v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Revenues by Product
“Product revenues, net” consisted of the following:
Three Months Ended March 31,
2026
2025
(in millions)
TRIKAFTA/KAFTRIO
$2,354.7
$2,535.5
ALYFTREK
424.4
53.9
Other CF product revenues (1)
135.9
155.3
Total CF product revenues, net
2,915.0
2,744.7
CASGEVY
42.9
14.2
JOURNAVX
29.0
1.3
Total product revenues, net
$2,986.9
$2,760.2
(1) Include KALYDECO, ORKAMBI, and SYMDEKO/SYMKEVI.
Revenues by Geographic Location
“Product revenues, net” are allocated based on the location of the customer. “Other revenues” are allocated based on the
location of the Vertex entity associated with such revenues. Our “Total revenues” consisted of the following:
Three Months Ended March 31,
2026
2025
(in millions)
United States
$1,775.9
$1,663.5
Outside of the United States
Europe
950.0
826.6
Other
261.0
280.1
Total revenues outside of the United States
1,211.0
1,106.7
Total revenues
$2,986.9
$2,770.2
We did not have any “Other revenues” in the three months ended March 31, 2026. In the three months ended March 31,
2025, our “Other revenues” of $10.0 million were attributed to the U.S.
Significant Segment Expenses
Significant segment expenses are set forth in the following table:
Three Months Ended March 31,
2026
2025
(in millions)
Total revenues
$2,986.9
$2,770.2
Costs and expenses:
Cost of sales - products
160.2
130.6
Cost of sales - royalty
232.6
232.4
Research expenses
205.0
206.1
Development expenses
756.6
773.6
Acquired in-process research and development expenses
0.5
19.8
Selling and other commercial expenses
313.6
241.1
General and administrative expenses
180.1
155.3
Intangible asset impairment charge
—
379.0
Interest income, net
(114.8)
(117.9)
Other segment items (1)
0.2
19.8
Provision for income taxes
221.5
84.1
Net income
$1,031.4
$646.3
(1)Other segment items included in “Net income” primarily include changes in the fair value of contingent
consideration and changes in the fair value of equity investments.
Additional Segment Information
During the three months ended March 31, 2026 and 2025, we recorded total depreciation and amortization expense of
$55.9 million and $48.4 million, respectively.