Vertex Reports Q1 2025 Results; Raises Revenue Outlook Amid Product Launch Momentum

Vertex Pharmaceuticals posted Q1 2025 revenue of $2.77 billion, up 3% year over year, driven by growth in cystic fibrosis (CF) therapies and early contributions from new product launches ALYFTREK and JOURNAVX. U.S. revenue rose 9% to $1.66 billion, while international sales declined 5%, impacted by IP issues in Russia.
The company raised the lower end of its 2025 revenue guidance from $11.75 billion to $11.85 billion, now expecting between $11.85 billion and $12.0 billion. Net income was $646 million on a GAAP basis, down from $1.1 billion in Q1 2024, due largely to a $379 million impairment charge tied to the discontinued VX-264 diabetes program. Non-GAAP net income was $1.05 billion.
Key updates:
• ALYFTREK, the next-gen CF modulator, is now approved in the U.S. and U.K., with EU approval expected in H2 2025.
• CASGEVY, a CRISPR-based therapy for sickle cell disease and beta thalassemia, has over 65 global treatment centers activated and ~90 patients collected to date.
• JOURNAVX, a non-opioid acute pain therapy approved in January, has filled over 20,000 prescriptions since March and has broad commercial coverage.
• Multiple pivotal trials continue, including povetacicept for kidney diseases (IgAN and pMN) and zimislecel for type 1 diabetes, with filings targeted for 2026.
• Vertex has $11.4 billion in cash and marketable securities and continues to invest heavily in R&D.