Key Highlights

  • Vertex Pharmaceuticals reported Revenue of $3.44 billion, up 12%, and raised 2026 revenue guidance to $13.15 billion to $13.25 billion.
  • Neurocrine Biosciences posted revenue of $1,122.7 million, up 41.2%, with Net Income of $206.5 million.
  • Krystal Biotech reported revenue of $127.3 million, up 30%, and authorized a buyback of up to $400 million.
  • Jazz Pharmaceuticals posted record revenue of $1.243 billion but a net loss of $483.4 million after a $754.2 million research charge.
  • BioMarin reported its first $1 billion quarter and lowered 2026 revenue guidance to $3.8 billion to $3.9 billion.

Which Pharmaceutical and Biotech Companies Reported Third-Quarter 2026 Results?

Five pharmaceutical and biotech companies reported third-quarter 2026 results for the period ended Sep 30, 2026, all on Nov 2, 2026. Revenue grew at every one, with growth rates between 10.4% and 41.2%, but profits and guidance diverged.

Vertex Pharmaceuticals (NASDAQ:VRTX) reported revenue of $3.44 billion, up 12%, with GAAP net income of $654 million. Neurocrine Biosciences (NASDAQ:NBIX) posted revenue of $1,122.7 million, up 41.2%, and net income of $206.5 million. Krystal Biotech (NASDAQ:KRYS) reported revenue of $127.3 million, up 30%, and net income of $63.1 million.

Jazz Pharmaceuticals (NASDAQ:JAZZ) posted revenue of $1.243 billion, up about 10%, but a net loss of $483.4 million. BioMarin (NASDAQ:BMRN) reported revenue of $1,025 million, up 32%, and a GAAP net loss of $123 million.

The sections follow the group order rather than a ranking. Revenue bases differ widely, and the two loss-makers both carried acquisition-related charges.

Vertex Pharmaceuticals: Why Did GAAP Profit Fall While Guidance Rose?

Vertex Pharmaceuticals reported revenue of $3.44 billion, up 12% from $3.08 billion, driven by cystic fibrosis medicines and contributions from CASGEVY, JOURNAVX and PALSONIFY. GAAP net income fell about 39.6% (calculated) to $654 million, or $2.56 per diluted share, on expenses tied to an Acquisition that closed Sep 1, 2026.

Non-GAAP net income held at $1.2 billion, and non-GAAP EPS was $4.76 versus $4.80. The company raised full-year revenue guidance to $13.15 billion to $13.25 billion from $13.1 billion to $13.2 billion.

Cash and marketable securities were $9.8 billion, down from $12.3 billion at Dec 31, 2025, after $9.0 billion of net cash used for the acquisition and share repurchases, partly offset by a $4.5 billion term loan.

Neurocrine Biosciences: What Lifted Revenue 41.2% to $1.1 Billion?

INGREZZA sales were $801.5 million, up from $686.6 million, while CRENESSITY more than doubled to $210.8 million and VYKAT XR added $106.7 million after a May 2026 acquisition. INGREZZA sales included a $20 million benefit from customer order timing that management expects to reverse in the fourth quarter.

Net income was $206.5 million, or $1.96 per diluted share, slightly below $209.5 million, or $2.04, as a $52.3 million unrealized loss on Equity investments replaced a $30.6 million gain. Research and Development expense rose to $351.8 million from $250.0 million.

Full-year INGREZZA guidance rose to $2.9 billion to $2.925 billion. Cash and marketable securities fell to $789.7 million from $2,543.4 million at the end of 2025.

Krystal Biotech: Does a Tax Comparison Explain Lower Net Income on 30% Growth?

Krystal Biotech reported revenue of $127.3 million, all from its gene therapy Vyjuvek, up from $97.8 million. Income from operations rose 72% (calculated) to $71.1 million from $41.4 million.

Net income of $63.1 million, or $2.05 per diluted share, trailed $79.4 million, or $2.66, because the prior-year quarter included a $31.4 million income tax benefit while the latest quarter carried $17.1 million of tax expense.

The board authorized a share repurchase program of up to $400 million in October 2026, and cash and investments exceeded $1.2 billion. Guidance is expense-only: non-GAAP research plus SG&A guidance was lowered to $155 million to $165 million, with no revenue guidance in the files.

Jazz Pharmaceuticals: How Did Record Sales End in a $483.4 Million Loss?

Jazz Pharmaceuticals posted record revenue of $1.243 billion versus $1.126 billion, led by Xywav net sales of $483 million, up 12%, and 35% oncology growth. Ziihera generated $21 million in its first quarter on the market.

An acquisition completed Sep 15, 2026 was booked as a $754.2 million acquired in-process R&D expense, which drove an operating loss of $413.4 million and a net loss of $483.4 million, or $7.48 per share. Management said non-GAAP loss per share was $3.88.

The company raised and narrowed 2026 revenue guidance to $4.775 billion to $4.85 billion. It issued $1.25 billion of convertible notes in the quarter, and the prior guidance range is not stated in the files.

BioMarin: Why Did a First $1 Billion Quarter Come With Lower Guidance?

BioMarin reported revenue of $1,025 million, up 32% from $776 million, its first quarter above $1 billion. Metabolic Conditions revenue rose 44% to $744 million, and VOXZOGO grew 12% to $245 million.

The GAAP net loss was $123 million, or $0.63 per share, reflecting amortization, acquisition Debt interest, integration costs and $287.7 million of acquired in-process research. Non-GAAP EPS was $0.23 versus $0.12.

Revenue guidance was lowered to $3.8 billion to $3.9 billion from $3.875 billion to $3.925 billion after a single international customer deferred orders totaling roughly $70 million. Non-GAAP EPS guidance fell to $2.80 to $3.10 from $4.90 to $5.10.

Drugmaker Revenue Growth and Margins Compared: A 25.2% Average With Wide Net Income Gaps

Revenue growth across the five companies averaged 25.2% (calculated), with a spread of 30.8 percentage points (calculated) between Neurocrine Biosciences at 41.2% and Jazz Pharmaceuticals at 10.4%. Combined revenue was about $6,959 million (calculated), and combined net income about $317 million (calculated) after two losses.

Net Margin differed sharply. Krystal Biotech's was about 49.6% (calculated), against 19.0% (calculated) for Vertex Pharmaceuticals and 18.4% (calculated) for Neurocrine Biosciences. Vertex Pharmaceuticals' revenue was about 27 times (calculated) Krystal Biotech's.

Guidance moved in different directions. Vertex Pharmaceuticals, Neurocrine Biosciences and Jazz Pharmaceuticals raised outlooks, BioMarin lowered revenue and EPS guidance, and Krystal Biotech lowered an expense range. Bases differ because GAAP figures include deal charges at Vertex Pharmaceuticals, Jazz Pharmaceuticals and BioMarin.

What to Watch Next: FDA Dates, an R&D Day and Deferred Orders

Vertex Pharmaceuticals has an FDA target action date of Nov 30, 2026 for povetacicept in IgA nephropathy, and a new CFO takes over on Jan 1, 2027. Neurocrine Biosciences hosts its R&D Day in New York on Dec 15, 2026, with 2027 INGREZZA guidance due in February.

BioMarin has FDA action dates of Feb 28, 2027 for VOXZOGO in achondroplasia and May 30, 2027 for hypochondroplasia, and expects its deferred orders around the turn of the year. Jazz Pharmaceuticals has an FDA decision date of Apr 16, 2027 for a new Epidiolex capsule.

Krystal Biotech expects Hailey-Hailey data before year end, with interim cystic fibrosis results in the first half of 2027.