Vertex Reports Fourth Quarter and Full Year 2025 Financial Results
— Full year total revenue of
— Company provides full year 2026 total revenue guidance of
— Broad mid- and late-stage clinical pipeline accelerates with multiple proof-of-concept and pivotal programs advancing; on track to complete BLA filing for
“2025 marked a year of strong revenue growth, commercial diversification, and pipeline advancement,” said
Fourth Quarter 2025 Results
Total revenue increased 10% to
Combined GAAP and non-GAAP R&D, Acquired IPR&D and SG&A expenses were
GAAP and non-GAAP effective tax rates were 10.5% and 13.5%, respectively, compared to 19.7% and 21.3%, respectively, for the fourth quarter of 2024. In the fourth quarter of 2025, the tax rates incorporated a one-time benefit from recognition of previously deferred tax credits and a change in estimated prior-year liabilities.
GAAP and non-GAAP net income were
Full Year 2025 Results
Total revenue of
Combined GAAP and non-GAAP R&D, Acquired IPR&D and SG&A expenses were
GAAP and non-GAAP effective tax rates were 14.9% and 17.3%, respectively, compared to 315.5% and 91.0%, respectively, in 2024. In 2025, the effective tax rates were lower than
GAAP and Non-GAAP net income were
Cash, cash equivalents, and total marketable securities as of
Full Year 2026 Financial Guidance
Vertex’s financial guidance is summarized below:
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FY 2026 |
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Total revenue |
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Non-CF product revenue |
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Combined GAAP R&D, AIPR&D and SG&A expenses * |
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Combined non-GAAP R&D, AIPR&D and SG&A expenses * |
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Non-GAAP effective tax rate |
19.5% to 20.5% |
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*The difference between the combined GAAP R&D, AIPR&D and SG&A expenses and the combined non-GAAP R&D, AIPR&D and SG&A expenses guidance relates primarily to |
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**Combined GAAP and non-GAAP R&D, AIPR&D and SG&A expenses guidance includes approximately |
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Key Business Highlights
Marketed Products
Cystic Fibrosis (CF) Portfolio
-
ALYFTREK is reimbursed for eligible patients in the
U.S. ,England ,Ireland ,Germany ,Denmark ,Northern Ireland ,Norway ,Wales ,Italy ,Australia ,New Zealand , and Luxembourg.Vertex is working to secure access for eligible patients in additional countries. -
In January,
Vertex completed the pivotal study of ALYFTREK in children 2 to 5 years of age. The data showed that ALYFTREK was generally safe and well tolerated, consistent with the established safety profile. Treatment with ALYFTREK resulted in a clinically meaningful improvement in CFTR function with a mean reduction in sweat chloride from a TRIKAFTA baseline of -9.6 mmol/L (95% CI -12.1 to -7.0) through Week 24, with 65% of children reaching a normal sweat chloride value of <30mmol/L. These are unprecedented results for this age group.Vertex expects to submit for approval with global regulators in the first half of 2026. -
Vertex recently initiated a pivotal study of ALYFTREK in children 1 to less than 2 years of age. -
Following positive results from the study of TRIKAFTA in patients one year to less than two years of age, reported in
November 2025 ,Vertex expects to begin submissions for global regulatory approvals in this age group in the first half of 2026.
CASGEVY for the treatment of severe sickle cell disease (SCD) and transfusion-dependent beta thalassemia (TDT)
CASGEVY is a non-viral, ex vivo, CRISPR/Cas9 gene-edited cell therapy for eligible patients with SCD or TDT that has been shown to reduce or eliminate vaso-occlusive crises (VOCs) for patients with SCD and transfusion requirements for patients with TDT. CASGEVY is approved in the
-
Vertex recorded fourth quarter 2025 CASGEVY revenue of$54 million and full year 2025 revenue of$116 million . This reflects 64 patients receiving infusions of CASGEVY in 2025, including 30 people infused in the fourth quarter of 2025. Globally, in 2025, 147 people with SCD or TDT had their first cell collection for CASGEVY. -
As of the end of 2025, approximately 90 percent of patients in the
U.S. have reimbursed access to CASGEVY, which is also reimbursed in theU.K. ,Italy ,Austria ,Denmark , Luxembourg, KSA,Bahrain ,UAE , andKuwait . Most recently, in January,Vertex secured reimbursed access to CASGEVY for eligible patients with SCD inScotland , consistent with the reimbursement agreement reached in 2025 for patients with TDT. -
At the
American Society of Hematology (ASH) annual meeting inDecember 2025 ,Vertex presented positive data from the pivotal studies of CASGEVY in children ages 5 to 11 years old with SCD or TDT, which was highlighted by the conference in the “Best of ASH” presentations.Vertex expects to begin global regulatory submissions for approvals in this age group in the first half of 2026. TheU.S. Food and Drug Administration (FDA) awardedVertex a Commissioner’s National Priority Voucher for this pediatric submission, indicating an accelerated timeline for review once the submission is complete.
JOURNAVX (suzetrigine) for the treatment of moderate-to-severe acute pain
JOURNAVX is a first-in-class, oral, selective, non-opioid NaV1.8 pain signal inhibitor, approved in the
- Since JOURNAVX became available at pharmacies in early March, through year-end 2025, more than 550,000 prescriptions for JOURNAVX have been written and filled across the hospital and retail settings in different acute pain conditions, consistent with JOURNAVX’s broad label.
-
Vertex secured commercial coverage for JOURNAVX with the remaining large national pharmacy benefit manager (PBM), effectiveJanuary 1, 2026 , and now has secured access for JOURNAVX with all three national PBMs. As ofJanuary 2026 , over 200 million individuals across commercial and government payers have coverage, representing two-thirds ofU.S. covered lives. In addition, 21 states now provide coverage via Medicaid. - More than 100 of Vertex’s targeted 150 healthcare systems and more than 950 individual hospitals of the 2,000 targeted institutions have added JOURNAVX to formularies, protocols or order sets.
Select R&D Pipeline Programs
Cystic Fibrosis
-
Consistent with its commitment to serial innovation and bringing as many patients as possible to normal levels of CFTR function,
Vertex has advanced VX-828, the first of the next-generation 3.0 CFTR corrector class, into a proof-of-concept study in people with CF.Vertex expects to complete enrollment and dosing in the first half of 2026. -
Vertex is enrolling and dosing a Phase 1 study of VX-581, another corrector in the next-generation 3.0 class, in healthy volunteers. -
Vertex is targeting completion of dosing in the multiple ascending dose (MAD) portion of the Phase 1/2 study of VX-522 and disclosure of the data in the second half of 2026. VX-522 is a CFTR mRNA therapeutic thatVertex is developing in collaboration with Moderna for the approximately 5,000 people with CF who cannot benefit from CFTR modulators.
Sickle Cell Disease and Transfusion-Dependent Beta Thalassemia
-
Vertex continues to advance preclinical assets for gentler conditioning for CASGEVY, which could broaden the eligible patient population.
Peripheral Neuropathic Pain (PNP)
-
Vertex continues to expect to complete enrollment in both Phase 3 studies of suzetrigine in diabetic peripheral neuropathy (DPN), a form of peripheral neuropathic pain (PNP), by the end of 2026. -
Vertex also continues to enroll and dose people with DPN in a Phase 2 study of VX-993. -
Vertex continues to advance preclinical assets that inhibit NaV1.7 for use alone or in combination with a NaV1.8 inhibitor in acute and neuropathic pain.
IgA Nephropathy (IgAN) and Other B Cell-Mediated Diseases
-
In the fourth quarter of 2025,
Vertex initiated the rolling biologics license application (BLA) filing forU.S. accelerated approval of povetacicept in IgAN with submission of the first module. The FDA has granted Breakthrough Therapy Designation for this indication.Vertex remains on track to release interim analysis data in the first half of 2026 and also complete the submission in the first half of 2026, if data from the interim analysis are supportive.Vertex is using a priority review voucher to expedite the review of the povetacicept BLA from ten months to six months. -
Vertex continues to enroll and dose patients in the adaptive Phase 2/3 OLYMPUS pivotal study of povetacicept in people with pMN.Vertex anticipates completing the Phase 2 portion of the study and initiating the Phase 3 portion in mid-2026. The FDA has grantedFast Track and Orphan Drug designations for povetacicept in pMN, and the EMA has granted Priority Medicines (PRIME) designation. -
Vertex expects to initiate a placebo-controlled, Phase 2 dose-ranging proof-of-concept study evaluating povetacicept for the treatment of gMG in the first half of 2026.
APOL1-Mediated Kidney Disease (AMKD)
-
In September,
Vertex completed enrollment in the interim analysis cohort of the AMPLITUDE Phase 2/3 trial of inaxaplin in people with primary AMKD and will conduct the pre-planned interim analysis once this cohort reaches 48 weeks of treatment.Vertex expects to share data from the interim analysis in late 2026 or early 2027. The AMPLITUDE study is on track to complete full enrollment in the second half of 2026. -
Vertex expects to complete the AMPLIFIED Phase 2 study of inaxaplin and share data in mid-2026. AMPLIFIED is a study of people with AMKD with moderate proteinuria, and people with AMKD and Type 2 diabetes — populations not being studied in the AMPLITUDE trial.
Type 1 Diabetes (T1D)
-
Vertex has completed enrollment in the Phase 1/2/3 study of zimislecel in people with T1D and has temporarily postponed completion of dosing in the study, pending an ongoing internal manufacturing analysis. -
Zimislecel has been granted Regenerative Medicine Advanced Therapy (RMAT) and
Fast Track designations from theU.S. Food and Drug Administration , PRIME designation from the EMA, Breakthrough Medicine designation from theKingdom of Saudi Arabia , and has secured an Innovation Passport under theInnovative Licensing and Access Pathway (ILAP) from theU.K. Medicines and Healthcare products Regulatory Agency (MHRA).
Autosomal Dominant Polycystic Kidney Disease (ADPKD)
-
Vertex is enrolling and dosing AGLOW, a Phase 2 proof-of-concept study of VX-407 in patients with a subset of variants in the PKD1 gene, which encodes the PC1 protein, estimated to be up to approximately 30,000 (or up to approximately 10%) of the overall patient population living with ADPKD. -
AGLOW is a 24-patient single-arm study that will evaluate the effect of VX-407 on height-adjusted total kidney volume (htTKV).
Vertex expects to complete enrollment in the AGLOW study by the end of 2026.
Myotonic Dystrophy Type 1 (DM1)
-
Vertex continues to enroll and dose the MAD portion of the GALILEO global Phase 1/2 clinical trial of VX-670 in people with DM1; the study is assessing both safety and efficacy.Vertex is on track to complete enrollment and dosing in the trial in mid-2026.
Additional Earlier Stage R&D Programs
Consistent with its overall strategy,
External Innovation
Consistent with its strategy to develop transformative medicines for serious diseases,
- An exclusive global license agreement with WuXi Biologics to develop and commercialize a trispecific T cell engager for B cell-mediated autoimmune diseases, which is currently in preclinical development.
Non-GAAP Financial Measures
In this press release,
The company provides guidance regarding combined R&D, AIPR&D and SG&A expenses and effective tax rate on a non-GAAP basis. Unless otherwise noted, the guidance regarding combined R&D, AIPR&D and SG&A expenses does not include estimates associated with any potential future business development transactions, including collaborations, asset acquisitions and/or licensing of third-party intellectual property rights. The company does not provide guidance regarding its GAAP effective tax rate because it is unable to forecast with reasonable certainty the impact of excess tax benefits related to stock-based compensation and the possibility of certain discrete items, which could be material.
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Consolidated Statements of Income (Loss) (unaudited, in millions, except per share amounts) |
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Three Months Ended |
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Twelve Months Ended |
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2025 |
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2024 |
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2025 |
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|
2024 |
|
|
Revenues: |
|
|
|
|
|
|
|
||||||||
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Product revenues, net |
$ |
3,190.0 |
|
|
$ |
2,912.0 |
|
|
$ |
11,970.6 |
|
|
$ |
11,020.1 |
|
|
Other revenues |
|
— |
|
|
|
— |
|
|
|
30.7 |
|
|
|
— |
|
|
Total revenues |
|
3,190.0 |
|
|
|
2,912.0 |
|
|
|
12,001.3 |
|
|
|
11,020.1 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
|
Cost of sales |
|
466.0 |
|
|
|
423.4 |
|
|
|
1,651.3 |
|
|
|
1,530.5 |
|
|
Research and development expenses |
|
973.7 |
|
|
|
998.7 |
|
|
|
3,909.5 |
|
|
|
3,630.3 |
|
|
Acquired in-process research and development expenses |
|
56.5 |
|
|
|
87.5 |
|
|
|
133.0 |
|
|
|
4,628.4 |
|
|
Selling, general and administrative expenses |
|
487.0 |
|
|
|
377.6 |
|
|
|
1,753.1 |
|
|
|
1,464.3 |
|
|
Intangible asset impairment charge |
|
— |
|
|
|
— |
|
|
|
379.0 |
|
|
|
— |
|
|
Change in fair value of contingent consideration |
|
0.9 |
|
|
|
(1.2 |
) |
|
|
2.1 |
|
|
|
(0.5 |
) |
|
Total costs and expenses |
|
1,984.1 |
|
|
|
1,886.0 |
|
|
|
7,828.0 |
|
|
|
11,253.0 |
|
|
Income (loss) from operations |
|
1,205.9 |
|
|
|
1,026.0 |
|
|
|
4,173.3 |
|
|
|
(232.9 |
) |
|
Interest income |
|
121.9 |
|
|
|
128.2 |
|
|
|
490.9 |
|
|
|
598.1 |
|
|
Interest expense |
|
(3.3 |
) |
|
|
(2.8 |
) |
|
|
(13.3 |
) |
|
|
(30.6 |
) |
|
Other income (expense), net |
|
6.5 |
|
|
|
(14.9 |
) |
|
|
(7.7 |
) |
|
|
(86.1 |
) |
|
Income before provision for income taxes |
|
1,331.0 |
|
|
|
1,136.5 |
|
|
|
4,643.2 |
|
|
|
248.5 |
|
|
Provision for income taxes |
|
139.9 |
|
|
|
223.5 |
|
|
|
690.0 |
|
|
|
784.1 |
|
|
Net income (loss) |
$ |
1,191.1 |
|
|
$ |
913.0 |
|
|
$ |
3,953.2 |
|
|
$ |
(535.6 |
) |
|
|
|
|
|
|
|
|
|
||||||||
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Net income (loss) per common share: |
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|
|
|
|
|
|
||||||||
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Basic |
$ |
4.69 |
|
|
$ |
3.55 |
|
|
$ |
15.46 |
|
|
$ |
(2.08 |
) |
|
Diluted |
$ |
4.65 |
|
|
$ |
3.50 |
|
|
$ |
15.32 |
|
|
$ |
(2.08 |
) |
|
Shares used in per share calculations: |
|
|
|
|
|
|
|
||||||||
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Basic |
|
253.9 |
|
|
|
257.5 |
|
|
|
255.7 |
|
|
|
257.9 |
|
|
Diluted |
|
256.1 |
|
|
|
260.5 |
|
|
|
258.0 |
|
|
|
257.9 |
|
|
Total Revenues (unaudited, in millions) |
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Three Months Ended |
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Twelve Months Ended |
||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
|
TRIKAFTA/KAFTRIO |
$ |
2,572.5 |
|
$ |
2,720.8 |
|
$ |
10,312.7 |
|
$ |
10,238.6 |
|
ALYFTREK |
|
380.1 |
|
|
— |
|
|
837.8 |
|
|
— |
|
Other product revenues (1) |
|
237.4 |
|
|
191.2 |
|
|
820.1 |
|
|
781.5 |
|
Product revenues, net |
|
3,190.0 |
|
|
2,912.0 |
|
|
11,970.6 |
|
|
11,020.1 |
|
Other revenues |
|
— |
|
|
— |
|
|
30.7 |
|
|
— |
|
Total revenues |
$ |
3,190.0 |
|
$ |
2,912.0 |
|
$ |
12,001.3 |
|
$ |
11,020.1 |
|
1: In the three and twelve months ended |
|||||||||||
|
Reconciliation of GAAP to Non-GAAP Financial Information (unaudited, in millions, except percentages) |
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|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
GAAP cost of sales |
$ |
466.0 |
|
|
$ |
423.4 |
|
|
$ |
1,651.3 |
|
|
$ |
1,530.5 |
|
|
Stock-based compensation expense |
|
(3.2 |
) |
|
|
(2.0 |
) |
|
|
(11.1 |
) |
|
|
(7.5 |
) |
|
Intangible asset amortization expense |
|
(5.1 |
) |
|
|
(5.1 |
) |
|
|
(20.2 |
) |
|
|
(20.2 |
) |
|
Non-GAAP cost of sales |
$ |
457.7 |
|
|
$ |
416.3 |
|
|
$ |
1,620.0 |
|
|
$ |
1,502.8 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
GAAP research and development expenses |
$ |
973.7 |
|
|
$ |
998.7 |
|
|
$ |
3,909.5 |
|
|
$ |
3,630.3 |
|
|
Stock-based compensation expense |
|
(99.7 |
) |
|
|
(98.3 |
) |
|
|
(415.4 |
) |
|
|
(425.8 |
) |
|
Intangible asset amortization expense |
|
(0.7 |
) |
|
|
(0.6 |
) |
|
|
(2.6 |
) |
|
|
(1.5 |
) |
|
Acquisition-related costs (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(172.3 |
) |
|
Non-GAAP research and development expenses |
$ |
873.3 |
|
|
$ |
899.8 |
|
|
$ |
3,491.5 |
|
|
$ |
3,030.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Acquired in-process research and development expenses |
$ |
56.5 |
|
|
$ |
87.5 |
|
|
$ |
133.0 |
|
|
$ |
4,628.4 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
GAAP selling, general and administrative expenses |
$ |
487.0 |
|
|
$ |
377.6 |
|
|
$ |
1,753.1 |
|
|
$ |
1,464.3 |
|
|
Stock-based compensation expense |
|
(54.7 |
) |
|
|
(67.5 |
) |
|
|
(259.4 |
) |
|
|
(265.2 |
) |
|
Acquisition-related costs (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(36.5 |
) |
|
Non-GAAP selling, general and administrative expenses |
$ |
432.3 |
|
|
$ |
310.1 |
|
|
$ |
1,493.7 |
|
|
$ |
1,162.6 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Combined non-GAAP R&D, AIPR&D and SG&A expenses |
$ |
1,362.1 |
|
|
$ |
1,297.4 |
|
|
$ |
5,118.2 |
|
|
$ |
8,821.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
GAAP other income (expense), net |
$ |
6.5 |
|
|
$ |
(14.9 |
) |
|
$ |
(7.7 |
) |
|
$ |
(86.1 |
) |
|
(Increase) decrease in fair value of strategic investments |
|
(7.2 |
) |
|
|
7.2 |
|
|
|
5.0 |
|
|
|
57.7 |
|
|
Non-GAAP other expense, net |
$ |
(0.7 |
) |
|
$ |
(7.7 |
) |
|
$ |
(2.7 |
) |
|
$ |
(28.4 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
GAAP provision for income taxes |
$ |
139.9 |
|
|
$ |
223.5 |
|
|
$ |
690.0 |
|
|
$ |
784.1 |
|
|
Tax adjustments (3) |
|
61.0 |
|
|
|
56.2 |
|
|
|
301.0 |
|
|
|
340.0 |
|
|
Non-GAAP provision for income taxes |
$ |
200.9 |
|
|
$ |
279.7 |
|
|
$ |
991.0 |
|
|
$ |
1,124.1 |
|
|
|
|
|
|
|
|
|
|
||||
|
GAAP effective tax rate |
10.5 |
% |
|
19.7 |
% |
|
14.9 |
% |
|
315.5 |
% |
|
Non-GAAP effective tax rate |
13.5 |
% |
|
21.3 |
% |
|
17.3 |
% |
|
91.0 |
% |
|
Reconciliation of GAAP to Non-GAAP Financial Information (continued) (unaudited, in millions, except per share amounts) |
|||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
GAAP operating income (loss) |
$ |
1,205.9 |
|
|
$ |
1,026.0 |
|
|
$ |
4,173.3 |
|
|
$ |
(232.9 |
) |
|
Stock-based compensation expense |
|
157.6 |
|
|
|
167.8 |
|
|
|
685.9 |
|
|
|
698.5 |
|
|
Intangible asset impairment charge |
|
— |
|
|
|
— |
|
|
|
379.0 |
|
|
|
— |
|
|
Intangible asset amortization expense |
|
5.8 |
|
|
|
5.7 |
|
|
|
22.8 |
|
|
|
21.7 |
|
|
Increase (decrease) in fair value of contingent consideration |
|
0.9 |
|
|
|
(1.2 |
) |
|
|
2.1 |
|
|
|
(0.5 |
) |
|
Acquisition-related costs (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
208.8 |
|
|
Non-GAAP operating income |
$ |
1,370.2 |
|
|
$ |
1,198.3 |
|
|
$ |
5,263.1 |
|
|
$ |
695.6 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
GAAP net income (loss) |
$ |
1,191.1 |
|
|
$ |
913.0 |
|
|
$ |
3,953.2 |
|
|
$ |
(535.6 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Stock-based compensation expense |
|
157.6 |
|
|
|
167.8 |
|
|
|
685.9 |
|
|
|
698.5 |
|
|
Intangible asset impairment charge |
|
— |
|
|
|
— |
|
|
|
379.0 |
|
|
|
— |
|
|
Intangible asset amortization expense |
|
5.8 |
|
|
|
5.7 |
|
|
|
22.8 |
|
|
|
21.7 |
|
|
(Increase) decrease in fair value of strategic investments |
|
(7.2 |
) |
|
|
7.2 |
|
|
|
5.0 |
|
|
|
57.7 |
|
|
Increase (decrease) in fair value of contingent consideration |
|
0.9 |
|
|
|
(1.2 |
) |
|
|
2.1 |
|
|
|
(0.5 |
) |
|
Acquisition-related costs (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
208.8 |
|
|
Total non-GAAP adjustments to pre-tax income |
|
157.1 |
|
|
|
179.5 |
|
|
|
1,094.8 |
|
|
|
986.2 |
|
|
Tax adjustments (3) |
|
(61.0 |
) |
|
|
(56.2 |
) |
|
|
(301.0 |
) |
|
|
(340.0 |
) |
|
Non-GAAP net income |
$ |
1,287.2 |
|
|
$ |
1,036.3 |
|
|
$ |
4,747.0 |
|
|
$ |
110.6 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income (loss) per diluted common share: |
|
|
|
|
|
|
|
||||||||
|
GAAP |
$ |
4.65 |
|
|
$ |
3.50 |
|
|
$ |
15.32 |
|
|
$ |
(2.08 |
) |
|
Non-GAAP |
$ |
5.03 |
|
|
$ |
3.98 |
|
|
$ |
18.40 |
|
|
$ |
0.42 |
|
|
Shares used in diluted per share calculations: |
|
|
|
|
|
|
|
||||||||
|
GAAP and Non-GAAP |
|
256.1 |
|
|
|
260.5 |
|
|
|
258.0 |
|
|
|
257.9 |
|
|
Estimated effect of potentially dilutive securities not used in GAAP diluted per share calculation (4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.0 |
|
|
Non-GAAP |
|
256.1 |
|
|
|
260.5 |
|
|
|
258.0 |
|
|
|
260.9 |
|
|
2: In the twelve months ended |
|||||||||||||||
|
3: In the three and twelve months ended |
|||||||||||||||
|
4: In 2024, the company had a GAAP net loss and non-GAAP net income. Therefore, the impact of potentially dilutive securities was excluded from the calculation of GAAP weighted-average common shares outstanding (“WASO”) but was included in the calculation of non-GAAP WASO. |
|||||||||||||||
|
Condensed Consolidated Balance Sheets (unaudited, in millions) |
|||||
|
|
|
|
|
||
|
Assets |
|
|
|
||
|
Cash, cash equivalents and marketable securities |
$ |
6,608.1 |
|
$ |
6,115.9 |
|
Accounts receivable, net |
|
2,052.8 |
|
|
1,609.4 |
|
Inventories |
|
1,686.8 |
|
|
1,205.4 |
|
Prepaid expenses and other current assets |
|
853.3 |
|
|
665.7 |
|
Total current assets |
|
11,201.0 |
|
|
9,596.4 |
|
Property and equipment, net |
|
1,520.3 |
|
|
1,227.8 |
|
|
|
1,512.2 |
|
|
1,913.9 |
|
Deferred tax assets |
|
2,897.9 |
|
|
2,331.1 |
|
Operating lease assets |
|
1,562.7 |
|
|
1,356.8 |
|
Long-term marketable securities |
|
5,712.3 |
|
|
5,107.9 |
|
Other long-term assets |
|
1,236.6 |
|
|
999.3 |
|
Total assets |
$ |
25,643.0 |
|
$ |
22,533.2 |
|
|
|
|
|
||
|
Liabilities and Shareholders' Equity |
|
|
|
||
|
Accounts payable and accrued expenses |
$ |
3,432.9 |
|
$ |
3,201.6 |
|
Other current liabilities |
|
428.3 |
|
|
363.0 |
|
Total current liabilities |
|
3,861.2 |
|
|
3,564.6 |
|
Long-term operating lease liabilities |
|
1,846.5 |
|
|
1,544.4 |
|
Other long-term liabilities |
|
1,269.5 |
|
|
1,014.6 |
|
Shareholders' equity |
|
18,665.8 |
|
|
16,409.6 |
|
Total liabilities and shareholders' equity |
$ |
25,643.0 |
|
$ |
22,533.2 |
|
|
|
|
|
||
|
Common shares outstanding |
|
254.0 |
|
|
256.9 |
About
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief, or current expectation of
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The conference call will be webcast live and a link to the webcast can be accessed through
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