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Mar 31
Vertex Q1 2025 Earnings Report
Vertex reported modest revenue growth in Q1 2025, driven by strong performance from its cystic fibrosis therapies and new product launches, though net income declined due to a large impairment charge.
Key Takeaways
Vertex delivered Q1 2025 revenue of $2.77B and adjusted EPS of $4.06, with continued momentum in CF therapies and early launches of ALYFTREK and JOURNAVX; GAAP net income declined due to a $379M impairment.
Revenue grew to $2.77B, up 3% YoY, led by TRIKAFTA/KAFTRIO and new CF drug ALYFTREK.
GAAP net income dropped to $646M due to a $379M impairment on VX-264.
Non-GAAP EPS came in strong at $4.06 despite higher R&D and SG&A spend.
Vertex raised the low end of its FY25 revenue guidance to $11.85B.
Vertex
Vertex
Vertex Revenue by Segment
Vertex Revenue by Geographic Location
Forward Guidance
Vertex raised its full-year 2025 revenue outlook, reflecting confidence in its CF franchise and recent product launches, while maintaining cost guidance.
Positive Outlook
- FY25 revenue guidance increased to $11.85B–$12.0B
- Ongoing momentum in TRIKAFTA/KAFTRIO and ALYFTREK uptake
- Strong launch and broad access for JOURNAVX in U.S.
- CASGEVY progress with reimbursement and treatment centers activated
- Pipeline advances with pivotal trials for povetacicept and zimislecel
Challenges Ahead
- GAAP net income declined due to large impairment charge
- International revenue impacted by IP issues in Russia
- Higher SG&A from new product commercialization
- R&D spend increased to support multiple development programs
- No FY25 GAAP tax guidance due to uncertainties