Vertex Pharmaceuticals Incorporated

VRTX · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Valuation
Market cap	$115,026	$103,707	$104,849	$74,127	$55,834	$60,090	$55,668	$42,132	$38,102	$18,731	$31,993	$27,908	$16,705	$8,881	$6,804	$7,020	$7,424	$4,270	$2,996	$4,237	$2,469	$830	$797	$1,201	$1,831	$4,839	$893	$753	$801	$752	$444	$236	$231	$118	$108	$89
Enterprise value	$112,300	$99,341	$94,439	$64,249	$49,276	$54,363	$52,522	$39,551	$36,634	$18,319	$31,930	$27,367	$15,746	$8,453	$6,433	$6,526	$6,325	$3,725	$2,555	$3,656	$2,288	$773	$578	$894	$1,415	$4,813	$869	$738	$738	$726	$422	$171	$209	$112	$83	$87
P/E (TTM) at period end	29.10×	–	28.97×	22.31×	23.84×	22.16×	47.30×	20.10×	144.77×	–	–	–	–	277.96×	232.37×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	115.62×	–	–	–
P/S (TTM) at period end	9.58×	9.41×	10.62×	8.30×	7.37×	9.68×	13.37×	13.82×	15.31×	11.00×	30.99×	48.08×	13.78×	5.82×	4.82×	48.96×	72.87×	24.33×	15.06×	19.58×	15.35×	8.09×	11.53×	7.45×	10.93×	61.94×	14.50×	16.95×	18.28×	56.57×	20.07×	12.03×	8.29×	31.16×	33.68×	38.50×
P/B at period end	6.16×	6.32×	5.96×	5.33×	5.53×	6.92×	9.15×	9.50×	18.78×	16.19×	34.04×	25.96×	12.32×	8.89×	8.65×	13.93×	6.77×	17.88×	11.04×	8.37×	10.32×	23.43×	4.13×	3.17×	3.85×	9.41×	4.27×	3.06×	2.90×	5.75×	5.20×	2.23×	4.67×	2.70×	2.06×	17.03×
EV / EBITDA (TTM)	25.62×	–	23.53×	14.42×	16.95×	18.33×	40.27×	55.90×	198.41×	256.80×	–	–	–	99.54×	43.22×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	40.91×	–	–	–
EV / Sales (TTM)	9.36×	9.01×	9.57×	7.19×	6.51×	8.76×	12.62×	12.98×	14.72×	10.76×	30.93×	47.15×	12.99×	5.54×	4.56×	45.52×	62.08×	21.23×	12.84×	16.90×	14.22×	7.53×	8.36×	5.55×	8.45×	61.60×	14.10×	16.63×	16.84×	54.58×	19.11×	8.70×	7.48×	29.45×	26.09×	37.97×
Returns
Return on equity	21.2%	(3.3%)	20.6%	23.9%	23.2%	31.2%	19.3%	47.3%	13.0%	(9.7%)	(59.2%)	(68.6%)	(37.1%)	3.2%	3.7%	(149.7%)	(58.6%)	(192.5%)	(144.2%)	(40.9%)	(85.0%)	(469.1%)	(102.0%)	(28.7%)	(13.9%)	(7.7%)	(19.6%)	(13.4%)	(7.2%)	(30.6%)	(25.2%)	(16.7%)	4.0%	(19.4%)	(9.8%)	(82.7%)
Return on invested capital	20.3%	–	39.5%	78.5%	55.9%	68.4%	27.8%	26.8%	–	1.0%	(38.7%)	(53.4%)	(37.9%)	3.3%	8.5%	(87.3%)	(73.5%)	(314.6%)	–	(50.1%)	(43.9%)	(49.1%)	(57.7%)	(18.1%)	(14.7%)	(7.0%)	(21.4%)	(14.0%)	(9.0%)	(28.5%)	(31.6%)	(42.1%)	4.2%	(21.7%)	(18.0%)	(102.5%)
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	2.90×	2.69×	3.99×	4.83×	4.46×	4.33×	3.61×	3.43×	3.28×	2.31×	2.78×	4.20×	3.99×	3.67×	3.39×	2.23×	4.59×	4.01×	2.49×	3.07×	3.84×	2.61×	4.27×	10.16×	8.48×	7.20×	10.54×	18.98×	20.55×	18.62×	9.99×	17.82×	7.27×	11.28×	19.15×	2.88×
Debt / equity	0.10×	0.01×	0.02×	0.03×	0.05×	0.06×	0.09×	0.13×	0.30×	0.73×	0.88×	0.77×	0.37×	0.70×	0.58×	1.07×	0.14×	1.20×	0.07×	0.24×	–	9.45×	1.75×	0.84×	0.67×	0.68×	0.03×	0.04×	0.03×	0.06×	0.08×	0.06×	0.12×	0.12×	0.06×	0.62×
Effective tax rate	14.9%	315.5%	17.4%	21.5%	14.2%	13.0%	15.6%	(247.7%)	684.1%	(24.7%)	(5.4%)	(0.9%)	19.6%	(0.9%)	31.9%	–	–	6.7%	5.0%	8.9%	(35.6%)	(18.3%)	(6.9%)	9.2%	1.6%	(1.8%)	(3.5%)	–	–	(25.8%)	23.8%	18.1%	4.8%	18.8%	10.4%	–
Share count
Diluted shares outstanding	258	258	260	259	260	263	261	259	253	245	241	235	225	215	209	200	173	141	129	113	89	79	77	76	74	68	51	51	49	37	34	31	25	24	15	20

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Revenue and gross profit
Revenue	$12,587	$12,001	$11,020	$9,869	$8,931	$7,574	$6,206	$4,163	$3,048	$2,489	$1,702	$1,032	$580	$1,212	$1,527	$1,411	$143	$102	$176	$199	$216	$161	$103	$69	$161	$167	$78	$62	$44	$44	$13	$22	$20	$28	$4	$3	$2
Cost of revenue	($1,763)	($1,651)	($1,530)	($1,262)	($1,080)	($904)	($736)	($548)	($410)	($273)	($207)	($117)	($40)	($89)	($237)	($64)	–	($14)	($16)	($14)	($12)	($10)	($6)	($3)	($28)	($40)	($4)	–	–	–	–	–	–	–	–	–	–
Gross profit	$10,824	$10,350	$9,490	$8,607	$7,850	$6,670	$5,469	$3,615	$2,638	$2,216	$1,495	$915	$541	$1,123	$1,290	$1,347	$143	$88	$160	$185	$204	$151	$97	$66	$133	$128	$74	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	($3,907)	($3,910)	($3,630)	($3,163)	($2,540)	($3,051)	($1,830)	($1,754)	($1,416)	($1,325)	($1,048)	($996)	($856)	($882)	($766)	($708)	($637)	($550)	($517)	($513)	($372)	($249)	($192)	($200)	($203)	($149)	($85)	($72)	($59)	($52)	($35)	($42)	–	–	–	–	–
Selling, general and administrative	($2,008)	($1,753)	($1,464)	($1,137)	($945)	($840)	($770)	($658)	($558)	($496)	($433)	($377)	($305)	($356)	($433)	($401)	($188)	($130)	($101)	($85)	($58)	($44)	($42)	($39)	($49)	($47)	($28)	($26)	($18)	($11)	($8)	($7)	($40)	($27)	($14)	($9)	($6)
Total operating expenses	($6,047)	($6,177)	($9,722)	($4,775)	($3,543)	($3,888)	($2,613)	($2,418)	($2,003)	($2,093)	($1,485)	($1,382)	($1,233)	($1,733)	($1,244)	($1,233)	($839)	($702)	($623)	($605)	($433)	($301)	($252)	($331)	($252)	($220)	($113)	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($7,810)	($7,828)	($11,253)	($6,037)	($4,623)	($4,792)	($3,349)	($2,965)	($2,412)	($2,365)	($1,692)	($1,499)	($1,273)	($1,822)	($1,480)	($1,297)	($839)	($716)	($638)	($619)	($445)	($311)	($258)	($334)	($281)	($259)	($117)	($101)	($77)	($63)	($43)	($49)	($40)	($27)	($14)	($9)	($6)
Operating income	$4,777	$4,173	($233)	$3,832	$4,307	$2,782	$2,856	$1,198	$635	$123	$10	($467)	($692)	($610)	$47	$114	($696)	($614)	($463)	($420)	($229)	($150)	($155)	($265)	($120)	($92)	($39)	($40)	($32)	($19)	($30)	($26)	($21)	$1	($10)	($6)	($4)
Earnings
EBITDA	$4,999	$4,383	($26)	$4,013	$4,456	$2,908	$2,966	$1,304	$708	$185	$71	($405)	($629)	($562)	$85	$149	($666)	($584)	($431)	($392)	($203)	($123)	($125)	($241)	($94)	($74)	($30)	($33)	($28)	($16)	($27)	($23)	($17)	$5	($7)	($4)	–
Interest income	$483	$491	$598	$615	$145	$5	$22	$64	$38	$12	–	–	–	–	$2	$2	$2	$5	$16	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	–	($13)	($31)	($44)	($55)	($62)	($58)	($59)	($72)	($69)	($81)	($84)	($73)	($23)	($17)	($38)	($19)	($13)	($13)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$5,274	$4,643	$248	$4,380	$4,232	$2,730	$3,117	$1,395	$600	($16)	($67)	($558)	($735)	($626)	$32	$60	($755)	($642)	($460)	($427)	($207)	($173)	($159)	($347)	($120)	($118)	($54)	($40)	–	–	($40)	($21)	($17)	$2	($8)	($5)	–
Income tax expense	($869)	($690)	($784)	($760)	($910)	($388)	($405)	($218)	$1,487	$107	($17)	($30)	($7)	$122	$0	($19)	–	–	$31	$21	$18	($62)	($29)	($24)	$11	$2	($1)	($1)	($1)	($1)	($10)	$5	$3	($0)	$2	$0	($4)
Net income	$4,405	$3,953	($536)	$3,620	$3,322	$2,342	$2,712	$1,177	$2,097	$263	($112)	($556)	($739)	($445)	($107)	$30	($755)	($642)	($460)	($391)	($207)	($203)	($166)	($197)	($109)	($66)	($40)	($41)	($33)	($20)	($40)	($22)	($18)	$2	($8)	($5)	($4)
Per share
Diluted EPS (GAAP)	$17.18	$15.32	($2.08)	$13.89	$12.82	$9.01	$10.29	$4.51	$8.09	$1.04	($0.46)	($2.31)	($3.14)	($1.98)	($0.50)	$0.14	($3.77)	($3.71)	($3.27)	($3.03)	($1.83)	($2.28)	($2.12)	($2.56)	($1.43)	($0.89)	($0.59)	($0.80)	($0.65)	($0.41)	($1.07)	($0.63)	($0.56)	$0.08	($0.35)	($0.35)	($0.22)
Basic EPS (GAAP)	$17.33	$15.46	($2.08)	$14.05	$12.97	$9.09	$10.44	$4.58	$8.24	$1.06	($0.46)	($2.31)	($3.14)	($1.98)	($0.50)	$0.14	($3.77)	($3.71)	($3.27)	($3.03)	($1.83)	($2.28)	($2.12)	($2.56)	($1.43)	($0.89)	($0.59)	($0.80)	($0.65)	($0.41)	($1.07)	($0.63)	($0.56)	$0.08	($0.35)	($0.35)	($0.22)
Basic shares outstanding	254	256	258	258	256	258	260	257	254	249	245	241	235	225	212	205	200	173	141	129	113	89	79	77	76	74	68	51	51	49	37	34	31	25	24	15	20
Margins
Gross margin	86.0%	86.2%	86.1%	87.2%	87.9%	88.1%	88.1%	86.8%	86.6%	89.0%	87.9%	88.7%	93.2%	92.7%	84.5%	95.5%	100.0%	86.2%	91.1%	93.0%	94.4%	93.7%	94.5%	95.5%	82.4%	76.3%	94.8%	–	–	–	–	–	–	–	–	–	–
Operating margin	38.0%	34.8%	(2.1%)	38.8%	48.2%	36.7%	46.0%	28.8%	20.8%	5.0%	0.6%	(45.2%)	(119.3%)	(50.3%)	3.1%	8.1%	(485.5%)	(602.6%)	(263.6%)	(210.9%)	(105.9%)	(93.2%)	(150.7%)	(382.6%)	(74.2%)	(54.8%)	(49.5%)	(64.3%)	(73.0%)	(43.8%)	(224.1%)	(119.9%)	(105.6%)	4.3%	(263.2%)	(175.0%)	(178.3%)
Net margin	35.0%	32.9%	(4.9%)	36.7%	37.2%	30.9%	43.7%	28.3%	68.8%	10.6%	(6.6%)	(53.9%)	(127.2%)	(36.7%)	(7.0%)	2.1%	(526.3%)	(630.3%)	(262.0%)	(196.6%)	(95.6%)	(126.4%)	(161.8%)	(284.6%)	(67.4%)	(39.5%)	(50.8%)	(66.6%)	(74.5%)	(45.2%)	(300.8%)	(97.3%)	(89.8%)	7.2%	(223.7%)	(159.4%)	(187.0%)

Analyst consensus

Buy56 analysts

Bearish · 1 · Hold · 8 · Bullish · 47

Earnings history

	EPS	Estimate
Q3 2024	$4.38	$4.14	Beat
Q4 2024	$3.98	$4.02	Miss
Q1 2025	$4.06	$4.25	Miss
Q2 2025	$4.52	$4.29	Beat
Q3 2025	$4.80	$4.57	Beat
Q4 2025	$5.03	$5.11	Miss
Q1 2026	$4.47	$4.24	Beat
Q2 2026	$4.73	$4.74	Miss

Peers

Company overview

IPO dateJul 24, 1991

CEOReshma Kewalramani

Employees6,400

SectorHealthcare

IndustryBiotechnology

CountryUS

ExchangeNASDAQ Global Select

Websitewww.vrtx.com

Vertex Pharmaceuticals Incorporated is a leading biotechnology firm primarily focused on the discovery, advancement, and marketing of innovative treatments, particularly for cystic fibrosis (CF). The company offers a range of approved medications for CF patients, including SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO, which target specific mutations within the cystic fibrosis transmembrane conductance regulator gene. Additionally, they provide TRIKAFTA for individuals with CF aged six years and older who possess at least one F508del mutation. Beyond its established CF therapies, Vertex maintains a robust and diverse clinical pipeline. This includes VX-864, currently in Phase 2 for alpha-1 antitrypsin (AAT) deficiency; VX-147, also in Phase 2, addressing APOL1-mediated focal segmental glomerulosclerosis (FSGS) and other serious kidney conditions; VX-880, a potential treatment for Type 1 Diabetes undergoing Phase 1/2 trials; VX-548, a NaV1.8 inhibitor in Phase 2 for various forms of acute, neuropathic, and musculoskeletal pain; and CTX001, which is in Phase 3 development for severe sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT). The company distributes its pharmaceutical products through specialty pharmacies and distributors across the United States, while international sales are facilitated via a network of specialty distributors, retail chains, hospitals, and clinics. Vertex also engages in numerous strategic collaborations with partners such as Affinia Therapeutics, Arbor Biotechnologies, CRISPR Therapeutics, Kymera Therapeutics, Mammoth Biosciences, Moderna, Obsidian Therapeutics, Skyhawk Therapeutics, Ribometrix, Genomics plc, Merck KGaA, and X-Chem. Established in 1989, Vertex Pharmaceuticals is headquartered in Boston, Massachusetts.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.