Vertex Pharmaceuticals (VRTX) stock trades at 28.9 times earnings, compared with 22.9 for the S&P 500, a price at which buyers appear to expect its growth to last. Before paying that price, you want to know what you own, and the company's priorities have changed.
Vertex Pharmaceuticals (VRTX) stock trades at 28.9 times earnings, compared with 22.9 for the S&P 500, a price at which buyers appear to expect its growth to last.
Before paying that price, you want to know what you own, and the company's priorities have changed.
Vertex Pharmaceuticals (VRTX) stock trades at 28.9 times earnings, compared with 22.9 for the S&P 500, a price at which buyers appear to expect its growth to last. Before paying that price, you want to know what you own, and the company’s priorities have changed. During its fiscal Q3 2024 call, management said it expected sustained revenue growth in cystic fibrosis (CF) over the short, medium and long term. The latest call still called CF a franchise with sustained growth, but it spent more time on what comes after CF. So what is management making the case for now?
Vertex Now Talks Up Medicines Beyond Cystic Fibrosis
During its fiscal Q2 2026 call in August, management said the emerging renal franchise could one day rival CF in revenue. Executives also made the case for an agreement to acquire Crinetics for about $8.8 billion, net of the cash it acquires. That deal, management said, would add a fifth pillar in rare endocrine diseases.
That shift matters because CF still accounts for most of Vertex. TRIKAFTA/KAFTRIO, the company’s main CF medicine, generated 85.9% of company revenue in fiscal 2025. Growth for the treatment slowed to 0.7% that year, down from 14.5% in fiscal 2024.
So far, CF as a whole is still growing. Global CF revenue rose 11% from a year earlier in fiscal Q2 2026. Management said strong uptake of ALYFTREK, its newer CF medicine, led the volume growth in the U.S.
When Vertex Pharmaceuticals is a large share of what you own, what its management stops saying matters more. See how to protect a concentrated position.
How Big Are CASGEVY And JOURNAVX So Far?
CASGEVY and JOURNAVX, the two newer medicines Vertex already sells outside of CF, combined to bring in $126 million of the $3.33 billion the company reported for fiscal Q2 2026. Both treatments are growing fast. CASGEVY, a one-time gene therapy for sickle cell disease and beta thalassemia, generated $76 million, up about 75% from the prior quarter. JOURNAVX, a pain medicine, earned $50 million, up about 70% on the same basis.
Averytin News Financial update.