Analyst Conference Summary

Biotechnology

conference date: November 3, 2025 @ 1:30 PM Pacific Time
for quarter ending: September 30, 2025 (third quarter, Q3 2025)

Forward-looking statements

Overview: Strong revenue growth.

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $2.96 billion, and up % from $ billion in the year-earlier quarter.

Net income was $ billion, up % sequentially from $1.03 million and up from $ billion year-earlier.

Diluted Earnings Per Share (EPS) were $, up % sequentially from $3.99 and up from $ year-earlier.

Guidance:

Conference Highlights:

Reshma Kewalramani, CEO, said ""

In Q3 2025 the VX-522 Phase 1/2 trial was approved to resume.

In Q2 2025 Alyftrek for cystic fibrosis was approved by the European Commission. In July by Canada. Reviews are underway in Switzerland, Australia, and New Zealend.

In Q2 2025 Vertex completed enrollment of children 5 to 11 years old with SCD or TDT in two global Phase 3 studies of Casgevy. On track to complete dosing in the second half of 2025.

Ximislecel for type 1 diabetes is now in a Phase 3 trial.

Other trials are underway in Povetacicept for IgAN, pMN; AMKD, and DM1.

VX-828 combo for CF preclinical work shows it could be the best CF therapy ever. Phase 1 trial should complete in 2025.

VX-407 for ADPKD (kidney with mutant PKD1 genes) completed the Phase 1 trial in healthy volunteers in Q1 2025. A Phase 2 study should start in Q3 2025.

Non-GAAP results: Net income $ billion, up % sequentially from $ billion, and up from $ billion year-earlier. EPS $, up % sequentially from $4.52, and up from from $3 year-earlier.

No breakdown of revenue for Syhmdeko, Orkambi, or Kalydeco. Lumped them into Other.

See also the Vertex Pharmaceuticals Pipeline page.

Cash and equivalents balance ended at $ billion, sequentially from $12.0. No debt. Bought back shares in Q2 2025 and authorized more.

Cost of sales was $ million. Research and development expense was $ million. Sales, general and administrative expenses were $ million. Acquired in-process R&D $ million; Change in contingent consideration $ million. Intangible asset impairment charge $0 million. Total costs and expenses were $ billion, leaving operating income of $ billion. Interest income net $ million. Other income $ million. Income taxes $ million.

Q&A selective summary:

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