Vertex Pharmaceuticals (VRTX) Q4 2025 earnings summary

Executive summary

• Achieved 9% full-year 2025 revenue growth to $12.0B, with Q4 revenue up 10% to $3.2B, driven by CF therapies, ALYFTREK, CASGEVY, and JOURNAVX launches.

• CASGEVY generated $116M and JOURNAVX $60M in their first year, with over 550,000 JOURNAVX prescriptions and strong payer adoption.

• U.S. revenue grew 13% to $7.55B, ex-U.S. revenue rose 3% to $4.45B, reflecting global expansion and new access in multiple countries.

• Advanced pipeline with pivotal programs for povetacicept in IgAN, ALYFTREK pediatric studies, and exclusive global license with WuXi Biologics.

• 2026 focus includes expanding CF leadership, accelerating new product adoption, and advancing the renal franchise.

Financial highlights

• FY 2025 total revenue: $12.0B (+9% YoY); Q4 revenue: $3.2B (+10% YoY).

• FY 2025 non-GAAP net income: $4.7B; non-GAAP EPS: $18.40; Q4 non-GAAP net income: $1.3B, EPS: $5.03.

• Ended 2025 with $12.3B in cash, cash equivalents, and marketable securities.

• Repurchased 4.8M shares for ~$2B in 2025; shareholders’ equity rose to $18.7B.

• Q4 2025 gross margin: 85.4%–85.7%.

Outlook and guidance

• 2026 revenue guidance: $12.95B–$13.1B (8–9% growth), with $500M+ from non-CF products.

• Q1 2026 revenue expected to grow ~7% YoY, with acceleration through the year.

• Non-GAAP operating expenses for 2026 projected at $5.65B–$5.75B; tax rate 19.5–20.5%.

• Continued investment in clinical development, commercial capabilities, and pipeline innovation.