Vertex Pharmaceuticals reported a strong second quarter, with total revenue rising 12% year-over-year to $2.96 billion, driven by the continued performance of its cystic fibrosis (CF) franchise and successful launches of three new therapies: CASGEVY, ALYFTREK, and JOURNAVX. The company reiterated its full-year 2025 revenue guidance of $11.85 to $12.0 billion.
GAAP net income for the quarter was $1.0 billion, a significant turnaround from a net loss of $3.6 billion in the same period of 2024. The prior year’s loss was primarily due to a one-time $4.4 billion expense related to the acquisition of Alpine Immune Sciences. The company’s cash, cash equivalents, and marketable securities stood at a robust $12.0 billion as of June 30, 2025.
“Vertex delivered a strong quarter of revenue growth… as well as continued advancement of our clinical programs,” said Reshma Kewalramani, M.D., Chief Executive Officer and President. She emphasized the company’s focus on expanding its CF leadership, executing new launches, and advancing its diverse pipeline.
The company also announced a planned leadership transition. David Altshuler, M.D., Ph.D., will retire from his role as Chief Scientific Officer on August 1, 2026, after 13 years with the company. Mark Bunnage, D.Phil., currently SVP of Global Research, will assume the CSO role on February 1, 2026. Kewalramani praised Altshuler’s “exceptional scientific vision and patient impact” and described Bunnage as a “world-class scientist” and the “ideal leader to drive the next wave of innovation.”
Commercial and Pipeline Highlights:
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New Launches: The non-opioid pain treatment JOURNAVX has seen rapid uptake since its March launch, with over 110,000 prescriptions filled and insurance coverage secured for nearly 150 million individuals in the U.S. The gene-edited therapy CASGEVY now has reimbursement agreements in 10 countries for sickle cell disease and beta thalassemia, with over 75 authorized treatment centers activated globally. The next-generation CF therapy ALYFTREK recently gained approval in Europe and Canada.
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Kidney Disease: The company is advancing povetacicept in two pivotal Phase 3 trials for IgA nephropathy (IgAN) and primary membranous nephropathy (pMN). Enrollment for the IgAN trial’s interim analysis is complete, potentially supporting an accelerated approval filing in the U.S. in the first half of 2026. For APOL1-mediated kidney disease (AMKD), Vertex expects to complete enrollment in the interim analysis cohort for its Phase 2/3 trial of inaxaplin this year.
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Diabetes and Pain: Vertex is on track to complete enrollment for its pivotal study of zimislecel for Type 1 diabetes, with global regulatory submissions anticipated in 2026. In peripheral neuropathic pain, the company is prioritizing the development of suzetrigine for diabetic peripheral neuropathy (DPN) and plans to initiate a second Phase 3 study in the near term.
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Other Key Programs: The clinical pipeline includes VX-670 for myotonic dystrophy type 1, which is expected to complete enrollment in its Phase 1/2 trial in the first half of 2026, and VX-407 for autosomal dominant polycystic kidney disease (ADPKD), which will soon advance into a Phase 2 proof-of-concept study.
