VRTX: Takeaways from the pre-Q2 call

研报英文原文证据摘录

VRTX: Takeaways from the pre-Q2 call

NORTH AMERICA | Biotechnology

Vertex EquityJulyResearch2, 2026

COMPANY UPDATEVRTX: Takeaways from the pre-Q2 call

We caught up with VRTX IR ahead of Q2 earnings. Here are our takeaways from RATING BUY

the call: PRICE $528.04^

PRICE TARGET | % TO PT $580.00 | +10%

Q2 dynamics & FY'26: VRTX noted CF full-year guidance remains on track - additionally, Q1 CF 52W HIGH-LOW $529.14 - $362.50

inventory build has largely reversed & co didn't call out any incremental inventory dynamic into Q2. FLOAT (%) | ADV MM (USD) 98.9% | 911.67

VRTX reiterated full-year gross margin should be just under 86%, with newer launches (Casgevy/

MARKET CAP $135.2B

Journavx) being somewhat dilutive, as they're not yet at scale. R&D remains steady while sales

& marketing expenses continue to reflect renal sales force build + additional pain reps who have TICKER VRTX

already been onboarded. ^Priornoted.trading day's closing price unless otherwise

Cystic Fibrosis: VRTX noted CF franchise remains durable w/ continued uptake of Alyftrek, esp. in

EU (no liver monitoring requirement). On upcoming competitive readout from SION (SION-719 on FY (Dec) CHANGE TO JEFe JEF vs CONS

top of Trikafta), VRTX thinks ppFEV1 improvement has reached a therapeutic ceiling (esp. in older 2026 2027 2026 2027

pts where irreversible lung scarring limits incremental lung function gains). REV NA NA NM NM

VRTX flagged Alyftrek already gets a large share of younger pts to carrier/normal SwCl levels, EPS NA NA NA NA•

e.g., ~two-thirds of 2-5y/o and >50% of 6-11y/o, leaving limited unmet need in younger pts. Co

views the remaining opportunity as skewed toward older 12+ pts, where next-gen correctors 2026 ($) Q1A Q2 Q3 Q4 FY

aim to drive a higher % of SwCl reductions due to improved potency.