	2,496	2,415	2,458
Tax	496	499	483	492
Net income · pre-PPA	1,983	1,997	1,932	1,966
EPS · USD/share	7.80	7.86	7.61	7.74
Operating cash flow	2,085	2,099	2,085	2,054
Capex	50	50	45	45
Ending cash	257,670	259,697	261,720	263,712
Ending term debt	0	0	0	0

USD millions	2049-Q3 E	2049-Q4 E	2050-Q1 E	2050-Q2 E
Revenue	705	705	577	577
Cost of sales	122	122	101	101
Gross profit	584	584	477	477
R&D	255	255	200	200
SG&A	147	147	118	118
Acquired IPR&D	8	8	6	6
Operating income	174	174	153	153
Pretax income	2,501	2,519	2,464	2,507
Tax	500	504	493	501
Net income · pre-PPA	2,001	2,015	1,971	2,006
EPS · USD/share	7.87	7.93	7.76	7.89
Operating cash flow	2,088	2,102	2,095	2,078
Capex	45	45	39	39
Ending cash	265,737	267,778	269,819	271,845
Ending term debt	0	0	0	0

USD millions	2050-Q3 E	2050-Q4 E	2051-Q1 E	2051-Q2 E
Revenue	577	577	475	475
Cost of sales	101	101	83	83
Gross profit	477	477	392	392
R&D	200	200	173	173
SG&A	118	118	101	101
Acquired IPR&D	6	6	5	5
Operating income	153	153	113	113
Pretax income	2,551	2,569	2,495	2,539
Tax	510	514	499	508
Net income · pre-PPA	2,041	2,055	1,996	2,031
EPS · USD/share	8.03	8.09	7.86	8.00
Operating cash flow	2,113	2,128	2,099	2,094
Capex	39	39	33	33
Ending cash	273,905	275,980	278,034	280,083
Ending term debt	0	0	0	0

USD millions	2051-Q3 E	2051-Q4 E	2052-Q1 E	2052-Q2 E
Revenue	475	475	393	393
Cost of sales	83	83	69	69
Gross profit	392	392	323	323
R&D	173	173	145	145
SG&A	101	101	85	85
Acquired IPR&D	5	5	4	4
Operating income	113	113	90	90
Pretax income	2,584	2,602	2,570	2,588
Tax	517	520	514	518
Net income · pre-PPA	2,067	2,082	2,056	2,071
EPS · USD/share	8.14	8.19	8.09	8.15
Operating cash flow	2,130	2,144	2,141	2,123
Capex	33	33	27	27
Ending cash	282,168	284,267	286,371	288,457
Ending term debt	0	0	0	0

USD millions	2052-Q3 E	2052-Q4 E	2053-Q1 E	2053-Q2 E
Revenue	393	393	326	326
Cost of sales	69	69	58	58
Gross profit	323	323	268	268
R&D	145	145	118	118
SG&A	85	85	70	70
Acquired IPR&D	4	4	3	3
Operating income	90	90	78	78
Pretax income	2,634	2,653	2,604	2,651
Tax	527	531	521	530
Net income · pre-PPA	2,107	2,122	2,084	2,121
EPS · USD/share	8.30	8.35	8.20	8.35
Operating cash flow	2,160	2,175	2,153	2,163
Capex	27	27	22	22
Ending cash	290,580	292,717	294,840	296,974
Ending term debt	0	0	0	0

USD millions	2053-Q3 E	2053-Q4 E	2054-Q1 E	2054-Q2 E
Revenue	326	326	272	272
Cost of sales	58	58	48	48
Gross profit	268	268	224	224
R&D	118	118	90	90
SG&A	70	70	56	56
Acquired IPR&D	3	3	1	1
Operating income	78	78	77	77
Pretax income	2,698	2,717	2,677	2,725
Tax	540	543	535	545
Net income · pre-PPA	2,159	2,174	2,142	2,180
EPS · USD/share	8.50	8.56	8.43	8.58
Operating cash flow	2,201	2,216	2,196	2,213
Capex	22	22	16	16
Ending cash	299,145	301,332	303,506	305,696
Ending term debt	0	0	0	0

USD millions	2054-Q3 E	2054-Q4 E	2055-Q1 E	2055-Q2 E
Revenue	272	272	227	227
Cost of sales	48	48	40	40
Gross profit	224	224	187	187
R&D	90	90	63	63
SG&A	56	56	42	42
Acquired IPR&D	1	1	0	0
Operating income	77	77	83	83
Pretax income	2,773	2,793	2,759	2,809
Tax	555	559	552	562
Net income · pre-PPA	2,219	2,234	2,208	2,247
EPS · USD/share	8.73	8.80	8.69	8.84
Operating cash flow	2,251	2,267	2,248	2,269
Capex	16	16	10	10
Ending cash	307,925	310,170	312,404	314,659
Ending term debt	0	0	0	0

USD millions	2055-Q3 E	2055-Q4 E
Revenue	227	227
Cost of sales	40	40
Gross profit	187	187
R&D	63	63
SG&A	42	42
Acquired IPR&D	0	0
Operating income	83	83
Pretax income	2,858	2,879
Tax	572	576
Net income · pre-PPA	2,287	2,303
EPS · USD/share	9.00	9.06
Operating cash flow	2,309	2,416
Capex	10	10
Ending cash	316,954	319,356
Ending term debt	0	0

Accounting

CASGEVY: gross sales; CRISPR profit/loss share in costs.
Povetacicept Asia: royalty revenue.
Acquisition PPA excluded from earnings.

10-Q ↗Acquisition ↗

Valuation

Risk-adjusted DCF · USDm · through 2055 · terminal value: 0

Asset / deduction	Bear	Base	Bull
Discount rate	11%	10%	9%
Atumelnant · adult CAH	(301)	1,439	8,659
Atumelnant · pediatric CAH	(388)	(140)	1,279
Atumelnant · Cushing	(416)	(269)	1,270
CASGEVY · SCD	317	4,508	15,989
CASGEVY · TDT	18	826	2,880
CF modulators	60,857	108,517	156,554
Inaxaplin	(383)	2,126	11,953
JOURNAVX · acute pain	411	4,003	18,900
PALSONIFY · acromegaly	515	3,732	11,376
Paltusotine · carcinoid	(251)	618	4,888
Povetacicept · gMG	(514)	(318)	2,034
gMG · Zai royalties	0	2	23
Povetacicept · IgAN	600	9,360	34,423
IgAN · Asian royalties	19	227	1,053
Povetacicept · pMN	(545)	795	6,749
pMN · Asian royalties	1	15	100
Suzetrigine · DPN	(753)	632	13,110
VX-407	(578)	(560)	276
VX-670	(911)	(750)	1,971
Zimislecel	(1,176)	(1,224)	(358)
Assets	56,524	133,538	293,128
Central R&D	(20,487)	(26,717)	(36,394)
Central SG&A	(11,109)	(13,805)	(17,649)
Acquired IPR&D	(767)	(1,213)	(1,719)
Operating tax	(5,166)	(18,361)	(47,473)
Net reinvestment	(949)	(2,590)	(5,364)
Enterprise value	18,045	70,852	184,529
Net cash	5,378	5,442	5,475
Equity value	23,423	76,294	190,004
Value / share, USD	92.19	300.30	747.87

Asset cash flows and capital

Asset	Commercial PV	Development	Milestones	rNPV
Atumelnant · adult CAH	1,959	(520)	0	1,439
Atumelnant · pediatric CAH	355	(495)	0	(140)
Atumelnant · Cushing	251	(520)	0	(269)
CASGEVY · SCD	4,884	(376)	0	4,508
CASGEVY · TDT	952	(126)	0	826
CF modulators	110,823	(2,307)	0	108,517
Inaxaplin	2,914	(788)	0	2,126
JOURNAVX · acute pain	4,473	(470)	0	4,003
PALSONIFY · acromegaly	3,881	(150)	0	3,732
Paltusotine · carcinoid	991	(374)	0	618
Povetacicept · gMG	335	(653)	0	(318)
gMG · Zai royalties	2	0	0	2
Povetacicept · IgAN	10,179	(820)	0	9,360
IgAN · Asian royalties	227	0	0	227
Povetacicept · pMN	1,579	(784)	0	795
pMN · Asian royalties	15	0	0	15
Suzetrigine · DPN	1,539	(906)	0	632
VX-407	158	(717)	0	(560)
VX-670	403	(1,135)	(18)	(750)
Zimislecel	224	(1,448)	0	(1,224)

Capital · September 8, 2026

June cash + investments: 13,641.5
Acquisition cash event: (4,400.0)
Interim cash flow · E: 810.3
September cash · E: 10,051.8
Term loan · E: 4,500.0
Finance leases · E: 110.0
Net cash · E: 5,441.7

Shares	Million	Value / share, USD
July 31 basic	253.461	301.01
Basic + Q2 option proxy	254.061	300.30
Gross award stress	257.861	295.87
Q2 weighted diluted	255.200	298.96

Sensitivities

Discount rate × DPN probability

Value / share, USD	40%	60%	80%
8%	343.68	345.64	347.59
9%	319.97	321.75	323.52
10%	298.68	300.30	301.91
11%	279.52	280.99	282.47
12%	262.23	263.58	264.92

Operating sensitivities · base

Assumption	Value / share, USD	Change
ALYFTREK royalty 8%	289.07	(11.23)
CF erosion −2 years	273.15	(27.15)
CF erosion +2 years	322.59	22.29
Term loan · $2bn	300.30	0.00
Transaction fees · $200m	299.90	(0.39)
Working capital 15%	299.53	(0.76)

Literature

J Clin Endocrinol Metab · 2026-03-17

Rapid and Sustained Response of Biochemically Uncontrolled Acromegaly to Once-daily Oral Paltusotine Treatment. ↗

Active acromegaly, randomized trial: IGF-I normalized in 30/54 paltusotine versus 3/57 placebo patients at week 24.

PMID 41128642DOI ↗

Kidney Int Rep · 2025-11-03

Povetacicept for IgA Nephropathy and Primary Membranous Nephropathy. ↗

Open-label IgAN cohort: week 48 remission in 9/17 evaluable patients receiving 80 mg; 21 enrolled.

PMID 41541780DOI ↗

N Engl J Med · 2025-06-20

Stem Cell-Derived, Fully Differentiated Islets for Type 1 Diabetes. ↗

Non-prespecified Phase 1/2 interim: 10/12 full-dose patients insulin-independent at day 365. Immunosuppression required; 14 analyzed, three serious neutropenia cases, two deaths.

PMID 40544428DOI ↗

Anesthesiology · 2025-03-21

Suzetrigine, a Nonopioid Na V 1.8 Inhibitor for Treatment of Moderate-to-severe Acute Pain: Two Phase 3 Randomized Clinical Trials. ↗

Two 48-hour trials: placebo SPID48 endpoints met; hydrocodone/acetaminophen superiority endpoints missed.

PMID 40117446DOI ↗

J Clin Endocrinol Metab · 2024-12-18

Acromegaly Disease Control Maintained After Switching From Injected Somatostatin Receptor Ligands to Oral Paltusotine. ↗

Controlled acromegaly switch trial: normal IGF-I maintained in 25/30 paltusotine versus 1/28 placebo patients at week 36.

PMID 38828555DOI ↗

N Engl J Med · 2024-04-24

Exagamglogene Autotemcel for Transfusion-Dependent β-Thalassemia. ↗

Single-arm: 32/35 evaluable patients transfusion-independent ≥12 months; 52 infused. 95% CI 77–98%.

PMID 38657265DOI ↗

N Engl J Med · 2024-04-24

Exagamglogene Autotemcel for Severe Sickle Cell Disease. ↗

Single-arm: 29/30 evaluable patients severe-crisis-free ≥12 months; 44 infused. 95% CI 83–100%.

PMID 38661449DOI ↗

N Engl J Med · 2023-03-16

Inaxaplin for Proteinuric Kidney Disease in Persons with Two APOL1 Variants. ↗

Phase 2a, uncontrolled. Week 13 UPCR: −47.6% (95% CI −60.0 to −31.3); 13 adherence-qualified patients.

PMID 36920755DOI ↗

N Engl J Med · 2019-10-31

Elexacaftor-Tezacaftor-Ivacaftor for Cystic Fibrosis with a Single Phe508del Allele. ↗

Randomized F508del/minimal-function study: week 4 ppFEV1 difference +13.8 points versus placebo; 403 treated.

PMID 31697873DOI ↗

Corrections

Lancet Respir Med · 2025-01-02

Vanzacaftor-tezacaftor-deutivacaftor versus elexacaftor-tezacaftor-ivacaftor in individuals with cystic fibrosis aged 12 years and older (SKYLINE Trials VX20-121-102 and VX20-121-103): results from two randomised, active-controlled, phase 3 trials. ↗

PMID 39756424DOI ↗

Correction ↗