Analyst Conference Summary

Biotechnology

conference date: February 12, 2026 @ 1:30 PM Pacific Time
for quarter ending: December 30, 2025 (fourth quarter, Q4 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $3.08 billion, and up % from $ billion in the year-earlier quarter.

Net income was $ billion, up % sequentially from $1.08 million and up % from $ billion year-earlier.

Diluted Earnings Per Share (EPS) were $, up % sequentially from $4.20 and up % from $ year-earlier.

Guidance:

Conference Highlights:

Reshma Kewalramani, CEO, said ""

In Q3 2025 the VX-522 Phase 1/2 trial was approved to resume dosing, and did so.

Journavx (Suzetrigine) for acute pain was approved by the FDA in Q1. By mid-October 2025 more than 300,000 presciptions had been filled. Two Phase 4 trials were completed by October 2025. Continues to aid payer coverage, including Medicaid in 19 states; working on Medicare. Suzetrigine for DPN Phase 3 trial should begin in November 2025.

In Type 1 diabetes, in Q3 2025 completed enrollment in the Phase 1/2/3 study of zimislecel. Vertex has temporarily postponed completion of dosing in the study, pending an internal manufacturing analysis.

Trials are underway in Povetacicept for IgAN, pMN (membranous nephropathy), AMKD, and DM1. The FDA granted Breakthrough Therapy Designation in Q3 for IgAN, Phase 3 enrollment completed in Q4, and a rolling submission should begin by year end. A Phase 2/3 study was started for pMN, which now has Fast Track designation. An oral presentation will be made on November 8, 2025 at ASN. Believes should be best in class.

In Q3 2025 Casgevy ofr sickle cell disease and transfusion dependent beta thalassemia won reimbursement in Italy. So far about 165 patients have recieved the gene therapy.In Q2 2025 Vertex completed enrollment of children 5 to 11 years old with SCD or TDT in two global Phase 3 studies of Casgevy. On track to complete dosing in the second half of 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 Q3 2025.

Non-GAAP results: Net income $1.2 billion, up % sequentially from $na billion, and up 9% from $1.1 billion year-earlier. EPS $4.80, up 6% sequentially from $4.52, and up 10% from from $4.38 year-earlier.

No breakdown of revenue for Casgevy, Journavx, 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 $12.0. 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. 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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