10-KPeriod: FY2025

VERTEX PHARMACEUTICALS INC / MA Annual Report, Year Ended Dec 31, 2025

Filed February 13, 2026For Securities:VRTX

Summary

Vertex Pharmaceuticals Incorporated (VRTX) reported strong performance in its 2025 fiscal year, with total revenues reaching $12.0 billion, an increase of 9% year-over-year, driven by robust demand for its cystic fibrosis (CF) franchise, particularly TRIKAFTA/KAFTRIO, and significant contributions from new product launches including ALYFTREK, JOURNAVX, and CASGEVY. The company continues to invest heavily in research and development, with expenses rising to $3.9 billion in 2025, reflecting a commitment to advancing its diverse pipeline across multiple serious diseases such as IgA nephropathy (IgAN), APOL1-mediated kidney disease (AMKD), and Type 1 Diabetes (T1D). Key pipeline advancements include the rolling BLA submission for povetacicept in IgAN and ongoing Phase 3 trials for suzetrigine in neuropathic pain. Vertex maintains a strong liquidity position, with cash, cash equivalents, and marketable securities totaling $12.3 billion as of December 31, 2025.

Financial Highlights

48 data points
Beta

Revenue

$12.00B

86.2% Gross Margin

Net Income

$3.95B

32.9% Net Margin

EPS (Diluted)

$15.32

Total Assets

$25.64B

Cash & Equivalents

$5.08B

Free Cash Flow

$3.19B

Financial Statements
Beta
Revenue$12.00B
Cost of Revenue$1.65B
Gross Profit$10.35B
SG&A Expenses$1.75B
Operating Expenses$7.83B
Operating Income$4.17B
Net Income$3.95B
EPS (Basic)$15.46
EPS (Diluted)$15.32
Shares Outstanding (Basic)255.70M
Shares Outstanding (Diluted)258.00M

Key Highlights

  • 1Total revenues increased 9% to $12.0 billion in 2025, driven by strong CF product demand and new launches.
  • 2Alytrek (CF), Journavax (acute pain), and Casgevy (SCD/TDT) contributed significantly post-launch.
  • 3R&D expenses increased 8% to $3.9 billion, reflecting continued investment in pipeline development.
  • 4Significant pipeline progress noted for povetacicept (IgAN) with rolling BLA submission and suzetrigine (neuropathic pain) advancing through Phase 3 trials.
  • 5Casgevy generated $115.8 million in product revenue in 2025, with growing reimbursement coverage.
  • 6Company ended 2025 with a strong cash position of $12.3 billion, demonstrating robust financial health.
  • 7Share repurchase program authorized for up to $4.0 billion, with $618.5 million repurchased by year-end 2025.

Frequently Asked Questions

Vertex's total revenues grew by 9% to $12.0 billion in 2025, primarily fueled by sustained strong demand for its cystic fibrosis (CF) medicines, especially TRIKAFTA/KAFTRIO. New product launches, including ALYFTREK for CF, JOURNAVX for acute pain, and CASGEVY for sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT), also made substantial contributions.

Vertex is actively advancing a diverse pipeline. Key programs include povetacicept for IgA nephropathy (IgAN) and primary membranous nephropathy (pMN), with a rolling BLA submission for IgAN in progress. Other notable programs are inaxaplin for APOL1-mediated kidney disease (AMKD), suzetrigine for peripheral neuropathic pain, and zimislecel for Type 1 Diabetes (T1D). The company continues to invest heavily in these and other areas, reflecting a strategy of serial innovation.

Vertex ended 2025 with a strong liquidity position, holding $12.3 billion in cash, cash equivalents, and marketable securities. The company generated $3.6 billion in cash from operating activities in 2025. They are prioritizing R&D investments and commercialization efforts while also executing a significant share repurchase program, demonstrating confidence in their financial future and commitment to returning value to shareholders.

CASGEVY generated $115.8 million in revenue in 2025, with 64 patients receiving infusions. The company has secured reimbursed access for approximately 90% of eligible SCD/TDT patients in the U.S. and has expanded access to several other countries. Global regulatory submissions for approval in children aged 5-11 are expected in the first half of 2026.