Aug 3, 2026 earnings call — Commercial momentum and Crinetics acquisition
Raised full year 2026 revenue guidance to $13.1 billion to $13.2 billion amid strong commercial growth.
Revenue $3.3B (est $3.2B) · EPS $4.73 (est $4.74) · Next-quarter revenue outlook $13.1B–$13.2B
Key quotes
"During the second quarter, we delivered $76 million in CASGEVY revenue, reflecting approximately 75% sequential growth versus quarter 1, 2026 and over 150% year-over-year growth."
"In late May, the FDA accepted our BLA for Pove in IgAN and assigned a PDUFA date of November 30 of this year."
"We believe the 2 lead assets, PALSONIFY and Atumelnant, together represent a peak sales opportunity of about $5 billion."
Analyst Q&A 12
Pove dose decision and pain access
Q (Salveen Richter · Goldman Sachs): Why did the DSMB move Pove in pMN to Phase III and what signal was that based on? Also, where are the bottlenecks now for JOURNAVX on formulary and payer access, including co-pay issues?
A: The DSMB made the decision and based it on the PLA2R biomarker and safety data; they selected the 80-milligram dose consistent with RUBY-3 results showing reduction in PLA2R. JOURNAVX prescriptions and hospital adoption are strong (about 1,400 hospitals and 130 IDNs), two Medicare Part D plans began coverage July 1, and coverage reaches 200 -- 260 million lives; they have a PSP program and expect gross-to-net to normalize to oral branded medicine levels but still have work to secure final access.
"I suppose in many ways, it's not surprising that they picked the 80-milligram dose given the RUBY-3 results, where you could see that the 80 milligrams had a very nice reduction in PLA2R," — Reshma Kewalramani (CEO)
VX-828 goals and DPN plans
Q (Geoffrey Meacham · Citibank): For VX-828 and other Phase I assets, what clinical attributes are you seeking (better effect, less liver monitoring)? And for JOURNAVX, have payers/hospitals given views on diabetic peripheral neuropathy (DPN) expectations and access ahead of data?
A: They have been hyper-focused on acute pain access and will address DPN details in the coming months. For VX-828 (and follow-ons VX-581 and VX-272) they seek potential improved efficacy — more patients getting below less than 30 millimoles — and good safety; monitoring needs will depend on trial results, and once-daily dosing plus good DDIs and drug-like properties remain important.
"We are looking for potential improvement in efficacy, i.e., more people who can get down to less than 30 millimoles." — Reshma Kewalramani (CEO)
IgAN eGFR differences
Q (Jessica Fye · JPMorgan): Will we see material eGFR differences across new IgAN drugs like povetacicept and competitors, and over what time horizon would any differences appear?
A: They said reductions in proteinuria should lead to GFR stabilization, and they expect the same with APRIL-BAFF inhibitors. Differentiation between molecules will depend on how much they reduce proteinuria, hematuria, and Gd-IgA1, with the ultimate meaningful difference being time to ESRD; 1-year and 2-year GFR are intermediate steps toward that endpoint.
"Good reductions in proteinuria should, based on everything we know, result in stabilization of GFR." — Reshma Kewalramani (CEO)
Inaxaplin accelerated approval criteria
Q (Cory Kasimov · Evercore): For AMPLITUDE, what data at the interim analysis would allow a filing for accelerated approval? What constitutes a win at the first data look?
A: They have an agreement with the agency that potential accelerated approval could be based on the interim analysis primary endpoint, which is 1-year GFR. They will also look at proteinuria, but the regulatory agreement for an accelerated filing hinges on 1-year GFR.
"the agreement with the agency for the potential to file for accelerated approval based on the interim analysis is 1-year GFR." — Reshma Kewalramani (CEO)
Pain competition and zimi timing
Q (Brian Abrahams · RBC): How do you see acute pain dynamics evolving with more NaV1.8 entrants? And for type 1 diabetes, how could syncing the filing with VX-017 affect zimislecel launch timing?
A: They noted many followers after Vertex's earlier VX-150 work but Vertex advanced VX-548 for better drug-like properties; there is strong industry appetite for non-opioid pain drugs and they like their position with JOURNAVX and the prospect of a NaV1.7/1.8 combo. For type 1 diabetes, the zimislecel program is in Phase I/II/III and serves about 60,000 people in the U.S. and Europe; the VX-017 Type O program could serve about 120,000, and they are working to possibly bring the Type O program first or close behind, with time lines to be given in the back half of the year.
"it serves about 60,000 people in the U.S. and Europe." — Reshma Kewalramani (CEO)
Sources of non-CF revenue
Q (Evan Seigerman · BMO): You've kept the target of at least $500 million non-CF revenue this year. Should the upside come mostly from accelerating CASGEVY patient starts, continued JOURNAVX growth, or both?
A: Through the first half, CASGEVY and JOURNAVX combined delivered about $200 million in revenue, and CASGEVY has been the larger contributor to date. They are confident they will reach $500 million plus for the year but would not provide additional detail on the balance of contributors.
"So far in the first half of the year, CASGEVY and JOURNAVX combined delivered about $200 million in revenue." — Charles Wagner (CFO)
Pove launch vs competitor eGFR
Q (Michael Yee · UBS): Given competitor eGFR data showing stabilization, how do you view that vs povetacicept for launch and market opportunity?
A: They said the competitor's eGFR stabilization is consistent with expectations from proteinuria reduction. For Pove, they expect very strong proteinuria results (52% change from baseline) plus 70-plus percent reductions in hematuria and Gd-IgA1, and they highlight patient-centric delivery: once-monthly, small-volume 0.46 ml auto-injector; they are excited about Pove for launch after PDUFA.
"I see us putting up very strong numbers on proteinuria, numerically, the best out there, 52% change from baseline in terms of proteinuria reduction, 70-plus percent reductions in hematuria and 70-plus percent reductions in Gd-IgA1." — Reshma Kewalramani (CEO)
RAINIER data and Pove benefits
Q (Tazeen Ahmad · BofA): Will you present more RAINIER data this year and what will it be? Also, in gMG, what additional benefits could Pove bring on efficacy, safety, or dosing frequency?
A: They plan to present the full RAINIER IA data set at a fall conference. For gMG, Pove offers a three-way benefit: engineered TACI with likely stronger efficacy versus wild-type TACI, no need to cycle on/off which helps safety and efficacy, and low-volume once-monthly auto-injector (80 mg or 240 mg) for at-home use; they expect Pove to be better across all three dimensions.
"we plan to present the full RAINIER IA data set." — Reshma Kewalramani (CEO)
CF sweat chloride benchmark
Q (Philip Nadeau · TD Cowen): How will you interpret competitor sweat chloride reductions above TRIKAFTA? Is there a sweat chloride threshold that matters, or is the percent of patients reaching less than 30 millimoles the key?
A: They said the key benchmark is getting more patients to less than 30 millimoles; ALYFTREK already gets about two-thirds of patients there and the distribution overlap makes the bar exceptionally high. Any competitive medicine must also be safe, well tolerated, have good DDIs and be once daily, but the primary efficacy mark is the proportion below 30 millimoles.
"So with those kind of data, I think that the bar is exceptionally high and rests on getting more patients to less than 30 millimoles." — Reshma Kewalramani (CEO)
AMPLIFIED timing and read-through
Q (Terence Flynn · Morgan Stanley): Can you set expectations for the AMPLIFIED Phase II results and explain any read-through to AMPLITUDE?
A: AMPLIFIED (the Phase II basket study) is complete and they are on track to share results this fall. The study looks at whether in patients with modest baseline proteinuria (0.2 to 0.7 grams) or in diabetes they can derive proteinuria benefit; these expanded populations are separate from AMPLITUDE and were intentionally kept separate to study each population individually.
"We are on track for us to be able to share results this fall." — Reshma Kewalramani (CEO)
JOURNAVX prescription length (days)
Q (Mohit Bansal · Wells Fargo): How many days of therapy are physicians writing per JOURNAVX prescription and has that changed over the last few quarters?
A: In hospitals prescriptions are about 5 days and in retail about 12 to 14 days, which averages to around 10 or 11 days per prescription. That pattern has not changed since launch because it is driven by the institution where the patient is treated.
"So on average, you net out at around about 10 or 11 days or so for each JOURNAVX prescription." — Duncan J. McKechnie
DM1 Phase II data expectations
Q (Eliana Merle · Barclays): For the DM1 program, what would be meaningful data at the second-half update and how do you view this program versus other DM1 competitors?
A: They noted there is no clear correlation across endpoints used in this field, and Phase II studies typically measure splicing, vHOT (hand opening/closing time) and QMT (muscle function). Splicing is important and they will look at splicing plus QMT and vHOT in small patient numbers; their oligo is linked to a circular peptide with a nuclear localizing domain to help get into the nucleus, and they view that as having fewer safety tolerability concerns than some other approaches.
"Of all of those, splicing is an important one, and we certainly are looking at splicing and these measures of muscle function are also something that we're looking at." — Reshma Kewalramani (CEO)