Vertex Projects $12.95B–$13.1B in 2026 Revenue as Shares Slip 1.24% After Hours
Vertex delivered Q4 revenue of $3.19 billion, a 10% year-over-year increase, driven by $380.1 million from ALYFTREK while TRIKAFTA sales dipped to $2.57 billion. The company reported GAAP net income of $1.2 billion and set 2026 revenue guidance of $12.95 billion–$13.1 billion, including $500 million from non-CF products.
1. Q4 2025 Financial Results
Vertex reported fourth-quarter 2025 revenue of $3.19 billion, up 10% year-over-year, with GAAP net income of $1.2 billion and non-GAAP net income of $1.3 billion. This performance slightly missed some Wall Street estimates on earnings while surpassing sales projections.
2. Product Revenue Breakdown
ALYFTREK generated $380.1 million in Q4 from cystic fibrosis patients aged 6 and older, partially offsetting a decline in TRIKAFTA revenue, which fell from $2.72 billion to $2.57 billion year-over-year as the therapy remains established.
3. 2026 Financial Guidance
The company issued full-year 2026 revenue guidance of $12.95 billion to $13.1 billion, forecasting at least $500 million from non-CF products and combined R&D and SG&A expenses of $6.3 billion to $6.45 billion, indicating a modest growth trajectory.
4. Market Reaction and Outlook
Shares fell 1.24% in after-hours trading to $459.25 following the report. Leadership emphasized global expansion of CASGEVY, the upcoming launch of JOURNAVX and preparations for povetacicept commercialization as drivers of long-term value.