VERTEX PHARMACEUTICALS INC / MA VRTX
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
Last close
546.12
2026-09-04
Market cap
$138.42B
2026-06-30 share count
52-week range
374.17 - 560.25
Valuation FY2025 figures against the last close
P/S11.5x
P/E35.6x
P/FCF43.3x
EV/EBITDA31.6x
Dividend yield—
Diluted EPS15.32
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.00B | $11.02B | $9.87B | $8.93B | $7.57B | $6.21B | $4.16B | $3.05B | $2.49B | $1.70B |
| Cost of revenue | $1.65B | $1.53B | $1.26B | $1.08B | $904.2M | $736.3M | $547.8M | $409.5M | $275.1M | $210.5M |
| Gross profit | $10.35B | $9.49B | $8.61B | $7.85B | $6.67B | $5.47B | $3.62B | $2.64B | $2.21B | $1.49B |
| R&D | — | — | — | — | $3.05B | $1.83B | $1.75B | $1.42B | $1.32B | $1.05B |
| SG&A | $1.75B | $1.46B | $1.14B | $944.7M | $840.1M | $770.5M | $658.5M | $557.6M | $496.1M | $432.8M |
| Total operating expenses | $7.83B | $11.25B | $6.04B | $4.62B | $4.79B | $3.35B | $2.97B | $2.41B | $2.37B | $1.69B |
| Operating income | $4.17B | -$232.9M | $3.83B | $4.31B | $2.78B | $2.86B | $1.20B | $635.1M | $123.2M | $9.9M |
| Interest expense | $13.3M | $30.6M | $44.1M | $54.8M | $61.5M | $58.2M | $58.5M | $72.5M | $69.3M | — |
| Pre-tax income | $4.64B | $248.5M | $4.38B | $4.23B | $2.73B | $3.12B | $1.39B | $600.2M | -$15.7M | -$67.4M |
| Income tax | $690.0M | $784.1M | $760.2M | $910.4M | $388.3M | $405.2M | $218.1M | $1.49B | $107.3M | $16.7M |
| Net income | $3.95B | -$535.6M | $3.62B | $3.32B | $2.34B | $2.71B | $1.18B | $2.10B | $263.5M | -$112.1M |
| EPS, basic | 15.46 | -2.08 | 14.05 | 12.97 | 9.09 | 10.44 | 4.58 | 8.24 | 1.06 | -0.46 |
| EPS, diluted | 15.32 | -2.08 | 13.89 | 12.82 | 9.01 | 10.29 | 4.51 | 8.09 | 1.04 | -0.46 |
| Shares, diluted (wtd. avg.) | $258.0M | $257.9M | $260.5M | $259.1M | $259.9M | $263.4M | $260.7M | $259.2M | $253.2M | $244.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.08B | $4.57B | $10.37B | $10.50B | $6.79B | $5.99B | $3.11B | $2.65B | $1.67B | $1.18B |
| Short-term investments | $1.52B | $1.55B | $849.2M | $274.5M | $729.9M | $670.7M | $699.0M | $518.1M | — | — |
| Receivables | $2.05B | $1.61B | $1.56B | $1.44B | $1.14B | $885.4M | $633.5M | $409.7M | $281.3M | $200.4M |
| Inventory | $1.69B | $1.21B | $738.8M | $460.6M | $353.1M | $280.8M | $167.5M | $124.4M | $111.8M | $77.6M |
| Total current assets | $11.20B | $9.60B | $14.14B | $13.23B | $9.56B | $8.13B | $4.82B | $3.84B | $2.65B | $1.83B |
| Property, plant and equipment | — | — | — | — | — | — | — | $812.0M | $789.4M | $698.4M |
| Goodwill | $1.09B | $1.09B | $1.09B | $1.09B | $1.00B | $1.00B | $1.00B | $50.4M | $50.4M | $50.4M |
| Other intangibles | $424.2M | $825.9M | $839.9M | $603.6M | $400.0M | $400.0M | $400.0M | $0 | — | — |
| Total assets | $25.64B | $22.53B | $22.73B | $18.15B | $13.43B | $11.75B | $8.32B | $6.25B | $3.55B | $2.90B |
| Accounts payable | $461.7M | $413.0M | $364.9M | $303.9M | $195.0M | $155.1M | $87.6M | $111.0M | $74.0M | $61.5M |
| Total current liabilities | $3.86B | $3.56B | $3.55B | $2.74B | $2.14B | $1.88B | $1.33B | $1.12B | $807.3M | $792.5M |
| Total liabilities | $6.98B | $6.12B | $5.15B | $4.24B | $3.33B | $3.06B | $2.23B | $1.81B | $1.50B | $1.56B |
| Retained earnings | $13.56B | $9.61B | $10.14B | $6.52B | $3.20B | $858.7M | -$1.85B | -$2.99B | -$5.12B | -$5.37B |
| Total equity | $18.67B | $16.41B | $17.58B | $13.91B | $10.10B | $8.69B | $6.09B | $4.44B | $2.04B | $1.34B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.63B | -$492.6M | $3.54B | $4.13B | $2.64B | $3.25B | $1.57B | $1.27B | $844.9M | $236.1M |
| Depreciation and amortisation | $209.8M | $207.2M | $181.3M | $148.3M | $125.6M | $109.5M | $106.9M | $72.4M | $61.4M | $61.4M |
| Stock-based compensation | $685.9M | $698.5M | $581.2M | $491.3M | $441.4M | $429.5M | $360.5M | $325.0M | $293.2M | $240.6M |
| Capital expenditure | $437.6M | $297.7M | $200.4M | $204.7M | $235.0M | $259.8M | $75.4M | $95.4M | $99.4M | $56.6M |
| Investing cash flow | -$945.4M | -$3.77B | -$3.14B | -$321.1M | -$340.9M | $99.4M | -$1.24B | -$202.2M | -$483.3M | $51.2M |
| Financing cash flow | -$2.26B | -$1.49B | -$562.2M | -$67.7M | -$1.48B | -$505.3M | $126.8M | -$71.2M | $68.4M | $133.3M |
| Buybacks | $2.02B | $1.18B | $427.6M | $0 | $1.43B | $539.1M | $186.0M | $350.0M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000875320-26-000056.
Others in SIC 2834
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|---|---|---|---|---|
| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
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| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
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| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |