Vertex Pharmaceuticals (VRTX) official guidance

| Non-GAAP effective tax rate | Unchanged | 19.5% to 20.5% |

We also continue to expect our non-GAAP effective tax rate to be in the range of 19.5%-20.5% for the full year 2026.

| Non-GAAP effective tax rate | Unchanged | 19.5% to 20.5% |

We anticipate our non-GAAP effective tax rate to be in the range of 19.5%-20.5% for 2026, as we do not expect a repeat of the one-time tax benefits we experienced in 2025.

| Non-GAAP effective tax rate | 19.5% to 20.5% |

Our outlook for full year gross margin remains at just under 86%, reflecting the growing non-CF product mix impact and ongoing investments in manufacturing network and process development for various products.

Vertex reiterated its full year 2026 guidance for combined GAAP and non-GAAP R&D, AIPR&D, and SG&A expenses of $6.3 billion to $6.45 billion and $5.65 billion to $5.75 billion, respectively.

We are also reiterating our combined non-GAAP operating expense guidance of $5.65 billion-$5.75 billion, reflecting continued investment in our late-stage clinical pipeline and commercial infrastructure and activities for new launches and revenue diversification.

| Combined non-GAAP R&D, AIPR&D and SG&A expenses\* | Unchanged | $5.65 to $5.75 billion |

Additionally, we expect combined non-GAAP operating expenses to be in the range of $5.65 billion-$5.75 billion as we continue to invest in our late-stage clinical pipeline and commercial build outs in support of new launches and revenue diversification, particularly for genetics in acute pain and for renal.

| Combined non-GAAP R&D, AIPR&D and SG&A expenses \* | $5.65 to $5.75 billion |

We remain on track to more than triple the 550,000 prescriptions from 2025 and for revenue growth to significantly exceed prescription growth.

In 2026, we expect to more than triple the number of JOURNAVX prescriptions compared to the approximately 550,000 written in 2025.

Embedded in this guidance are expectations for continued growth in CF, including the continued global uptake of ALYFTREK and TRIKAFTA, as well as $500 million or more in revenue from non-CF products, namely CASGEVY and JOURNAVX.

We continue to have high confidence in our outlook for revenue of $500 million or more from non-CF products driven by growing CASGEVY infusions, where we have good line of sight given the length of the patient journey and a meaningful ramp in JOURNAVX prescriptions and revenue as gross to net normalizes through the second half of the year.

Vertex’s total revenue guidance of $12.95 billion to $13.1 billion includes expectations for continued growth in CF, including the ongoing U.S. rollout and ex-U.S. launches of ALYFTREK, as well as $500 million or more in revenue from non-CF products, including increased patient infusions of CASGEVY through Vertex’s global ATC network and growth in prescriptions and revenue from the second year of the launch of JOURNAVX.

This outlook anticipates continued solid performance from our CF franchise and a $500 million or greater revenue contribution from non-CF products, including greater volumes of patient infusions for CASGEVY and a ramp of JOURNAVX prescriptions.

| Non-CF product revenue | $0.5 billion or greater |

Vertex today raised its full year 2026 total revenue guidance to $13.1 billion to $13.2 billion from $12.95 billion to $13.1 billion previously.

We are reiterating our 2026 total revenue guidance of $12.95 billion-$13.1 billion, representing growth of 8%-9%.

Vertex’s total revenue guidance of $12.95 billion to $13.1 billion includes expectations for continued growth in CF, including the ongoing U.S. rollout and ex-U.S. launches of ALYFTREK, as well as $500 million or more in revenue from non-CF products, including increased patient infusions of CASGEVY through Vertex’s global ATC network and growth in prescriptions and revenue from the second year of the launch of JOURNAVX.

We expect full-year 2026 total company revenue to be in the range of $12.95 billion-$13.1 billion, representing 8%-9% growth versus the prior year.

| Total revenue | $12.95 to $13.1 billion |

Vertex’s guidance for both combined GAAP and non-GAAP R&D, AIPR&D, and SG&A expenses includes expectations for continued investment in multiple mid- and late-stage clinical development programs and commercialization capabilities, and approximately $100 million of currently anticipated AIPR&D expenses.

Vertex’s guidance for both combined GAAP and non-GAAP R&D, AIPR&D and SG&A expenses includes expectations for continued investment in multiple mid- and late-stage clinical development programs and commercial and manufacturing capabilities, and approximately $100 million of currently anticipated AIPR&D expenses.

| Combined GAAP R&D, AIPR&D and SG&A expenses \* | Unchanged | $6.3 to $6.45 billion |

| Combined GAAP R&D, AIPR&D and SG&A expenses \* | $6.3 to $6.45 billion |

*The difference between the combined GAAP R&D, AIPR&D and SG&A expenses and the combined non-GAAP R&D, AIPR&D and SG&A expenses guidance relates primarily to $650 million to $700 million of stock-based compensation expense.

| \*The difference between the combined GAAP R&D, AIPR&D and SG&A expenses and the combined non-GAAP R&D, AIPR&D and SG&A expenses guidance relates primarily to $650 million to $700 million of stock-based compensation expense. | |

This guidance also includes an immaterial cost impact from tariffs in 2026 based on currently known tariff rates and regulations.

In addition, based on our understanding of current rules, we do not expect a material impact from tariffs given our diversified supply chain and large U.S. manufacturing presence, but this outlook is subject to change.

This guidance also includes an immaterial cost impact from tariffs in 2026 based on currently known tariff rates and regulations.

In addition, Vertex lowered its prior non-GAAP effective tax rate guidance of 20.5% to 21.5% to a new range of 17% to 18% to incorporate several one-time tax benefits.

Vertex is also revising full year 2025 guidance for combined GAAP and non-GAAP operating expenses. Combined GAAP and non-GAAP R&D, AIPR&D, and SG&A expenses are now expected to be approximately $5.65 to $5.8 billion and $5.0 to $5.1 billion, respectively.