FirmAtlas

Company handbook · VRTX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16

VRTX · CIK 875320 · LATEST FILING: 10-Q JUN '26 · FILED AUG 4, 2026

VERTEX PHARMACEUTICALS INC / MA

$499.74 −9.01 (−1.77%)

Close, Oct 16, 2026 · 52-week $403–560

↗ vrtx.com

Last fiscal year

VERTEX PHARMACEUTICALS INC / MA reported revenue of $12.0B for the year ended Dec 31, 2025 (FY25), up 8.9% from FY24. Net income was $4.0B, operating cash flow $3.6B and free cash flow $3.2B. Source: 10-K filed Feb 13, 2026.

Market cap

$126.9B

P/E

28.8

EV/EBITDA

27.5x

P/B

6.3

ROIC

31.5%

Revenue 1Y

8.9%/yr

EPS 1Y

n/m

Shares 1Y

−1%

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Daily closes, split-adjusted · ratios at each fiscal year end

Company

CEOReshma Kewalramani

HQBoston, MA

AuditorErnst & Young LLP

Employees6,400

Year endsDecember

Compounded growth & averages

10Y

TTM

Share price

20.2%

22.4%

10.1%

22.3%

Upgrade to see 10 years

Share price: yearly compound rate of the traded close; the last column is the past year.

Where the cash went · FY24–FY25

$3.9B deployed

Capex $735M 18.7%

Buybacks $3.2B 81.3%

Operating cash flow over the period: $3.1B. Total debt changed by −$6M. R&D of $7.5B is already inside operating costs.

More cash than debt at the end of FY25.

Sources 10-K FY25 10-Q Jun '26 All filings on EDGAR

Latest filings

Sep 1, 2026 Executive or director change 8-K Aug 3, 2026 Quarterly results 8-K Jul 7, 2026 Material agreement 8-K May 13, 2026 Executive or director change 8-K May 4, 2026 Quarterly results 8-K

Growth engines

How much of the profit growth came from new investment, and how much from running the business better.

Upgrade to see 10 years

Financials

Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year

Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier

TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.

Income

FY24 FY25

TTM

Revenue

11,020

12,001+8.9%

12,587

YoY

+8.9%

Gross profit

9,490

10,350+9.1%

10,824

Gross margin

86.1%

86.2%+0.1 pp

—

Operating income

(233)

4,173n/m

4,777

Operating margin

−2.1%

34.8%+36.9 pp

—

EBITDA

(26)

4,383n/m

—

EBITDA margin

−0.2%

36.5%+36.8 pp

—

Interest expense

13−56.5%

—

Interest coverage

−0.84x

329.56x+330.40x

—

Net income

(536)

3,953n/m

4,405

YoY

n/m

Net margin

−4.9%

32.9%+37.8 pp

—

EPS (diluted, $)

−2.08

15.32n/m

17.22

YoY

n/m

Balance sheet

FY24 FY25

TTM

Total assets

22,533

25,643+13.8%

27,423

Cash & short-term investments

6,118

6,611+8.1%

—

Accounts receivable

1,609

2,053+27.6%

—

Inventory

1,205

1,687+39.9%

—

Net PP&E

1,228

1,520+23.8%

—

Other assets

12,372

13,772+11.3%

—

Total liabilities

6,124

6,977+13.9%

7,175

Accounts payable

413

462+11.8%

—

Total debt

118

112−4.9%

—

Other liabilities

5,593

6,403+14.5%

—

Shareholders’ equity

16,410

18,666+13.7%

20,248

Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.

Cash flow statement · as filed

FY24 FY25

TTM

Cash from operations

(493)

3,631n/m

4,293

Net income

(536)

3,953n/m

—

Depreciation & amortization

207

210+1.3%

—

Stock-based compensation

698

686−1.8%

—

Working capital & other

(863)

(1,217)n/m

—

Cash from investing

(3,770)

(945)n/m

—

Capex

(298)

(438)n/m

—

Acquisitions

—

Investments bought

(7,438)

(6,396)n/m

—

Investments sold / matured

4,466

5,897+32.1%

—

Other investing

(500)

(9)n/m

—

Cash from financing

(1,495)

(2,261)n/m

—

Buybacks

(1,177)

(2,017)n/m

—

Shares issued

56+11.2%

—

Other financing

(368)

(300)n/m

—

Net change in cash

(5,800)

516n/m

—

Free cash flow (OCF − capex)

(790)

3,194n/m

3,796

Where the cash went

FY24 FY25

TTM

Operating cash flow

(493)

3,631n/m

4,293

Reinvested in the business

298

438+47.0%

—

% of operating cash flow

—

12.1%

Capex

298

438+47.0%

497

Acquisitions

—

R&D (memo, already in costs)

3,630

3,910+7.7%

—

Free cash flow

(790)

3,194n/m

3,796

YoY

n/m

Returned to shareholders

1,177

2,017+71.4%

—

% of free cash flow

—

63.2%

Buybacks

1,177

2,017+71.4%

—

Change in total debt

—

(6)

—

Cash left over

—

1,171

—

FCF conversion (FCF ÷ net income)

—

80.8%

—

Owner earnings

—

2,849

—

Owner earnings margin

—

23.7%

—

Returns & ratios

FY24 FY25

TTM

ROIC (all capital)

−0.9%

31.5%+32.4 pp

—

ROIC (operating)

−2.6%

84.3%+86.9 pp

—

Net debt / EBITDA

—

−1.48x

—

Debt / equity

0.01x

0.01x−0.00x

—

Cash conversion cycle (days)

242

333+91 d

—

ROE

−3.3%

21.2%+24.4 pp

—

ROA

−2.4%

15.4%+17.8 pp

—

ROCE

−1.2%

19.2%+20.4 pp

—

NOPAT

(93)

3,553n/m

—

Invested capital (operating)

3,630

4,798+32.2%

—

Invested capital (all)

10,409

12,167+16.9%

—

Reinvestment rate

—

32.9%

—

Debtor days

62+9 d

—

Inventory days

287

373+85 d

—

Days payable

102+4 d

—

Income

Sep '25

Dec '25

Mar '26

Jun '26

Revenue

3,076

3,190

2,987

3,334

vs year-ago quarter

Gross profit

2,662

2,724

2,594

2,845

Gross margin

86.5%

85.4%

86.8%

85.3%

Operating income

1,186

1,206

1,138

1,247

Net income

1,083

1,191

1,031

1,100

vs year-ago quarter

Net margin

35.2%

37.3%

34.5%

33.0%

EPS (diluted, $)

4.20

4.69

4.02

4.31

vs year-ago quarter

Balance sheet

Sep '25

Dec '25

Mar '26

Jun '26

Total assets

24,862

25,643

26,484

27,423

Cash & equivalents

4,948

6,611

5,505

6,154

Total debt

—

112

—

Shareholders’ equity

17,319

18,666

19,362

20,248

Cash flow

Sep '25

Dec '25

Mar '26

Jun '26

Operating cash flow

1,241

498

1,428

1,125

Capex

102

149

133

112

Free cash flow

1,140

349

1,295

1,013

vs year-ago quarter