Vertex Pharmaceuticals Raises 2025 Revenue Forecast Despite Q1 Miss

Keywords

Revenue forecast increase
Trikafta sales slowdown
Journavx (pain drug) launch
Alyftrek (CF therapy)
Casgevy gene therapy
Russia illegal copy issue
Q1 earnings miss

Key Facts

Vertex Pharmaceuticals has raised its 2025 revenue guidance to $11.85-$12 billion, reflecting 8% growth at the midpoint, despite a Q1 earnings miss2 3. The company reported a modest 3% revenue increase in Q1 2025, reaching $2.77 billion, which fell short of analyst expectations of $2.85 billion1 4.

Trikafta, Vertex's cystic fibrosis treatment, underperformed with sales rising just 2% to $2.53 billion, below the expected $2.58 billion5. However, the company remains confident in its growth trajectory due to several key product launches and pipeline developments.

The revised guidance factors in continued growth from Vertex's cystic fibrosis medicines, including the ongoing launch of Alyftrek in the U.S. and future international expansion3. Management acknowledged an "illegal copy issue" in Russia but stated it is isolated and already included in their outlook3.

New product momentum includes Journavx, their acute pain medication with over 20,000 prescriptions since its March launch, and Casgevy gene therapy for blood disorders, with 90 patients already starting cell collection5. The company expects volumes to ramp ahead of revenue for some products due to financial assistance programs while they secure broader payer coverage3.

Vertex maintains its guidance for non-GAAP R&D and SG&A expenses at $4.9-$5 billion for 2025, continuing to invest heavily in R&D with four (soon to be five) Phase III studies ongoing3.