Vertex Pharmaceuticals Incorporated reported its consolidated financial results for the first quarter ended March 31, 2025, and raised the low end of its total revenue guidance range by $100 million. The revised range is now $11.85 billion to $12 billion, up from the previous $11.75 billion to $12 billion.

Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex, commented, “Vertex delivered a strong start to 2025 with significant progress across the business, including growing and diversifying our revenue base, advancing multiple launches, and pushing forward our R&D pipeline. We expanded our leadership in cystic fibrosis (CF) and built global momentum for CASGEVY, while also launching JOURNAVX for moderate-to-severe acute pain.” She added, “With key programs such as povetacicept advancing rapidly in pivotal development, along with additional projects in early and mid-stage development, Vertex is positioned for continued success in the years ahead.”

First Quarter 2025 Results:

Total revenue increased by 3% to $2.77 billion, driven primarily by the performance of TRIKAFTA®/KAFTRIO® and early contributions from the U.S. launch of ALYFTREK.

In the U.S., revenue grew by 9% to $1.66 billion due to continued strong patient demand and higher net pricing.

International revenue decreased by 5% to $1.11 billion, with strong demand in both established and emerging markets, offset by a revenue decline in Russia due to intellectual property violations. Vertex remains confident that this issue is isolated.

Combined GAAP and Non-GAAP R&D, acquired IPR&D, and SG&A expenses totaled $1.4 billion and $1.2 billion, respectively, reflecting increased investment in clinical programs and the JOURNAVX launch.

Vertex reported an intangible asset impairment charge of $379 million related to VX-264, a program in type 1 diabetes that will not proceed further in development.

GAAP net income was $646 million, down from $1.1 billion in Q1 2024, largely due to higher operating expenses and the impairment charge.

Cash and Marketable Securities:

Vertex had $11.4 billion in cash, cash equivalents, and marketable securities as of March 31, 2025, a slight increase from $11.2 billion at the end of 2024.

Full Year 2025 Financial Guidance:

Vertex raised the lower end of its revenue guidance to a range of $11.85 billion to $12 billion, driven by continued CF growth, the launch of ALYFTREK, and expanding use of CASGEVY.

Combined GAAP and Non-GAAP R&D, IPR&D, and SG&A expenses are expected to be between $5.55 billion and $5.7 billion, with Non-GAAP expenses between $4.9 billion and $5.0 billion.

The non-GAAP effective tax rate is projected to be between 20.5% and 21.5%.

Key Business Highlights:

Vertex’s CF portfolio continues to expand, with ALYFTREK approved in the U.S. and U.K. for patients aged 6 and older. European approval is anticipated in the second half of 2025.

Vertex has seen strong growth in the launch of CASGEVY, a CRISPR/Cas9-based gene-editing therapy for sickle cell disease and transfusion-dependent beta thalassemia, now approved in several countries.

The launch of JOURNAVX, an oral, non-opioid pain relief therapy for acute pain, has begun successfully, with over 20,000 prescriptions written since its release in March.

Vertex is advancing multiple clinical-stage programs, including therapies for type 1 diabetes, IgA nephropathy, and other conditions.

Source: https://investors.vrtx.com/news-releases/news-release-details/vertex-reports-first-quarter-2025-financial-results