Vertex (VRTX) Q2 2026: ALYFTREK +266%, Margin Slips to 37.4%
Vertex's flagship TRIKAFTA is shrinking, and that is by design. TRIKAFTA/KAFTRIO revenue fell 2.1% to $2,497.2 million in the second quarter, but its successor ALYFTREK jumped 266% to $573.6 million, pushing the whole cystic fibrosis franchise up 10.6% to $3,207.9 million. The catch is that growth cost money: operating income rose only 8.3% against 12.5% revenue growth, and the operating margin narrowed from 38.9% to 37.4%. Management nonetheless raised full-year 2026 revenue guidance to $13.1–$13.2 billion from $12.95–$13.1 billion — a range that explicitly excludes the pending Crinetics deal. Vertex is paying up front to convert a one-drug company into a multi-franchise one, and in July it raised the stakes with a $10.0 billion cash offer for Crinetics Pharmaceuticals.
1. Consolidated Balance Sheet
1-1. Major asset lines
| Item | Dec 31, 2025 ($M) | Jun 30, 2026 ($M) | Change |
|---|---|---|---|
| Cash and cash equivalents | 5,084.8 | 6,143.5 | +20.8% |
| Marketable securities (current) | 1,523.3 | 1,708.9 | +12.2% |
| Accounts receivable, net | 2,052.8 | 2,134.3 | +4.0% |
| Inventories | 1,686.8 | 1,765.1 | +4.6% |
| Property and equipment, net | 1,520.3 | 1,665.0 | +9.5% |
| Goodwill | 1,088.0 | 1,088.0 | 0.0% |
| Other intangible assets, net | 424.2 | 412.8 | -2.7% |
| Long-term marketable securities | 5,712.3 | 5,789.1 | +1.3% |
| Total assets | 25,643.0 | 27,423.3 | +6.9% |
Source: Vertex Q2 2026 Form 10-Q, condensed consolidated balance sheets.
The most useful signal here is what did not grow. Revenue rose 10.2% in the first half, but receivables rose only 4.0% and inventories only 4.6% over the same six months. Sales are converting to cash rather than piling up as claims on customers or unsold product. Days sales outstanding — how long it takes to collect a bill — work out to roughly 58 days on second-quarter revenue (our calculation: quarter-end receivables divided by average daily Q2 revenue; the company does not disclose the metric).
