Analyst Conference Summary

Biotechnology

conference date: August 4, 2025 @ 1:30 PM Pacific Time
for quarter ending: June 30, 2025 (second quarter, Q2 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, down % sequentially from $2.77 billion, and up % from $ billion in the year-earlier quarter.

Net income was $ million, down % sequentially from $646 million and down % from $ billion year-earlier.

Diluted Earnings Per Share (EPS) were $, down % sequentially from $2.49 and down % from $ year-earlier.

Guidance:

Conference Highlights:

Reshma Kewalramani, CEO, said ""

Journavx (Suzetrigine or VX-548) for acute pain NDA was approved by the FDA on January 30, 2025. In Q3 2024 started a Phase 3 trial in diabetic peripheral neuropathy. Believes addresses a multi-billion dollar market.

VX-828 combo for CF preclinical work shows it could be the best CF therapy ever. Clinical trials could begin in 2025.

VX-407 for ADPKD (kidney with mutant PKD1 genes) completed the Phase 1 trial in healthy volunteers in Q1 2025. A Phase 2 study should start in 2025.

Non-GAAP results: Net income $1.054 billion, up 1% sequentially from $1.04 billion, and down 15% from $1.24 billion year-earlier. EPS $4.06, up 2% sequentially from $3.98, and down 15% from from $4.76 year-earlier.

No breakdown of revenue for Syhmdeko, Orkambi, or Kalydeco. Lumped them into Other.

See also the Vertex Pharmaceuticals Pipeline page.

Cash and equivalents balance ended at $ billion, flat sequentially from $na. No debt.

Cost of sales was $ million. Research and development expense was $ million. Sales, general and administrative expenses were $ million. Acquired in-process R&D $ million; Change in contingent consideration $ million. Intangible asset impairment charge $ million. Total costs and expenses were $ billion, leaving operating income of $ billion. Interest income net $ million. Other expense $ million. Income taxes $ million.

Q&A selective summary:

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