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Not Investment Advice

VRTX

NASDAQ · USD
Vertex Pharmaceuticals Incorporated
Healthcare · Biotechnology
CEO Reshma Kewalramani Employees 6,400 R&D / revenue 31.1%
Last price
$499.74−1.77%last session
Market cap
$126.7B
P/E (TTM)
28.9x
From 52w high
−10.8%
From 52w low
+24.0%
1-year return
+22.3%
RSI 14 · vs SMA200
43.8 · +5.0%
IS score
76.1/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

VRTX   SPY   XLV (sector ETF) · weekly closes
100110120130Jan 26Apr 26Jul 26Oct 26XLV 124VRTX 122SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
96
Profitability
64
Growth
44
Value
80
Momentum
100
Risk (safety)
86
Quality
97
Balance sheet
75
Earnings quality

Flags

Strengths
✓ Net cash✓ Congress buying
Warnings
None of the computed warning flags fires for VRTX (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Network EffectsPiotroski 6 / 9Altman Z 12.9Beta 0.323 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
13 open-market sales, $10.6M
Form 144 notices (12m): 56, $156.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-09-04
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+69
196 new holders, 110 closed
1,754 filers hold 95.9% · 704 added, 617 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+254
1,628 funds adding shares
1,374 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
29.9%
20-day avg 56.2%, 50-day avg 58.9%
Latest 26.3 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$12.1B
Revenue growth YoY+9.6%
Gross margin85.0%
Operating income$4.8B
Operating margin39.4%
Net income$4.0B
Net margin32.7%
EPS (diluted)$15.32
Cash flow
Operating cash flow$3.6B
Capital expenditure$437.6M
Free cash flow$3.2B
FCF conversion (FCF / OCF)87.9%
Stock-based compensation$0
FCF less SBC$3.2B
Buybacks$2.0B
Dividends$0
Balance sheet & returns
Cash & short-term investments$6.6B
Total debt$1.9B
Net cash$4.7B
Shareholders' equity$18.7B
Goodwill & intangibles$1.5B
Debt / equity0.10
ROE (TTM)23.3%
ROIC (TTM)17.3%
Operating margin by fiscal year
36.7%FY202148.2%FY202238.8%FY2023-2.1%FY202435.5%FY2025
Revenue $7.6B (FY2021) to $12.1B (FY2025), a 12.4% CAGR.

Valuation

P/E (TTM)28.9x
EV / EBITDA22.3x
Price / sales10.03x
Price / FCF33.4x
FCF yield3.00%
Buyback yield1.59%
SBC / revenue5.5%
Price / book6.27x
Forward P/E FY202626.8x
Forward P/E FY202723.7x
Forward P/E FY202819.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $590.69 across 13 analysts last quarter is theirs, not ours.

VRTX vs industry median

1260 companies in Biotechnology
Gross margin 86.0% 84.4% Operating margin 38.6% -207.9% Net margin 34.9% -206.2% ROIC 17.3% 11.1%
VRTX (TTM)Industry median Asset turnover 0.46 vs industry 0.01 · financial leverage 1.35

Earnings delivery

Next report 2026-11-02 · consensus EPS $4.76
58%
beat rate, 7 of 12 quarters
+2.6%
median EPS surprise
3
longest beat streak
+3+2+17-10+6-1-4+5+5-2+5-0
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-06 to 2026-08-03. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
VRTX Vertex Pharmaceuticals Incor $126.7B28.9x23.3%34.9%+9.6% +22.3%
MRNA Moderna, Inc. $87.0Bn/m-39.0%—−27.2% +812.9%
REGN Regeneron Pharmaceuticals, I $81.4B18.9x14.0%30.2%+9.3% +39.1%
ARGX argenx SE $51.5B29.6x47.3%29.8%+242.1% −2.2%
ONC BeOne Medicines AG $39.4B25.6x14.7%13.9%+34.3% +16.0%
ALNY Alnylam Pharmaceuticals, Inc $31.0B38.0x100.7%12.7%+95.1% —
ROIV Roivant Sciences Ltd. $24.2Bn/m-6.2%—−67.6% —
INCY Incyte Corporation $22.9B13.9x30.7%35.0%+26.9% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-09-01Officer/Director Change
2026-08-03Earnings Release; Exhibits
2026-07-07Material Agreement; Regulation FD; Other Events; Exhibits
2026-05-13Officer/Director Change; Shareholder Vote
2026-05-04Earnings Release; Exhibits
2026-04-29Officer/Director Change

Context

Shares outstanding253,461,000
Free float99.8%
Institutional ownership95.9%
Beta0.32
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$522.23 / $475.67
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where VRTX sits among 137 scored companies in Biotechnology (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureVRTXIndustry medianIndustry percentileSector median
P/E (TTM) 28.8x 18.8x
59th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 2.86 0.38
89th		 1.28
Price / sales 10.0x 8.8x
57th		 3.7x
Price / book 6.3x 3.9x
70th		 3.6x
Price / tangible book 6.8x 5.0x
62nd		 5.8x
Price / free cash flow 33.4x 22.0x
63rd		 21.2x
Price / operating cash flow 29.5x 18.0x
63rd		 17.1x
Enterprise value $120.8B $1.6B
100th		 $2.5B
EV / sales 9.6x 8.2x
60th		 3.8x
EV / EBITDA 22.0x 20.2x
64th		 16.2x
EV / EBIT 22.9x 21.8x
55th		 23.0x
EV / free cash flow 31.8x 21.3x
63rd		 24.6x
Earnings yield 3.5% -5.4%
84th		 -0.3%
FCF yield 3.0% -4.2%
81st		 1.7%
Operating cash flow yield 3.4% -3.9%
81st		 2.9%
Graham number (per share) $175.20 $17.65
92nd		 $26.70

Profitability (TTM)

MeasureVRTXIndustry medianIndustry percentileSector median
Gross margin 86.0% 86.5%
48th		 65.1%
EBITDA margin 43.6% -37.5%
91st		 6.6%
Operating margin 38.6% -43.4%
91st		 3.5%
EBIT margin 41.8% -50.9%
92nd		 2.4%
Net margin 34.9% -51.7%
89th		 0.3%
NOPAT margin 32.2% -36.4%
90th		 2.7%
FCF margin 30.1% -48.6%
88th		 4.3%
Operating cash flow margin 34.0% -47.2%
88th		 7.1%
R&D / revenue 31.4% 47.3%
34th		 12.4%
SG&A / revenue 15.9% 65.7%
4th		 37.9%
Stock comp / revenue 5.5% 13.2%
17th		 4.5%
Effective tax rate 16.5% 21.0%
15th		 21.0%

Returns on capital

MeasureVRTXIndustry medianIndustry percentileSector median
ROE (on average equity) 23.5% -26.1%
87th		 0.8%
ROA 17.1% -17.4%
86th		 -0.3%
ROIC 28.3% 3.2%
62nd		 5.5%
ROCE 22.5% -15.9%
88th		 2.3%
Return on tangible assets 20.5% -16.5%
88th		 1.7%
Cash ROIC (OCF / invested capital) 29.9% -14.5%
78th		 9.7%
Gross profitability (GP / assets) 39.6% 27.4%
65th		 29.9%
ROIC, 3-yr average 17.0% -30.4%
86th		 2.6%
ROIC, 5-yr average 31.9% -5.4%
72nd		 3.2%
ROE, 5-yr average 17.6% -32.6%
95th		 -4.9%
Incremental ROIC 29.3% 14.8%
59th		 17.2%

Growth

MeasureVRTXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 10.6% 19.5%
41st		 10.5%
Revenue growth (QoQ) 11.6% 15.4%
44th		 7.2%
Revenue CAGR, 3 yr 9.9% 24.6%
35th		 10.7%
Revenue CAGR, 5 yr 13.6% 18.6%
41st		 12.1%
Gross profit CAGR, 3 yr 9.1% 19.1%
37th		 10.6%
Operating income CAGR, 3 yr 7.1% 20.7%
29th		 11.7%
Net income growth (TTM YoY) 21.1% 61.9%
39th		 17.5%
Net income CAGR, 3 yr 9.4% 14.9%
38th		 11.3%
EPS growth (TTM YoY) 22.6% 58.1%
39th		 19.2%
EPS CAGR, 3 yr 10.1% 14.3%
38th		 14.0%
EPS CAGR, 5 yr 17.7% 17.4%
53rd		 8.1%
FCF growth (TTM YoY) 8.5% 37.2%
39th		 18.6%
FCF CAGR, 3 yr -0.7% 28.7%
12th		 15.4%
Operating cash flow CAGR, 3 yr 1.8% 24.8%
12th		 11.9%
Book value CAGR, 3 yr 10.1% -2.2%
69th		 2.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 23.5% 22.1%
54th		 12.2%

Margin history & stability

MeasureVRTXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 86.2% 82.4%
56th		 62.6%
Operating margin, 3-yr average 23.2% -129.3%
91st		 1.0%
Net margin, 3-yr average 20.7% -111.8%
89th		 -2.6%
FCF margin, 3-yr average 15.8% -109.9%
84th		 3.2%
Revenue stability (0-1) 0.99 0.64
97th		 0.80
Earnings stability (0-1) 0.09 0.38
12th		 0.37
Margin stability (0-1) 0.99 0.83
94th		 0.93

Liquidity (latest quarter)

MeasureVRTXIndustry medianIndustry percentileSector median
Cash & short-term investments $7.9B $456.5M
99th		 $330.9M
Net cash (− = net debt) $5.9B $253.5M
99th		 $8.4M
Working capital $8.6B $441.4M
99th		 $381.1M
Current ratio 3.19 5.12
22nd		 3.02
Quick ratio 2.74 4.88
19th		 2.51
Cash ratio (cash + ST investments / current liabilities) 1.99 4.14
24th		 1.43
Defensive interval (days) 609 days 531 days
62nd		 415 days

Leverage & solvency (latest quarter)

MeasureVRTXIndustry medianIndustry percentileSector median
Total debt $2.0B $92.5M
95th		 $289.1M
Debt / equity 0.10 0.15
42nd		 0.45
Net debt / equity −0.29 −0.63
72nd		 −0.13
Debt / assets 7.2% 12.4%
37th		 24.4%
Debt / capital 8.9% 13.1%
42nd		 31.1%
Debt / EBITDA 0.36 0.84
31st		 2.62
Net debt / EBITDA −1.07 −1.05
48th		 1.42
Interest coverage (EBIT / interest) 800.2x −2.6x
98th		 2.1x
Cash interest coverage 650.4x −2.3x
98th		 3.6x
Debt payback (years of OCF) 0.5 yrs 0.8 yrs
39th		 2.7 yrs
Liabilities / assets 26.2% 31.5%
39th		 49.8%
IS credit model rating AAA — —
Implied credit spread (bps) 50 225
0th		 225

Efficiency

MeasureVRTXIndustry medianIndustry percentileSector median
Asset turnover 0.49 0.36
65th		 0.56
Fixed asset turnover 3.79 4.58
44th		 4.87
Inventory turnover 1.1 2.4
30th		 2.7
Receivables turnover 6.3 5.9
52nd		 6.4
Days sales outstanding 58 days 58 days
51st		 57 days
Days inventory outstanding 338 days 152 days
70th		 136 days
Days payables outstanding 90 days 173 days
38th		 59 days
Cash conversion cycle (days) 306 days 12 days
87th		 70 days
Capex / revenue 3.9% 1.6%
70th		 2.6%
Capex / depreciation 2.26 0.39
92nd		 0.55
Operating expense ratio 47.9% 104.5%
13th		 56.5%

Cash flow & earnings quality

MeasureVRTXIndustry medianIndustry percentileSector median
Operating cash flow / net income 0.97 1.18
41st		 1.61
FCF / net income 0.86 1.08
46th		 1.36
FCF / operating cash flow 88.4% 97.0%
33rd		 81.2%
Capex / operating cash flow 11.6% 3.0%
67th		 18.8%
Accruals ratio 0.4% -5.4%
74th		 -5.4%
Sloan accruals ratio 8.1% 4.4%
56th		 -1.3%
Earnings quality score (0-1) 0.75 0.75
38th		 0.75

Dividends & buybacks

MeasureVRTXIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 1.8% 0.0%
90th		 0.0%
Shareholder yield (dividends + buybacks) 1.8% 0.0%
90th		 0.0%
Share count change (YoY) -1.2% 6.8%
12th		 2.0%
Buybacks, last 5 years $11.2B $0
99th		 $0

Scores & forensic checks

MeasureVRTXIndustry medianIndustry percentileSector median
IS score 76 38
93rd		 46
IS profitability 96 20
93rd		 22
IS growth 64 61
53rd		 60
IS value 44 36
79th		 39
IS momentum 80 60
87th		 67
IS risk (safety) 100 90
52nd		 80
IS quality 86 44
94th		 49
IS balance sheet 97 66
99th		 55
IS earnings quality 75 51
95th		 56
IS cash flow 80 30
90th		 41
Piotroski F-score (0-9) 6 4
77th		 5
Altman Z-score 12.9 3.9
81st		 3.2
Beneish M-score −2.37 −2.35
49th		 −2.62
Ohlson O-score −11.47 −6.14
7th		 −7.16
IS credit score 97 65
96th		 62

Per share

MeasureVRTXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $17.23 −$0.64
98th		 −$0.03
Book value per share $79.19 $3.68
98th		 $7.10
Tangible book per share $73.84 $3.47
98th		 $1.91
Revenue per share $49.37 $1.94
96th		 $9.38
FCF per share $14.85 −$0.66
97th		 $0.46
Operating cash flow per share $16.79 −$0.59
97th		 $0.93
Cash per share $30.71 $3.93
96th		 $3.51

Size (TTM)

MeasureVRTXIndustry medianIndustry percentileSector median
Market cap $126.7B $1.9B
100th		 $2.4B
Revenue $12.6B $204.6M
99th		 $770.2M
EBITDA $5.5B −$55.6M
99th		 $56.1M
Net income $4.4B −$85.2M
100th		 −$3.3M
Free cash flow $3.8B −$75.1M
100th		 $41.2M
Total assets $27.4B $744.5M
99th		 $1.3B
Shareholders' equity $20.2B $425.4M
99th		 $568.4M
Employees 6,400 325
98th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-08Van Grunsven Jasper
EVP, CP and NPPO
 Award / grant 8,682——8,682
2026-08-28Ambrose Kristen
SVP & Chief Accounting Officer
 Award / grant 5,000——11,624
2026-08-27Sachs Bruce I
Director
 Gift 6,000——39,000
2026-07-21Tatsis Ourania
EVP, Chief Reg. & Quality Off.
 Award / grant 8,251——53,572
2026-07-21Sachdev Amit
EVP Chief Patient & Ext Af Off
 Award / grant 8,251——66,512
2026-07-15Sachs Bruce I
Director
 Award / grant 100——15,772
2026-07-15Garber Alan M
Director
 Award / grant 32——65
2026-07-02Tatsis Ourania
EVP, Chief Reg. & Quality Off.
 Open-market sale 1,500$524.99$787,48545,321
2026-07-02Mckechnie Duncan
EVP, Chief Commercial Officer
 Open-market sale 1,541$519.00$799,77911,001
2026-07-01Liu Joy
EVP and Chief Legal Officer
 Open-market sale 828$502.71$416,24419,131
2026-06-26Bozic Carmen
EVP and CMO
 Open-market sale 596$482.50$287,57015,337
2026-06-18Bozic Carmen
EVP and CMO
 Open-market sale 1,020$462.17$471,41315,933

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired2252,167$6.7M
GiftDisposed16,000—
Open-market saleDisposed1323,063$10.6M
Return to issuerDisposed42,786—
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 56 notices · 342,783 shares · $156.5M
FiledFilerShares proposedEst. proceeds
2026-08-27Bruce I. Sachs1,210$662,536
2026-07-02Mckechnie Duncan1,541$799,779
2026-07-02Tatsis Ourania1,500$787,485
2026-07-01Liu Joy828$416,244
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 7 trades (2 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-26David TaylorHouseSale$1,001 - $15,0002026-09-07
2026-08-25David J. TaylorHouseSale (Full)$1,001 - $15,0002026-09-07
2026-04-13Ro KhannaHousePurchase$1,001 - $15,0002026-05-13
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-21
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-14
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
2024-05-03Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
Capital World Investors26,115,014$13.0B10.30%
BlackRock, Inc.24,109,373$12.0B9.51%
Capital Research Global Investors19,490,637$9.7B7.69%
VANGUARD CAPITAL MANAGEMENT LLC16,580,713$8.2B6.54%
STATE STREET CORP11,871,459$5.9B4.68%
Invesco Ltd.8,043,052$4.0B3.17%
GEODE CAPITAL MANAGEMENT, LLC6,017,848$3.0B2.37%
JPMORGAN CHASE & CO5,778,646$2.9B2.28%
VANGUARD PORTFOLIO MANAGEMENT LLC4,878,987$2.4B1.92%
Capital International Investors4,695,144$2.3B1.85%
LOOMIS SAYLES & CO L P3,920,953$1.9B1.55%
FRANKLIN RESOURCES INC3,347,103$1.7B1.32%
WELLINGTON MANAGEMENT GROUP LLP3,247,658$1.6B1.28%
BANK OF AMERICA CORP /DE/3,039,178$1.5B1.20%
MORGAN STANLEY3,026,426$1.5B1.19%

Institutional ownership by quarter

2023-092026-0695.9%
% of shares held by 13F filers
2023-092026-061,754
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,75495.9%196704617110
2026-03-311,68592.6%158678594104
2025-12-311,65894.3%27361855997
2025-09-301,50991.5%143550608156
2025-06-301,55194.9%119615604145
2025-03-311,60394.6%207634570128
2024-12-311,55093.1%203550608154
2024-09-301,53592.5%128620572107
2024-06-301,53292.6%17365250996
2024-03-311,48392.8%17760751099
2023-12-311,42792.8%24755647461
2023-09-301,26493.0%8752745374

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-05-14SCHEDULE 13G/ACapital Research Global Investors8.3%21,139,169
2026-05-14SCHEDULE 13G/ACapital World Investors10.1%25,695,015
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%19,036,076
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.18%$4.2B
VTSAX0.18%$4.2B
VSMPX0.18%$4.2B
VTI0.18%$4.2B
VFFSX0.20%$3.5B
VFIAX0.20%$3.5B

Share structure

Shares outstanding253,461,000
Float252,881,588
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$7.6B$8.9B$9.9B$11.0B$12.1B
Cost of revenue$904.2M$1.1B$1.3B$1.5B$1.8B
Gross profit$6.7B$7.9B$8.6B$9.5B$10.3B
R&D$3.1B$2.7B$3.2B$3.6B$3.8B
SG&A$840.1M$944.7M$1.1B$1.5B$1.8B
Operating income$2.8B$4.3B$3.8B−$232.9M$4.8B
EBITDA$2.9B$4.4B$4.6B$486.3M$5.0B
Pretax income$2.7B$4.2B$4.4B$248.5M$4.6B
Income tax$388.3M$910.4M$760.2M$784.1M$690.0M
Net income$2.3B$3.3B$3.6B−$535.6M$4.0B
EPS, diluted$9.01$12.82$13.89$-2.08$15.32
Diluted shares259.9M259.1M260.5M257.9M258.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$7.5B$10.8B$11.2B$6.1B$6.6B
Receivables$1.1B$1.4B$1.6B$1.6B$2.1B
Inventory$353.1M$460.6M$738.8M$1.2B$1.7B
Total current assets$9.6B$13.2B$14.1B$9.6B$11.2B
PP&E, net$1.4B$1.5B$1.5B$2.6B$3.1B
Goodwill & intangibles$1.4B$1.7B$1.9B$1.9B$1.5B
Total assets$13.4B$18.2B$22.7B$22.5B$26.1B
Accounts payable$195.0M$303.9M$364.9M$413.0M$461.7M
Total current liabilities$2.1B$2.7B$3.5B$3.6B$3.9B
Long-term debt$0$0$0$0$1.8B
Total liabilities$3.3B$4.2B$5.1B$6.1B$7.5B
Shareholders' equity$10.1B$13.9B$17.6B$16.4B$18.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.3B$3.3B$3.6B−$535.6M$4.0B
Depreciation & amortization$125.6M$148.3M$181.3M$207.2M$207.2M
Stock-based compensation$441.4M$491.3M$581.2M$698.5M$0
Change in working capital−$105.2M$340.8M−$265.7M−$514.8M−$1.2B
Operating cash flow$2.6B$4.1B$3.5B−$492.6M$3.6B
Capital expenditure−$235.0M−$204.7M−$258.4M−$297.7M−$437.6M
Free cash flow$2.4B$3.9B$3.3B−$790.3M$3.2B
Investing cash flow−$340.9M−$321.1M−$3.1B−$3.8B−$945.4M
Net debt issued / repaid−$18.7M−$82.0M−$44.9M−$33.6M−$5.4M
Buybacks−$1.6B−$172.0M−$653.7M−$1.6B−$2.0B
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin88.1%87.9%87.2%86.1%86.3%
Operating margin36.7%48.2%38.8%-2.1%35.5%
Net margin30.9%37.2%36.7%-4.9%32.8%
FCF margin31.8%44.0%33.8%-8.9%26.5%
ROE24.9%27.7%23.0%-3.2%22.5%
ROIC67.4%83.8%44.2%4.2%22.8%
ROA18.6%21.0%17.7%-2.4%16.2%
Debt / equity0.100.060.050.110.21
Interest coverage45.4x78.2x100.3x9.1x350.1x
Current ratio4.464.833.992.692.90
Revenue growth+22.1%+17.9%+10.5%+11.6%+9.3%
EPS growth−11.6%+40.0%+8.7%−114.8%+850.8%
P/E at year end24.1x22.6x29.3xn/m29.4x
EV / EBITDA at year end17.1x14.7x20.8x207.3x23.3x
FCF yield at year end4.27%5.22%3.14%-0.93%2.75%
Dividend payout0.0%0.0%0.0%—0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
TRIKAFTA/KAFTRIO$5.7B$7.7B$8.9B$10.2B$10.3B
ALYFTREK————$837.8M
Manufactured Product, Other———$781.5M$820.1M
ORKAMBI$771.6M$510.7M$326.0M——
KALYDECO$684.2M$553.2M$475.5M——
SYMDEKO/SYMKEVI$420.4M$180.0M$123.0M——

Revenue by region · FY2025

UNITED STATES$7.5B · 46%
Non-US$5.4B · 33%
Europe$3.5B · 21%

Street estimates by fiscal year

Next report 2026-11-02 · consensus EPS $4.76 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$13.2B$13.2B – $13.4B$18.68$17.51 – $19.201126.8x
2027$14.7B$13.9B – $16.2B$21.05$18.56 – $23.541223.7x
2028$16.5B$15.1B – $17.6B$25.16$21.83 – $28.40619.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-03$4.74$4.73−0.2%$3.2B$3.3B+3.2%
2026-05-04$4.24$4.47+5.4%$3.0B$3.0B−0.2%
2026-02-12$5.11$5.03−1.6%$3.2B$3.2B+0.2%
2025-11-03$4.57$4.80+5.0%$3.1B$3.1B+0.6%
2025-08-04$4.29$4.52+5.4%$2.9B$3.0B+2.0%
2025-05-05$4.25$4.06−4.5%$2.9B$2.8B−3.2%
2025-02-10$4.02$3.98−1.0%$2.8B$2.9B+4.6%
2024-11-04$4.14$4.38+5.8%$2.7B$2.8B+3.2%
2024-08-01$-11.63$-12.83−10.3%$2.7B$2.6B−1.1%
2024-05-06$4.06$4.76+17.2%$2.6B$2.7B+4.1%
2024-02-05$4.10$4.20+2.4%$2.5B$2.5B+0.2%
2023-11-06$3.97$4.08+2.8%$2.5B$2.5B−0.6%
2023-08-01$3.88$3.89+0.3%$2.4B$2.5B+3.0%
2023-05-01$3.00$3.05+1.7%$2.3B$2.4B+1.6%
2023-02-07$3.51$3.76+7.1%$2.3B$2.3B−0.1%
2022-10-27$3.64$4.01+10.2%$2.2B$2.3B+4.7%
2022-08-04$3.48$3.60+3.4%$2.1B$2.2B+3.0%
2022-05-05$3.49$3.52+0.9%$2.1B$2.1B+1.1%
2022-01-26$3.30$3.37+2.1%$2.0B$2.1B+3.5%
2021-11-02$3.08$3.56+15.6%$1.8B$2.0B+7.5%
2021-07-29$2.69$3.11+15.6%$1.7B$1.8B+4.4%
2021-04-29$2.69$2.98+10.8%$1.7B$1.7B+3.8%
2021-02-01$2.59$2.51−3.1%$1.6B$1.6B+3.2%
2020-10-29$2.34$2.64+12.8%$4.1B$1.5B−62.1%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.706-151.306-221.006-291.207-060.807-130.707-200.807-270.708-030.908-100.808-170.508-240.708-31
Week ofNotionalSharesTrades
2026-08-31$664.2M1,205,72650,207
2026-08-24$540.1M985,76743,356
2026-08-17$809.3M1,513,93057,599
2026-08-10$933.3M1,776,17560,368
2026-08-03$740.8M1,540,60863,936
2026-07-27$756.9M1,568,59953,111

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1529.9%
DateShort shareShort volumeTotal volume
2026-10-1529.9%247,141827,592
2026-10-1440.4%335,326829,322
2026-10-1359.0%259,705439,901
2026-10-1236.6%143,729392,431
2026-10-0931.0%170,323550,265
2026-10-0842.5%277,309652,192
2026-10-0754.6%154,852283,518
2026-10-0659.7%154,326258,369
2026-10-0559.5%131,733221,428
2026-10-0258.2%187,735322,301
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+3.1Jan-1.2Feb+2.8Mar+4.8Apr+3.8May+4.1Jun+1.2Jul-0.6Aug-0.3Sep-1.4Oct-1.5Nov+2.9Dec
MonthAvg returnUp yearsYears
Jan+3.1%70%20
Feb−1.2%45%20
Mar+2.8%52%21
Apr+4.8%70%20
May+3.8%55%20
Jun+4.1%55%20
Jul+1.2%60%20
Aug−0.6%55%20
Sep−0.3%30%20
Oct−1.4%50%20
Nov−1.5%65%20
Dec+2.9%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1443.8
MFI48.2
ADX21.1
Stochastic %K / %D39.9 / 30.4
Williams %R-65.7
CCI-63
TSI / signal-14.3 / -11.2
Chaikin money flow-0.17
ATR$13.24
Bollinger width8.4%
Volume vs 20-day avg1.21x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$510.16 (−2.0%)
SMA 50$522.54 (−4.4%)
SMA 200$475.90 (+5.0%)
EMA 21$508.93 (−1.8%)
EMA 50$510.43 (−2.1%)
EMA 200$481.89 (+3.7%)
Bollinger upper$531.63 (−6.0%)
Bollinger lower$488.70 (+2.3%)
Parabolic SAR$484.75 (+3.1%)
Open the live chart, 110+ indicators

About Vertex Pharmaceuticals Incorporated

Vertex Pharmaceuticals Incorporated is a leading biotechnology firm primarily focused on the discovery, advancement, and marketing of innovative treatments, particularly for cystic fibrosis (CF). The company offers a range of approved medications for CF patients, including SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO, which target specific mutations within the cystic fibrosis transmembrane conductance regulator gene. Additionally, they provide TRIKAFTA for individuals with CF aged six years and older who possess at least one F508del mutation. Beyond its established CF therapies, Vertex maintains a robust and diverse clinical pipeline. This includes VX-864, currently in Phase 2 for alpha-1 antitrypsin (AAT) deficiency; VX-147, also in Phase 2, addressing APOL1-mediated focal segmental glomerulosclerosis (FSGS) and other serious kidney conditions; VX-880, a potential treatment for Type 1 Diabetes undergoing Phase 1/2 trials; VX-548, a NaV1.8 inhibitor in Phase 2 for various forms of acute, neuropathic, and musculoskeletal pain; and CTX001, which is in Phase 3 development for severe sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT). The company distributes its pharmaceutical products through specialty pharmacies and distributors across the United States, while international sales are facilitated via a network of specialty distributors, retail chains, hospitals, and clinics. Vertex also engages in numerous strategic collaborations with partners such as Affinia Therapeutics, Arbor Biotechnologies, CRISPR Therapeutics, Kymera Therapeutics, Mammoth Biosciences, Moderna, Obsidian Therapeutics, Skyhawk Therapeutics, Ribometrix, Genomics plc, Merck KGaA, and X-Chem. Established in 1989, Vertex Pharmaceuticals is headquartered in Boston, Massachusetts.

https://www.vrtx.com

Key executives

NameTitlePayBorn
Reshma Kewalramani FASNChief Executive Officer, President & Director$6.1M1973
Charles F. Wagner Jr.Executive Vice President, Chief Operating Officer & Chief Financial Officer$3.0M1968
Mark Bunnage D.PhilExecutive Vice President & Chief Scientific Officer$2.4M1969
Carmen BozicExecutive VP of Global Medicines Development & Medical Affairs and Chief Medical Officer$2.3M1963
Ourania TatsisExecutive VP & Chief Product Affairs Officer$2.1M1970
Amit K. SachdevExecutive Vice President & Chief Patient and External Affairs Officer$1.9M1968
Joy LiuEVP, Chief Legal Officer & Corporate Secretary—1978
Nina DevlinSenior Vice President & Chief Communications Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Reshma Kewalramani CEO and President2025$1.6M$15.0M$4.1M$21.1M
Stuart A. Arbuckle Former EVP & Chief Operating Officer2025$521,486$9.3M$0$10.0M
Charles F. Wagner, Jr. EVP & Chief Operating and Financial Officer2025$974,808$5.3M$2.0M$8.2M
Nia Tatsis EVP & Chief Regulatory and Quality Officer2025$750,000$4.9M$1.3M$7.0M
Amit Sachdev EVP & Chief Patient and External Affairs Officer2025$700,000$4.9M$1.2M$6.8M
Carmen Bozic EVP & Chief Medical Officer2025$835,000$4.4M$1.4M$6.6M

Employees

2k20183k20193k20204k20215k20225k20236k20246k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Narrow · Network Effects · 2026-06-30
Cost advantage58
Intangibles38
Switching costs57
Network effect70
Efficient scale70
Our component scores (0-100) and overall 56.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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