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Vertex Pharmaceuticals Incorporated

VRTX Healthcare Biotechnology

Vertex Pharmaceuticals Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $12.0 billion, up 8.90% from fiscal 2024.

Revenue
+11.9%
EPS
−39.2%
Free cash flow
−52.1%

Quarter to September 2026, against a year earlier

547.76 5.26 +0.97%
Market cap
$137.5B
P/E
34.6×
Fwd P/E
33.2×
Dividend yield
—
F-score
8/9
Altman Z
12.06
Beneish M
−2.17
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Pharmaceuticals

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 124.72
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 4 2 24 5 1 6 5 3 — — — —
Insider Ownership 0.24%

Capital & Financial Ratios $m

Size
Market Cap 137,540.00
Revenue ttm 12,951.60
Net income ttm 3,975.90
Free cash flow ttm 3,202.30
Net debt Q (2,806.30)
Valuation
P/E 34.57
Forward P/E 33.20
Price / sales 10.60 (above 10: high)
Forward P/S Powerpack
Price / FCF 42.87
Price / book 6.57 (above 6: high)
Financial health
Current ratio Q 2.34 (at or above 1.5: strong)
Debt / equity Q 0.17 (at or below 0.5: strong)
Interest coverage Q 19.80
Growth
Revenue growth Q +11.85% (above 0%: growing)
Operating income growth Q −39.90% (below 0%: shrinking)
EPS, this year −0.91% (below 0%: weak)
EPS, next year A +10.59%
Revenue, next year A +10.62% (at or above 10%: strong)
EPS, past 5 yrs +8.29%
EPS, next 5 yrs A +9.40%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.4×, against a ten-year median of 10.7×; over the ten years it ranged from 5.7× in 2021 to 20.9× in 2016.
P/E against its own 10 years 72.61%
10-year low 10-year high
P/S against its own 10 years 43.82%
10-year low 10-year high
P/B against its own 10 years 40.67%
10-year low 10-year high
EV/Sales against its own 10 years 48.11%
10-year low 10-year high
EV/FCF against its own 10 years 77.42%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 11,218 6,116 6,608 6,303
Receivables 1,563 1,609 2,053 2,311
Inventory 739 1,205 1,687 2,245
Other — — — —
14,144 9,596 11,201 11,686
2023 2024 2025 Q'26
Payables 365 413 462 473
ST’ Debt — — — —
Other 527 363 428 293
3,547 3,565 3,861 5,000

Compound Annual Growth %

10y 5y 3y
Sales 27.80% 14.10% 10.35%
Cash Flow 0.00% 2.22% (4.20%)
Earnings 0.00% 7.83% 5.97%
Book Value 32.81% 16.53% 10.29%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.92 Actual 4.76

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 5.07 5.03 Miss by 0.04
Q1 FY26 4.23 4.47 Beat by 0.24
Q2 FY26 4.79 4.73 Miss by 0.06
Q3 FY26 4.92 4.76 Miss by 0.16
Q4 FY26 4.64 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 4.02 4.31 2.56 — —
’25 2.49 3.99 4.20 4.65 15.32
’24 4.21 (13.92) 4.01 3.50 (2.08)
’23 2.69 3.52 3.97 3.71 13.89
’22 2.96 3.13 3.59 3.15 12.82
’21 2.49 0.26 3.28 3.00 9.01
’20 2.29 3.18 2.53 2.30 10.29
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,987 3,334 3,441 — —
’25 2,770 2,965 3,076 3,190 12,001
’24 2,691 2,646 2,772 2,912 11,020
’23 2,375 2,493 2,484 2,518 9,869
’22 2,098 2,196 2,334 2,303 8,931
’21 1,724 1,793 1,984 2,073 7,574
’20 1,515 1,524 1,538 1,628 6,206
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,428 1,125 643 — —
’25 819 1,073 1,241 498 3,631
’24 1,307 (3,754) 1,370 585 (493)
’23 900 1,134 1,268 235 3,537
’22 956 1,140 956 1,078 4,130
’21 921 (200) 927 995 2,644
’20 816 1,039 908 492 3,254
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,295 1,013 546 — —
’25 778 927 1,140 349 3,194
’24 1,058 (3,830) 1,302 492 (978)
’23 858 1,075 1,228 119 3,279
’22 893 1,087 901 1,045 3,925
’21 850 (250) 875 933 2,409
’20 796 1,021 733 444 2,994
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 18.8% a year for ten years.

Implied
18.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,702 2,489 3,048 4,163 6,206 7,574 8,931 9,869 11,020 12,001 12,952 +24.2% 13,276 14,598 16,566 +11.3%
Gross margin, % 87.64 88.95 86.56 86.84 88.14 88.06 87.90 87.21 86.11 86.24 85.53 (1.4) pt
EBT (67) (16) 600 1,395 3,117 2,730 4,232 4,380 249 4,643 4,759 n/m
EBT margin, % (3.96) (0.63) 19.70 33.51 50.23 36.05 47.39 44.38 2.25 38.69 36.75 +42.7 pt
Net income (84) 92 2,087 1,177 2,712 2,342 3,322 3,620 (536) 3,953 3,976 n/m
Per share, $
Per share, $ Revenue 6.96 10.00 11.98 16.22 23.89 29.39 34.87 38.30 42.73 46.94 51.09 +23.6%
Earnings (0.46) 1.06 8.24 4.58 10.44 9.09 12.97 14.05 (2.08) 15.46 15.67 n/m
Cash flow 0.96 3.40 5.00 6.11 12.52 10.26 16.13 13.73 (1.91) 14.20 14.57 +34.8%
Capex (0.23) (0.40) (0.38) (0.29) (1.00) (0.91) (0.80) (1.00) (1.88) (1.71) (1.94) +24.9%
Free cash flow 0.73 3.00 4.62 5.82 11.52 9.35 15.33 12.72 (3.79) 12.49 12.63 +37.0%
Book value 5.47 8.21 17.44 23.71 33.44 39.19 54.33 68.22 63.63 73.00 82.48 +33.4%
Shares, m 245 249 254 257 260 258 256 258 258 256 254 +0.5%
Valuation, ×
Valuation, × P/E 0.00 142.91 20.11 47.91 22.68 24.13 22.04 29.27 0.00 29.31 34.57 33.8
P/S 10.77 15.29 13.83 13.50 9.89 7.47 8.20 10.73 9.42 9.66 10.60 10.9
P/B 13.69 18.63 9.50 9.24 7.07 5.60 5.27 6.02 6.33 6.21 6.57 8.8
EV/Sales 10.38 14.81 13.08 12.79 8.96 6.58 7.08 9.66 8.91 9.14 10.41 10.1
EV/FCF 98.38 49.43 33.92 35.63 18.57 20.71 16.10 28.57 (100.36) 34.36 42.09 23.5
Cash, $m
Cash, $m Operating cash flow 236 845 1,270 1,569 3,254 2,644 4,130 3,537 (493) 3,631 3,695 +35.5%
Capex (57) (99) (95) (75) (260) (235) (205) (258) (485) (438) (492) +25.5%
Free cash flow 180 746 1,175 1,494 2,994 2,409 3,925 3,279 (978) 3,194 3,202 +37.7%
Balance, $m
Balance, $m Working capital 1,039 1,842 2,723 3,488 6,256 7,419 10,493 10,597 6,032 7,340 6,686 +24.3%
Net debt (661) (1,505) (2,587) (3,270) (6,120) (7,015) (10,348) (10,842) (6,003) (6,608) (2,806) +29.2%
Shareholders’ equity 1,338 2,042 4,435 6,085 8,687 10,100 13,913 17,580 16,410 18,666 20,907 +34.0%
Returns, %
Returns, % ROA (4.15) 8.18 42.83 16.16 27.02 18.60 21.04 17.71 (2.37) 16.41 13.81 +20.6 pt
ROIC 0.92 14.33 21.48 26.58 69.55 56.37 75.52 35.54 (1.40) 21.63 14.86 +20.7 pt
ROE (9.22) 15.59 64.74 22.37 36.71 24.93 27.67 22.99 (3.15) 22.54 20.80 +31.8 pt
People
People Employees 2,150 2,300 2,500 3,000 3,400 3,900 4,800 5,400 6,100 6,400 — +12.9%
Revenue/emp, $m 0.79 1.08 1.22 1.39 1.83 1.94 1.86 1.83 1.81 1.88 — +10.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Vertex Pharmaceuticals is a biotechnology company that develops and sells medicines for serious diseases, focusing on specialty markets. Headquartered in Boston, it is led by chief executive Reshma Kewalramani.

Its largest business treats cystic fibrosis (CF), an inherited disease that can cause lung infections and progressive lung damage. Vertex’s CF medicines improve the function of a defective protein involved in the disease. They include TRIKAFTA, sold as KAFTRIO in some markets, and the once-daily medicine ALYFTREK.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Pharmaceuticals 12,001 100.00%
Gross margin 86.24%
Operating margin 34.77%
Pre-tax margin 38.69%

Revenue by segment since 2009

Vertex Pharmaceuticals Incorporated vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VRTX Vertex Pharmaceuticals Incorporated $137.5B 34.6× 33.2× +11.85% (above 0%: growing) −39.19% (below 0%: shrinking) −52.11% (below 0%: shrinking) 84.71% 20.72%
MRNA Moderna, Inc. $96.4B — (loss-making) — (loss-making) +2.11% (above 0%: growing) n/m +38.94% (above 0%: growing) 35.86% (562.07%) Compare
REGN Regeneron Pharmaceuticals, Inc. $93.4B 19.2× 19.2× +36.27% (above 0%: growing) +35.98% (above 0%: growing) +3.85% (above 0%: growing) 88.79% 40.04% Compare
ARGX argenex SE $56.3B 29.8× 30.1× +52.13% (above 0%: growing) +43.85% (above 0%: growing) +537.51% (above 0%: growing) 90.58% 27.70% Compare
ONC BeOne Medicines Ltd. - Sponsored ADR $40.4B 65.9× 48.8× +33.81% (above 0%: growing) +143.68% (above 0%: growing) +33.59% (above 0%: growing) 88.52% 22.15% Compare
RPRX Royalty Pharma PLC $39.0B 44.8× 27.3× +13.26% (above 0%: growing) −51.52% (below 0%: shrinking) +364.63% (above 0%: growing) 100.00% 59.53% Compare
RVMD Revolution Medicines, Inc. $38.1B — (loss-making) — (loss-making) +1,188.71% (above 0%: growing) n/m −99.06% (below 0%: shrinking) 100.00% (188.88%) Compare
GMAB Genmab A/S Sponsored ADR $31.5B 41.7× 47.3× +24.86% (above 0%: growing) −9.26% (below 0%: shrinking) −7.69% (below 0%: shrinking) 92.73% 32.47% Compare
ROIV Roivant Sciences Ltd. $26.5B — (loss-making) — (loss-making) −33.55% (below 0%: shrinking) n/m −29.99% (below 0%: shrinking) 80.31% (25,380.93%) Compare
Median of peers $39.7B 41.7× 30.1× +29.34% +35.98% +18.72% 89.69% 24.93%

All 621 Biotechnology stocks →

From the latest earnings call

Updated

  • Charlie Wagner said Vertex raised its revenue outlook after acquiring Crinetics, while the underlying drivers of its forecast remained unchanged.
  • Reshma Kewalramani said Vertex will wait for data from its other next-generation cystic fibrosis candidates before deciding which one to advance.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
JPMorgan Nov 3, 2026 Target raised — 570.00
TD Cowen Nov 3, 2026 Target raised — 575.00
Wells Fargo Nov 3, 2026 Target raised — 650.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 95.43%
Held by the ten largest 57.39%
Holder Shares Stake Change
Capital Group 50.81m 20.06% −1.31m
BlackRock 24.11m 9.52% +139.86k
Vanguard 24.10m 9.51% −189.94k
State Street 11.87m 4.69% +141.32k
Invesco 8.04m 3.17% +150.44k
JPMorgan Chase 6.52m 2.57% −515.56k
Geode Capital Management 6.02m 2.38% −121.77k
Franklin Templeton 5.69m 2.25% +2.44m
Natixis Investment Managers 4.43m 1.75% −177.36k
UBS 3.80m 1.50% +110.93k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 21.14m 38.22m 191.83
2024 21.54m 43.61m 170.39
2023 20.59m 44.20m 172.16
2022 15.86m 29.53m 122.19
2021 15.20m 18.34m 92.92

Ownership

Directors and executive officers, together 0.20%
Capital World Investors 11.30%
The Vanguard Group 8.80%
BlackRock, Inc. 8.60%
Capital Research Global Investors. 6.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Vertex Pharmaceuticals Incorporated (VRTX) Latest News

5 Nov

Impact 3 · · The Motley Fool

4 Nov

Impact 3 · · GuruFocus.com

3 Nov

Impact 4 · · biopharmadive.com
Impact 4 · · The Motley Fool transcript
Impact 3 · · Investing.com
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Moby
Impact 3 · · The Motley Fool
Impact 3 · · Simply Wall St.

2 Nov

Impact 3 · · MarketBeat transcript
Impact 3 · · The Motley Fool
Impact 3 · · Business Wire

28 Oct

Impact 4 · · Trefis
Impact 3 · · Zacks
Impact 3 · · Zacks

27 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Zacks
Impact 4 · · Investing.com

26 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · Zacks
Impact 3 · · Zacks

24 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · The Motley Fool
Impact 3 · · The Motley Fool

23 Oct

Impact 4 · · MarketBeat
Impact 4 · · Business Wire
Impact 4 · · Trefis

21 Oct

Impact 4 · · Insider Monkey

VRTX metrics, ten years each

stockrow.com/VRTX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com