Vertex Pharmaceuticals reported full year 2024 product revenue of $11.02 billion, representing a 12% increase compared to 2023. Fourth quarter 2024 product revenue increased 16% to $2.91 billion compared to the same period in 2023, driven by the continued performance of TRIKAFTA/KAFTRIO and initial contributions from new launches.
The company provided full year 2025 total revenue guidance in the range of $11.75 billion to $12.0 billion, reflecting expected growth from its CF portfolio, including the U.S. launch of ALYFTREK, continued uptake of CASGEVY, and early contributions from JOURNAVX. Combined non-GAAP R&D, AIPR&D, and SG&A expenses are projected to be between $4.9 billion and $5.0 billion for 2025.
Vertex reported a GAAP net loss of $(536) million for full year 2024, and non-GAAP net income of $111 million. This was significantly impacted by $4.4 billion in acquired in-process research and development (AIPR&D) expenses related to the acquisition of Alpine Immune Sciences during 2024.
In executive changes, Stuart Arbuckle, Chief Operating Officer, announced his intent to retire on July 1, 2025. Charlie Wagner, Chief Financial Officer, will assume the additional role of Chief Operating Officer, and Duncan McKechnie will become Chief Commercial Officer as part of a planned transition.
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