VERTEX PHARMACEUTICALS INC / MA
For the period ended Mar 31, 2026. Filed May 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0000875320-25-000232
Item 1A. Risk FactorsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0000875320-26-000173
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 24 previous paragraphs and 57 current paragraphs.
5 unchanged; 19 reworded; 11 added; 0 removed; 0 previous and 22 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
for existing therapies, including the anticipated launch of povetacicept for the treatment of IgAN;
Current report
regulatory approval, including our expectations regarding the FDA’s review of the BLA for povetacicept on an
Current report
expedited basis of six months from the date of FDA acceptance of the BLA;
Reworded paragraphs (19)
Previous wording
The information presented below supplements the risk factors set forth in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025. There have been no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K.
Current wording
The information presented below supplements the risk factors set forth in Part I, Item 1A. “Risk Factors” of our Annual
Previous wording
This Quarterly Report on Form 10-Q and, in particular, our Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in Part I, Item 2, contain a number of forward-looking statements. Forward-looking statements are not purely historical and may be accompanied by words such as “anticipates,” “may,” “forecasts,” “expects,” “intends,” “plans,” “potentially,” “believes,” “seeks,” “estimates,” and other words and terms of similar meaning. Such statements may relate to:
Current wording
This Quarterly Report on Form 10-Q and, in particular, our Management’s Discussion and Analysis of Financial
Previous wording
•product development, including our development timelines, timing of data from our ongoing and planned clinical trials, regulatory authority filings and other submissions for our therapies, including potential to file for accelerated approvals, and communications with regulatory authorities;
Current wording
•product development, including our development timelines, timing of data from our ongoing and planned clinical
Previous wording
•our ability to continue to grow our CF business by increasing the number of people with CF eligible and able to receive our medicines through new approvals and reimbursement agreements, treatment of younger patients, increased survival, and expansion into additional geographies;
Current wording
•our ability to continue to grow our CF business by increasing the number of people with CF eligible and able to
Previous wording
•our ability to continue to launch, commercialize and market our products and our ability to obtain label expansions for existing therapies;
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•our ability to continue to launch, commercialize and market our products and our ability to obtain label expansions
Previous wording
•our ability to obtain and maintain adequate coverage, pricing, and reimbursement from third-party payors for our products;
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•our ability to obtain and maintain adequate coverage, pricing, and reimbursement from third-party payors for our
Previous wording
•the data that will be generated by ongoing and planned clinical trials, preclinical and nonclinical studies, and the ability to use that data to advance compounds, continue development or support regulatory filings;
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•the data that will be generated by ongoing and planned clinical trials, preclinical and nonclinical studies, and the
Previous wording
•our plans to continue investing in our research and development programs, including anticipated timelines for our programs, and our strategy to develop our pipeline programs, alone or with third party-collaborators;
Current wording
•our plans to continue investing in our research and development programs, including anticipated timelines for our
Previous wording
•our ability to use our research programs to identify and develop new product candidates to address serious diseases and significant unmet medical needs;
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•our ability to use our research programs to identify and develop new product candidates to address serious diseases
Previous wording
•plans for and prospects of our business development activities, including the potential benefits and therapeutic scope of our collaborations, our ability to integrate and continue operations of acquired businesses, and our ability to successfully capitalize on these opportunities;
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of our collaborations, our ability to integrate and continue operations of acquired businesses, and our ability to
Previous wording
•the establishment, development and maintenance of collaborative relationships, including potential milestone payments or other obligations, and other potential business development activities, including the identification of potential collaborative partners or acquisition targets;
Current wording
payments or other obligations, and other potential business development activities, including the identification of
Previous wording
•our plans to build and maintain our global supply chains and manufacturing infrastructure and capabilities, including for biologics, cell and gene therapies;
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•our plans to build and maintain our global supply chains and manufacturing infrastructure and capabilities, including
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•our ability to expand and protect our intellectual property portfolio and otherwise maintain exclusive rights to products;
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•our ability to expand and protect our intellectual property portfolio and otherwise maintain exclusive rights to
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•our expectations or beliefs regarding any legal proceedings in which we are involved, including any litigation, arbitration or other similar proceedings involving our products, product candidates or activities;
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•our expectations or beliefs regarding any legal proceedings in which we are involved, including any litigation,
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•potential fluctuations in foreign currency exchange rates and the effectiveness of our foreign currency management program;
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•potential fluctuations in foreign currency exchange rates and the effectiveness of our foreign currency management
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•our expectations regarding cash generated by operations, our cash balance and expected generation and interest income;
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•our expectations regarding cash generated by operations, our cash balance and expected generation and net interest
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•our expectations regarding our provision for or benefit from income taxes and the utilization of our deferred tax assets; and
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•our expectations regarding our provision for or benefit from income taxes and the utilization of our deferred tax
Previous wording
Forward-looking statements are subject to certain risks, uncertainties, or other factors that are difficult to predict and could cause actual events or results to differ materially from those indicated in any such statements. These risks, uncertainties, and other factors include, but are not limited to, those described in our “Risk Factors”in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and those described from time to time in our future reports filed with the Securities and Exchange Commission.
Current wording
Forward-looking statements are subject to certain risks, uncertainties, or other factors that are difficult to predict and
Previous wording
Any such forward-looking statements are made on the basis of our views and assumptions as of the date of the filing and are not estimates of future performance. Except as required by law, we undertake no obligation to publicly update any forward-looking statements. The reader is cautioned not to place undue reliance on any such statements.
Current wording
Any such forward-looking statements are made on the basis of our views and assumptions as of the date of the filing and
Rearranged current paragraphs (22)
Current report — wording carried from elsewhere
Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 13, 2026. There
Current report — wording carried from elsewhere
have been no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K.
Current report — wording carried from elsewhere
Condition and Results of Operations set forth in Part I, Item 2, contain a number of forward-looking statements. Forward-
Current report — wording carried from elsewhere
looking statements are not purely historical and may be accompanied by words such as “anticipates,” “may,” “forecasts,”
Current report — wording carried from elsewhere
“expects,” “intends,” “plans,” “potentially,” “believes,” “seeks,” “estimates,” and other words and terms of similar meaning.
Current report — wording carried from elsewhere
trials, regulatory authority filings and other submissions for our therapies, including the potential to file for
Current report — wording carried from elsewhere
accelerated approvals, and communications with regulatory authorities;
Current report — wording carried from elsewhere
receive our medicines through new approvals, label extensions and reimbursement agreements, treatment of younger
Current report — wording carried from elsewhere
patients, increased survival, and expansion into additional geographies;
Current report — wording carried from elsewhere
ability to use that data to advance compounds, continue development or support regulatory filings, or accelerate
Current report — wording carried from elsewhere
programs, and our strategy to develop our pipeline programs, alone or with third party-collaborators;
Current report — wording carried from elsewhere
•plans for and prospects of our business development activities, including the potential benefits and therapeutic scope
Current report — wording carried from elsewhere
•the establishment, development and maintenance of collaborative relationships, including potential milestone
Current report — wording carried from elsewhere
potential collaborative partners or acquisition targets;
Current report — wording carried from elsewhere
for biologics, cell and gene therapies;
Current report — wording carried from elsewhere
arbitration or other similar proceedings involving our products, product candidates or activities;
Current report — wording carried from elsewhere
could cause actual events or results to differ materially from those indicated in any such statements. These risks,
Current report — wording carried from elsewhere
uncertainties, and other factors include, but are not limited to, those described in our “Risk Factors”in Item 1A of our Annual
Current report — wording carried from elsewhere
Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 13, 2026, and those
Current report — wording carried from elsewhere
described from time to time in our future reports filed with the Securities and Exchange Commission.
Current report — wording carried from elsewhere
are not estimates of future performance. Except as required by law, we undertake no obligation to publicly update any
Current report — wording carried from elsewhere
forward-looking statements. The reader is cautioned not to place undue reliance on any such statements.