Vertex Pharmaceuticals reported third quarter total revenue of 3.44 billion dollars, up 12 percent from a year earlier and slightly ahead of the 3.42 billion dollars analysts surveyed by FactSet had forecast. The company raised its full year 2026 revenue guidance to a range of 13.15 billion to 13.25 billion dollars, from 13.1 billion to 13.2 billion dollars previously.
The higher outlook includes an expected 40 million to 50 million dollars of revenue from Palsonify, the hormone treatment acquired with Crinetics Pharmaceuticals in a deal that closed on September 1. Vertex described rare endocrine disease, built on that acquisition, as its fourth commercial pillar, and pointed to the November 30 FDA decision date for povetacicept in IgA nephropathy as the planned launch of a fifth pillar in renal medicine.
Profit did not follow revenue. Third quarter net income fell to 653.6 million dollars, or 2.56 dollars a share, from 1.08 billion dollars, or 4.20 dollars a share, a year earlier, as total costs and expenses climbed to 2.73 billion dollars from 1.89 billion dollars. Adjusted earnings were 4.76 dollars a share, below the 4.83 dollars analysts expected, and the company raised its full year non-GAAP expense guidance to approximately 6 billion dollars, including 250 million dollars of costs tied to the Crinetics acquisition.
Inside the portfolio, the transition within cystic fibrosis continues: Alyftrek, the once daily successor, is replacing Trikafta rather than simply adding to it, and Trikafta sales declined as patients switched. The newer non-CF products, Casgevy and Journavx, are growing from a small base, and management is already spending to launch povetacicept ahead of its decision date. Shares rose in after hours trading on the revenue beat and the guidance raise.