# Vertex Stock Q3 2026: Revenue Up 12% as Alyftrek Takes Over
> Vertex stock Q3 2026: revenue rose 12% to $3.44bn as Alyftrek nearly tripled to $706m; guidance raised, pove FDA date 30 Nov. Our VRTX analysis.

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## Facts
- Ticker: VRTX
- QSILabs fair value: $318.10 USD
- Price: $553.15 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-11-02); balance sheet from the Q3 2026 earnings release; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/vertex-stock-q3-2026-earnings-alyftrek-povetacicept/

## Short answer
Vertex stock in Q3 2026 is a bet that cystic fibrosis keeps paying for everything else long after its patents run out. Revenue rose 12% to $3.44bn, Alyftrek nearly tripled to $706m as patients switched from Trikafta, and Vertex raised its 2026 revenue guidance to $13.15-13.25bn. Our risk-adjusted NPV puts Vertex at $318.10 per share, about 42% below the $553.15 close on 2 November 2026: the market is paying for cystic fibrosis profits well beyond Alyftrek's 2039 patent expiry and for a kidney pipeline that has yet to reach the market.

## Key takeaways
- Valuation: QSILabs values Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) at $318.10 per share as of Q3 2026, against a $553.15 close on 2 November 2026, about 42% below the market price. Our bear and bull cases are $244.35 and $343.68.
- Q3 2026 results: Vertex's total revenue rose 12% to $3.44bn in the quarter ended 30 September 2026; GAAP net income fell to $654m from $1.08bn, GAAP EPS was $2.56 and non-GAAP EPS $4.76, against $4.20 and $4.80 a year earlier.
- Cystic fibrosis: CF revenue rose 8% to $3.27bn. Alyftrek, the once-daily successor to Trikafta, sold $706m, up from $247m, while Trikafta fell 8% to $2.44bn as patients switched.
- New products: Casgevy sold $99m, nearly six times a year earlier; Journavx $58m, nearly triple; and Palsonify, added with Crinetics on 1 September, $10m in its first month.
- Guidance: Vertex now expects 2026 revenue of $13.15-13.25bn (previously $13.1-13.2bn), including $40-50m from Palsonify, and combined non-GAAP R&D, acquired R&D and SG&A of about $6.0bn (previously $5.65-5.75bn).
- Pipeline: the FDA is due to decide on povetacicept in IgA nephropathy by 30 November 2026; interim data for inaxaplin in APOL1-mediated kidney disease are due in early 2027.

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