Vertex Reports Q4 EPS of $5.03, Revenues Rise 10% to $3.19B on CF Drug Sales
Vertex Pharmaceuticals reported Q4 adjusted earnings of $5.03 per share, missing the $5.07 forecast, while revenues rose 10% year over year to $3.19 billion, topping the $3.17 billion estimate. U.S. revenue climbed 12% to $2.06 billion driven by cystic fibrosis therapies, while Casgevy sales reached $54 million.
1. Q4 Financial Results
Vertex reported adjusted earnings of $5.03 per share for Q4 2025, missing the $5.07 consensus. Total revenues rose 10% year over year to $3.19 billion, topping the $3.17 billion estimate. U.S. revenues increased 12% to $2.06 billion while ex-U.S. sales grew 5% to $1.13 billion.
2. Product Sales Breakdown
Trikafta generated $2.57 billion in sales, down 5.5% year over year. New triple combination regimen Alyftrek contributed $380.1 million, up from $247 million in Q3. Casgevy delivered $54.3 million and Journavx reached $26.7 million, with other products rising 24.2% to $237.4 million.
3. Costs and Operating Profit
Adjusted R&D expenses declined 2.9% to $873.3 million while SG&A rose 39.4% to $432.3 million to support new product launches. Acquired in-process R&D costs were $56.5 million. Adjusted operating income increased 14.3% to $1.37 billion.
4. 2026 Guidance and Pipeline
Vertex projects 2026 revenues of $12.95–$13.10 billion, reflecting 8%–9% growth, with non-CF product sales exceeding $500 million. Combined R&D, AIPR&D and SG&A expenses are expected between $5.65 and $5.75 billion. Q1 revenue growth is forecast at about 7%, and key late-stage studies in IgAN, pMN and neuropathic pain progress toward submission.