Vertex Pharmaceuticals Incorporated reported a total revenue of $12.0 billion for the fiscal year ending December 31, 2025, marking a 9% increase from $11.0 billion in 2024. This growth was primarily driven by strong demand for its cystic fibrosis (CF) treatments, particularly TRIKAFTA/KAFTRIO, along with contributions from the launches of ALYFTREK, JOURNAVX, and CASGEVY. The company’s net income for 2025 was $3.95 billion, a significant recovery from a net loss of $535.6 million in the previous year, resulting in a diluted earnings per share of $15.32.
In terms of operational changes, Vertex's cost of sales as a percentage of net product revenues slightly decreased from 13.9% in 2024 to 13.8% in 2025, attributed to a lower overall royalty rate for its CF medicines. Research and development (R&D) and selling, general and administrative (SG&A) expenses rose to $5.7 billion, up from $5.1 billion in 2024, reflecting increased investments in commercializing new products and advancing its R&D pipeline. Notably, the company recorded $133 million in acquired in-process research and development expenses, a sharp decline from $4.6 billion in 2024, which included costs related to the acquisition of Alpine Immune Sciences.
Vertex's product portfolio continues to expand, with ALYFTREK now approved in multiple countries and expected to increase the number of patients treated for CF. The company also reported that CASGEVY, its gene-editing therapy for sickle cell disease and transfusion-dependent beta thalassemia, generated $115.8 million in revenue in 2025, with 64 patients receiving infusions. The company anticipates further growth in 2026, driven by regulatory submissions for CASGEVY in younger patient populations and the continued rollout of JOURNAVX for acute pain management.
As of December 31, 2025, Vertex's cash, cash equivalents, and marketable securities totaled $12.3 billion, up from $11.2 billion in 2024, bolstered by strong cash flows from operations. The company’s working capital increased by 22% to $7.3 billion, reflecting its robust financial position. Looking ahead, Vertex plans to continue investing in its pipeline and expanding its geographic reach, with expectations of further revenue growth from its CF products and new therapies in development.
About VERTEX PHARMACEUTICALS INC / MA
Vertex Pharmaceuticals is a global biotech company focused on developing transformative medicines for serious diseases, primarily in cystic fibrosis, blood disorders, and pain. Its core portfolio includes approved therapies targeting CFTR mutations, gene-editing treatments for sickle cell disease and thalassemia, and novel pain inhibitors. The company emphasizes innovative research, gene and cell therapies, strategic collaborations, and expanding access worldwide to improve patient outcomes.
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