NASDAQ : VRTX
Vertex Pharmaceuticals Incorporated — Financial statements
Healthcare · Biotechnology · United States
Last price 558.88 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 141.65B
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Financial statements
Vertex Pharmaceuticals Incorporated (VRTX) reported revenue of 12.95B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 12.95B | 11.97B | 11.02B | 9.87B | 8.93B | 7.57B |
| Other Revenue | 30.70M | 1.00M | ||||
| Revenue | 12.95B | 12.00B | 11.02B | 9.87B | 8.93B | 7.57B |
| Cost of Revenue | 5.78B | 5.56B | 5.16B | 4.43B | 3.61B | 2.84B |
| Gross Profit | 7.17B | 6.44B | 5.86B | 5.44B | 5.32B | 4.73B |
| Selling, General & Admin | 2.41B | 1.75B | 1.46B | 1.14B | 944.70M | 840.10M |
| Operating Expenses | 2.75B | 1.75B | 1.46B | 1.14B | 944.70M | 840.10M |
| Operating Income | 4.42B | 4.69B | 4.39B | 4.31B | 4.38B | 3.89B |
| Interest Expense | -45.60M | -13.30M | -30.60M | -44.10M | -54.80M | -61.50M |
| Interest & Investment Income | 482.00M | 490.90M | 598.10M | 614.70M | 144.60M | 4.90M |
| Currency Exchange Gain (Loss) | -13.70M | -13.70M | -27.30M | -24.60M | -15.10M | -13.90M |
| Other Non Operating Income (Expenses) | 43.90M | 17.30M | -49.30M | 9.30M | -600.00K | 1.70M |
| EBT Excluding Unusual Items | 4.89B | 5.17B | 4.89B | 4.86B | 4.45B | 3.82B |
| Gain (Loss) on Sale of Investments | -11.30M | -11.30M | -9.50M | -7.50M | -149.10M | 17.10M |
| Asset Writedown | -379.00M | -13.00M | ||||
| Other Unusual Items | 2.00M | -2.10M | 500.00K | 51.60M | 57.50M | 3.10M |
| Pretax Income | 4.76B | 4.64B | 248.50M | 4.38B | 4.23B | 2.73B |
| Income Tax Expense | 783.20M | 690.00M | 784.10M | 760.20M | 910.40M | 388.30M |
| Earnings From Continuing Operations | 3.98B | 3.95B | -535.60M | 3.62B | 3.32B | 2.34B |
| Net Income | 3.98B | 3.95B | -535.60M | 3.62B | 3.32B | 2.34B |
| Net Income to Common | 3.98B | 3.95B | -535.60M | 3.62B | 3.32B | 2.34B |
| Shares Outstanding (Basic) | 253.68M | 255.70M | 257.90M | 257.70M | 256.10M | 257.70M |
| Shares Outstanding (Diluted) | 255.68M | 258.00M | 257.90M | 260.50M | 259.10M | 259.90M |
| EPS (Basic) | 15.67 | 15.46 | -2.08 | 14.05 | 12.97 | 9.09 |
| EPS (Diluted) | 15.55 | 15.32 | -2.08 | 13.89 | 12.82 | 9.01 |
| Free Cash Flow | 3.19B | -790.30M | 3.34B | 3.93B | 2.41B | |
| Free Cash Flow Per Share | 12.38 | -3.06 | 12.81 | 15.15 | 9.27 | |
| Gross Margin | 55.34% | 53.66% | 53.17% | 55.16% | 59.60% | 62.48% |
| Operating Margin | 34.13% | 39.06% | 39.88% | 43.65% | 49.03% | 51.39% |
| Profit Margin | 30.70% | 32.94% | -4.86% | 36.68% | 37.20% | 30.92% |
| Free Cash Flow Margin | 26.61% | -7.17% | 33.81% | 43.95% | 31.80% | |
| EBITDA | 4.61B | 4.87B | 4.58B | 4.48B | 4.53B | 4.02B |
| EBITDA Margin | 35.63% | 40.55% | 41.53% | 45.36% | 50.69% | 53.05% |
| D&A For EBITDA | 194.00M | 178.60M | 182.00M | 169.50M | 148.30M | 125.60M |
| EBIT | 4.42B | 4.69B | 4.39B | 4.31B | 4.38B | 3.89B |
| EBIT Margin | 34.13% | 39.06% | 39.88% | 43.65% | 49.03% | 51.39% |
| Effective Tax Rate | 16.46% | 14.86% | 315.53% | 17.36% | 21.51% | 14.22% |
| Revenue as Reported | 12.95B | 12.00B | 11.02B | 9.87B | 7.57B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.30B | 5.08B | 4.57B | 10.37B | 10.50B | 6.79B |
| Short-Term Investments | 1.52B | 1.55B | 849.20M | 274.50M | 729.90M | |
| Cash & Short-Term Investments | 6.30B | 6.61B | 6.12B | 11.22B | 10.78B | 7.52B |
| Accounts Receivable | 2.31B | 2.05B | 1.61B | 1.56B | 1.44B | 1.14B |
| Receivables | 2.31B | 2.05B | 1.61B | 1.56B | 1.44B | 1.14B |
| Inventory | 2.25B | 1.69B | 1.21B | 738.80M | 460.60M | 353.10M |
| Prepaid Expenses | 826.70M | 736.20M | 459.20M | 537.60M | 431.60M | 442.10M |
| Restricted Cash | 5.10M | |||||
| Other Current Assets | 117.10M | 206.50M | 86.10M | 121.90M | 98.60M | |
| Total Current Assets | 11.69B | 11.20B | 9.60B | 14.14B | 13.23B | 9.56B |
| Property, Plant & Equipment | 3.33B | 3.08B | 2.58B | 1.45B | 1.46B | 1.42B |
| Long-Term Investments | 3.52B | 5.79B | 5.17B | 2.50B | 112.20M | |
| Goodwill | 1.09B | 1.09B | 1.09B | 1.09B | 1.00B | |
| Other Intangible Assets | 10.94B | 424.20M | 825.90M | 839.90M | 603.60M | 400.00M |
| Long-Term Deferred Tax Assets | 1.95B | 2.90B | 2.33B | 1.81B | 1.25B | 934.50M |
| Long-Term Deferred Charges | 66.60M | 62.60M | 58.90M | 40.20M | ||
| Other Long-Term Assets | 1.31B | 1.09B | 871.90M | 836.40M | 369.40M | 110.80M |
| Total Assets | 32.74B | 25.64B | 22.53B | 22.73B | 18.15B | 13.43B |
| Accounts Payable | 3.71B | 461.70M | 413.00M | 364.90M | 303.90M | 195.00M |
| Accrued Expenses | 2.78B | 2.58B | 2.56B | 2.00B | 1.47B | |
| Short-Term Debt | 999.60M | |||||
| Current Portion of Leases | 82.80M | 92.30M | 83.70M | 89.40M | 80.20M | |
| Current Income Taxes Payable | 103.10M | 161.10M | 99.50M | 123.30M | 211.30M | |
| Current Unearned Revenue | 171.80M | 206.80M | 170.30M | 159.60M | 171.70M | |
| Other Current Liabilities | 293.00M | 259.70M | 107.40M | 273.20M | 62.50M | 16.50M |
| Total Current Liabilities | 5.00B | 3.86B | 3.56B | 3.55B | 2.74B | 2.14B |
| Long-Term Debt | 3.50B | |||||
| Long-Term Leases | 1.98B | 1.95B | 1.66B | 724.70M | 810.30M | 887.20M |
| Other Long-Term Liabilities | 1.35B | 1.16B | 901.80M | 877.70M | 685.80M | 303.30M |
| Total Liabilities | 11.83B | 6.98B | 6.12B | 5.15B | 4.24B | 3.33B |
| Common Stock | 20.91B | 2.50M | 2.60M | 2.60M | 2.60M | 2.50M |
| Additional Paid-In Capital | 5.12B | 6.67B | 7.45B | 7.39B | 6.88B | |
| Retained Earnings | 13.56B | 9.61B | 10.14B | 6.52B | 3.20B | |
| Comprehensive Income & Other | -15.90M | 127.80M | -14.30M | 800.00K | 15.90M | |
| Total Common Equity | 20.91B | 18.67B | 16.41B | 17.58B | 13.91B | 10.10B |
| Shareholders' Equity | 20.91B | 18.67B | 16.41B | 17.58B | 13.91B | 10.10B |
| Total Liabilities & Equity | 32.74B | 25.64B | 22.53B | 22.73B | 18.15B | 13.43B |
| Total Debt | 6.48B | 2.04B | 1.75B | 808.40M | 899.70M | 967.40M |
| Net Cash (Debt) | 3.34B | 10.28B | 9.47B | 12.91B | 9.99B | 6.56B |
| Net Cash Per Share | 13.07 | 39.86 | 36.74 | 49.55 | 38.56 | 25.23 |
| Filing Date Shares Outstanding | 253.50M | 254.03M | 256.79M | 258.31M | 257.09M | 254.58M |
| Total Common Shares Outstanding | 253.50M | 253.99M | 256.94M | 257.70M | 257.01M | 254.48M |
| Working Capital | 6.69B | 7.34B | 6.03B | 10.60B | 10.49B | 7.42B |
| Book Value Per Share | 82.47 | 73.49 | 63.87 | 68.22 | 54.13 | 39.69 |
| Tangible Book Value | 9.97B | 17.15B | 14.50B | 15.65B | 12.22B | 8.70B |
| Tangible Book Value Per Share | 39.31 | 67.54 | 56.42 | 60.74 | 47.55 | 34.18 |
| Land | 33.10M | 33.10M | 33.10M | 33.10M | 33.10M | |
| Buildings | 483.80M | 461.20M | 928.60M | 903.10M | 892.50M | |
| Machinery | 1.20B | 1.06B | 911.90M | 788.60M | 701.00M | |
| Leasehold Improvements | 1.01B | 737.60M | 474.60M | 410.90M | 363.50M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.95B | -535.60M | 3.62B | 3.32B | 2.34B | |
| Depreciation & Amortization | 178.60M | 182.00M | 169.50M | 148.30M | 125.60M | |
| Other Amortization | 31.20M | 25.20M | 11.80M | |||
| Asset Writedown & Restructuring Costs | 379.00M | |||||
| Loss (Gain) From Sale of Investments | 149.10M | -17.10M | ||||
| Stock-Based Compensation | 685.90M | 698.50M | 581.20M | 491.30M | 441.40M | |
| Other Operating Activities | -397.40M | -347.90M | -579.10M | -321.60M | -143.30M | |
| Change in Accounts Receivable | -347.30M | -99.30M | -84.10M | -358.60M | -274.70M | |
| Change in Inventory | -524.20M | -517.30M | -322.90M | -136.40M | -92.80M | |
| Change in Accounts Payable | 36.80M | 49.50M | 48.70M | 120.80M | 31.90M | |
| Change in Other Net Operating Assets | -364.40M | 52.30M | 92.60M | 715.00M | 230.40M | |
| Operating Cash Flow | 3.63B | -492.60M | 3.54B | 4.13B | 2.64B | |
| Capital Expenditures | -437.60M | -297.70M | -200.40M | -204.70M | -235.00M | |
| Cash Acquisitions | -295.90M | |||||
| Sale (Purchase) of Intangibles | -187.70M | -58.00M | ||||
| Investment in Securities | -483.10M | -3.23B | -2.85B | 227.30M | -105.90M | |
| Other Investing Activities | -24.70M | -54.00M | -31.00M | -47.80M | ||
| Investing Cash Flow | -945.40M | -3.77B | -3.14B | -321.10M | -340.90M | |
| Long-Term Debt Issued | 28.30M | |||||
| Total Debt Issued | 28.30M | |||||
| Long-Term Debt Repaid | -5.40M | -33.60M | -44.90M | -85.50M | -47.00M | |
| Total Debt Repaid | -5.40M | -33.60M | -44.90M | -85.50M | -47.00M | |
| Net Debt Issued (Repaid) | -5.40M | -33.60M | -44.90M | -85.50M | -18.70M | |
| Issuance of Common Stock | 127.70M | 114.60M | 134.60M | 186.30M | 102.00M | |
| Repurchase of Common Stock | -2.39B | -1.58B | -653.70M | -172.00M | -1.56B | |
| Other Financing Activities | 3.70M | 6.20M | 1.80M | 3.50M | ||
| Financing Cash Flow | -2.26B | -1.49B | -562.20M | -67.70M | -1.48B | |
| Foreign Exchange Rate Adjustments | 90.90M | -42.60M | 26.90M | -29.20M | -13.40M | |
| Net Cash Flow | 515.60M | -5.80B | -139.70M | 3.71B | 811.20M | |
| Free Cash Flow | 3.19B | -790.30M | 3.34B | 3.93B | 2.41B | |
| Free Cash Flow Margin | 26.61% | -7.17% | 33.81% | 43.95% | 31.80% | |
| Free Cash Flow Per Share | 12.38 | -3.06 | 12.81 | 15.15 | 9.27 | |
| Levered Free Cash Flow | 2.57B | 2.80B | 3.51B | 3.31B | 2.40B | |
| Unlevered Free Cash Flow | 2.58B | 2.82B | 3.54B | 3.34B | 2.44B | |
| Cash Interest Paid | 12.40M | 30.50M | 43.10M | 52.30M | 56.30M | |
| Cash Income Tax Paid | 1.57B | 1.08B | 1.68B | 1.06B | 476.30M | |
| Change in Working Capital | -1.20B | -514.80M | -265.70M | 340.80M | -105.20M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 140.20B | 115.03B | 103.71B | 104.85B | 74.13B | 55.83B |
| Enterprise Value | 136.86B | 104.85B | 94.25B | 91.97B | 65.18B | 49.75B |
| Last Close Price | 553.15 | 453.36 | 402.70 | 406.89 | 288.78 | 219.60 |
| PE Ratio | 35.57 | 29.10 | 28.97 | 22.31 | 23.84 | |
| Forward PE | 28.18 | 22.61 | 22.66 | 24.44 | 18.83 | 16.41 |
| PS Ratio | 10.83 | 9.58 | 9.41 | 10.62 | 8.30 | 7.37 |
| PB Ratio | 6.92 | 6.16 | 6.32 | 5.96 | 5.33 | 5.53 |
| P/TBV Ratio | 14.07 | 6.71 | 7.15 | 6.70 | 6.07 | 6.42 |
| P/FCF Ratio | 36.93 | 36.02 | 31.42 | 18.89 | 23.18 | |
| P/OCF Ratio | 32.66 | 31.68 | 29.64 | 17.95 | 21.12 | |
| PEG Ratio | 2.25 | 0.15 | 1.21 | 1.92 | 0.58 | 1.62 |
| EV/Sales Ratio | 10.57 | 8.74 | 8.55 | 9.32 | 7.30 | 6.57 |
| EV/EBITDA Ratio | 29.66 | 21.55 | 20.59 | 20.54 | 14.40 | 12.38 |
| EV/EBIT Ratio | 30.96 | 22.37 | 21.45 | 21.35 | 14.89 | 12.78 |
| EV/FCF Ratio | 36.05 | 32.83 | 27.56 | 16.61 | 20.66 | |
| Debt / Equity Ratio | 0.31 | 0.11 | 0.11 | 0.05 | 0.07 | 0.10 |
| Debt / EBITDA Ratio | 1.31 | 0.40 | 0.37 | 0.18 | 0.20 | 0.24 |
| Debt / FCF Ratio | 0.64 | 0.24 | 0.23 | 0.40 | ||
| Net Debt / Equity Ratio | -0.16 | -0.55 | -0.58 | -0.73 | -0.72 | -0.65 |
| Net Debt / EBITDA Ratio | -0.72 | -2.11 | -2.07 | -2.88 | -2.21 | -1.63 |
| Net Debt / FCF Ratio | -3.22 | 11.99 | -3.87 | -2.54 | -2.72 | |
| Asset Turnover | 0.45 | 0.50 | 0.49 | 0.48 | 0.57 | 0.60 |
| Inventory Turnover | 2.99 | 3.85 | 5.31 | 7.38 | 8.87 | 8.97 |
| Quick Ratio | 1.72 | 2.24 | 2.17 | 3.60 | 4.46 | 4.04 |
| Current Ratio | 2.34 | 2.90 | 2.69 | 3.99 | 4.83 | 4.46 |
| Return on Equity (ROE) | 20.80% | 22.54% | -3.15% | 22.99% | 27.67% | 24.93% |
| Return on Assets (ROA) | 9.59% | 12.16% | 12.14% | 13.17% | 17.33% | 19.32% |
| Return on Invested Capital (ROIC) | 20.83% | 30.54% | -98.60% | 63.54% | 90.72% | 102.53% |
| Return on Capital Employed (ROCE) | 15.90% | 21.50% | 23.20% | 22.50% | 28.40% | 34.50% |
| Earnings Yield | 2.81% | 3.44% | -0.52% | 3.45% | 4.48% | 4.20% |
| FCF Yield | 2.71% | 2.78% | -0.76% | 3.18% | 5.29% | 4.31% |
| Buyback Yield / Dilution | 1.01% | -0.04% | 1.00% | -0.54% | 0.31% | 1.33% |