VERTEX PHARMACEUTICALS INC / MA financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VERTEX PHARMACEUTICALS INC / MA files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,702	2,489	3,048	4,163	6,206	7,574	8,931	9,869	11,020	12,001
Cost of revenue	210	275	410	548	736	904	1,080	1,262	1,531	1,651
Gross profit	1,492	2,214	2,638	3,615	5,469	6,670	7,850	8,607	9,490	10,350
Research and development	1,048	1,325	1,416	1,755	1,830	3,051	2,540	3,163	3,630	3,910
Selling, general and administrative	433	496	558	659	771	840	945	1,137	1,464	1,753
Operating income	9.94	123	635	1,198	2,856	2,782	4,307	3,832	-233	4,173
Interest expense		69.3	72.5	58.5	58.2		54.8	44.1	30.6	13.3
Interest income		11.7	38.4	63.7	22.2	4.9	145	615	598	491
Other non-operating income	4.13	-81.4	-0.79	192	297	4.9	-165	-22.8	-86.1	-7.7
Pre-tax income	-67.4	-15.7	600	1,395	3,117	2,730	4,232	4,380	249	4,643
Income tax	16.7	-107	-1,487	218	405	388	910	760	784	690
Income from continuing operations	-112
Net income to minority interests	28	-172	-9.79	0	0
Net income	-112	263	2,097	1,177	2,712	2,342	3,322	3,620	-536	3,953
EBITDA	71.3	185	708	1,304	2,966	2,908	4,456	4,013	-25.7	4,383
EPS, basic	-0.46	1.06	8.24	4.58	10.44	9.09	12.97	14.05	-2.08	15.46
EPS, diluted	-0.46	1.04	8.09	4.51	10.29	9.01	12.82	13.89	-2.08	15.32
Shares, basic (weighted)	245	249	254	257	260	258	256	258	258	256
Shares, diluted (weighted)	245	253	259	261	263	260	259	261	258	258

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,184	1,665	2,650	3,109	5,988	6,795	10,504	10,369	4,570	5,085
Short-term investments		423	518	699	671	730	275	849	1,546	1,523
Receivables	200	281	410	634	885	1,137	1,442	1,563	1,609	2,053
Inventory	77.6	112	124	168	281	353	461	739	1,205	1,687
Other current assets	34.4	75.7	61.6	214	79.7	59.2	74.4	84.3	76.4	111
Total current assets	1,832	2,649	3,843	4,823	8,133	9,561	13,235	14,144	9,596	11,201
Property, plant and equipment	698	789	812	745	959	1,094	1,108	1,159	1,228	1,520
Lease right-of-use assets				88.2	326	330	347	294	1,357	1,563
Goodwill	50.4	50.4	50.4	1,002	1,002	1,002	1,088	1,088	1,088	1,088
Intangible assets			0	400	400	400	604	840	826	424
Long-term investments							112	2,498	5,108	5,712
Other non-current assets	11.9	27.4	40.7	69.4	49.3	111	410	895	999	1,237
Total assets	2,897	3,546	6,246	8,318	11,752	13,433	18,151	22,730	22,533	25,643
Accounts payable	61.5	74	111	87.6	155	195	304	365	413	462
Accrued liabilities	315	444	959	1,117	1,405	1,679	2,127	2,655	2,789	2,971
Deferred revenue	6.01	5.17
Total current liabilities	793	807	1,120	1,335	1,878	2,142	2,742	3,547	3,565	3,861
Long-term debt	0
Lease liabilities				84.3	351	377	380	349	1,544	1,847
Other non-current liabilities	28.7	27.8	109	99	108	303	686	878	1,015	1,270
Total liabilities	1,559	1,504	1,811	2,233	3,065	3,333	4,238	5,150	6,124	6,977
Paid-in capital	6,507	7,157	7,421	7,938	7,894	6,881	7,387	7,450	6,672	5,119
Retained earnings	-5,374	-5,120	-2,989	-1,853	859	3,201	6,523	10,142	9,607	13,560
Other comprehensive income	21.2	-11.6	0.66	-1.97	-68.5	15.9	0.8	-14.3	128	-15.9
Shareholders' equity	1,157	2,029	4,435	6,085	8,687	10,100	13,913	17,580	16,410	18,666
Minority interests	182	13.7	0
Total equity	1,338	2,042	4,435	6,085	8,687	10,100	13,913	17,580	16,410	18,666
Total liabilities and equity	2,897	3,546	6,246	8,318	11,752	13,433	18,151	22,730	22,533	25,643
Shares outstanding	248	253	255	259	260	254	257	258	257	254

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-84	91.6	2,087	1,177	2,712	2,342	3,322	3,620	-536	3,953
Depreciation and amortization	61.4	61.4	72.4	107	110	126	148	181	207	210
Stock-based compensation	241	293	325	361	430	441	491	581	699	686
Deferred income tax	16.9	-127	-1,512	167	277	-155	-276	-537	-349	-511
Change in receivables	-39.1	-71.8	-108	-226	-223	-275	-359	-84.1	-99.3	-347
Change in inventory	-19.4	-47.5	-32	-64	-132	-92.8	-136	-323	-517	-524
Change in payables	-11.7	8.75	36.6	-22.8	51.3	31.9	121	48.7	49.5	36.8
Cash from operations	236	845	1,270	1,569	3,254	2,644	4,130	3,537	-493	3,631
Capital expenditures	-56.6	-99.4	-95.4	-75.4	-260	-235	-205	-200	-298	-438
Acquisitions		0	0	-1,154	0	0	-296	0	0
Purchases of investments			-432	-537	-431	-528	-693	-3,787	-7,438	-6,397
Sales and maturities of investments	0	0	0	476	372	499
Cash from investing	51.2	-483	-202	-1,235	99.4	-341	-321	-3,142	-3,770	-945
Stock issued	48.5	323	263	318	228	64.2	145	80.8	50	55.6
Share buybacks	0	0	-350	-186	-539	-1,425	0	-428	-1,177	-2,017
Cash from financing	133	68.4	-71.2	127	-505	-1,478	-67.7	-562	-1,495	-2,261
Exchange rate effect	-4.67	5.8	-6.18	1.6	20.6	-13.4	-29.2	26.9	-42.6	90.9
Net change in cash	416	436	991	462	2,868	811	3,712	-140	-5,800	516
Free cash flow	180	746	1,175	1,494	2,994	2,409	3,925	3,337	-790	3,194
Interest paid	83.7	68.7	66.5	55.6	54.5	56.3	52.3	43.1	30.5	12.4
Income taxes paid	-2.58	6.41	12.4	24.7	192	476	1,058	1,677	1,082	1,567

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $526.19 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	86.0%	Gross profit / revenue.
Operating margin	38.0%	Operating income / revenue.
EBITDA margin	39.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	41.9%	Pre-tax income / revenue.
Net margin	35.0%	Net income / revenue.
FCF margin	30.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	34.1%	Cash from operations / revenue.
Effective tax rate	16.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	21.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.1%	Net income / average total assets.
Return on invested capital (ROIC)	28.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	31.0%	Research and development expense / revenue.
SG&A / revenue	16.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.9%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-1.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-0.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	6.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	6.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-4.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-6.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	1.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.19x	Current assets / current liabilities.
Quick ratio	2.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.99x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	26.2%	Total liabilities / total assets.
Working capital	$8.61B	Current assets - current liabilities.
Goodwill and intangibles / assets	5.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$18.75B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	7.56x	Revenue / average property, plant and equipment.
Inventory turnover	1.00x	Cost of revenue / average inventory.
Days inventory	365 days	365 x average inventory / cost of revenue.
Receivables turnover	5.90x	Revenue / average receivables.
Days sales outstanding	62 days	365 x average receivables / revenue.
Days payables	89 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	338 days	Days inventory + days sales outstanding - days payables.
FCF conversion	86.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$17.26	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$49.32	Revenue / diluted weighted shares.
FCF per share	$14.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$16.82	Cash from operations / diluted weighted shares.
Book value per share	$79.92	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$74.00	Tangible book value / shares outstanding.
Cash per share	$30.99	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	52.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$133.37B	Share price x shares outstanding.
Enterprise value	$125.52B	Market cap + total debt - cash - short-term investments.
P/E	30.3x	Market cap / net income. Only when net income is positive.
P/S	10.6x	Market cap / revenue.
P/B	6.59x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.11x	Market cap / tangible book value, when positive.
P/FCF	35.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	31.1x	Market cap / cash from operations, when positive.
EV/Sales	9.97x	Enterprise value / revenue.
EV/EBIT	26.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	33.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.8%	Free cash flow / market cap.
Earnings yield	3.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.5%	(Dividends paid + share buybacks) / market cap.
PEG	4.95x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was VERTEX PHARMACEUTICALS INC / MA's revenue in fiscal 2025?

VERTEX PHARMACEUTICALS INC / MA reported revenue of $12.00B for fiscal 2025, 8.9% higher than the year before.

Was VERTEX PHARMACEUTICALS INC / MA profitable in fiscal 2025?

Yes. Net income was $3.95B, a net margin of 32.9%.

How much free cash flow did VERTEX PHARMACEUTICALS INC / MA generate in fiscal 2025?

Cash from operations of $3.63B minus capital expenditures of $437.6M left free cash flow of $3.19B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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