今年，这份全球商界女性领袖的权威榜单迈入第28个年头。这份榜单既揭晓了当下最具有影响力的领导 者，也展示了未来有望攀登更高峰的潜力者。 "全球最具影响力的商界女性榜单"历来以数据为导向，依据高管所在企业规模、运营状况或损益表进行 评选，而今年的评选更是强化了数据维度。《财富》杂志首次采用更复杂的评分系统，除了基于业务指 标（涵盖12个月和三年周期数据），还结合高管的影响力、创新能力、职业轨迹以及为改善业务所做的 努力等维度为候选人赋值。该系统更倾向于首席执行官群体，因此，部分担任其他高管职位的上榜者在 榜单上的排名较往年有所下滑。 随着更多女性执掌举足轻重的企业，这份榜单的竞争变得更加激烈。今年排名前三位的分别是：蝉联榜 首的通用汽车公司首席执行官玛丽·巴拉（Mary Barra）、埃森哲首席执行官朱莉·斯威特（Julie Sweet） 和花旗集团首席执行官简·弗雷泽（Jane Fraser）。此外，还有来自沃尔玛、Netflix等全球顶尖企业的资 深领导者。 略超半数的上榜女性在美国工作，美国在推动女性登上企业最高层方面仍然大幅领先其他国家；其余48 位上榜者来自其他国家，覆盖19个国家和地区。紧随美国之后 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Outperform" [2] Core Insights - Overall revenue growth for pharmaceutical companies has slowed down, with Eli Lilly and Novo Nordisk showing significant increases of 45% and 18% respectively in Q1 2025, while other companies like GSK and Merck faced low single-digit growth or declines [3][5] - The U.S. drug price reform and uncertain macroeconomic environment are impacting the industry, with the Trump administration's executive order promoting "Most Favored Nation" pricing potentially reducing the pricing power of large pharmaceutical companies [3][7] - The next five years will see several blockbuster drugs facing patent expirations, prompting pharmaceutical companies to pursue business development (BD) transactions to enhance revenue and fill pipeline gaps [3][13] Summary by Sections 01 Overview of Q1 2025 Performance - The top 15 pharmaceutical companies had a combined R&D expenditure of $31.8 billion in Q1 2025, reflecting a year-on-year increase of 0.6% [8] 02 Revenue and Guidance - Eli Lilly reported Q1 2025 revenue of $12.7 billion, a 45% increase year-on-year, with a full-year guidance of $58.0 billion to $61.0 billion [5] - Pfizer's revenue decreased by 6% to $13.7 billion in Q1 2025, with a full-year guidance of $61.0 billion to $64.0 billion [6] 03 Drug Price Reform and Macro Environment - The Trump administration's executive order aims to provide U.S. patients with "Most Favored Nation" pricing, which could pressure drug prices downward [7] - A proposed budget plan by the Republican party includes significant cuts to Medicaid, potentially impacting pharmaceutical revenues [7] 04 Upcoming Patent Expirations - Several key products are approaching patent expiration, including Eli Lilly's Tirzepatide and JNJ's Invega Sustenna, which could lead to increased competition and revenue challenges [13][14] 05 Recent Business Development Projects - Notable recent BD transactions include JNJ's acquisition of IntraCellular for $14.6 billion to enhance its pipeline in mental health treatments [15][16]

Industry Overview - The bear market caused by the Federal Reserve's monetary tightening ended in 2023, but the biotech sector continues to lag behind the broader market, with the SDPR S&P Biotech ETF trading at levels similar to 2017 [1] - Despite the skepticism surrounding biotech stocks post-COVID-19 pandemic, there are signs of potential recovery in 2025, driven by companies making progress on new drugs and innovative therapies [2] Company Highlights Vertex Pharmaceuticals - Vertex Pharmaceuticals has been a leader in developing cystic fibrosis treatments, including Kalydeco and Trikafta, and has recently gained FDA approval for Journavx, a novel non-opioid pain medication [6][7] - Despite a recent 15% stock decline and an earnings miss, Vertex is still rated as a Moderate Buy with an average price target of $515, indicating potential upside [8] Regeneron Pharmaceuticals - Regeneron Pharmaceuticals, known for its blockbuster drug Eyelea, reported over $14 billion in sales last year and has expanded its portfolio with drugs like Dupixent and Kevzara [9][10] - Although Regeneron's stock has dropped over 45% in the past year, analysts maintain a consensus Moderate Buy rating with an average price target of $892, suggesting significant upside potential [12] Akero Therapeutics - Akero Therapeutics focuses on liver disease treatments, particularly efruxifermin for metabolic dysfunction-associated steatohepatitis (MASH), currently in Phase 3 trials [13][14] - The stock saw a significant increase in January following positive Phase 2 trial results, and analysts unanimously rate it as a Buy, with a consensus price target of $76, indicating over 90% upside potential [14]

Core Viewpoint - The article highlights Vertex Pharmaceuticals as a strong investment opportunity amidst market uncertainty due to import tariffs, emphasizing its robust revenue from cystic fibrosis treatments and low exposure to tariff impacts. Company Overview - Vertex Pharmaceuticals specializes in treating cystic fibrosis (CF) and has generated over $11 billion in revenue last year, with a strong profitability profile [4][7]. - The company’s flagship drug, Trikafta, addresses 90% of the CF population, and its newly approved drug, Alyftrek, shows promise in treating additional mutations [5][6]. Growth Drivers - Vertex is expected to transition patients from Trikafta to Alyftrek and build a multibillion-dollar pain management business with the launch of Journavx [8]. - The company is also set to benefit from the rollout of its gene editing therapy, Casgevy, which is anticipated to contribute significantly to revenue in the coming quarters [10]. Financial Performance - Despite a recent drop in shares, Vertex increased its low-end revenue guidance for the year to $11.85 billion from $11.75 billion, with the high end remaining at $12 billion [10]. - The recent decline in share price has left Vertex trading at 23 times forward earnings estimates, down from over 28 times earlier this year, presenting a potentially attractive valuation [13]. Tariff Impact - Vertex forecasts an "immaterial cost impact from tariffs" due to its limited exposure to China and a diversified supply chain, with most CF drugs produced in the U.S. [11][12]. - This positioning makes Vertex a "tariff safe haven" in the current market environment [13][14].

Core Viewpoint - Vertex Pharmaceuticals reported weak first-quarter results, missing estimates for both earnings and sales, with total revenues of $2.77 billion, a 3% year-over-year increase driven by Trikafta/Kaftrio sales and early contributions from Alyftrekt [1][2] Revenue Performance - Trikafta sales increased by 9% in the U.S., while international sales decreased by 5% due to an illegal copy in Russia, impacting intellectual property rights [2] - Vertex raised the low end of its total revenue guidance by $100 million, now expecting between $11.85 billion and $12 billion [2] New Product Performance - Investor focus during the earnings call was on the performance of newer drugs, including Alyftrek and Journavx, which fell short of expectations [3][5] - Alyftrek generated $53.9 million in its first quarter but saw slower-than-expected patient switching from Trikafta [11] - Journavx, launched in mid-March, contributed insignificantly to total revenues, with expectations for sales to pick up in the second half of the year [12][13] Pipeline Development - Vertex is advancing a diverse late-stage pipeline with four pivotal programs, including povetacicept, which is considered to have significant potential [16] - Three phase III programs are on track for enrollment completion this year, setting the stage for potential regulatory filings next year [17] - The company is temporarily pausing the phase I/II study of VX-522 due to tolerability issues [18]

Core Viewpoint - Vertex Pharmaceuticals experienced a significant stock decline after missing Wall Street's revenue and earnings estimates for Q1, but this sell-off presents a buying opportunity for investors [1][2]. Financial Performance - Vertex reported Q1 revenue of $2.77 billion, a 3% increase year over year, but below the expected $2.83 billion [2]. - Adjusted earnings per share were $4.06, missing the consensus estimate of $4.29 [2]. Operational Updates - The company announced a temporary pause in the multiple ascending dose portion of its phase 1/2 study for mRNA therapy VX-522 due to a tolerability issue [3][5]. - Vertex attributed weaker-than-expected financial results partly to illegal copycat products in Russia, although it believes this issue is isolated to that market [3]. Guidance and Future Outlook - Vertex raised the lower end of its full-year revenue guidance for 2025 to between $11.85 billion and $12 billion, up from a previous lower end of $11.75 billion [4]. - The management remains optimistic about the investment thesis despite the setbacks with VX-522 [5]. Product Developments - Vertex's new cystic fibrosis therapy, Alyftrek, is receiving positive feedback from physicians and patients, with expectations for a switch from existing CF drugs [7]. - The company received a positive opinion from the CHMP for Alyftrek, aiming for European Commission approval in the second half of 2025 [8]. - Vertex's new non-opioid pain drug, Journavx, is expected to see increased sales volume in the coming months, despite minimal sales reported in Q1 [10]. Pipeline Prospects - Vertex plans to file for regulatory approvals for zimislecel in treating severe Type 1 diabetes next year, pending positive study results [11]. - The company may also seek U.S. accelerated approval for povetacicept in treating IgA nephropathy in the first half of 2026, contingent on favorable interim data [11]. Risk Management - Vertex's CFO indicated that the company has low exposure to tariffs due to its geographically diverse supply chain and manufacturing primarily in the U.S. [12]. Investment Sentiment - Despite the revenue and earnings miss, Vertex is viewed as a strong investment opportunity, with expectations for significant returns driven by the adoption of Alyftrek and the potential success of Journavx [13][14].

Part I. Financial Information [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents Vertex Pharmaceuticals' unaudited condensed consolidated financial statements for the quarter ended March 31, 2025, including income, balance sheet, and cash flow statements [Condensed Consolidated Statements of Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Vertex reported increased total revenues for Q1 2025, but net income significantly decreased due to an intangible asset impairment charge and higher operating expenses Q1 2025 vs Q1 2024 Income Statement Highlights (in millions, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total Revenues** | **$2,770.2** | **$2,690.6** | | Total Costs and Expenses | $2,140.1 | $1,551.1 | | *Intangible asset impairment charge* | *$379.0* | *$—* | | Income from Operations | $630.1 | $1,139.5 | | **Net Income** | **$646.3** | **$1,099.6** | | **Diluted EPS** | **$2.49** | **$4.21** | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Vertex's balance sheet showed a slight increase in total assets and shareholders' equity compared to year-end 2024 Balance Sheet Summary (in millions) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $4,674.7 | $4,569.6 | | Total current assets | $10,008.8 | $9,596.4 | | **Total Assets** | **$22,880.5** | **$22,533.2** | | Total current liabilities | $3,783.2 | $3,564.6 | | **Total Liabilities** | **$6,384.2** | **$6,123.6** | | **Total Shareholders' Equity** | **$16,496.3** | **$16,409.6** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities decreased in Q1 2025, while net cash used in financing activities increased due to higher stock repurchases Cash Flow Summary for Three Months Ended March 31 (in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $818.9 | $1,306.6 | | Net cash used in investing activities | $(55.8) | $(2,136.4) | | Net cash used in financing activities | $(680.4) | $(357.5) | | **Net (decrease) in cash** | **$113.2** | **$(1,202.9)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, collaboration agreements, intangible assets, and segment information, including a significant impairment charge - Acquired in-process research and development (AIPR&D) expenses were **$19.8 million** in Q1 2025, down from **$76.8 million** in Q1 2024. The prior year period included a **$75.0 million** milestone payment to Entrada Therapeutics[36](index=36&type=chunk)[45](index=45&type=chunk) - A full intangible asset impairment charge of **$379.0 million** was recorded in Q1 2025 for the VX-264 clinical program in type 1 diabetes (T1D) after Phase 1/2 trial results led to the discontinuation of its development[74](index=74&type=chunk)[158](index=158&type=chunk) Q1 2025 Product Revenues (in millions) | Product | Q1 2025 Revenue | | :--- | :--- | | TRIKAFTA/KAFTRIO | $2,535.5 | | ALYFTREK | $53.9 | | Other product revenues | $170.8 | | **Total product revenues, net** | **$2,760.2** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, business updates, and strategic outlook, including growth drivers, new product launches, and pipeline progress [Overview and Business Updates](index=23&type=section&id=Overview%20and%20Business%20Updates) Vertex highlights its global biotechnology position, recent FDA approvals for ALYFTREK and JOURNAVX, and progress in its diversified clinical pipeline - The FDA approved ALYFTREK for CF in December 2024 and JOURNAVX for acute pain in January 2025, expanding the company's commercial portfolio[108](index=108&type=chunk)[110](index=110&type=chunk) - For CASGEVY, over **65** authorized treatment centers have been activated globally, and reimbursement agreements are in place with NHS England and in the UAE[115](index=115&type=chunk) - The development of VX-264 for Type 1 Diabetes was discontinued after Phase 1/2 results did not meet the efficacy endpoint[124](index=124&type=chunk) - Enrollment is expected to complete in Q2 2025 for the pivotal Phase 1/2/3 trial of zimislecel for T1D, with marketing applications planned for 2026[124](index=124&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Total revenues for Q1 2025 grew, but operating income fell significantly due to an intangible asset impairment charge and increased operating expenses Q1 2025 vs Q1 2024 Operating Results (in millions) | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $2,770.2 | $2,690.6 | 3% | | R&D Expenses | $979.7 | $789.1 | 24% | | SG&A Expenses | $396.4 | $342.7 | 16% | | Intangible Asset Impairment | $379.0 | $— | N/A | | **Income from Operations** | **$630.1** | **$1,139.5** | **(45)%** | - The **30%** increase in development expenses to **$773.6 million** was driven by investments in multiple mid- and late-stage clinical programs, including povetacicept, the T1D study of VX-880, and next-generation pain candidates[153](index=153&type=chunk) - SG&A expenses rose **16%** primarily due to increased commercial investment to support the U.S. launch of JOURNAVX[156](index=156&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) Vertex maintained strong liquidity with $11.36 billion in cash and marketable securities, and expects sufficient funds for future operations Financial Position (in millions) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total cash, cash equivalents and marketable securities | $11,357.7 | $11,223.8 | | Total working capital | $6,225.6 | $6,031.8 | - During Q1 2025, the company repurchased **0.9 million** shares for **$416.9 million**. As of March 31, 2025, **$964.4 million** remained authorized under the share repurchase program[77](index=77&type=chunk)[176](index=176&type=chunk) - The company maintains a **$500.0 million** unsecured revolving credit facility, which was undrawn as of March 31, 2025[173](index=173&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section incorporates by reference market risk disclosures from the 2024 Annual Report on Form 10-K, reporting no material changes for the quarter - The company refers to its 2024 Annual Report on Form 10-K for disclosures regarding market risk, indicating no material changes during the quarter[178](index=178&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - Management concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective at a reasonable assurance level[179](index=179&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[180](index=180&type=chunk) Part II. Other Information [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently subject to any material legal proceedings - As of the filing date, Vertex is not involved in any material legal proceedings[181](index=181&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) This section states that there have been no material changes from the risk factors previously disclosed in the 2024 Annual Report on Form 10-K - No material changes to the risk factors disclosed in the 2024 Annual Report on Form 10-K have occurred[182](index=182&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase activity under its authorized program during the first quarter of 2025 Q1 2025 Share Repurchases | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2025 | 533,000 | $419.45 | | Feb 2025 | 213,006 | $471.35 | | Mar 2025 | 186,504 | $498.08 | | **Total** | **932,510** | **$447.03** | - As of March 31, 2025, approximately **$964.4 million** remained available for future repurchases under the current program[187](index=187&type=chunk) [Other Information](index=39&type=section&id=Item%205.%20Other%20Information) The company discloses the adoption of Rule 10b5-1 trading plans by two executive officers during the first quarter of 2025 - Two executive officers, Amit Sachdev (EVP, Chief Patient and External Affairs Officer) and Jonathan Biller (EVP, Chief Legal Officer), adopted Rule 10b5-1 trading plans in February 2025[190](index=190&type=chunk) [Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including an employment agreement, CEO and CFO certifications, and XBRL data files

Core Viewpoint - Vertex Pharmaceuticals reported mixed financial results for Q1 2025, with adjusted earnings per share of $4.06, missing estimates, and a year-over-year decline in earnings of 14.7% [1][2] Financial Performance - Total revenues for Q1 2025 were $2.77 billion, slightly below the consensus estimate of $2.82 billion, but up 3% year-over-year, primarily driven by Trikafta/Kaftrio sales [2][4] - U.S. revenues increased by 9% year-over-year to $1.66 billion, while international revenues decreased by 5% to $1.11 billion, impacted by illegal product availability in Russia [4] - Trikafta sales reached $2.54 billion, a 2.4% increase year-over-year, but fell short of estimates [5] - Alyftrek generated $53.9 million in sales, showing steady uptake since its approval [6] - Other product revenues decreased by 17.4% year-over-year to $170.8 million [6] Cost Structure - Adjusted R&D expenses rose by 31.2% year-over-year to $879 million, while SG&A expenses increased by 22.4% to $333 million due to higher investments in clinical studies and commercial launches [10] - Adjusted operating income was approximately $1.18 billion, reflecting a nearly 12% year-over-year decrease [11] Guidance and Outlook - Vertex raised its total revenue guidance for 2025 to a range of $11.85-$12 billion, reflecting growth in CF medicines and new product launches [12] - Combined adjusted R&D, AIPR&D, and SG&A expenses for 2025 are expected to be between $4.9-$5 billion [13] Pipeline Developments - Vertex is advancing its pipeline in various disease areas, including treatments for diabetic peripheral neuropathy and type I diabetes [14][18] - The company is also developing povetacicept for autoimmune diseases and has ongoing studies for its next-gen Nav1.8 inhibitor [16][15] Market Performance - Vertex shares have increased by 24.3% year-to-date, contrasting with a 2.2% decline in the broader industry [3]

Shares of Vertex Pharmaceuticals (VRTX -11.91%) were sinking 11.9% as of 10:18 a.m. ET on Tuesday. The sharp decline came after the company announced its 2025 first-quarter results on Monday evening.Vertex reported Q1 revenue of $2.77 billion, up 3% year over year. It posted adjusted earnings of $1.24 billion, or $4.76 per share, up from $1.05 billion, or $4.06 per share, in the prior-year period. However, both top- and bottom-line numbers missed the consensus Wall Street estimates. In addition, Vertex reve ...

Core Viewpoint - Vertex's Q1 2024 financial results showed slower growth compared to previous quarters, with revenue rising only 3% year-over-year, impacted by a decline in sales in Russia due to intellectual property issues [2][3]. Financial Performance - Total revenue for Q1 2024 was $2.69 billion, increasing to $2.77 billion in Q1 2025, reflecting a 3% growth but missing expectations [1]. - Adjusted earnings per share fell from $4.76 to $4.06, a 15% decrease, also missing expectations [1]. - Trikafta/Kaftrio revenue grew by 2%, from $2.48 billion to $2.54 billion, while other revenue increased by 9%, from $207 million to $225 million [1]. Challenges and Costs - Research and development expenses surged by approximately $190 million compared to the previous year, contributing to the decline in adjusted earnings [3]. - Overhead costs rose by 16%, further impacting the company's profitability [3]. - An asset impairment charge of $379 million was recorded due to the decision not to advance the VX-264 program for type 1 diabetes [3]. Management Outlook - CEO Dr. Reshma Kewalramani expressed optimism about the business's future, highlighting the launch of new treatments and ongoing success in existing markets [4]. - The company is focusing on the new Journavx treatment for acute pain and continued growth in cystic fibrosis and sickle cell disease treatments [4]. Market Reaction - Following the earnings report, Vertex's shares dropped about 3% in after-hours trading, as investors had anticipated stronger growth [5]. - The stock had previously increased by approximately 25% since late December, leading to a pullback after the earnings miss [5]. Future Guidance - Vertex raised the lower end of its full-year 2025 revenue forecast by $100 million, now projecting a range of $11.85 billion to $12 billion, aligning with analyst expectations [6]. - Investors are advised to monitor potential impacts from tariffs or trade barriers, as current guidance does not account for significant cost impacts from anticipated tariffs [7].