Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

“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.

“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

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.