Vertex Pharmaceuticals Incorporated reported its financial results for the fourth quarter (Q4) and full year (FY) ended December 31, 2025. For Q4 2025, Vertex reported GAAP operating income of USD 1.21 billion. For FY 2025, GAAP operating income was USD 4.17 billion. Stock-based compensation expense for Q4 2025 was USD 157.6 million and USD 685.9 million for FY 2025. Intangible asset amortization expense totaled USD 5.8 million for Q4 2025 and USD 22.8 million for FY 2025. The company recorded an intangible asset impairment charge of USD 379 million for FY 2025. Non-GAAP effective tax rate was 13.5 percent for Q4 2025 and 17.3 percent for FY 2025. On the business front, Vertex highlighted strong revenue growth, commercial diversification, and pipeline advancement in 2025. The company emphasized its focus for 2026 on executing across its cystic fibrosis $(CF)$ franchise, expanding access to CASGEVY globally, and continuing the launch of JOURNAVX. Vertex is also preparing for the anticipated near-term commercialization of povetacicept in IgAN. Additionally, Vertex entered into an exclusive global license agreement with WuXi Biologics to develop and commercialize a trispecific T cell engager for B cell-mediated autoimmune diseases, currently in preclinical development. Vertex stated it is well positioned for long-term value creation for patients and shareholders, citing expanding leadership in CF, ongoing commercial momentum, and progress in multiple mid- and late-stage programs.

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