Vertex Pharmaceuticals Inc (NASDAQ:VRTX) is entering earnings week with some serious anticipation — and a bit of heartburn. The stock had a solid run in 2025, up nearly 20% year-to-date and 21% over the past 12 months. But with a 3.5% pullback in the past month, all eyes are now on its first-quarter report, expected to drop shortly on May 5, after market hours.

Alyftrek and Journavx — The Two Big Launches

According to JPMorgan analyst Jessica Fye, investors will be laser-focused on the company’s two big launches: Alyftrek and Journavx. While Vertex's cystic fibrosis heavyweight Trikafta is still expected to bring in the bulk of first quarter revenue — $2.51 billion of the $2.74 billion total JPMorgan is modeling — international headwinds, particularly from Russia's disregard of IP rights, could muddy the picture.

Read Also: Vertex’s Journavx Launch Sparks Optimism, Analyst Sees ‘Two Potential Upside Levers’

The wildcards? Alyftrek and Journavx. JPMorgan pegs Alyftrek at $50 million in sales and Journavx at less than $1 million, but says upside surprises could emerge if there's more channel stocking or better-than-expected uptake. IQVIA script trends for Journavx, while early, have already outpaced what Fye calls "low investor expectations."

What remains to be seen is where the uptake is coming from — retail or hospitals — and how insurance coverage and patient types shake out.

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On the charts, Vertex stock is technically leaning bullish. It’s trading above its 20-day, 50-day and 200-day simple moving averages, although just barely below its eight-day SMA. The Moving Average Convergence Divergence (MACD) and slight buying pressure suggest cautious optimism, despite the stock's recent cool-down.

Bottom line?

With multiple pipeline catalysts and the first quarter potentially validating new product momentum, Vertex could quickly recapture investor enthusiasm — or leave analysts recalibrating expectations.

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