Analysis of Revenues
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Revenues as Reported
Vertex Pharmaceuticals Inc., income statement, revenues
US$ in thousands
| 12 months ended: | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| TRIKAFTA/KAFTRIO | |||||||||||
| ALYFTREK | |||||||||||
| Other product revenues | |||||||||||
| Product revenues, net |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall, product revenues demonstrate a consistent upward trajectory between 2021 and 2025, although the rate of growth fluctuates across individual product lines. The primary driver of this growth is TRIKAFTA/KAFTRIO, while other product revenues exhibit a declining trend before stabilizing.
- TRIKAFTA/KAFTRIO Revenue
- Revenue from TRIKAFTA/KAFTRIO increased substantially from US$5,697.2 million in 2021 to US$8,944.7 million in 2023, representing a significant growth phase. The growth rate decelerated somewhat in 2024, reaching US$10,238.6 million, and further slowed in 2025, with revenue at US$10,312.7 million. This suggests a maturing market for this product, with diminishing returns on revenue growth despite continued increases.
- ALYFTREK Revenue
- ALYFTREK generated no reported revenue in 2021, 2022, 2023, or 2024. Revenue began to materialize in 2025, reaching US$837.8 million. This indicates a recent product launch or market entry for ALYFTREK, contributing to overall revenue growth in the latest reported period.
- Other Product Revenues
- Other product revenues experienced a consistent decline from US$1,876.2 million in 2021 to US$781.5 million in 2024. A slight increase was observed in 2025, with revenue reaching US$820.1 million. This suggests a potential shift in product focus or declining sales of products within this category, with a possible stabilization in the most recent year.
- Net Product Revenues
- Net product revenues increased from US$7,573.4 million in 2021 to US$11,970.6 million in 2025. The growth was most pronounced between 2021 and 2024. While growth continued into 2025, the rate of increase slowed, reflecting the combined effects of decelerating TRIKAFTA/KAFTRIO growth and the initial contribution from ALYFTREK, alongside a slight recovery in other product revenues.
The company’s revenue profile is becoming increasingly concentrated in TRIKAFTA/KAFTRIO, with ALYFTREK emerging as a potentially significant contributor. The performance of other product revenues warrants continued monitoring to understand the factors driving its decline and the sustainability of the recent stabilization.