VERTEX PHARMACEUTICALS INC / MA (VRTX) Earnings History

VERTEX PHARMACEUTICALS INC / MA - Q4 2025 EarningsBeat

Filed at: Feb 12, 2026, 4:04 PM EST|Read from source

EXECUTIVE SUMMARY

Vertex Pharmaceuticals reported strong revenue growth in Q4 and full-year 2025, driven by its cystic fibrosis franchise and diversification into new disease areas. The company is well-positioned for continued growth in 2026 with a robust pipeline and anticipated commercialization of new therapies.

POSITIVE HIGHLIGHTS

  • •

    Total revenue increased 10% to $3.19 billion in Q4 2025 compared to Q4 2024, driven by CF therapies and diversification.

    positive
  • •

    Full year 2025 total revenue increased 9% to $12.0 billion compared to 2024.

    positive
  • •

    Non-GAAP net income increased to $1.3 billion in Q4 2025 from $1.0 billion in Q4 2024.

    positive
  • •

    Cash, cash equivalents, and marketable securities increased to $12.3 billion as of December 31, 2025, from $11.2 billion as of December 31, 2024.

    positive
  • •

    ALYFTREK is now reimbursed for eligible patients in multiple countries, with submissions for approval in children 2-5 years old expected in H1 2026.

    positive
  • •

    CASGEVY revenue was $54 million in Q4 2025 and $116 million for full year 2025, with 90% of U.S. patients having reimbursed access.

    positive
  • •

    JOURNAVX has seen over 550,000 prescriptions written and filled since its availability, with broad commercial coverage secured.

    positive
  • •

    Pivotal study data for povetacicept in IgAN is expected in H1 2026, with a BLA filing on track for U.S. accelerated approval.

    positive

CONCERNS & RISKS

  • •

    Combined GAAP R&D, AIPR&D and SG&A expenses increased to $1.52 billion in Q4 2025 from $1.46 billion in Q4 2024, primarily due to commercial investment for JOURNAVX launch.

    attention
  • •

    Acquired in-process R&D expenses were $56.5 million in Q4 2025, down from $87.5 million in Q4 2024, but full year AIPR&D was $133 million in 2025 compared to $4.6 billion in 2024, largely due to the Alpine acquisition in the prior year.

    neutral
  • •

    TRIKAFTA/KAFTRIO revenue decreased slightly to $2.57 billion in Q4 2025 from $2.72 billion in Q4 2024.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$3.19B
+9.9%
Prior year: $2.91B
Annual (YTD)
$12.00B
N/A
Prior year: $11.02B
Net Income
Quarterly
$1.19B
N/A
Prior year: $913.00M
Annual (YTD)
$3.95B
N/A
Prior year: $-535.60M
EPS (Diluted)
Quarterly
$4.65
+32.9%
Prior year: $3.50
Operating Income
Quarterly
$1.21B
N/A
Prior year: $1.03B
Annual (YTD)
$4.17B
N/A
Prior year: $-232.90M
EPS (Basic)
Quarterly
$4.69
+32.1%
Prior year: $3.55

MARGIN ANALYSIS

Gross Margin
Current Quarter
85.4%
Prior Year
85.4%
YoY Change
0 bps
Operating Margin
Current Quarter
37.8%
Prior Year
35.2%
YoY Change
+257 bps
Net Margin
Current Quarter
37.3%
Prior Year
31.4%
YoY Change
+599 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

REVENUE BY SEGMENT — Q4 2025 2025

VISUAL OVERVIEW

|
TRIKAFTA/KAFTRIO
0.0%
N/A
ALYFTREK
0.0%
N/A
CASGEVY
0.0%
N/A
JOURNAVX
0.0%
N/A
Other CF Products (KALYDECO, ORKAMBI, SYMDEKO/SYMKEVI)
0.0%
N/A

DETAILED BREAKDOWN

|
SegmentCurrentPrior YrYoY% Total
TRIKAFTA/KAFTRIO
N/A———
ALYFTREK
N/A———
CASGEVY
N/A———
JOURNAVX
N/A———
Other CF Products (KALYDECO, ORKAMBI, SYMDEKO/SYMKEVI)
N/A———
Total Revenue$0.00M——100.0%

Segment performance shows business unit health and growth drivers.

MANAGEMENT GUIDANCE

FY2026

Total revenue
$12950000.0B—$13100000.0B
Mid-point: $13025000.0B
"Includes expectations for continued growth in CF, ongoing U.S. rollout and ex-U.S. launches of ALYFTREK; as well as $500 million or more in revenue from non-CF products."
Non-CF product revenue
"Includes increased patient infusions of CASGEVY and growth in JOURNAVX."
Combined GAAP R&D, AIPR&D and SG&A expenses
6,300,000,000—6,450,000,000
Mid-point: 6,375,000,000
"Includes continued investment in mid- and late-stage clinical development programs and commercial/manufacturing capabilities, and approximately $100 million of anticipated AIPR&D expenses."
Combined non-GAAP R&D, AIPR&D and SG&A expenses
5,650,000,000—5,750,000,000
Mid-point: 5,700,000,000
"Excludes approximately $650 million to $700 million of stock-based compensation expense."
Non-GAAP effective tax rate
19.5%—20.5%
Mid-point: 20.0%

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

MANAGEMENT COMMENTARY

2025 marked a year of strong revenue growth, commercial diversification, and pipeline advancement.

— VERTEX PHARMACEUTICALS INC / MA, Q4 2025 2025 Earnings Call

Our focus in 2026 remains on executing across the CF franchise, bringing CASGEVY to more patients around the globe and continuing to launch JOURNAVX, as we also prepare for the anticipated near‑term commercialization of povetacicept in IgAN.

— VERTEX PHARMACEUTICALS INC / MA, Q4 2025 2025 Earnings Call

With expanding leadership in CF, exciting commercial momentum, and multiple mid- and late-stage programs advancing, Vertex is well positioned to deliver long‑term value for patients and shareholders.

— VERTEX PHARMACEUTICALS INC / MA, Q4 2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

CASGEVY infusions
30
patients
CASGEVY patients infused in 2025
64
patients
JOURNAVX prescriptions written and filled
550.0K
prescriptions

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.

Related Research

Analysis

VRTX 10-K Analysis: Vertex's Hidden Margin Architecture and the Royalty Gamble

Analysis

REGN 10-K Analysis: Four Forces Manufacturing EPS Growth as Operations Decline