{"id":936682,"date":"2026-02-12T16:26:11","date_gmt":"2026-02-12T21:26:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/vertex-reports-fourth-quarter-and-full-year-2025-financial-results\/"},"modified":"2026-02-12T16:26:11","modified_gmt":"2026-02-12T21:26:11","slug":"vertex-reports-fourth-quarter-and-full-year-2025-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/vertex-reports-fourth-quarter-and-full-year-2025-financial-results\/","title":{"rendered":"Vertex Reports Fourth Quarter and Full Year 2025 Financial Results"},"content":{"rendered":"

<\/p>\n

Vertex Reports Fourth Quarter and Full Year 2025 Financial Results<\/b><\/p>\n

\u2014 Full year total revenue of $12.0 billion, a 9% increase compared to full year 2024; fourth quarter total revenue of $3.19 billion, a 10% increase compared to fourth quarter 2024 \u2014<\/i><\/p>\n

\u2014 Company provides full year 2026 total revenue guidance of $12.95 billion to $13.1 billion, with non-CF products expected to contribute $500 million or more in revenue \u2014<\/i><\/p>\n

\u2014 Broad mid- and late-stage clinical pipeline accelerates with multiple proof-of-concept and pivotal programs advancing; on track to complete BLA filing for U.S. accelerated approval of povetacicept in IgAN in the first half of 2026 \u2014<\/i><\/p>\n

BOSTON–(BUSINESS WIRE<\/a>)–
\nVertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the fourth quarter and full year ended December 31, 2025, and provided its full year 2026 financial guidance.<\/p>\n

\n\u201c2025 marked a year of strong revenue growth, commercial diversification, and pipeline advancement,\u201d said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. \u201cOur 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\u2011term 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\u2011term value for patients and shareholders.\u201d<\/p>\n

Fourth Quarter 2025 Results<\/span><\/b><\/p>\n

Total revenue<\/b> increased 10% to $3.19 billion compared to the fourth quarter of 2024, primarily driven by the continued performance of cystic fibrosis (CF) therapies and additional growth from diversification into additional disease areas. In the U.S., total revenue increased 12% to $2.06 billion due to continued strong CF patient demand, including for ALYFTREK; a modest benefit from CF channel inventory; higher realized net prices in CF versus the prior year; and contributions from CASGEVY and JOURNAVX. Outside the U.S., total revenue increased 5% to $1.13 billion due to solid CF performance across multiple geographies and increased CASGEVY revenue.<\/p>\n

Combined GAAP and non-GAAP R&D, Acquired IPR&D and SG&A expenses<\/b> were $1.52 billion and $1.36 billion, respectively, in the fourth quarter of 2025, compared to $1.46 billion and $1.30 billion, respectively, for the fourth quarter of 2024. These increases were primarily due to commercial investment to support the launch of JOURNAVX in acute pain.<\/p>\n

GAAP and non-GAAP effective tax rates<\/b> were 10.5% and 13.5%, respectively, compared to 19.7% and 21.3%, respectively, for the fourth quarter of 2024. In the fourth quarter of 2025, the tax rates incorporated a one-time benefit from recognition of previously deferred tax credits and a change in estimated prior-year liabilities.<\/p>\n

GAAP and non-GAAP net income <\/b>were $1.2 billion and $1.3 billion, respectively, compared to $913 million and $1.0 billion, respectively, for the fourth quarter of 2024, primarily driven by increased product revenue.<\/p>\n

Full Year 2025 Results<\/span><\/b><\/p>\n

Total revenue<\/b> of $12.0 billion increased 9% compared to 2024, primarily driven by the continued performance of CF therapies and early contributions from the three ongoing launches. In the U.S., total revenue increased 13% to $7.55 billion due to continued strong CF patient demand, including for ALYFTREK, and higher realized net prices in CF versus the prior year; as well as contributions from CASGEVY and JOURNAVX. Outside the U.S., total revenue increased 3% to $4.45 billion due to solid CF performance across multiple geographies and contributions from CASGEVY.<\/p>\n

Combined GAAP and non-GAAP R&D, Acquired IPR&D and SG&A expenses <\/b>were $5.8 billion and $5.1 billion, respectively, compared to $9.7 billion and $8.8 billion, respectively, in 2024. The decreases were primarily due to $4.4 billion of AIPR&D expenses associated with Vertex\u2019s acquisition of Alpine Immune Sciences incurred in the second quarter of 2024, partially offset by increased R&D investment in support of multiple mid- and late-stage clinical development programs and increased commercial investment to support the launch of JOURNAVX.<\/p>\n

GAAP and non-GAAP effective tax rates <\/b>were 14.9% and 17.3%, respectively, compared to 315.5% and 91.0%, respectively, in 2024. In 2025, the effective tax rates were lower than U.S. statutory rates primarily due to one-time benefits from recognition of previously deferred tax credits and Alpine-related R&D tax credits. The GAAP effective tax rate also included excess tax benefits related to stock-based compensation.<\/p>\n

GAAP and Non-GAAP net income <\/b>were $4.0 billion and $4.7 billion, respectively, compared to a GAAP net loss of $(536) million and non-GAAP net income of $111 million, respectively, for 2024, reflecting the Alpine AIPR&D in 2024 and increased product revenue partially offset by increased operating expenses.<\/p>\n

Cash, cash equivalents, and total marketable securities<\/b> as of December 31, 2025, were $12.3 billion, compared to $11.2 billion as of December 31, 2024. The increase was primarily due to cash flows from operating activities, partially offset by repurchases of Vertex\u2019s common stock pursuant to its share repurchase programs.<\/p>\n

Full Year 2026 Financial Guidance<\/span><\/b><\/p>\n

\nVertex today provided full year 2026 financial guidance. Vertex\u2019s total revenue guidance of $12.95 billion to $13.1 billion includes expectations for continued growth in CF, including the ongoing U.S. rollout and ex-U.S. launches of ALYFTREK; as well as $500 million or more in revenue from non-CF products, including increased patient infusions of CASGEVY through Vertex\u2019s global ATC network and growth in prescriptions and revenue from the second year of the launch of JOURNAVX. Vertex\u2019s guidance for both combined GAAP and non-GAAP R&D, AIPR&D and SG&A expenses includes expectations for continued investment in multiple mid- and late-stage clinical development programs and commercial and manufacturing capabilities, and approximately $100 million of currently anticipated AIPR&D expenses. This guidance also includes an immaterial cost impact from tariffs in 2026 based on currently known tariff rates and regulations.<\/p>\n

\nVertex\u2019s financial guidance is summarized below:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

FY 2026<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total revenue<\/b><\/p>\n<\/td>\n

\n

\n$12.95 to $13.1 billion<\/p>\n<\/td>\n<\/tr>\n

\n

Non-CF product revenue<\/b><\/p>\n<\/td>\n

\n

\n$0.5 billion or greater<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Combined GAAP R&D, AIPR&D and SG&A expenses *<\/b><\/p>\n<\/td>\n

\n

\n$6.3 to $6.45 billion<\/p>\n<\/td>\n<\/tr>\n

\n

Combined non-GAAP R&D, AIPR&D and SG&A expenses *<\/b><\/p>\n<\/td>\n

\n

\n$5.65 to $5.75 billion<\/p>\n<\/td>\n<\/tr>\n

\n

Non-GAAP effective tax rate<\/b><\/p>\n<\/td>\n

\n

\n19.5% to 20.5%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n*The difference between the combined GAAP R&D, AIPR&D and SG&A expenses and the combined non-GAAP R&D, AIPR&D and SG&A expenses guidance relates primarily to $650 million to $700 million of stock-based compensation expense.<\/p>\n<\/td>\n<\/tr>\n

\n

\n**Combined GAAP and non-GAAP R&D, AIPR&D and SG&A expenses guidance includes approximately $100 million of AIPR&D expenses.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Key Business Highlights<\/span><\/b><\/p>\n

Marketed Products<\/span><\/i><\/b><\/p>\n

Cystic Fibrosis (CF) Portfolio<\/span><\/i><\/b><\/p>\n

Vertex has worked for more than 20 years to discover and develop medicines to treat the underlying cause of CF. Vertex CFTR modulators can treat nearly 95 percent of all people living with CF in core markets and are approved for patients as young as one month old. ALYFTREK, the newest marketed CFTR modulator, is approved in the U.S., the United Kingdom (U.K.), the European Union (EU), Canada, New Zealand, Switzerland, Australia, and Israel for the treatment of patients 6 years and older. Vertex anticipates that the number of CF patients taking its medicines will continue to grow through new approvals and reimbursement agreements, treatment of younger patients, increased survival, and expansion into additional geographies. Recent progress includes:<\/i><\/p>\n