Vertex Q4 Revenue Climbs 10% to $3.19B, 2026 Guidance $12.95–13.1B
Vertex reported Q4 revenue of $3.19 billion, up 10% year-on-year, and full-year 2025 revenue of $12.0 billion, marking 9% growth. The company issued 2026 revenue guidance of $12.95–13.1 billion with at least $500 million from non-CF products and advanced BLA filing for IgAN therapy.
1. Fourth Quarter 2025 Results
Vertex reported Q4 total revenue of $3.19 billion, a 10% increase year-over-year, driven by continued cystic fibrosis therapy demand. Non-GAAP EPS was $5.03, missing estimates by 2.3%, while adjusted operating margin rose to 43% from 35.2% a year earlier.
2. Full Year 2025 Performance
Full-year revenue reached $12.0 billion, up 9% from 2024, with non-GAAP net income of $4.7 billion. Cash, cash equivalents and marketable securities totaled $12.3 billion as of December 31, 2025.
3. 2026 Financial Guidance
Vertex projects 2026 total revenue between $12.95 billion and $13.1 billion, including at least $500 million from non-CF products. Combined R&D and SG&A expenses are set to reflect continued clinical and commercial investments.
4. Pipeline Advances and Product Launches
Mid- and late-stage programs advanced with on-track BLA filing for povetacicept in IgA nephropathy in H1 2026. Global roll-outs of CASGEVY and the initial launch phase of JOURNAVX continue alongside CF franchise expansion.