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VRTXVertex Pharmaceuticals

Health care · Pharmaceuticals · Nasdaq
VRTX quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 8.9%, free cash flow up to $3.2B

XBRL, from each 10-K
RevenueStatements ↓
$12.0B
from $11.0B in FY2024
FY2016FY2025
Net incomeStatements ↓
$4.0B
from -$535.6M in FY2024
FY2016FY2025
Free cash flowStatements ↓
$3.2B
from -$790.3M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$15.32
from $-2.08 in FY2024
FY2016FY2025
Operating marginStatements ↓
34.8%
from -2.1% in FY2024
FY2016FY2025
Total debtStatements ↓
$0
Price and key numbers

The latest figures

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)15.54Sales (ttm)13.0BNet income (ttm)4.0BSales growth+8.9%EPS growth-Sales Q/Q+11.8%
Free cash flow3.2BGross margin85.5%Oper. margin33.2%Net margin30.7%FCF margin24.7%ROE19.0%
ROA12.1%R&D / sales32.6%Dividend-Debt/Eq0.22Curr. ratio2.34Cash5.0B
Op. cash flow (ttm)3.7BEBITDA4.4BEBITDA margin36.5%Net debt-482.7MQuick ratio2.00Interest cover313.78
ROIC14.0%Tax rate14.9%Stock pay / sales5.7%Shares out.253.5MShares Y/Y0.0%Book / share82.46
Cash / share19.64Sales / share51.08Asset turnover0.40Inventory turns0.98Days sales out.62Sales 3Y CAGR+10.3%
Sales 5Y CAGR+14.1%EPS 3Y CAGR+6.1%EPS 5Y CAGR+8.3%Employees6,400Sales / employee2.0M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow turned positive−$790.3M → $3.2B · Cash from operations − capital expenditure · 10-K ↗
  • Operating margin widened to 34.8%-2.1% → 34.8% · Operating income / revenue · 10-K ↗
  • Net income turned to a profit−$535.6M → $4.0B · Net income attributable to the company · 10-K ↗
What management wrote about it → · Every company →

VRTX against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
VRTXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+8.9%23rd of 60 · median +7.1%
Net margin
30.7%2nd of 60 · median 9.6%
Return on equity
19.0%16th of 54 · median 13.1%
Free cash flow margin
24.7%7th of 56 · median 15.5%
Debt / equity (less is better)
0.228th of 49 · median 0.66
VRTX and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
VRTX Vertex Pharmaceuticals$13.0B +8.9%85.5%30.7%19.0%24.7%0.22
DVA DaVita$14.2B +6.5%-6.5%-9.1%-
HSIC Henry Schein$13.7B +4.0%31.6%3.1%13.3%4.1%1.12
DGX Quest Diagnostics$11.8B +11.8%33.1%9.5%14.8%11.6%0.73
BAX Baxter International$11.6B +5.7%30.1%-6.2%-11.1%9.7%1.45
ISRG Intuitive Surgical$11.6B +20.5%67.2%25.5%18.5%31.1%-
Where each dollar goes

From $7.6B of sales to $2.3B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $6.7BRevenue to Cost of revenue: $904.2MGross profit to Operating profit: $2.8BGross profit to Operating expenses: $3.9BOperating profit to Net profit: $2.3BOperating profit to Tax & other: $440.0MOperating expenses to R&D: $3.1BOperating expenses to SG&A: $837.0M Revenue: $7.6B Revenue$7.6B +22% Y/Y Gross profit: $6.7B · 88% margin Gross profit$6.7B88% margin Cost of revenue: $904.2M · 12% of revenue Cost of revenue$904.2M12% of revenue Operating profit: $2.8B · 37% margin Operating profit$2.8B37% margin −3% Y/Y Operating expenses: $3.9B · 51% of revenue Operating expenses$3.9B51% of revenue Net profit: $2.3B · 31% margin Net profit$2.3B31% margin −14% Y/Y Tax & other: $440.0M · 6% of revenue Tax & other$440.0M6% of revenue R&D: $3.1B · 40% of revenue R&D$3.1B40% of revenue SG&A: $837.0M · 11% of revenue SG&A$837.0M11% of revenue

Swipe sideways for the whole flow →

From $8.9B of sales to $3.3B of profit

FY2022, from the 10-K income statement and revenue by product
TRIKAFTA/KAFTRIO to Revenue: $7.7BOther product revenues to Revenue: $1.2BRevenue to Gross profit: $7.9BRevenue to Cost of revenue: $1.1BGross profit to Operating profit: $4.3BGross profit to Operating expenses: $3.5BOperating profit to Net profit: $3.3BOperating profit to Tax & other: $985.4MOperating expenses to R&D: $2.5BOperating expenses to Sales, admin & other: $1.0B TRIKAFTA/KAFTRIO: $7.7B · 86% TRIKAFTA/KAFTRIO$7.7B86% Other product revenues: $1.2B · 14% Other product revenues$1.2B14% Revenue: $8.9B Revenue$8.9B +18% Y/Y Gross profit: $7.9B · 88% margin Gross profit$7.9B88% margin Cost of revenue: $1.1B · 12% of revenue Cost of revenue$1.1B12% of revenue Operating profit: $4.3B · 48% margin Operating profit$4.3B48% margin +55% Y/Y Operating expenses: $3.5B · 40% of revenue Operating expenses$3.5B40% of revenue Net profit: $3.3B · 37% margin Net profit$3.3B37% margin +42% Y/Y Tax & other: $985.4M · 11% of revenue Tax & other$985.4M11% of revenue R&D: $2.5B · 28% of revenue R&D$2.5B28% of revenue Sales, admin & other: $1.0B · 11% of revenue Sales, admin & other$1.0B11% of revenue

Swipe sideways for the whole flow →

From $9.9B of sales to $3.6B of profit

FY2023, from the 10-K income statement and revenue by product
TRIKAFTA/KAFTRIO to Revenue: $8.9BOther product revenues to Revenue: $924.5MRevenue to Gross profit: $8.6BRevenue to Cost of revenue: $1.3BGross profit to Operating profit: $3.8BGross profit to Operating expenses: $4.8BOperating profit to Net profit: $3.1BOperating profit to Tax: $760.2MOther income to Net profit: $547.8MOperating expenses to R&D: $3.2BOperating expenses to Sales, admin & other: $1.6B TRIKAFTA/KAFTRIO: $8.9B · 91% TRIKAFTA/KAFTRIO$8.9B91% Other product revenues: $924.5M · 9% Other product revenues$924.5M9% Revenue: $9.9B Revenue$9.9B +11% Y/Y Gross profit: $8.6B · 87% margin Gross profit$8.6B87% margin Cost of revenue: $1.3B · 13% of revenue Cost of revenue$1.3B13% of revenue Operating profit: $3.8B · 39% margin Operating profit$3.8B39% margin −11% Y/Y Other income: $547.8M · 6% of revenue Other income$547.8M6% of revenue Operating expenses: $4.8B · 48% of revenue Operating expenses$4.8B48% of revenue Net profit: $3.6B · 37% margin Net profit$3.6B37% margin +9% Y/Y Tax: $760.2M · 8% of revenue Tax$760.2M8% of revenue R&D: $3.2B · 32% of revenue R&D$3.2B32% of revenue Sales, admin & other: $1.6B · 16% of revenue Sales, admin & other$1.6B16% of revenue

Swipe sideways for the whole flow →

From $12.0B of sales to $4.0B of profit

FY2025, from the 10-K income statement and revenue by product
TRIKAFTA/KAFTRIO to Revenue: $10.3BALYFTREK to Revenue: $837.8MOther product revenues to Revenue: $820.1MCASGEVY to Revenue: $115.8MJOURNAVX to Revenue: $59.6MOther revenues to Revenue: $30.7MRevenue 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 TRIKAFTA/KAFTRIO: $10.3B · 85% TRIKAFTA/KAFTRIO$10.3B85% ALYFTREK: $837.8M · 7% ALYFTREK$837.8M7% Other product revenues: $820.1M · 7% Other product revenues$820.1M7% CASGEVY: $115.8M · 1% CASGEVY$115.8M1% JOURNAVX: $59.6M · 0% JOURNAVX$59.6M0% Other revenues: $30.7M · 0% Other revenues$30.7M0% Revenue: $12.0B Revenue$12.0B +9% Y/Y Gross profit: $10.3B · 86% margin Gross profit$10.3B86% margin Cost of revenue: $1.7B · 14% of revenue Cost of revenue$1.7B14% of revenue Operating profit: $4.2B · 35% margin Operating profit$4.2B35% margin Other income: $469.9M · 4% of revenue Other income$469.9M4% of revenue Operating expenses: $6.2B · 51% of revenue Operating expenses$6.2B51% of revenue Net profit: $4.0B · 33% margin Net profit$4.0B33% margin Tax: $690.0M · 6% of revenue Tax$690.0M6% of revenue R&D: $3.9B · 33% of revenue R&D$3.9B33% of revenue Sales, admin & other: $2.3B · 19% of revenue Sales, admin & other$2.3B19% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • ✓
    Net margin above the peer median30.7% vs 9.6%
  • ✓
    Return on equity above 15%19.0%
  • !
    A profit in 8 of 10 years
Net margin, FY2016 to FY2025: -6.6% → 32.9%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is over 100× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.22 on the latest balance sheet (peer median 0.66)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.34
  • ✓
    More cash than debtNet cash $2.0B
What the debt is made of ↓

Cash and shareholders

1 of 3
  • !
    Free cash flow positive in 9 of 10 years$3.2B last year
  • ✓
    Share count down over 5 years−2.1%
  • !
    Cash from operations below net income$3.6B vs $4.0B
Free cash flow, FY2016 to FY2025: 179.5M → 3.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 12.0B Net income 4.0B
FY2016 revenue 1.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000875320-19-000006 FY2016 net income -112.1M · NetIncomeLoss, 0000875320-19-000006 1.7B FY2016 FY2017 revenue 2.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000875320-20-000007 FY2017 net income 263.5M · NetIncomeLoss, 0000875320-20-000007 2.5B FY2017 FY2018 revenue 3.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000875320-21-000006 FY2018 net income 2.1B · NetIncomeLoss, 0000875320-21-000006 3.0B FY2018 FY2019 revenue 4.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000875320-22-000007 FY2019 net income 1.2B · NetIncomeLoss, 0000875320-22-000007 4.2B FY2019 FY2020 revenue 6.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000875320-23-000007 FY2020 net income 2.7B · NetIncomeLoss, 0000875320-23-000007 6.2B FY2020 FY2021 revenue 7.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000875320-24-000062 FY2021 net income 2.3B · NetIncomeLoss, 0000875320-24-000062 7.6B FY2021 FY2022 revenue 8.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000875320-25-000053 FY2022 net income 3.3B · NetIncomeLoss, 0000875320-25-000053 8.9B FY2022 FY2023 revenue 9.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000875320-26-000056 FY2023 net income 3.6B · NetIncomeLoss, 0000875320-26-000056 9.9B FY2023 FY2024 revenue 11.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000875320-26-000056 FY2024 net income -535.6M · NetIncomeLoss, 0000875320-26-000056 11.0B FY2024 FY2025 revenue 12.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000875320-26-000056 FY2025 net income 4.0B · NetIncomeLoss, 0000875320-26-000056 12.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

VRTX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue12.0B
FY2016: 1.7BFY2017: 2.5BFY2018: 3.0BFY2019: 4.2BFY2020: 6.2BFY2021: 7.6BFY2022: 8.9BFY2023: 9.9BFY2024: 11.0BFY2025: 12.0B FY2017FY2019FY2021FY2023FY2025
Net income4.0B
FY2016: -112.1MFY2017: 263.5MFY2018: 2.1BFY2019: 1.2BFY2020: 2.7BFY2021: 2.3BFY2022: 3.3BFY2023: 3.6BFY2024: -535.6MFY2025: 4.0B FY2017FY2019FY2021FY2023FY2025
Free cash flow3.2B
FY2016: 179.5MFY2017: 745.5MFY2018: 1.2BFY2019: 1.5BFY2020: 3.0BFY2021: 2.4BFY2022: 3.9BFY2023: 3.3BFY2024: -790.3MFY2025: 3.2B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)15.32
FY2016: -0.46FY2017: 1.04FY2018: 8.09FY2019: 4.51FY2020: 10.29FY2021: 9.01FY2022: 12.82FY2023: 13.89FY2024: -2.08FY2025: 15.32 FY2017FY2019FY2021FY2023FY2025
Diluted shares258.0M
FY2016: 244.7MFY2017: 253.2MFY2018: 259.2MFY2019: 260.7MFY2020: 263.4MFY2021: 259.9MFY2022: 259.1MFY2023: 260.5MFY2024: 257.9MFY2025: 258.0M FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
TRIKAFTA/KAFTRIO 10.3B85.9% +0.7%
ALYFTREK 837.8M7.0% -
Other product revenues 820.1M6.8% +4.9%
CASGEVY 115.8M1.0% +1058%
JOURNAVX 59.6M0.5% -
Other revenues 30.7M0.3% -

10-K 0000875320-26-000056, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 7.5B62.9% +12.9%
Total long-lived assets outside of the United States 4.5B37.1% +2.7%
Europe 3.5B28.8% +0.2%
Other 992.4M8.3% +12.6%

10-K 0000875320-26-000056, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue1.7B2.5B3.0B4.2B6.2B7.6B8.9B9.9B11.0B12.0B
Cost of revenue210.5M275.1M409.5M547.8M736.3M904.2M1.1B1.3B1.5B1.7B
R&D1.0B1.3B1.4B1.8B1.8B3.1B2.5B3.2B3.6B3.9B
SG&A432.8M496.1M557.6M658.5M770.5M840.1M944.7M1.1B1.5B1.8B
Operating income9.9M123.2M635.1M1.2B2.9B2.8B4.3B3.8B-232.9M4.2B
Interest expense83.7M69.3M72.5M58.5M58.2M56.3M54.8M44.1M30.6M13.3M
Pretax income-67.4M-15.7M600.2M1.4B3.1B2.7B4.2B4.4B248.5M4.6B
Income tax16.7M-107.3M-1.5B218.1M405.2M388.3M910.4M760.2M784.1M690.0M
Net income-112.1M263.5M2.1B1.2B2.7B2.3B3.3B3.6B-535.6M4.0B
EPS (diluted)-0.461.048.094.5110.299.0112.8213.89-2.0815.32
Diluted shares244.7M253.2M259.2M260.7M263.4M259.9M259.1M260.5M257.9M258.0M
Depreciation & amortization61.4M61.4M72.4M106.9M109.5M125.6M148.3M181.3M207.2M209.8M
EBITDA71.3M184.6M707.6M1.3B3.0B2.9B4.5B4.0B-25.7M4.4B
Operating margin0.6%5.0%20.8%28.8%46.0%36.7%48.2%38.8%-2.1%34.8%
Net margin-6.6%10.6%68.8%28.3%43.7%30.9%37.2%36.7%-4.9%32.9%
Revenue growth-+46.2%+22.5%+36.6%+49.1%+22.1%+17.9%+10.5%+11.7%+8.9%
EPS growth--+678%-44.3%+128%-12.4%+42.3%+8.3%-115%-

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash1.2B1.7B2.7B3.1B6.0B6.8B10.5B10.4B4.6B5.1B
Short-term investments-423.3M518.1M699.0M670.7M729.9M274.5M849.2M1.5B1.5B
Receivables200.4M281.3M409.7M633.5M885.4M1.1B1.4B1.6B1.6B2.1B
Inventory77.6M111.8M124.4M167.5M280.8M353.1M460.6M738.8M1.2B1.7B
Current assets1.8B2.6B3.8B4.8B8.1B9.6B13.2B14.1B9.6B11.2B
Property & equipment698.4M789.4M812.0M745.1M------
Goodwill50.4M50.4M50.4M1.0B1.0B1.0B1.1B1.1B1.1B1.1B
Total assets2.9B3.5B6.2B8.3B11.8B13.4B18.2B22.7B22.5B25.6B
Accounts payable61.5M74.0M111.0M87.6M155.1M195.0M303.9M364.9M413.0M461.7M
Current liabilities792.5M807.3M1.1B1.3B1.9B2.1B2.7B3.5B3.6B3.9B
Total debt---------0
Total liabilities1.6B1.5B1.8B2.2B3.1B3.3B4.2B5.1B6.1B7.0B
Shareholders' equity1.2B2.0B4.4B6.1B8.7B10.1B13.9B17.6B16.4B18.7B
Retained earnings-5.4B-5.1B-3.0B-1.9B858.7M3.2B6.5B10.1B9.6B13.6B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow236.1M844.9M1.3B1.6B3.3B2.6B4.1B3.5B-492.6M3.6B
Capital spending56.6M99.4M95.4M75.4M259.8M235.0M204.7M200.4M297.7M437.6M
Free cash flow179.5M745.5M1.2B1.5B3.0B2.4B3.9B3.3B-790.3M3.2B
Stock-based pay (added back)240.6M293.2M325.0M360.5M429.5M441.4M491.3M581.2M698.5M685.9M
Buybacks00350.0M186.0M539.1M1.4B0427.6M1.2B2.0B
Acquisitions-001.2B00295.9M00-
Investing cash flow51.2M-483.3M-202.2M-1.2B99.4M-340.9M-321.1M-3.1B-3.8B-945.4M
Financing cash flow133.3M68.4M-71.2M126.8M-505.3M-1.5B-67.7M-562.2M-1.5B-2.3B

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)240.6M293.2M325.0M360.5M429.5M441.4M491.3M581.2M698.5M685.9M
Stock-based pay / revenue14.1%11.8%10.7%8.7%6.9%5.8%5.5%5.9%6.3%5.7%
Operating lease cost---12.0M23.1M33.9M35.3M47.8M103.9M194.7M
Operating lease cash paid---10.7M16.3M21.5M50.8M62.8M113.5M183.2M
Finance lease principal paid--33.4M39.2M42.3M47.0M85.5M44.9M33.6M5.4M
Right-of-use assets--61.7M88.2M325.6M330.3M347.4M293.6M1.4B1.6B
Operating lease liabilities---95.8M361.0M410.7M428.1M381.7M1.6B1.9B
Finance lease liabilities--596.6M577.4M581.5M556.7M471.6M426.7M118.0M112.2M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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