Short answer
Vertex Pharmaceuticals (VRTX) filed its Q3 2025 10-Q quarterly report on Nov 4, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $3.1B (up 11.0% year over year) with net income of $1.1B.
Q3 2025 key financials · XBRL
- Revenue
- $3.1B
- +11.0% YoY · +3.8% QoQ
- Net income
- $1.1B
- +3.6% YoY · +4.8% QoQ
- Operating margin
- 38.6%
- EPS (diluted)
- $4.20
- +3.7% YoY · +5.3% QoQ
Source: XBRL data from the Vertex Pharmaceuticals (VRTX) Q3 2025 10-Q on SEC EDGAR. USD.
Vertex Pharmaceuticals Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $3.1B in Q3 2025, up 11% from $2.8B in Q3 2024, driven by TRIKAFTA/KAFTRIO and new launches including ALYFTREK and JOURNAVX
- Operating margin improved: income from operations $1.19B (39% margin) in Q3 2025 vs $1.12B (40% margin) in Q3 2024, cost of sales down to 13.5% from 14.2%
- Best segment: CF products (TRIKAFTA/KAFTRIO $2.65B, up 3% YoY in Q3) with growing patient demand; Worst: "Other product revenues" down 6% YoY to $176M, partly due to lower CASGEVY sales growth
- Cash, cash equivalents, and marketable securities increased 7% to $12.0B as of Sep 30, 2025; net cash from operating activities $3.13B in nine months vs negative $1.08B prior year; capital deployment includes $2.18B in repurchases
- Near-term outlook notes ongoing CF patient growth, expanded reimbursement for CASGEVY in Europe/Middle East, continued rollout of JOURNAVX; risks include royalty litigation, drug pricing reforms, and pipeline development uncertainties
Risk Factors
- No newly added risk factors this quarter; no material changes from 2024 10-K risk disclosures
- Carryforward regulatory risk: challenges obtaining accelerated approvals and maintaining reimbursement coverage
- Legal risk: ongoing litigation and arbitration related to products and activities remain unresolved
- Market risk: dependence on growth of cystic fibrosis (CF) patient population and reimbursement environment
- Financial risk: exposure to foreign currency fluctuations managed through foreign currency management program
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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