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Dec 31, 2025
Vertex Q4 2025 Earnings Report
Vertex reported fourth quarter 2025 total revenue of $3190000000 and GAAP net income of $1191100000, driven by continued CF franchise strength and early diversification contributions.
Key Takeaways
Vertex delivered Q4 2025 revenue of $3190000000, up 10% year-over-year, with GAAP net income of $1191100000 and diluted EPS of $4.65. Growth was driven by TRIKAFTA/KAFTRIO and ALYFTREK, along with contributions from CASGEVY and JOURNAVX.
Total revenue increased 10% year-over-year to $3190000000.
GAAP net income was $1191100000 with diluted EPS of $4.65.
TRIKAFTA/KAFTRIO generated $2572500000 in Q4 revenue.
CASGEVY contributed $54300000 in Q4 revenue.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For full year 2026, Vertex expects total revenue between $12950000000 and $13100000000, including $500000000 or more from non-CF products, and a non-GAAP effective tax rate between 19.5% and 20.5%.
Positive Outlook
- FY2026 total revenue guidance of $12950000000 to $13100000000.
- Expected non-CF product revenue of $500000000 or more.
- Continued CF growth including ALYFTREK rollout.
- Expansion of CASGEVY global access and infusions.
- Growth in JOURNAVX prescriptions and coverage.
Challenges Ahead
- Non-GAAP effective tax rate expected between 19.5% and 20.5%, higher than Q4 level.
- Approximately $100000000 of anticipated AIPR&D expenses in 2026.
- Continued investment in R&D and commercialization.
- Guidance includes immaterial tariff cost impact.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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