Modified · Financial Highlights

Total Revenues | In the firstsecond quarter of 2026, our total revenues increased to $3.03.3 billion as compared to $2.83.0 billion in the firstsecond 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 13.2increased to 14.7% in each of the first quarterssecond quarter of 2026 and as compared to 13.8% in the second quarter of 2025, as a result of changes in product mix, partially offset by a lower overallblended 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 $1.51.6 billion in the firstsecond quarter of 2026 as compared to $1.4 billion in the firstsecond quarter of 2025, primarily due to increased investment to commercialize our new products. Cash | Our total cash, cash equivalents and marketable securities increased to $13.013.6 billion as of March 31June 30, 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.