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.
Total revenue increased 10% to $3.19 billion in Q4 2025 compared to Q4 2024, driven by CF therapies and diversification.
positiveFull year 2025 total revenue increased 9% to $12.0 billion compared to 2024.
positiveNon-GAAP net income increased to $1.3 billion in Q4 2025 from $1.0 billion in Q4 2024.
positiveCash, cash equivalents, and marketable securities increased to $12.3 billion as of December 31, 2025, from $11.2 billion as of December 31, 2024.
positiveALYFTREK is now reimbursed for eligible patients in multiple countries, with submissions for approval in children 2-5 years old expected in H1 2026.
positiveCASGEVY revenue was $54 million in Q4 2025 and $116 million for full year 2025, with 90% of U.S. patients having reimbursed access.
positiveJOURNAVX has seen over 550,000 prescriptions written and filled since its availability, with broad commercial coverage secured.
positivePivotal study data for povetacicept in IgAN is expected in H1 2026, with a BLA filing on track for U.S. accelerated approval.
positiveCombined 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.
attentionAcquired 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.
neutralTRIKAFTA/KAFTRIO revenue decreased slightly to $2.57 billion in Q4 2025 from $2.72 billion in Q4 2024.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % 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.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
2025 marked a year of strong revenue growth, commercial diversification, and pipeline advancement.
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.
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.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.