Vertex Pharmaceuticals Incorporated Common Stock (VRTX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$4.75	$4.73	-0.4%	—	—	—
Q4 26	$4.31	$4.47	+3.7%	—	—	—
Q3 26	$5.15	$5.03	-2.3%	—	—	—
Q2 26	$4.58	$4.8	+4.8%	—	—	—
Q1 26	$4.25	$4.52	+6.4%	—	—	—
Q4 25	$4.29	$4.06	-5.4%	—	—	—
Q3 25	$4.02	$3.98	-1.0%	—	—	—
Q2 25	$4.13	$4.38	+6.1%	—	—	—
Q1 25	-$11.8	-$12.8	-9.2%	—	—	—
Q4 24	$4.06	$4.76	+17.2%	—	—	—
Q3 24	$4.09	$4.2	+2.7%	—	—	—
Q2 24	$3.97	$4.08	+2.8%	—	—	—
Q1 24	$3.88	$3.89	+0.3%	—	—	—
Q4 23	$3	$3.05	+1.7%	—	—	—
Q3 23	$3.51	$3.76	+7.1%	—	—	—
Q2 23	$3.64	$4.01	+10.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$15.5	—	—	$12B	—
FY24	—	-$2.08	—	—	$11B	—
FY23	—	$14.1	—	—	$9.9B	—
FY22	—	$13	—	—	$8.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.7B	$2.5B	$3B	$4.2B	$6.2B	$7.6B	$8.9B	$9.9B	$11B	$12B
YoY change	+64.9%	+46.2%	+22.5%	+36.6%	+49.1%	+22.1%	+17.9%	+10.5%	+11.7%	+8.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.7B	2.5B	3B	4.2B	6.2B	7.6B	8.9B	9.9B	11B	12B
Cost of revenue	210.5M	275.1M	409.5M	547.8M	736.3M	904.2M	1.1B	1.3B	1.5B	1.7B
Gross profit	1.5B	2.2B	2.6B	3.6B	5.5B	6.7B	7.9B	8.6B	9.5B	10.3B
Gross margin	87.6%	88.9%	86.6%	86.8%	88.1%	88.1%	87.9%	87.2%	86.1%	86.2%
Research & development	1B	1.3B	1.4B	1.8B	1.8B	1.9B	2.5B	3.2B	8.3B	4B
Selling, general & administrative	432.8M	496.1M	557.6M	658.5M	770.5M	840.1M	944.7M	1.1B	1.5B	1.8B
Operating expenses	1.5B	1.8B	2B	2.4B	2.6B	2.8B	3.5B	4.3B	9.7B	5.8B
Operating income	11.2M	392.8M	664M	1.2B	2.9B	3.9B	4.4B	4.3B	-233.4M	4.6B
Operating margin	0.66%	15.8%	21.8%	28.9%	46.2%	51.4%	48.9%	43.6%	-2.12%	37.9%
Non-operating income, net	2.9M	-351M	-29.6M	187.7M	283.5M	-1.1B	-222.8M	-498.3M	-85.6M	-388.8M
Pretax income	-67.4M	-15.7M	600.2M	1.4B	3.1B	2.7B	4.2B	4.4B	248.5M	4.6B
Income tax	16.7M	-107.3M	-1.5B	218.1M	405.2M	388.3M	910.4M	760.2M	784.1M	690M
Net income	-84M	91.6M	2.1B	1.2B	2.7B	2.3B	3.3B	3.6B	-535.6M	4B
Net margin	-4.94%	3.68%	68.5%	28.3%	43.7%	30.9%	37.2%	36.7%	-4.86%	32.9%
EBITDA	76.7M	384.6M	773.9M	1.6B	3.3B	4B	4.5B	5.1B	485.8M	5.2B
EPS	-0.46	1.06	8.24	4.58	10.4	9.09	13	14.1	-2.08	15.5
Diluted EPS	-0.46	1.04	8.09	4.51	10.3	9.01	12.8	13.9	-2.08	15.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.5B	2.5B	2.7B	2.6B	2.8B	2.9B	2.8B	3B	3.1B	3.2B	3B	3.3B
Cost of revenue	318.7M	368M	342.6M	371.9M	392.6M	423.4M	363M	407.5M	414.8M	466M	392.8M	489.2M
Gross profit	2.2B	2.1B	2.3B	2.3B	2.4B	2.5B	2.4B	2.6B	2.7B	2.7B	2.6B	2.8B
Gross margin	87.2%	85.4%	87.3%	85.9%	85.8%	85.5%	86.9%	86.3%	86.5%	85.4%	86.8%	85.3%
Research & development	810M	824.6M	789.1M	966.6M	875.9M	5.6B	979.7M	978.4M	977.7M	1.1B	961.6M	993.8M
Selling, general & administrative	263.8M	369.1M	342.7M	372.2M	371.8M	377.6M	396.4M	424.6M	445.1M	487M	493.7M	582.2M
Operating expenses	1.1B	1.2B	1.1B	1.3B	1.2B	6B	1.4B	1.4B	1.4B	1.6B	1.5B	1.6B
Operating income	1.1B	956M	1.2B	934.9M	1.1B	-3.5B	1B	1.2B	1.2B	1.1B	1.1B	1.3B
Operating margin	43.9%	38%	45.2%	35.3%	40.8%	-120.7%	37.2%	38.9%	40.3%	35.4%	38.1%	38.1%
Non-operating income, net	-68.8M	22.7M	-107.9M	-4.5B	-32.2M	4.5B	-418.6M	10.1M	-62.4M	82.1M	-700K	2.5M
Pretax income	1.2B	1.1B	1.3B	-3.4B	1.2B	1.1B	730.4M	1.3B	1.3B	1.3B	1.3B	1.4B
Income tax	143.9M	178.8M	179.5M	202.4M	178.7M	223.5M	84.1M	250.1M	215.9M	139.9M	221.5M	292M
Net income	1B	968.8M	1.1B	-3.6B	1B	913M	646.3M	1B	1.1B	1.2B	1B	1.1B
Net margin	41.7%	38.5%	40.9%	-135.8%	37.7%	31.4%	23.3%	34.8%	35.2%	37.3%	34.5%	33%
EBITDA	1.3B	1.2B	1.4B	1.1B	1.3B	-3.4B	1.2B	1.3B	1.4B	1.3B	1.2B	1.3B
EPS	4.01	3.76	4.26	-13.9	4.05	3.55	2.52	4.02	4.24	4.69	4.06	4.34
Diluted EPS	3.97	3.71	4.21	-13.9	4.01	3.5	2.49	3.99	4.2	4.65	4.02	4.31

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	18B	37.3B	42.1B	56.2B	61.4B	56.6B	74B	104.9B	103.9B	115.9B	133.7B
Enterprise value	17.4B	35.8B	39.6B	53.1B	55.7B	50B	64.1B	94.4B	99.5B	111.3B	127.5B
Shares outstanding	244.7M	248.9M	254.3M	256.7M	259.8M	257.7M	256.1M	257.7M	257.9M	255.7M	255.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	407	20.2	47.8	22.6	24.2	22.3	29	—	29.3	30.7
P/S	10.6	15	13.8	13.5	9.9	7.47	8.28	10.6	9.42	9.66	10.6
P/B	13.5	18.3	9.5	9.24	7.07	5.6	5.32	5.96	6.33	6.21	6.59
EV/EBITDA	227.2	93.1	51.1	33.9	16.9	12.4	14.3	18.6	204.8	21.2	25
EV/Sales	10.2	14.4	13	12.7	8.97	6.61	7.17	9.57	9.03	9.28	10.1
Earnings yield	—	0.25%	4.95%	2.09%	4.42%	4.14%	4.49%	3.45%	—	3.41%	3.26%
FCF yield	1%	1.57%	2.79%	2.66%	4.87%	4.26%	5.31%	3.13%	-0.94%	2.76%	1.97%
PEG	—	—	—	—	—	—	—	—	—	—	3.86

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	87.6%	88.9%	86.6%	86.8%	88.1%	88.1%	87.9%	87.2%	86.1%	86.2%	85.3%
Operating margin	0.66%	15.8%	21.8%	28.9%	46.2%	51.4%	48.9%	43.6%	-2.12%	37.9%	38.1%
Net margin	-4.94%	3.68%	68.5%	28.3%	43.7%	30.9%	37.2%	36.7%	-4.86%	32.9%	35%
ROE	-6.28%	4.49%	47.1%	19.3%	31.2%	23.2%	23.9%	20.6%	-3.26%	21.2%	23.5%
ROA	-2.9%	2.58%	33.4%	14.1%	23.1%	17.4%	18.3%	15.9%	-2.38%	15.4%	11.9%
ROIC	1.5%	70.1%	35.8%	34.5%	84.3%	94.2%	84.9%	49.6%	0%	27.5%	27.8%
Return on tangible assets	-3.77%	2.71%	34%	21.3%	30.3%	22%	22.5%	19.2%	-2.86%	17.5%	18%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.31	3.28	3.43	3.61	4.33	4.46	4.83	3.99	2.69	2.9	3.19
Quick ratio	2.21	3.14	3.32	3.49	4.18	4.3	4.66	3.78	2.35	2.46	2.74
Debt / equity	0.63	0.3	0.13	0.11	0.11	0.1	0.06	0.05	0.11	0.11	0.1
Debt / assets	0.29	0.17	0.09	0.08	0.08	0.07	0.05	0.04	0.08	0.08	0.07
Net debt / EBITDA	-7.74	-3.85	-3.34	-2.01	-1.74	-1.63	-2.2	-2.05	-8.99	-0.87	-1.12
Interest coverage	0.17	0.77	9.28	24.8	54.6	45.4	78.2	100.3	9.12	350.1	350.1
Effective tax rate	0%	0%	0%	15.6%	13%	14.2%	21.5%	17.4%	100%	14.9%	16.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.96	10	12	16.2	23.9	29.4	34.9	38.3	42.7	46.9	49.5
EPS (basic)	-0.46	1.06	8.24	4.58	10.4	9.09	13	14.1	-2.08	15.5	15.5
EPS (diluted)	-0.46	1.04	8.09	4.51	10.3	9.01	12.8	13.9	-2.08	15.3	17.1
Book value per share	5.47	8.21	17.4	23.7	33.4	39.2	54.3	68.2	63.6	73	79.9
FCF per share	0.73	2.35	4.62	5.82	11.5	9.35	15.3	12.7	-3.79	12.5	14.9
Cash per share	5.86	8.39	12.5	14.8	25.6	29.2	42.1	43.5	23.7	25.8	31
Capex per share	0.23	0.4	0.38	0.29	1	0.91	0.8	0.78	1.15	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.32%	3.99%	3.13%	1.81%	4.19%	3.1%	2.29%	2.03%	2.7%	—	—
Capex / operating cash flow	35.9%	27.4%	10.3%	4.84%	6.95%	9.6%	5.44%	5.49%	-52.9%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.5B	$2.5B	$2.7B	$2.6B	$2.8B	$2.9B	$2.8B	$3B	$3.1B	$3.2B	$3B	$3.3B
YoY change	+6.39%	+9.34%	+13.3%	+6.11%	+11.6%	+15.7%	+2.96%	+12.1%	+11%	+9.55%	+7.82%	+12.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.4B	2.1B	3.2B	3.8B	6.7B	7.5B	10.8B	11.2B	6.1B	6.6B
Receivables	200.4M	281.3M	409.7M	633.5M	885.4M	1.1B	1.4B	1.6B	1.6B	2.1B
Inventory	77.6M	111.8M	124.4M	167.5M	280.8M	353.1M	460.6M	738.8M	1.2B	1.7B
Total current assets	1.8B	2.6B	3.8B	4.8B	8.1B	9.6B	13.2B	14.1B	9.6B	11.2B
Property, plant & equipment	150.1M	155.4M	154.6M	119.9M	408M	531.9M	552.7M	524.3M	2.1B	2.6B
Goodwill & intangibles	669.4M	158.8M	100.8M	2.8B	2.8B	2.8B	3.4B	3.9B	3.8B	3B
Total assets	2.9B	3.5B	6.2B	8.3B	11.8B	13.4B	18.2B	22.7B	22.5B	25.6B
Accounts payable	61.5M	74M	111M	87.6M	155.1M	195M	303.9M	364.9M	413M	461.7M
Short-term debt	319.4M	22.5M	5.3M	38.8M	42.4M	80.2M	89.4M	83.7M	92.3M	77.3M
Total current liabilities	792.5M	807.3M	1.1B	1.3B	1.9B	2.1B	2.7B	3.5B	3.6B	3.9B
Long-term debt	521.3M	583.9M	581.5M	622.9M	889.5M	887.2M	810.3M	724.7M	1.7B	2B
Total liabilities	1.6B	1.5B	1.8B	2.2B	3.1B	3.3B	4.2B	5.1B	6.1B	7B
Shareholders' equity	1.3B	2B	4.4B	6.1B	8.7B	10.1B	13.9B	17.6B	16.4B	18.7B
Total debt	840.8M	606.4M	586.8M	661.7M	931.9M	967.4M	899.7M	808.4M	1.7B	2B
Net debt	-343.2M	-1.1B	-2.1B	-2.4B	-5.1B	-5.8B	-9.6B	-9.6B	-2.8B	-3.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	11.9B	11.2B	10.2B	5.8B	6.5B	6.1B	6.2B	6.4B	6.3B	6.6B	7.2B	7.9B
Receivables	1.5B	1.6B	1.8B	1.7B	1.8B	1.6B	1.8B	1.9B	1.9B	2.1B	2B	2.1B
Inventory	688.7M	738.8M	813.1M	914.6M	1.1B	1.2B	1.4B	1.5B	1.6B	1.7B	1.8B	1.8B
Total current assets	14.7B	14.1B	13.3B	8.9B	9.8B	9.6B	10B	10.4B	10.6B	11.2B	11.7B	12.5B
Property, plant & equipment	1.4B	524.3M	1.5B	1.8B	2.5B	2.1B	2.6B	2.6B	3B	2.6B	3.3B	3.3B
Goodwill & intangibles	3.4B	3.9B	3.8B	3.9B	3.8B	3.8B	3.1B	3B	3B	3B	3B	3B
Total assets	21.7B	22.7B	23.9B	20.1B	22.2B	22.5B	22.9B	24B	24.9B	25.6B	26.5B	27.4B
Accounts payable	375.9M	364.9M	351.4M	327.9M	395.8M	413M	445M	442.3M	420.3M	461.7M	489.3M	429.5M
Short-term debt	—	83.7M	—	—	—	92.3M	—	—	—	77.3M	—	—
Total current liabilities	3.6B	3.5B	3.8B	3.5B	4B	3.6B	3.8B	4.1B	4.5B	3.9B	3.9B	3.9B
Long-term debt	744.7M	724.7M	721.3M	933.4M	1.7B	1.7B	1.6B	1.5B	1.8B	2B	2B	2B
Total liabilities	5.2B	5.1B	5.4B	5.4B	6.6B	6.1B	6.4B	6.9B	7.5B	7B	7.1B	7.2B
Shareholders' equity	16.5B	17.6B	18.5B	14.8B	15.6B	16.4B	16.5B	17.2B	17.3B	18.7B	19.4B	20.2B
Total debt	744.7M	808.4M	721.3M	933.4M	1.7B	1.7B	1.6B	1.5B	1.8B	2B	2B	2B
Net debt	-10.4B	-9.6B	-8.4B	-3.6B	-3.5B	-2.8B	-3B	-3.4B	-3.1B	-3.1B	-3.5B	-4.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-84M	91.6M	2.1B	1.2B	2.7B	2.3B	3.3B	3.6B	-535.6M	4B
Depreciation & amortization	61.4M	61.4M	72.4M	106.9M	109.5M	125.6M	148.3M	181.3M	207.2M	209.8M
Stock-based compensation	240.6M	293.2M	325M	360.5M	429.5M	441.4M	491.3M	581.2M	698.5M	685.9M
Change in working capital	-83.6M	-137.3M	-81.4M	-274.4M	121M	-318.8M	124.7M	-149.4M	-527.4M	-686.2M
Operating cash flow	157.5M	362.9M	924.4M	1.6B	3.7B	2.4B	3.8B	3.7B	-562.9M	3.6B
Capital expenditure	-56.6M	-99.4M	-95.4M	-75.4M	-259.8M	-235M	-204.7M	-200.4M	-297.7M	—
Investing cash flow	51.2M	-323.3M	-202.2M	-1.2B	99.4M	-340.9M	-321.1M	-3.1B	-3.6B	-507.8M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-350M	-192M	-739.4M	-1.6B	-172M	-653.7M	-1.6B	-2.4B
Financing cash flow	133.3M	68.4M	-71.2M	126.8M	-770.2M	-1.6B	-250.5M	-696.8M	-1.6B	-2.4B
Net change in cash	342M	108M	651M	450.1M	3.1B	531.8M	3.2B	-127.5M	-5.8B	734.6M
Free cash flow	179.5M	585.5M	1.2B	1.5B	3B	2.4B	3.9B	3.3B	-978M	3.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1B	968.8M	1.1B	-3.6B	1B	913M	646.3M	1B	1.1B	1.2B	1B	1.1B
Depreciation & amortization	42.1M	59M	53.5M	54M	53.2M	46.5M	48.4M	51.7M	54M	55.7M	55.9M	56.5M
Stock-based compensation	130.9M	208.6M	191.9M	154.2M	184.6M	167.8M	166.1M	167.3M	194.9M	157.6M	166.4M	170.2M
Change in working capital	-58.8M	-30.9M	-164M	-253.8M	-34.1M	-75.5M	-288.5M	-222.6M	-142.4M	-32.7M	800K	-286.1M
Operating cash flow	1B	1B	986.3M	-3.8B	1.2B	1.1B	404.9M	1.1B	1.2B	498M	1.4B	1.1B
Capital expenditure	-40.6M	-58.1M	-68.4M	-69M	-67.7M	-92.6M	-40.7M	—	—	—	—	—
Investing cash flow	-147.6M	-828.5M	-2B	-441M	-90M	-821.9M	-55.8M	-338.8M	-15.2M	-138.7M	-298.5M	68.1M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-170.2M	-152.7M	-364.7M	-400.8M	-391.4M	-425.2M	-696.6M	-397.7M	-1.2B	-130.9M	-565.4M	-473.8M
Financing cash flow	-180.4M	-164.7M	-374.4M	-413.6M	-395.9M	-425.6M	-697.1M	-397M	-1.2B	-131.2M	-565.8M	-474.4M
Net change in cash	686.5M	49M	-1.3B	-4.6B	681.5M	-185.4M	-348M	337.3M	66.4M	228.1M	563.8M	719.1M
Free cash flow	1.2B	118.5M	1.1B	-3.8B	1.3B	492M	778.2M	927.4M	1.1B	348.6M	1.3B	1B

Vertex Pharmaceuticals Incorporated Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement