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Vertex Pharmaceuticals

VRTX Nasdaq Biotechnology Financials FY2016–FY2025

Vertex Pharmaceuticals' revenue rose 8.9% to $12.0 billion in fiscal 2025. Its operating margin was 34.8%, up from −2.1% a year earlier. Free cash flow was $3.2 billion. It paid out $2.0 billion in dividends and buybacks, 63% of free cash flow.

Last close · Oct 23, 2026

$523.93

2.1%
Value it Compare
Revenue Total sales reported in the income statement.
$12.0B
8.9% vs prior year
Operating margin Operating income as a share of revenue.
34.8%
36.9 pts
Net income Profit after all expenses, interest and tax.
$4.0B
Free cash flow Cash from operations minus capital spending.
$3.2B
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
31.5%
32.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$133.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
30.5x
On $17.17 EPS (TTM)

What Vertex Pharmaceuticals does

No business description yet.

Legal name
VERTEX PHARMACEUTICALS INC / MA
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000875320-26-000056
0000875320

Revenue and margins

Vertex Pharmaceuticals had $12.0B of revenue in fiscal 2025, up 8.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $3.2B in fiscal 2025, 26.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Vertex Pharmaceuticals returned $2.0B to shareholders in fiscal 2025, 63% of free cash flow. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Vertex Pharmaceuticals yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $6.5B and divides by 258.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 30.5x · peers 19.9x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Vertex Pharmaceuticals can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $7.5B$10.8B$11.2B$6.1B$6.6B
Debt incl. finance leases $557M$472M$427M$118M$112M
Net debt / EBITDA −2.4x−2.3x−2.7x—−1.5x
Debt / equity 0.1x0.0x0.0x0.0x0.0x
Interest coverage 49.4x78.6x86.9x−7.6x313.8x
Current ratio 4.5x4.8x4.0x2.7x2.9x
Quick ratio 4.3x4.7x3.8x2.4x2.5x
Total assets $13.4B$18.2B$22.7B$22.5B$25.6B
Total liabilities $3.3B$4.2B$5.1B$6.1B$7.0B
Shareholders' equity $10.1B$13.9B$17.6B$16.4B$18.7B
Net debt (− = net cash) −$7.0B−$10.3B−$10.8B−$6.0B−$6.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$10.4M

5 insiders

Of sales under plans

100%

$10.4M

DateInsiderTradeSharesPriceValueFiling
Jul 2, 2026 Duncan McKechnieEVP, Chief Commercial Officer Sold plan 1,541 $519.00 $0.8M Form 4
Jul 2, 2026 Ourania TatsisEVP, Chief Reg. & Quality Off. Sold plan 1,500 $524.99 $0.8M Form 4
Jul 1, 2026 Joy LiuEVP and Chief Legal Officer Sold plan 828 $502.71 $0.4M Form 4
Jun 26, 2026 Carmen BozicEVP and CMO Sold plan 596 $482.50 $0.3M Form 4
Jun 18, 2026 Carmen BozicEVP and CMO Sold plan 1,020 $462.17 $0.5M Form 4
Jun 15, 2026 Carmen BozicEVP and CMO Sold plan 4,062 $450.00 $1.8M Form 4
Jun 5, 2026 Carmen BozicEVP and CMO Sold plan 1,745 $450.00 $0.8M Form 4
Jun 1, 2026 Joy LiuEVP and Chief Legal Officer Sold plan 828 $439.91 $0.4M Form 4
May 29, 2026 Carmen BozicEVP and CMO Sold plan 1,974 $450.00 $0.9M Form 4
May 15, 2026 Carmen BozicEVP and CMO Sold plan 1,354 $453.45 $0.6M Form 4
May 15, 2026 Mark E. BunnageEVP, Chief Scientific Officer Sold plan 33 $453.45 $0.0M Form 4
May 12, 2026 Carmen BozicEVP and CMO Sold plan 6,988 $450.00 $3.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✓
Cash from operations is positive ✓ ✕ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✕
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✓ ✕
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 2 / 92 / 96 / 9
Accruals ratio 0.4%−0.2%1.3%
Altman Z'' 9.235.897.50

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Vertex Pharmaceuticals VRTX $133.7B 8.9% 34.8% 26.6% 31.5% 30.5x 6
Regeneron Pharmaceuticals REGN $85.3B 1.0% 25.0% 28.5% 12.7% 19.9x 5 Compare →
Biogen BIIB $37.2B 2.2% — 20.7% 7.3% 27.0x 5 Compare →
Incyte INCY $23.9B 21.2% 29.5% 26.4% 79.4% 16.3x 8 Compare →
Gilead Sciences GILD $194.0B 2.4% 34.0% 32.1% 23.0% — 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.7B $2.5B $3.0B $4.2B $6.2B $7.6B $8.9B $9.9B $11.0B $12.0B
Gross profit $1.5B $2.2B $2.6B $3.6B $5.5B $6.7B $7.9B $8.6B $9.5B $10.4B
Research and development $1.0B $1.3B $1.4B $1.8B $1.8B $3.1B $2.5B $3.2B $3.6B $3.9B
Operating income $9.9M $123M $635M $1.2B $2.9B $2.8B $4.3B $3.8B −$233M $4.2B
Interest expense $83.7M $69.3M $72.5M $58.5M $58.2M $56.3M $54.8M $44.1M $30.6M $13.3M
Pretax income −$67.4M −$15.7M $600M $1.4B $3.1B $2.7B $4.2B $4.4B $249M $4.6B
Income tax $16.7M −$107M −$1.5B $218M $405M $388M $910M $760M $784M $690M
Net income −$112M $264M $2.1B $1.2B $2.7B $2.3B $3.3B $3.6B −$536M $4.0B
Diluted EPS −$0.46 $1.04 $8.09 $4.51 $10.29 $9.01 $12.82 $13.89 −$2.08 $15.32
Diluted shares 0.24B 0.25B 0.26B 0.26B 0.26B 0.26B 0.26B 0.26B 0.26B 0.26B
Cash flow
Cash from operations $236M $845M $1.3B $1.6B $3.3B $2.6B $4.1B $3.5B −$493M $3.6B
Capital expenditure $56.6M $99.4M $95.4M $75.4M $260M $235M $205M $200M $298M $438M
Free cash flow $180M $746M $1.2B $1.5B $3.0B $2.4B $3.9B $3.3B −$790M $3.2B
Depreciation and amortization $61.4M $61.4M $72.4M $107M $110M $126M $148M $181M $207M $210M
Stock-based compensation $241M $293M $325M $361M $430M $441M $491M $581M $699M $686M
Acquisitions $0.0M $0.0M $0.0M $1.2B $0.0M $0.0M $296M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $350M $186M $539M $1.4B $0.0M $428M $1.2B $2.0B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $350M $186M $539M $1.4B $0.0M $428M $1.2B $2.0B
Balance sheet
Cash and short-term investments $1.2B $1.7B $3.2B $3.8B $6.7B $7.5B $10.8B $11.2B $6.1B $6.6B
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $577M $582M $557M $472M $427M $118M $112M
Current assets $1.8B $2.6B $3.8B $4.8B $8.1B $9.6B $13.2B $14.1B $9.6B $11.2B
Current liabilities $793M $807M $1.1B $1.3B $1.9B $2.1B $2.7B $3.5B $3.6B $3.9B
Inventory $77.6M $112M $124M $168M $281M $353M $461M $739M $1.2B $1.7B
Property and equipment, net $698M $789M $812M $745M $959M $1.1B $1.1B $1.2B $1.2B $1.5B
Total assets $2.9B $3.5B $6.2B $8.3B $11.8B $13.4B $18.2B $22.7B $22.5B $25.6B
Total liabilities $1.6B $1.5B $1.8B $2.2B $3.1B $3.3B $4.2B $5.1B $6.1B $7.0B
Shareholders' equity $1.2B $2.0B $4.4B $6.1B $8.7B $10.1B $13.9B $17.6B $16.4B $18.7B
Margins
Gross margin 87.6% 89.0% 86.6% 86.8% 88.1% 88.1% 87.9% 87.2% 86.1% 86.2%
Operating margin 0.6% 5.0% 20.8% 28.8% 46.0% 36.7% 48.2% 38.8% −2.1% 34.8%
EBITDA margin 4.2% 7.4% 23.2% 31.3% 47.8% 38.4% 49.9% 40.7% −0.2% 36.5%
Net margin −6.6% 10.6% 68.8% 28.3% 43.7% 30.9% 37.2% 36.7% −4.9% 32.9%
FCF margin 10.6% 30.0% 38.6% 35.9% 48.2% 31.8% 44.0% 33.8% −7.2% 26.6%
Returns
Return on capital 1.9% — 77.3% 49.0% 91.0% 83.1% 100.4% 60.9% −1.4% 31.5%
Return on capital employed 0.5% 5.1% 16.2% 19.8% 33.9% 26.3% 32.3% 22.2% −1.2% 20.5%
Return on equity −10.7% 16.5% 64.9% 22.4% 36.7% 24.9% 27.7% 23.0% −3.2% 22.5%
Return on assets −4.2% 8.2% 42.8% 16.2% 27.0% 18.6% 21.0% 17.7% −2.4% 16.4%
Growth
Revenue growth 64.9% 46.2% 22.5% 36.6% 49.1% 22.1% 17.9% 10.5% 11.7% 8.9%
Net income growth — — 695.8% −43.9% 130.4% −13.6% 41.8% 9.0% −114.8% —
EPS growth — — 677.9% −44.3% 128.2% −12.4% 42.3% 8.4% −115.0% —
FCF growth — 315.2% 57.6% 27.2% 100.4% −19.6% 63.0% −15.0% −123.7% —
Share count change 1.4% 3.5% 2.4% 0.6% 1.0% −1.3% −0.3% 0.5% −1.0% 0.0%
Financial health
Net debt / EBITDA −16.6x −9.0x −4.5x −2.5x −2.1x −2.4x −2.3x −2.7x — −1.5x
Debt / equity 0.0x 0.0x 0.0x 0.1x 0.1x 0.1x 0.0x 0.0x 0.0x 0.0x
Interest coverage 0.1x 1.8x 8.8x 20.5x 49.1x 49.4x 78.6x 86.9x −7.6x 313.8x
Current ratio 2.3x 3.3x 3.4x 3.6x 4.3x 4.5x 4.8x 4.0x 2.7x 2.9x
Quick ratio 2.2x 3.1x 3.3x 3.5x 4.2x 4.3x 4.7x 3.8x 2.4x 2.5x
Capital allocation
Capex / revenue 3.3% 4.0% 3.1% 1.8% 4.2% 3.1% 2.3% 2.0% 2.7% 3.7%
Stock comp / revenue 14.1% 11.8% 10.7% 8.7% 6.9% 5.8% 5.5% 5.9% 6.3% 5.7%
Payouts / FCF 0.0% 0.0% 29.8% 12.5% 18.0% 59.2% 0.0% 12.8% — 63.2%
Quality scores
Piotroski F-score 5.0 7.0 5.0 5.0 7.0 5.0 7.0 2.0 2.0 6.0
Altman Z'' −2.8 0.4 4.6 5.9 8.3 9.0 10.0 9.2 5.9 7.5
Accruals ratio −12.9% −18.1% 16.9% −5.4% −5.4% −2.4% −5.1% 0.4% −0.2% 1.3%

Source: SEC EDGAR XBRL filings (CIK 0000875320). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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