Vertex Pharmaceuticals Incorporated

    VRTX ·NASDAQ ·Pharmaceutical Preparations ·Inc. in MA
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    1
    PART I
    ITEM 1.BUSINESS
    OVERVIEW
    We are a global biotechnology company that invests in scientific innovation to create transformative medicines for
    people with serious diseases, with a focus on specialty markets. We have approved medicines for cystic fibrosis (“CF”),
    sickle cell disease (“SCD”), transfusion dependent beta thalassemia (“TDT”), and acute pain, and we continue to serially
    innovate and advance next-generation clinical and research programs in these areas. Our mid- and late-stage clinical pipeline
    includes programs across a range of modalities in additional serious diseases, including IgA nephropathy, APOL1-mediated
    kidney disease, neuropathic pain, type 1 diabetes, primary membranous nephropathy, autosomal dominant polycystic kidney
    disease, and myotonic dystrophy type 1.
    The following chart sets forth our approved products, clinical-stage programs, and select pre-clinical programs:
    We are advancing five pivotal programs across multiple disease areas:
    IgA Nephropathy. We are developing povetacicept, a dual inhibitor of the B cell activating factor (“BAFF”) and a
    proliferation-inducing ligand (“APRIL”) pathways, as a potentially best-in-class approach to treat IgA nephropathy
    (“IgAN”), a serious, progressive, life-threatening kidney disease that often progresses to end-stage renal disease. We
    completed enrollment in the IgAN Phase 3 clinical trial and submitted the first module of the rolling Biologics
    Licensing Application (“BLA”) for povetacicept in IgAN in the fourth quarter of 2025. We expect to complete the
    submission for potential accelerated approval in the U.S. in the first half of 2026.
    APOL1-Mediated Kidney Disease. We are developing inaxaplin, a small molecule inhibitor of APOL1 as a potential
    first-in-class treatment for APOL1-mediated kidney disease (“AMKD”). We have completed the enrollment of the
    interim analysis cohort of the Phase 2/3 clinical trial and will conduct the pre-planned interim analysis once this
    cohort reaches 48 weeks of treatment. We expect to share data from the interim analysis in late 2026 or early 2027.
    Peripheral Neuropathic Pain. We are developing suzetrigine, a selective non-opioid NaV1.8 pain signal inhibitor,
    for diabetic peripheral neuropathy (“DPN”), a common form of peripheral neuropathic pain. We are evaluating
    suzetrigine for the treatment of DPN in two Phase 3 clinical trials. We expect to complete enrollment in both Phase
    3 clinical trials by the end of 2026.
    2
    Type 1 Diabetes. Zimislecel is an allogeneic stem-cell derived, fully differentiated islet cell therapy in pivotal
    development for the treatment of type 1 diabetes (“T1D”). We have completed enrollment in the Phase 1/2/3 clinical
    trial of zimislecel in people with T1D. We have temporarily postponed completion of the dosing in this clinical trial,
    pending an ongoing internal manufacturing analysis.
    Primary Membranous Nephropathy. We are also developing povetacicept to treat primary membranous nephropathy
    (“pMN”), a rare and serious autoimmune glomerular disease that can lead to kidney damage and renal failure, and
    which has no treatments specifically approved for this condition. We continue to enroll and dose patients in the
    adaptive Phase 2/3 pivotal trial in people with pMN. We expect to complete the Phase 2 portion of the clinical trial
    and to initiate the Phase 3 portion in mid-2026.
    Our core strategy is to discover, develop, and commercialize innovative medicines by combining transformative
    advances in the understanding of human disease and the science of therapeutics, to dramatically advance human health. We
    focus on validated targets that address causal human biology, predictive lab assays and clinical biomarkers, rapid paths to
    registration and approval, and product candidates that hold the potential for transformative patient benefit. Our approach
    includes advancing multiple compounds or therapies from each program into early clinical trials to obtain patient data that
    can inform selection of the most promising therapies for later stage development as well as inform our ongoing discovery and
    development efforts. We aim to serially innovate in our disease areas of interest and follow our first-in-class therapies with
    potential best-in-class candidates. We plan to continue investing to advance our strategy, fostering scientific innovation by
    identifying additional product candidates through internal research efforts, and investing in business development

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    Financial statements

    data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

    From 10-Q filed 2026-05-05 (period ending 2026-03-31).

    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
    OVERVIEW
    We are a global biotechnology company that invests in scientific innovation to create transformative medicines for
    people with serious diseases, with a focus on specialty markets. We have seven approved medicines: five that treat the
    underlying cause of cystic fibrosis (“CF”), a life-threatening genetic disease, one that treats severe sickle cell disease
    (“SCD”) and transfusion dependent beta thalassemia (“TDT”), life shortening inherited blood disorders, and one that treats
    moderate-to-severe acute pain. We are also preparing for the anticipated launch of povetacicept, a potential treatment for IgA
    nephropathy (“IgAN”). Our clinical-stage pipeline spans a range of programs targeting CF, SCD, beta thalassemia,
    neuropathic pain, type 1 diabetes, IgA nephropathy, primary membranous nephropathy and other autoimmune diseases and
    cytopenias, APOL1-mediated kidney disease, autosomal dominant polycystic kidney disease and myotonic dystrophy type 1,
    reflecting our commitment to addressing significant unmet medical needs globally.
    Financial Highlights
    Total Revenues
    In the first quarter of 2026, our total revenues increased to $3.0 billion as compared to $2.8 billion
    in the first quarter of 2025, primarily due to continued performance of our CF therapies and
    growth from diversification into additional disease areas.
    Cost of Sales
    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
    by changes in product mix.
    Total R&D, AIPR&D
    and SG&A Expenses
    Our total research and development (“R&D”), acquired in-process research and development
    expenses (“AIPR&D”) and selling, general and administrative (“SG&A”) expenses increased to
    $1.5 billion in the first quarter of 2026 as compared to $1.4 billion in the first quarter of 2025,
    primarily due to increased investment to commercialize our new products.
    Cash
    Our total cash, cash equivalents and marketable securities increased to $13.0 billion as of March
    31, 2026 as compared to $12.3 billion as of December 31, 2025, primarily due to cash flows
    provided by our operating activities partially offset by repurchases of our common stock.
    Q1 2025
    Q1 2026
    December 31, 2025
    March 31, 2026
    Note: Charts above may not add due to rounding.
    Business Updates
    Marketed Products
    Cystic Fibrosis
    We expect that the number of people with CF taking our medicines will continue to grow through new approvals and
    reimbursement agreements, treatment of younger patients, increased survival and expansion into additional geographies.
    Recent and anticipated progress in activities expanding our CF business is included below:
    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
    medicine that treats the underlying cause of CF.
    22
    We secured reimbursement agreements for ALYFTREK in Scotland, Spain, Sweden, Switzerland, New Zealand,
    Israel, and Finland, and we are working to secure access for eligible patients in additional countries.
    Sickle Cell Disease and Beta Thalassemia
    In the first quarter of 2026, we recorded $43 million of CASGEVY product revenues.
    We secured a pricing agreement for CASGEVY for eligible patients with SCD or TDT in Germany, and we are
    working through final implementation to provide long-term reimbursed access to patients at a sustainable price.
    We completed the regulatory submission in the U.S. for approval of CASGEVY in children with SCD or TDT five
    to less than twelve years of age. The FDA awarded a Commissioner’s National Priority Voucher for this pediatric
    submission, indicating an accelerated timeline for review once the submission is accepted.
    Acute Pain
    Since the launch of JOURNAVX in March 2025, more than 1 million prescriptions have been filled for
    JOURNAVX across the hospital and retail settings for a broad range of acute pain conditions. In the first quarter of
    2026, more than 350,000 prescriptions were filled, and we recorded $29 million of JOURNAVX product revenues.
    We have reached an agreement with a major pharmacy benefit manager for Medicare Part D coverage for
    JOURNAVX effective on May 1. This agreement adds approximately 10 million lives covered under Part D.
    Twenty-two states provide coverage for JOURNAVX via Medicaid. In total, approximately 240 million individuals
    have reimbursed access to JOURNAVX across a wide range of commercial and government payers.
    Pipeline
    We continue to advance a diversified pipeline of potentially transformative medicines for serious diseases utilizing a
    range of modalities. Recent and anticipated progress in activities supporting these efforts is included below:
    Cystic Fibrosis
    Following positive results from the ALYFTREK clinical trial in children with CF two to five years of age, we expect
    to submit for global regulatory approvals in this age group in the first half of 2026. We continue to enroll and dose
    patients in the pivotal clinical trial evaluating ALYFTREK in children with CF one to less than two years of age.
    Following positive results from the TRIKAFTA clinical trial in children one to less than two years of age, we have
    begun submissions for global regulatory approvals in this age group.
    Peripheral Neuropathic Pain
    We expect to complete enrollment in both Phase 3 clinical trials evaluating suzetrigine in diabetic peripheral
    neuropathy, a form of peripheral neuropathic pain, by the end of 2026.
    IgA Nephropathy and Other B Cell-Mediated Diseases
    We are developing povetacicept, a dual inhibitor of B cell activating factor (“BAFF”) and a proliferation-inducing
    ligand (“APRIL”) cytokines, for multiple diseases. Povetacicept represents a potentially best-in-class approach to
    control B cell activity in IgAN.
    Following positive results from the RAINIER Phase 3 clinical trial evaluating povetacicept in adults with IgAN, we
    completed in March the submission of the rolling biologics license application (“BLA”) to the FDA for potential
    accelerated approval in the U.S. We are using a Priority Review Voucher and therefore expect the FDA review of
    this BLA to be expedited to six months from the date of the FDA’s acceptance of the BLA.
    Povetacicept represents a potentially best-in-class approach to control B cell activity in primary membranous
    nephropathy (“pMN”), another B cell-mediated disease. We completed enrollment in the Phase 2 portion of the
    Phase 2/3 OLYMPUS pivotal trial evaluating povetacicept in people with pMN, and we initiated the Phase 3 portion
    of this clinical trial. Enrollment and dosing in this clinical trial are ongoing.
    23
    APOL1-Mediated Kidney Disease
    Inaxaplin is our small molecule for the treatment of APOL1-mediated kidney disease (“AMKD”). We completed
    enrollment in the interim analysis cohort of the global AMPLITUDE Phase 2/3 pivotal clinical trial evaluating
    inaxaplin. We expect to conduct the pre-planned interim analysis for potential accelerated approval once this cohort
    has been treated for 48 weeks. We expect to share data from the interim analysis in early 2027. We expect to
    complete full enrollment in the AMPLITUDE clinical trial in the second half of 2026.
    Type 1 Diabetes
    Zimislecel is an allogeneic, stem cell-derived, fully differentiated, insulin-producing islet cell replacement therapy,
    using standard immunosuppression to protect the implanted cells. We have completed the internal manufacturing
    analysis for the Phase 1/2/3 clinical trial of zimislecel in people with type 1 diabetes (“T1D”), and we have resumed
    dosing in this clinical trial. Multiple people with T1D have been treated since the resumption of dosing. In 2026, we
    expect to provide updated timelines for trial completion.
    Our Business Environment
    In the first quarter of 2026, our total product revenues came primarily from the sale of our medicines for the treatment of
    CF. Our CF strategy involves continuing to develop and obtain approval and reimbursement for treatment regimens that will
    provide benefits to all people with CF and increasing the number of people with CF eligible and able to receive our
    medicines. Outside of CF, we continue to advance the commercialization of CASGEVY for the treatment of SCD and TDT,
    and JOURNAVX for the treatment of acute pain, and we are preparing for a potential launch of povetacicept for the treatment
    of IgAN. In addition, we are advancing our pipeline of product candidates for the treatment of serious diseases outside of CF,
    SCD, TDT and acute pain.
    Our strategy is to combine transformative advances in the understanding of causal human biology and the science of
    therapeutics to discover and develop innovative medicines. This approach includes advancing multiple compounds or
    therapies from each program, spanning multiple modalities, into early clinical trials to obtain patient data that can inform
    selection of the most promising therapies for later-stage development, as well as to inform discovery and development
    efforts. We aim to serially innovate in our disease areas of interest and follow our first-in-class therapies with potential best-
    in-class candidates to provide durable clinical and commercial success.
    In pursuit of new product candidates and therapies in specialty markets, we invest in research and development. We
    believe that pursuing research in diverse areas allows us to balance the risks inherent in product development and may
    provide product candidates that will form our pipeline in future years. To supplement our internal research programs, we
    acquire technologies and programs and collaborate with biopharmaceutical and technology companies, leading academic
    research institutions, government laboratories, foundations and other organizations, as needed, to advance research in our
    areas of therapeutic interest and to access technologies needed to execute on our strategy.
    Discovery and development of a new pharmaceutical or biological product is a difficult and lengthy process that requires
    significant financial resources along with extensive technical and regulatory expertise. Across the industry, most potential
    drug or biological products never progress into development, and most products that advance into development never receive
    marketing approval. Our investments in product candidates are subject to considerable risks. We closely monitor our research
    and development activities, and frequently evaluate our pipeline programs in light of new data and scientific, business and
    commercial insights, with the objective of balancing risk and potential. This process can result in rapid changes in focus and
    priorities as new information becomes available and as we gain additional understanding of our ongoing programs and
    potential new programs, as well as those of our competitors. In addition, our product candidates must satisfy rigorous
    standards of safety and efficacy before they can be approved for sale by regulatory authorities. Our analysis of data obtained
    from nonclinical and clinical activities is subject to confirmation and interpretation by regulatory authorities, which could
    delay, limit or prevent regulatory approval.
    Our business also requires ensuring appropriate manufacturing and supply of our products. As we advance our product
    candidates through clinical development toward commercialization and market and sell our approved products, we build and
    maintain our supply chain and quality assurance resources. We rely on a global network of third parties, including some in
    China, and our internal capabilities to manufacture and distribute our products for commercial sale and post-approval clinical
    trials and to manufacture and distribute our product candidates for clinical trials. In addition to establishing supply chains for
    each newly approved product, we adapt our supply chain for existing products to include additional formulations or to
    increase scale of production for existing products as needed. The processes for biological and cell and genetic therapies can
    be more complex than those required for small molecule drugs and require additional investments in different systems,
    24
    equipment, facilities and expertise. We are focused on ensuring the stability of the supply chains for our current products, as
    well as for our pipeline programs.
    Sales of our products depend, to a large degree, on the extent to which our products are reimbursed by third-party payors,
    such as government health programs, commercial insurance and managed health care organizations. Reimbursement for our
    products, including our potential pipeline therapies, cannot be assured and may take significant periods of time to obtain. We
    dedicate substantial management and other resources to obtain and maintain appropriate levels of reimbursement for our
    products from third-party payors, including governmental organizations in the U.S. and ex-U.S. markets. In the U.S., we
    work with government and commercial payors to obtain and maintain appropriate levels of reimbursement for our medicines.
    In ex-U.S. markets, we seek government reimbursement for our medicines on a country-by-country or region-by-region, as
    required. This is necessary for each new medicine, as well as for label expansions for our current medicines. We expect to
    continue to focus significant resources to expand and maintain reimbursement for our CF medicines, CASGEVY,
    JOURNAVX, and, ultimately, our pipeline therapies, in U.S. and ex-U.S. markets.
    Strategic Transactions
    Acquisitions
    As part of our business strategy, we seek to license or acquire technologies, products, product candidates and businesses
    that are aligned with our corporate and research and development strategies and complement and advance our ongoing
    research and development efforts. We have acquired multiple biotechnology companies over the last several years and expect
    to continue to identify and evaluate such opportunities. The accounting for these acquisitions can vary significantly based on
    whether we conclude the transactions represent business combinations or asset acquisitions. In 2024, we acquired Alpine
    Immune Sciences, Inc. (“Alpine”) and its lead molecule, povetacicept, for approximately $5.0 billion. Povetacicept, has
    shown potential to treat multiple diseases or conditions and become a pipeline-in-a-product. We accounted for the Alpine
    transaction as an asset acquisition because povetacicept represented substantially all of the fair value of the gross assets that
    we acquired. As a result, $4.4 billion of the fair value attributed to povetacicept was expensed as AIPR&D in 2024.
    Collaboration and In-Licensing Arrangements
    We enter into arrangements with third parties, including collaboration and licensing arrangements, for the development,
    manufacture and commercialization of products, product candidates and other technologies that have the potential to
    complement our ongoing research and development efforts.
    Over the last several years, we entered into collaboration agreements with a number of companies, including CRISPR
    Therapeutics AG (“CRISPR”) and Entrada Therapeutics, Inc. (“Entrada”).
    Generally, when we in-license a technology or product candidate, we make upfront payments to the collaborator, assume
    the costs of the program and/or agree to make contingent payments, which could consist of milestone, royalty and option
    payments. Most of these collaboration payments are expensed as AIPR&D because they were primarily attributable to
    acquired in-process research and development for which there was no alternative future use. However, depending on many
    factors, including the structure of the collaboration, the stage of development of the acquired technology, the significance of
    the in-licensed product candidate to the collaborator’s operations and the other activities in which our collaborators are
    engaged, the accounting for these transactions can vary significantly. We expect to continue to identify and evaluate
    collaboration and licensing opportunities that may be similar to or different from the collaborations and licenses that we have
    engaged in previously.
    Acquired In-Process Research and Development Expenses
    In the first quarter of 2026 and 2025, our AIPR&D included $0.5 million and $19.8 million, respectively, related to
    upfront, contingent milestone, or other payments pursuant to our business development transactions, including the asset
    acquisitions, collaborations, and licenses of third-party technologies described above. Please refer to Note B, “Collaboration,
    License and Other Arrangements,” for further information regarding our asset acquisitions, collaborations and in-license
    agreements.
    Out-licensing Arrangements
    We also have out-licensed certain development programs to collaborators who are leading the development or
    commercialization of these programs, either globally or within certain geographic regions.
    25
    In January 2025 and June 2025, we entered into agreements with Zai Lab Limited (“Zai”) and Ono Pharmaceuticals Co.,
    Ltd (“Ono”), respectively, for the development and commercialization of povetacicept in various Asian markets. Zai licensed
    povetacicept for mainland China, Hong Kong SAR, Macau SAR, Taiwan region and Singapore, while Ono licensed
    povetacicept for Japan and South Korea. Zai and Ono will help advance povetacicept clinical trials, and will be responsible
    for obtaining marketing authorizations and commercialization activities, if povetacicept becomes an approved product, in
    their licensed territories. We are eligible to receive certain future milestone payments and tiered royalties on future net sales
    of povetacicept in these regions.
    RESULTS OF OPERATIONS
    Total Revenues
    Three Months Ended March 31,
    2026
    2025
    Change
    (in millions, except percentages)
    TRIKAFTA/KAFTRIO
    $2,354.7
    $2,535.5
    (7)%
    ALYFTREK
    424.4
    53.9
    687%
    Other CF product revenues (1)
    135.9
    155.3
    (12)%
    Total CF product revenues, net
    2,915.0
    2,744.7
    6%
    CASGEVY
    42.9
    14.2
    202%
    JOURNAVX
    29.0
    1.3
    **
    Product revenues, net
    2,986.9
    2,760.2
    8%
    Other revenues
    10.0
    **
    Total revenues
    $2,986.9
    $2,770.2
    8%
    (1) Include KALYDECO, ORKAMBI and SYMDEKO/SYMKEVI.
    ** Not meaningful
    Product Revenues, Net
    In the first quarter of 2026, our net product revenues increased by $226.7 million, or 8%, as compared to the first quarter
    of 2025, primarily due to continued performance of our CF therapies and growth from diversification into additional disease
    areas.
    Other Revenues
    Other revenues were $10.0 million in the first quarter of 2025, related to an upfront payment received from our
    collaboration agreement with Zai.
    Revenues by Geographic Location
    Our total revenues from the U.S. and from ex-U.S. markets were as follows:
    Three Months Ended March 31,
    2026
    2025
    Change
    (in millions, except percentages)
    United States
    $1,775.9
    $1,663.5
    7%
    ex-U.S.
    1,211.0
    1,106.7
    9%
    Total revenues
    $2,986.9
    $2,770.2
    8%
    In the first quarter of 2026, our U.S. total revenues increased 7%, as compared to the first quarter of 2025, due to
    continued strong patient demand, including from new initiations of ALYFTREK, and higher realized net prices in CF, and
    contributions from CASGEVY and JOURNAVX. In the first quarter of 2026, our ex-U.S. total revenues increased 9%, as
    compared to the first quarter of 2025, primarily due to strong CF performance across multiple geographies, including
    ALYFTREK uptake, increased CASGEVY product revenues, and a favorable impact from foreign exchange.
    26
    Operating Costs and Expenses
    Three Months Ended March 31,
    2026
    2025
    Change
    (in millions, except percentages)
    Cost of sales
    $392.8
    $363.0
    8%
    Research and development expenses
    961.6
    979.7
    (2)%
    Acquired in-process research and development expenses
    0.5
    19.8
    **
    Selling, general and administrative expenses
    493.7
    396.4
    25%
    Intangible asset impairment charge
    379.0
    **
    Change in fair value of contingent consideration
    0.2
    2.2
    **
    Total costs and expenses
    $1,848.8
    $2,140.1
    (14)%
    ** Not meaningful
    Cost of Sales
    Our cost of sales primarily consists of third-party royalties payable on net sales of our CF products as well as the cost of
    producing inventories. 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 by changes in product mix.
    Pursuant to our agreement (the “CFF Agreement”) with the Cystic Fibrosis Foundation (the “CFF”), our tiered third-
    party royalties on sales of ALYFTREK, TRIKAFTA/KAFTRIO, SYMDEKO/SYMKEVI, KALYDECO, and ORKAMBI,
    calculated as a percentage of net sales, range from the single digits to the sub-teens, with lower royalties on sales of
    ALYFTREK and TRIKAFTA/KAFTRIO than for our other products. The royalty burden associated with TRIKAFTA/
    KAFTRIO is 9.33%, and our position is that the royalty burden associated with ALYFTREK is 4%. On October 10, 2025,
    Royalty Pharma plc (“RP”), the third party to whom the CFF assigned its rights (and the CFF, which remains a party to the
    CFF Agreement), initiated a confidential arbitration alleging the royalty burden on ALYFTREK is approximately 8%. RP is
    seeking a declaratory judgment regarding the royalty burden on ALYFTREK as well as alleged unpaid royalties and other
    alleged damages available under the CFF Agreement or applicable law, costs, expenses, attorneys’ fees, and interest. We
    believe RP’s position is contrary to the plain terms of the CFF Agreement and intend to vigorously defend our position under
    the CFF Agreement.
    Research and Development Expenses
    Three Months Ended March 31,
    2026
    2025
    Change
    (in millions, except percentages)
    Research expenses
    $205.0
    $206.1
    (1)%
    Development expenses
    756.6
    773.6
    (2)%
    Total research and development expenses
    $961.6
    $979.7
    (2)%
    27
    Research Expenses
    Three Months Ended March 31,
    2026
    2025
    Change
    (in millions, except percentages)
    Research Expenses:
    Salary and benefits
    $55.2
    $53.1

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    Held by

    holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

    Holder Type ETF MF Position ($) % of holder Δ % of holder Holder AUM

    Recent insider activity

    Last 90 days. Open-market trades (purchases & sales) by directors, officers, and 10%+ owners. 11 transactions across 4 insiders. Net: -20,022 shares, -$9,002,182.

    Date Insider Role Action Shares Price Value
    2026-06-26 Bozic Carmen EVP and CMO Sell -596 $482.50 -$287,570
    2026-06-18 Bozic Carmen EVP and CMO Sell -1,020 $462.17 -$471,413
    2026-06-15 Bozic Carmen EVP and CMO Sell -4,062 $450.00 -$1,827,900
    2026-06-05 Bozic Carmen EVP and CMO Sell -1,745 $450.00 -$785,250
    2026-06-01 Liu Joy EVP and Chief Legal Officer Sell -828 $439.91 -$364,245
    2026-05-29 Bozic Carmen EVP and CMO Sell -1,974 $450.00 -$888,300
    2026-05-15 Bunnage Mark E. EVP, Chief Scientific Officer Sell -33 $453.45 -$14,964
    2026-05-15 Bozic Carmen EVP and CMO Sell -1,354 $453.45 -$613,971
    2026-05-12 Bozic Carmen EVP and CMO Sell -6,988 $450.00 -$3,144,600
    2026-05-01 Liu Joy EVP and Chief Legal Officer Sell -1,104 $425.02 -$469,222
    2026-05-04 Bhatia Sangeeta N. Director Sell -318 $423.73 -$134,746

    Source: SEC Form 4 filings.

    Next expected filings

    • ~2026-08-04 10-Q expected by 2026-08-09 (in 33 days)
    • ~2026-11-03 10-Q expected by 2026-11-08 (in 124 days)
    • ~2027-02-13 10-K expected by 2027-03-05 (in 226 days)
    • ~2027-05-04 10-Q expected by 2027-05-09 (in 306 days)

    Predicted from historical filing cadence; not an SEC commitment.

    Recent SEC filings

    • 2026-05-13 8-K Officer/Director Change; Shareholder Vote Results
    • 2026-05-13 S-8 Employee Benefit Plan Registration
    • 2026-05-05 10-Q Quarterly Report
    • 2026-05-04 8-K Earnings Release; Financial Statements and Exhibits
    • 2026-04-29 8-K Officer/Director Change
    • 2026-03-31 8-K Other Events
    • 2026-02-13 10-K Annual Report
    • 2026-02-12 8-K Earnings Release; Financial Statements and Exhibits
    • 2025-11-04 10-Q Quarterly Report
    • 2025-11-03 8-K Earnings Release; Financial Statements and Exhibits
    • 2025-08-05 10-Q Quarterly Report
    • 2025-08-04 8-K Earnings Release; Officer/Director Change; Financial Statements and Exhibits
    • 2025-05-19 8-K Other Events
    • 2025-05-06 10-Q Quarterly Report
    • 2025-05-05 8-K Earnings Release; Financial Statements and Exhibits