Vertex Pharmaceuticals Inc / MA
VRTX · NasdaqPharmaceutical Preparations · Fiscal year ends Dec 31
Vertex Pharmaceuticals Inc / MA reported revenue of $12B in the fiscal year ended Dec 2025, up 8.9% from the year before. Operating income was $4.2B, an operating margin of 34.8%, and net income was $4B. Operating cash flow of $3.6B less capital expenditure of $438M left free cash flow of $3.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $7.6B | $8.9B | $9.9B | $11B | $12B |
| Cost of revenue | $904M | $1.1B | $1.3B | $1.5B | $1.7B |
| Gross profit | $6.7B | $7.9B | $8.6B | $9.5B | $10.4B |
| Research & development | $3.1B | – | – | – | – |
| Selling, general & admin | $840M | $945M | $1.1B | $1.5B | $1.8B |
| Operating income | $2.8B | $4.3B | $3.8B | −$233M | $4.2B |
| Net interest incomeBanks | −$62M | −$55M | −$44M | – | – |
| Interest expense | – | $55M | $44M | $31M | $13M |
| Pre-tax income | $2.7B | $4.2B | $4.4B | $249M | $4.6B |
| Income tax | $388M | $910M | $760M | $784M | $690M |
| Net income | $2.3B | $3.3B | $3.6B | −$536M | $4B |
| Diluted EPS | 9.01 | 12.82 | 13.89 | −2.08 | 15.32 |
| Diluted shares | 260M | 259M | 261M | 258M | 258M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $6.8B | $10.5B | $10.4B | $4.6B | $5.1B |
| Receivables | $1.1B | $1.4B | $1.6B | $1.6B | $2.1B |
| Inventory | $353M | $461M | $739M | $1.2B | $1.7B |
| Current assets | $9.6B | $13.2B | $14.1B | $9.6B | $11.2B |
| Goodwill | $1B | $1.1B | $1.1B | $1.1B | $1.1B |
| Total assets | $13.4B | $18.2B | $22.7B | $22.5B | $25.6B |
| Payables | $195M | $304M | $365M | $413M | $462M |
| Deferred revenue | $172M | $160M | $170M | $207M | $172M |
| Current liabilities | $2.1B | $2.7B | $3.5B | $3.6B | $3.9B |
| Total liabilities | $3.3B | $4.2B | $5.1B | $6.1B | $7B |
| Shareholders' equity | $10.1B | $13.9B | $17.6B | $16.4B | $18.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.6B | $4.1B | $3.5B | −$493M | $3.6B |
| Capital expenditure | $235M | $205M | $200M | $298M | $438M |
| Free cash flow | $2.4B | $3.9B | $3.3B | −$790M | $3.2B |
| Depreciation & amortisation | $126M | $148M | $181M | $207M | $210M |
| Stock-based compensation | $441M | $491M | $581M | $699M | $686M |
| Acquisitions | $0 | $296M | $0 | $0 | – |
| Share buybacks | $1.4B | $0 | $428M | $1.2B | $2B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.9% | 10.5% | 11.7% | 8.9% |
| Operating income growth (YoY) | – | 54.8% | −11.0% | −106.1% | – |
| EPS growth (YoY) | – | 42.3% | 8.3% | −115.0% | – |
| Gross margin | 88.1% | 87.9% | 87.2% | 86.1% | 86.2% |
| Operating margin | 36.7% | 48.2% | 38.8% | −2.1% | 34.8% |
| Net margin | 30.9% | 37.2% | 36.7% | −4.9% | 32.9% |
| Return on equityBlank when equity is negative | 23.2% | 23.9% | 20.6% | −3.3% | 21.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 24.6% | 28.0% | 20.0% | −1.2% | 19.2% |
| Free cash flow margin | 31.8% | 44.0% | 33.8% | −7.2% | 26.6% |
| Cash conversion (CFO ÷ net income) | 1.13x | 1.24x | 0.98x | 0.92x | 0.92x |
| Receivable days | 55 | 59 | 58 | 53 | 62 |
| Inventory days | 143 | 156 | 214 | 287 | 373 |
| Payable days | 79 | 103 | 106 | 98 | 102 |
| Interest cover | – | 78.6x | 86.9x | −7.61x | 314x |
| Current ratio | 4.46x | 4.83x | 3.99x | 2.69x | 2.90x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.