Vertex Pharmaceuticals Reports $400 Million Impairment Charge Following VX-264 Program Update

Vertex Pharmaceuticals announced it will discontinue further development of its type 1 diabetes candidate VX-264 after results from a Phase 1/2 trial. Following this decision, Vertex began evaluating the intangible assets associated with the program and expects to record a non-cash impairment charge of approximately $400 million for the first quarter and full year of 2025.

Details of the impairment will be included in Vertex’s upcoming Quarterly Report on Form 10-Q for the quarter ending March 31, 2025.

Vertex noted that this announcement contains forward-looking statements subject to risks and uncertainties, particularly regarding the expected financial impact and accounting treatment. These forward-looking statements are based on current information and are subject to change.