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Screener / SEC EDGAR /CIK 0000875320 /10-K filed Feb 13, 2026, compared with Feb 13, 2025 /Numbers from the XBRL of the 10-Ks
Health care peers:
VRTXHSICBAXDVAISRGDGX
Nasdaq Health care · Pharmaceuticals

Vertex Pharmaceuticals VRTX

VRTX quote by TradingView

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
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $12.0B through the costs to a net profit of $4.0B · income statement of the 10-K

35% operating margin
Revenue to Gross profit: $10.3BRevenue to Cost of revenue: $1.7BGross profit to Operating profit: $4.2BGross profit to Operating expenses: $6.2BOperating profit to Net profit: $3.5BOperating profit to Tax: $690.0MOther income to Net profit: $469.9MOperating expenses to R&D: $3.9BOperating expenses to Sales, admin & other: $2.3B Revenue: $12.0B REVENUE $12.0B +9% Y/Y Gross profit: $10.3B · 86% margin GROSS PROFIT $10.3B 86% margin Cost of revenue: $1.7B · 14% of revenue COST OF REVENUE $1.7B 14% of revenue Operating profit: $4.2B · 35% margin OPERATING PROFIT $4.2B 35% margin Other income: $469.9M · 4% of revenue OTHER INCOME $469.9M 4% of revenue Operating expenses: $6.2B · 51% of revenue OPERATING EXPENSES $6.2B 51% of revenue Net profit: $4.0B · 33% margin NET PROFIT $4.0B 33% margin Tax: $690.0M · 6% of revenue TAX $690.0M 6% of revenue R&D: $3.9B · 33% of revenue R&D $3.9B 33% of revenue Sales, admin & other: $2.3B · 19% of revenue SALES, ADMIN & OTHER $2.3B 19% of revenue
Gross profit $10.3B 86% margin
Operating profit $4.2B 35% margin
Net profit $4.0B 33% margin
The full income statement, year by year

VRTX among Health care peers

Six ratios from the latest 10-K. Each corner is the share of 59 peers the company is above, not a score.

Compare
Revenue growth: 8.9%, above 63% of 59 peers (their median 7.1%) REVENUE GROWTH 8.9% · above 63% Gross margin: 85.5%, above 94% of 50 peers (their median 64.2%) GROSS MARGIN 85.5% · above 94% Operating margin: 33.2%, above 100% of 50 peers (their median 13.4%) OPERATING MARGIN 33.2% · above 100% Net margin: 30.7%, above 98% of 59 peers (their median 9.5%) NET MARGIN 30.7% · above 98% FCF margin: 24.7%, above 89% of 55 peers (their median 15.2%) FCF MARGIN 24.7% · above 89% Return on capital: 14.0%, above 80% of 41 peers (their median 9.0%) RETURN ON CAPITAL 14.0% · above 80%
VRTX Peer median Below the median

What changed

466 new risk paragraphs and 4 accounting facts worth reading about. 10-K filed Feb 13, 2026 against Feb 13, 2025.

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 Dec 31, 2025)
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
14 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.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

4facts worth reading about the other 7 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +27.6% vs revenue +8.9% (+18.6 pts)
  • Cash from operations lower than net income
    Cash from operations $3.6B vs net income $4.0B (FY ending Dec 31, 2025)
  • Inventory growing faster than revenue
    Inventory +39.9% vs revenue +8.9% (+31.0 pts)
  • 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
  • Same auditor in both 10-Ks: Ernst & Young LLP
6 more checks with nothing to note
  • 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 their words

466 paragraphs in Risk Factors that were not in the 10-K filed Feb 13, 2025. Quoted as filed.

All 466 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 13, 2025 10-K, ITEM 1A
    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…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 13, 2025 10-K, ITEM 1A
    Our success depends on our ability to develop and commercialize additional medicines. We invest significant resources in research and development to discover and develop transformative medicines for people with serious diseases. Product development is highly uncertain and expensive. Product candidates may appear promising in research…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 13, 2025 10-K, ITEM 1A
    Substantially all our net product revenues have been derived from the sale of our CF medicines. We may be unable to sustain or increase revenues from sales of our CF medicines in the future for any number of reasons, including the potential introduction of competitive products or the inability to successfully develop and commercialize…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 13, 2025 10-K, ITEM 1A
    A portion of the value attributed to our company by investors is based on the expected commercial success of JOURNAVX for acute pain and on our development programs for both acute and peripheral neuropathic pain. JOURNAVX may not gain or maintain market acceptance among physicians, patients, or payors due to various factors, including…

New risk paragraphs, against peers

Latest 10-K of each, Health care companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$8.9B$9.9B$11.0B$12.0B
Net income$3.3B$3.6B−$535.6M$4.0B
Operating cash flow$4.1B$3.5B−$492.6M$3.6B
Free cash flow$3.9B$3.3B−$790.3M$3.2B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$12.0B ▲ 8.9% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

14 filings in the last 30 days · SEC EDGAR

All filings
9 more

About the company

Vertex Pharmaceuticals, Boston, MA · from the 10-K filed Feb 13, 2026

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. We have approved medicines for cystic fibrosis (“CF”), sickle cell disease (“SCD”), transfusion dependent beta thalassemia (“TDT”), and acute pain, and we continue to serially innovate and advance next-generation clinical and research programs in these areas. Our mid- and late-stage clinical pipeline

Headquarters
Boston, MA
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Nov 2, 2026
Incorporated in
MA

Employees, at the top of the page: "As of December 31, 2025, we had approximately 6,400 employees" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 13, 2026 (open at SEC), compared with the 10-K filed Feb 13, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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