VRTX — what changed in the latest 10-Q
A section-by-section comparison of VRTX's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-04 vs the prior 10-Q · 2026-05-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +113 | −79 | ~38 | 154 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 10 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | Restated in full this quarter | +61 | 0 | 0 | 0 |
| Other information | Text added/removed | +59 | 0 | ~1 | 2 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-04
and growth from diversification into additional disease areas.
Our cost of sales as a percentage of our net product revenues increased to 14.7% in the second
quarter of 2026 as compared to 13.8% in the second quarter of 2025, as a result of changes in
product mix, partially offset by a lower blended royalty rate for our CF medicines.
•In the second quarter of 2026, we secured reimbursement for ALYFTREK in four additional countries, including
Text removed vs the prior filing · source: 10-Q · 2026-05-05
Our cost of sales as a percentage of our net product revenues was 13.2% in each of the first
quarters of 2026 and 2025, as a result of a lower overall royalty rate for our CF medicines, offset
•The U.S. Food and Drug Administration (the “FDA”) approved label extensions for ALYFTREK and TRIKAFTA,
expanding availability of these medicines to approximately 95% of all people with CF in the United States (the
“U.S.”). With these label extensions, approximately 800 people with CF in the U.S. are newly eligible for a
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-08-04
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, 2025, which was filed with the SEC on February 13, 2026.
We may be unable to complete the Crinetics Acquisition, successfully integrate Crinetics’ business, or realize the
potential commercial benefits of the strategic acquisition, which could adversely affect our business and financial
Our inability to complete the Crinetics Acquisition or to successfully integrate the Crinetics business could have a
Other information
Text added vs the prior filing · source: 10-Q · 2026-08-04
On July 30, 2026, we entered into a revolving credit agreement (the “2026 Revolver”), with Vertex Pharmaceuticals
(Europe) Limited, a private limited company incorporated in England and Wales and a wholly-owned subsidiary of Vertex,
as a co-borrower, Vertex Pharmaceuticals (Ireland) Limited, a private company limited by shares incorporated in Ireland and
a wholly-owned subsidiary of Vertex, as a co-borrower, certain other wholly-owned subsidiaries of Vertex party thereto as
subsidiary guarantors, the lenders and issuing banks party thereto and Bank of America, N.A., as administrative agent, which
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice