Gilead Sciences vs Vertex Pharmaceuticals
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The short version
- Gilead Sciences is the larger business, with $29.4B of revenue in fiscal 2025 against $12.0B for Vertex Pharmaceuticals, about 2.5 times as much.
- Vertex Pharmaceuticals grew revenue faster (8.9%, against 2.4%).
- Vertex Pharmaceuticals kept more of each dollar of sales as operating profit (34.8% operating margin, against 34.0%).
- Gilead Sciences turned more of its sales into free cash flow (32.1% FCF margin, against 26.6%).
- Vertex Pharmaceuticals earned a higher return on the capital invested in it (31.5%, against 23.0%).
| Latest fiscal year | GILD · FY25 | VRTX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $194.0B | $133.7B |
| Revenue | $29.4B | $12.0B |
| Free cash flow | $9.5B | $3.2B |
| Net income | $8.5B | $4.0B |
| Growth | ||
| Revenue growth | 2.4% | 8.9% |
| 5-year growth | 3.6% | 14.1% |
| Share count change | 0.0% | 0.0% |
| Profitability | ||
| Gross margin | 78.8% | 86.2% |
| Operating margin | 34.0% | 34.8% |
| Net margin | 28.9% | 32.9% |
| FCF margin | 32.1% | 26.6% |
| Return on capital | 23.0% | 31.5% |
| Return on equity | 40.5% | 22.5% |
| Balance sheet | ||
| Net debt | $17.3B | −$6.5B |
| Net debt / EBITDA | 1.4x | −1.5x |
| Dividends and buybacks | $5.9B | $2.0B |
| Valuation & quality | ||
| P/E | — | 30.5x |
| Piotroski F-score | 8 | 6 |
Revenue
FY16
GILD $30.4B
VRTX $1.7B
FY17
GILD $26.1B
VRTX $2.5B
FY18
GILD $22.1B
VRTX $3.0B
FY19
GILD $22.4B
VRTX $4.2B
FY20
GILD $24.7B
VRTX $6.2B
FY21
GILD $27.3B
VRTX $7.6B
FY22
GILD $27.3B
VRTX $8.9B
FY23
GILD $27.1B
VRTX $9.9B
FY24
GILD $28.8B
VRTX $11.0B
FY25
GILD $29.4B
VRTX $12.0B
GILD
VRTX
Operating margin
FY16
GILD 58.0%
VRTX 0.6%
FY17
GILD 54.1%
VRTX 5.0%
FY18
GILD 37.1%
VRTX 20.8%
FY19
GILD 19.1%
VRTX 28.8%
FY20
GILD 16.5%
VRTX 46.0%
FY21
GILD 36.3%
VRTX 36.7%
FY22
GILD 26.9%
VRTX 48.2%
FY23
GILD 28.1%
VRTX 38.8%
FY24
GILD 5.8%
VRTX −2.1%
FY25
GILD 34.0%
VRTX 34.8%
GILD
VRTX
Free cash flow
FY16
GILD $16.3B
VRTX $180M
FY17
GILD $11.3B
VRTX $746M
FY18
GILD $7.5B
VRTX $1.2B
FY19
GILD $8.3B
VRTX $1.5B
FY20
GILD $7.5B
VRTX $3.0B
FY21
GILD $10.8B
VRTX $2.4B
FY22
GILD $8.3B
VRTX $3.9B
FY23
GILD $7.4B
VRTX $3.3B
FY24
GILD $10.3B
VRTX −$790M
FY25
GILD $9.5B
VRTX $3.2B
GILD
VRTX
Return on capital
FY16
GILD 46.0%
VRTX 1.9%
FY17
GILD 22.7%
VRTX —
FY18
GILD 24.3%
VRTX 77.3%
FY19
GILD 20.6%
VRTX 49.0%
FY20
GILD 6.3%
VRTX 91.0%
FY21
GILD 17.8%
VRTX 83.1%
FY22
GILD 14.2%
VRTX 100.4%
FY23
GILD 15.5%
VRTX 60.9%
FY24
GILD 3.0%
VRTX −1.4%
FY25
GILD 23.0%
VRTX 31.5%
GILD
VRTX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.