VRTXVertex Pharmaceuticals
We are a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases, with a focus on specialty markets. 10-K, Item 1
- Employees
- 6,400
- Headquarters
- Boston, MA
- CEO
- Reshma Kewalramani
- Next results
- around Feb 11, 2027
What changed
10-K filed Feb 13, 2026 against Feb 13, 2025| Area | What changed | Source |
|---|---|---|
| Risk factors | 466 new paragraphs, nothing like them in the previous 10-K | 10-K Item 1A |
| Receivables growing faster than revenue | Receivables +27.6% vs revenue +8.9% (+18.6 pts) | 10-K · XBRL |
| Cash from operations lower than net income | Cash from operations $3.6B vs net income $4.0B (FY ending 2025-12-31) | 10-K · XBRL |
| Inventory growing faster than revenue | Inventory +39.9% vs revenue +8.9% (+31.0 pts) | 10-K · XBRL |
| Critical audit matters changed | New this year: Description of As discussed in Note A to the Company’s consolidated financial statements, the Company recognizes; Auditing the allowances for rebates owed pursuant to the Medicaid Drug Rebate Program in the U.S. was; How We We obtained an understanding, evaluated the design and tested the operating effectiveness of controls; Addressed the over the Company’s revenue recognition process, including controls over management’s computation; Matter in Our and review of the allowances for Medicaid rebates. We tested the Company’s controls to assess the; Our audit procedures to test the allowances for rebates owed pursuant to the Medicaid Drug Rebate; Program in the U.S., included the following: we assessed the methodology used to determine the estimate; We also assessed the historical accuracy of the Company’s estimates of Medicaid rebates by comparing. No longer listed: F-1; Evaluating the fair value of the in-process research and development assets acquired in the Alpine Immune Sciences, Inc. acquisition. Same as last year: F-2 | 10-K · XBRL |
| Accounting checks | 7 other checks clear, 4 worth a look | 10-K · XBRL |
| Insiders | No open-market buys in the last 90 days | Form 4 |
| Filings | 3 in the last 30 days | EDGAR |
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
What's new, in their words
10-K filed Feb 13, 2026Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-13. Quoted as filed.
Investing in our common stock involves a high degree of risk, and you should carefully consider the risks and uncertainties described below in addition to the other information included or incorporated by reference in this Annual Report on Form 10-K. If any of the following risks or uncertainties occur, our business, financial condition…
10-K, Item 1A
Accounting checks
latest 10-K7 of 11 clear 4 worth a look. Checks, not verdicts.
- !Receivables growing faster than revenueReceivables +27.6% vs revenue +8.9% (+18.6 pts)
- !Cash from operations lower than net incomeCash from operations $3.6B vs net income $4.0B (FY ending 2025-12-31)
- !Inventory growing faster than revenueInventory +39.9% vs revenue +8.9% (+31.0 pts)
- !Critical audit matters changedNew this year: Description of As discussed in Note A to the Company’s consolidated financial statements, the Company recognizes; Auditing the allowances for rebates owed pursuant to the Medicaid Drug Rebate Program in the U.S. was; How We We obtained an understanding, evaluated the design and tested the operating effectiveness of controls; Addressed the over the Company’s revenue recognition process, including controls over management’s computation; Matter in Our and review of the allowances for Medicaid rebates. We tested the Company’s controls to assess the; Our audit procedures to test the allowances for rebates owed pursuant to the Medicaid Drug Rebate; Program in the U.S., included the following: we assessed the methodology used to determine the estimate; We also assessed the historical accuracy of the Company’s estimates of Medicaid rebates by comparing. No longer listed: F-1; Evaluating the fair value of the in-process research and development assets acquired in the Alpine Immune Sciences, Inc. acquisition. Same as last year: F-2
- ✓Same auditor in both 10-Ks: Ernst & Young LLP
- ✓No statement of substantial doubt about going concern
- ✓No 8-K item 4.02 in the last 2 years
- ✓No NT 10-K or NT 10-Q in the last 2 years
- ✓No sentence in the 10-K concludes that controls were not effective because of a material weakness
- ✓No 8-K item 2.06 in the last 2 years
- ✓No 8-K item 1.03 in the last 2 years
In the last 30 days
All filings →- Nov 3, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026
- Nov 2, 20268-K Quarterly results 8-K item 2.02
- Oct 20, 20268-K Director or officer change 8-K item 5.02
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