Vertex, Inc. · NASDAQ:VERX
Vertex — Q4 2025 Earnings Presentation
17 slides from Vertex's earnings presentation, Feb 11, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results
FIRSTQuarter Fourth QUARTER and 2025Full FINANCIAL Year 2025 RESULTS Financial Results February 12, 2026 Presentation intended for the investment community ©2025 Vertex Pharmaceuticals Incorporated ©2026 Vertex Pharmaceuticals Incorporated ©2026 Vertex Pharmaceuticals Incorporated
Slide 2: Agenda
Agenda Introduction Susie Lisa, CFA, Senior Vice President, Investor Relations CEO Perspective and Pipeline Update Reshma Kewalramani, M.D., Chief Executive Officer and President Commercial Update Duncan McKechnie, Executive Vice President and Chief Commercial Officer Financial Results Charlie Wagne
Slide 3: Safe harbor statement & non-GAAP financial measures
Safe harbor statement & non-GAAP financial measures This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, the information provided regarding future financial and operating performance and statements re
Slide 4: FY 2025 total revenue +9% Y/Y and creates strong base for 2026 commercial priorities
FY 2025 total revenue +9% Y/Y and creates strong base for 2026 commercial priorities Cystic fibrosis portfolio CASGEVY Continue to expand market Leverage established global ATC leadership network to drive patient infusions JOURNAVX Povetacicept Build on momentum Submit for U.S. Accelerated of first
Slide 5: CF: Multiple factors extend leadership and drive sustained growth
CF: Multiple factors extend leadership and drive sustained growth •Best CFTR protein function, as measured by sweat chloride, plus once-daily dosing ALYFTREK •Approved for additional response mutations launch •Expect majority of patients to switch to ALYFTREK from TRIKAFTA over time •Increases eligi
Slide 6: Povetacicept: Potential best-in-class asset in IgAN
Povetacicept: Potential best-in-class asset in IgAN Specifically engineered to RUBY-3 Phase 2 data demonstrated Differentiated monthly dosing and achieve improved… potential best-in-class profile patient-centric features Binding affinity for BAFF + APRIL Reductions in At-home administration
Slide 7: Rapid progress across renal portfolio, with multiple near-term catalysts
Rapid progress across renal portfolio, with multiple near-term catalysts PATIENTS1 CURRENT PHASE 2026 MILESTONES Phase 3 trial • On track to complete submission H1:26 ~330K Povetacicept – IgAN (>1.5M globally) enrollment for U.S. AA, if results are supportive B cell driven complete • Prepare for U.S
Slide 8: R&D portfolio is broad, deep, and rapidly advancing
R&D portfolio is broad, deep, and rapidly advancing Select, Next Wave Phase 1 Phase (1)/2 Pivotal Development Approved Research-stage Programs in Healthy Volunteers in Patients Improved conditioning Follow-on VX-407 Povetacicept CASGEVY – SCD & TDT molecules: ADPKD IgA nephropathy • CF NaV1.7 inhibi
Slide 9: CF: Q4 growth driven by multiple factors, including ALYFTREK launch and uptake in younger patients
CF: Q4 growth driven by multiple factors, including ALYFTREK launch and uptake in younger patients U.S. • ALYFTREK rollout continues to progress well • Uptake in younger patients highlights • Higher net realized prices • ALYFTREK launches off to a strong start in EU • Secured reimbursement access H2
Slide 10: CASGEVY: Acceleration continues into 2026+ towards multi-$B potential
CASGEVY: Acceleration continues into 2026+ towards multi-$B potential Delivered $116M CASGEVY revenue in FY 2025 Accelerate patient infusions through existing global ATC network Patients initiated 1st Cell collections Cell infusions Expand to younger patients Broad coverage U.S.: ~90% Medicaid & com
Slide 11: Pain: Transforming the standard of care for the treatment of acute pain
Pain: Transforming the standard of care for the treatment of acute pain 2025 execution positions JOURNAVX for significant growth in 2026 and beyond PAYERS PRESCRIBERS PATIENTS 2025 >200M >35K >550K covered lives prescribers prescriptions All 3 national PBMs* contracted Excellent breadth of prescribe
Slide 12: Renal: We plan to win in renal medicine, starting with pove in IgAN
Renal: We plan to win in renal medicine, starting with pove in IgAN Expertise in high-science sales informed by transformative therapies in CF, Heme, and moderate-to-severe Acute Pain; field force hiring well underway and first-contingent in the field • Proven capabilities in securing rapid & broad
Slide 13: Q4 and full year 2025 financial highlights
Q4 and full year 2025 financial highlights ($ in millions except where noted or per share data and percentages) Q4:24 FY24 Q1:25 Q2:25 Q3:25 Q4:25 FY25 TRIKAFTA/KAFTRIO 2.72B 10.24B 2.54B 2.55B 2.65B 2.57B 10.31B ALYFTREK - - 54 157 247 380 838 Other product revenues* 191 782 171 236 176 237 820 Pro
Slide 14: 2026 financial guidance
2026 financial guidance FY 2025 FY 2026 Commentary Actuals Guidance Full year revenue guidance includes expectations for continued growth in CF, as Total Revenue $12.00B $12.95 - $13.1B well as $500 million or more in revenue from non-CF products. Combined GAAP R&D, Includes expectations for continu
Slide 15: Anticipated Key Milestones
Anticipated Key Milestones TRIKAFTA (CF) Completed pivotal study for 12 to <24 months of age; begin global regulatory submissions in H1 2026 Continue to drive adoption in U.S. and execute ongoing OUS launches in 6+ year olds ALYFTREK (CF) Following positive data from Phase 3 study in children ages 2
Slide 16: Fourth Quarter and Full Year 2025 Financial Results
FIRSTQuarter Fourth QUARTER and 2025Full FINANCIAL Year 2025 RESULTS Financial Results February 12, 2026 Presentation intended for the investment community ©2025 Vertex Pharmaceuticals Incorporated ©2026 Vertex Pharmaceuticals Incorporated ©2026 Vertex Pharmaceuticals Incorporated
Slide 17: GAAP to non-GAAP Financial Information
Appendix GAAP to non-GAAP Financial Information (in millions except per share amounts and percentages) Q4:24 FY24 Q1:25 Q2:25 Q3:25 Q4:25 FY25 Combined R&D, Acquired IPR&D and SG&A GAAP 1.46B 9.72B 1.40B 1.41B 1.48B 1.52B 5.80B Non-GAAP 1.30B 8.82B 1.23B 1.24B 1.28B 1.36B 5.12B Operating income (los