Vertex Pharmaceuticals reported total revenues of $2.77 billion for the first quarter of 2025, a 3% increase compared to the first quarter of 2024. Net product revenues reached $2.76 billion, driven by continued robust performance of TRIKAFTA/KAFTRIO and initial contributions from the newly launched ALYFTREK.
U.S. net product revenues saw a 9% increase, while ex-U.S. product revenues experienced a 5% decrease, primarily due to an expected decline in Russia from an intellectual property violation. Operating expenses increased to $2.14 billion from $1.55 billion in the prior-year quarter, reflecting higher R&D and SG&A investments for pipeline and new product launches.
The company recorded an intangible asset impairment charge of $379.0 million related to the discontinuation of the VX-264 T1D program. Despite this, Vertex generated net income of $646.3 million, or $2.49 per diluted share, which was lower than the prior-year quarter's $1,099.6 million, or $4.21 per diluted share. Vertex raised the low end of its full-year 2025 revenue guidance to a range of $11.85 billion to $12.0 billion.
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