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: Continuing rapid revenue growth.

Basic data (GAAP):

Revenue was $3.19 billion, up 4% sequentially from $3.08 billion, and up 10% from $2.91 billion in the year-earlier quarter.

Net income was $1.19 billion, up 10% sequentially from $1.08 million and up 30% from $913 million year-earlier.

Diluted Earnings Per Share (EPS) were $4.65, up 11% sequentially from $4.20 and up 33% from $3.50 year-earlier.

Guidance:

2026 total revenue guidance of $12.95 to $13.1 billion.

Conference Highlights:

Reshma Kewalramani, CEO, said "2025 marked a year of strong revenue growth, commercial diversification, and pipeline advancement. Our focus in 2026 remains on executing across the Cystic Fibrosis franchise, bringing Casgevy to more patients around the globe and continuing to launch Journavx, as we also prepare for the anticipated near-term commercialization of povetacicept in IgAN. With expanding leadership in CF, exciting commercial momentum, and multiple mid- and late-stage programs advancing, Vertex is well positioned to deliver long-term value for patients and shareholders."

In Q4 2026 Vertex was enrolling and dosing a Phase 1 study of VX-581, another corrector in the next-generation 3.0 class for CF, in healthy volunteers.

In Q3 2025 the VX-522 Phase 1/2 trial for CF was approved to resume dosing, and did so. Dosing completion and initial data targetted for 2H 2026.

Journavx (Suzetrigine) for acute pain was approved by the FDA in Q1 2025. By mid-October 2025 more than 550,000 presciptions had been filled. Two Phase 4 trials were completed by October 2025. Continues to add payer coverage. Also enrolling a Phase 3 trial for Peripheral Neuropathic Pain.

In Casgevy for sickle cell disease and transfusion dependent beta thalassemia generated $54 million in revenue in Q4 2025. There were 30 cell infusions, 37 collectons, and 111 patients initiated in the quarter. Expects rapid growth in 2026.

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 BLA submission began in December 2025. But waiting for Phase 3 data readout. A Phase 2/3 study was started for pMN, which now has Fast Track designation. An oral presentation was made on November 8, 2025 at ASN. Believes should be best in class. Plans Phase 2 study in myasthenia gravis to start in 1H 2026. Planning marketing campaign.

In Q4 2025 VX-828 advanced into a proof-of-concept study for CF, with dosing to complete in 1H 2026.

In Q4 2025 Vertex continued to enroll and dose people with DPN (Peripheral Neuropathic Pain) in a Phase 2 study of VX-993.

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 is enrolling.

Non-GAAP results: Net income $1.29 billion, up 8% sequentially from $1.2 billion, and up 24% from $1.04 billion year-earlier. EPS $5.03, up 5% sequentially from $4.80, and up 26% from from $3.98 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 $12.3 billion, up sequentially from $12.0. No debt.

Cost of sales was $466 million. Research and development expense was $974 million. Sales, general and administrative expenses were $487 million. Acquired in-process R&D $57 million; Change in contingent consideration $1 million. Total costs and expenses were $1.98 billion, leaving operating income of $1.21 billion. Interest income net $119 million. Other expense $7 million. Income taxes $140 million.

Full year 2025 revenue was $12.0 billion, up 9% y/y. Net income $4.0 billion GAAP, $4.7 billion non-GAAP. Non-GAAP EPS $18.40.

Q&A selective summary:

Povetacicept adverse events? Hypogaboglobin anemia (sp?) or low IGG, you will see low IGG because it is part of the mechanism of action. We have shown there are no SAEs from this. One patient did have very low levels, but had no infection. "I don't really see anything there." Benefit greatly exceeds risk.

Guidance for CF, color? No additional color on guidance. Will not break down CF. But Q4 was helped by reimbursement in several countries. We expect that to continue.

Alyftrek acceptance in Europe? Sweat chloride interest is similar in US and EU. Switch dynamics favor Europe due to differnces in labels. More naive patients in Italy, which could lead to rapid uptake.

It typically takes 20 years to develop end stage renal disease after levels start to drop.

Journavx mix? About 50% retail, 50% hospital, moving towards retail. Does effect gross to net as hospital prescription length is typically shorter. Also varies by commercial, medicare, medicaid.

Baseling patient GFR affect on proteinuria for povetacicept? It should not have a significant impact in the range we are studying.

OpenIcon
Analyst Conference Summaries Main Page

Search

More Analyst Conference Pages: