Vertex is a biotech company that discovers, develops, and sells medicines for serious diseases. CF is the core business, generating roughly 94% of total revenue. Vertex sells five approved CFTR modulator regimens — KALYDECO, ORKAMBI, SYMDEKO, TRIKAFTA/KAFTRIO, and the newest, ALYFTREK — which treat the underlying genetic cause of CF rather than just managing symptoms. Nearly three-quarters of the roughly 97,000 CF patients in Vertex's core markets are on one of these therapies, and Vertex holds an effective monopoly in CFTR modulation with patents extending to 2037–2039. Beyond CF, Vertex has two early-commercial products: CASGEVY, a CRISPR-based gene-editing therapy for sickle cell disease and beta thalassemia, and JOURNAVX, the first oral non-opioid pain inhibitor approved for acute pain, launched in early 2025. Vertex's pipeline is anchored by povetacicept, a dual BAFF/APRIL inhibitor for kidney diseases including IgA nephropathy, acquired through the 2024 Alpine acquisition; a BLA submission is underway with potential U.S. approval in 2026. Vertex pursues a "serial innovation" strategy — launching a first-in-class therapy, then following with improved next-generation versions, a model well-demonstrated in CF and explicitly targeted in renal and pain. R&D spending is substantial, and capital allocation prioritizes internal R&D, then M&A, then buybacks.