Vertex Pharmaceuticals Inc. reported fourth‑quarter 2025 results with total revenue of $3.19 billion, up 10% year‑over‑year, and net income of $1.2 billion. Gross margin for the quarter was 85.7%, and earnings per share came in at $5.03, missing consensus estimates of $5.07–$5.08 by $0.04–$0.05.
Revenue growth was driven by the cystic fibrosis franchise and the launch of new products. CASGEVY generated $54 million in Q4 and $116 million for the full year, while JOURNAVX produced $27 million in Q4 and $60 million for the year. ALYFTREK contributed $380.1 million in Q4, and Trikafta/Kaftrio generated $2.57 billion in Q4, matching analyst expectations but reflecting a 5.5% decline from the prior year.
The EPS miss was largely attributable to margin pressure from increased patient‑support program costs, particularly for JOURNAVX, which the company noted would normalize in late 2026 or early 2027. The modest beat in revenue—$0.01–$0.03 billion above consensus—was supported by strong demand in the CF franchise and the early commercial traction of CASGEVY and JOURNAVX.
Vertex guided 2026 total revenue to $12.95 billion–$13.10 billion, with non‑CF products expected to contribute $500 million or more. The guidance reflects confidence in continued growth of the CF portfolio and the expanding sales of new products, while maintaining a focus on the upcoming commercialization of povetacicept in IgA nephropathy.
The company ended 2025 with $12.3 billion in cash, cash equivalents, and marketable securities, and repurchased approximately 4.8 million shares for roughly $2 billion during the year, underscoring a strong cash position and a commitment to shareholder returns.
"2025 marked a year of strong revenue growth, commercial diversification, and pipeline advancement," said Reshma Kewalramani, M.D., CEO and President. "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."
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