Vertex Reports Q4 2025 Revenue of $3.19B, Issues 2026 Guidance of $12.95-13.1B

Vertex Pharmaceuticals reported fourth quarter 2025 total revenue of $3.19 billion, representing a 10% increase year-over-year. For the full year 2025, the company posted total revenue of $11.2 billion and provided 2026 revenue guidance of $12.95 billion to $13.1 billion.

Fourth quarter 2025 non-GAAP earnings per share were $5.03. GAAP and non-GAAP effective tax rates 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. GAAP and non-GAAP net income for the quarter were $1.3 billion and $1.4 billion, respectively.

For the full year 2025, GAAP and non-GAAP effective tax rates were 14.9% and 17.3%, respectively, compared to 315.5% and 91.0%, respectively, in 2024. GAAP and non-GAAP net income were $5.1 billion and $5.5 billion, respectively. Combined GAAP and non-GAAP R&D, Acquired IPR&D and SG&A expenses were $3.5 billion and $3.2 billion, respectively, for the full year.

Cash, cash equivalents, and total marketable securities as of December 31, 2025 totaled $13.8 billion.

The company's 2026 financial guidance includes total revenue of $12.95 billion to $13.1 billion, with non-CF product revenue expected to exceed $500 million. The guidance anticipates combined GAAP R&D, AIPR&D and SG&A expenses of $4.5 billion to $4.7 billion, and combined non-GAAP R&D, AIPR&D and SG&A expenses of $4.0 billion to $4.2 billion. The non-GAAP effective tax rate is projected at 19.5% to 20.5%. Combined GAAP and non-GAAP R&D, AIPR&D and SG&A expenses guidance includes approximately $500 million in costs related to the launch of JOURNAVX.

In January, Vertex completed the pivotal study of ALYFTREK in children 2 to 5 years of age. The data showed that ALYFTREK was generally safe and well tolerated, consistent with the established safety profile. Treatment with ALYFTREK resulted in a clinically meaningful improvement in CFTR function with a mean reduction in sweat chloride from a TRIKAFTA baseline of -9.6 mmol/L (95% CI -12.1 to -7.0) through Week 24, with 65% of children reaching a normal sweat chloride value of <30mmol/L. Vertex expects to submit for approval with global regulators in the first half of 2026.

Vertex recently initiated a pivotal study of ALYFTREK in children 1 to less than 2 years of age. ALYFTREK is currently reimbursed for eligible patients in the U.S., England, Ireland, Germany, Denmark, Northern Ireland, Norway, Wales, Italy, Australia, New Zealand, and Luxembourg. Vertex is working to secure access for eligible patients in additional countries.

In the fourth quarter of 2025, Vertex initiated the rolling biologics license application (BLA) filing for U.S. accelerated approval of povetacicept. The company is on track to complete the BLA filing for povetacicept.

Vertex continues to enroll and dose the MAD portion of the GALILEO global Phase 1/2 clinical trial of VX-670 in people with DM1.