VRTX

MKT CAP:$110B

Vertex Pharmaceuticals Incorporated

Market Cap

$110B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$431.98-$20.15 (-4.46%)

Apr 24, 2026

Company Details

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis. The company markets SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO to treat patients with cystic fibrosi...

CEO

Reshma Kewalramani

IPO Date

Jul 24, 1991

Website

www.vrtx.com

Key Metrics TTM

Revenue

$12.0B

+9.3% YoY

Net Income

$4.0B

EPS (Diluted)

$15.33

Free Cash Flow

$3.2B

Revenue / Share

$47.01

Gross Margin

86.3%

Operating Margin

35.5%

Net Margin

32.8%

FCF Margin

26.5%

P/S

9.1x

P/E

27.8x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 13, 2026

$12.1B+9.6%EPS $15.32

Q4 2025

Feb 13, 2026

$3.2B+10.8%EPS $4.65

Q3 2025

Nov 4, 2025

$3.1B+11.0%EPS $4.20

Q2 2025

Aug 5, 2025

$3.0B+12.1%EPS $3.99

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2.1B	$1.9B	$1.0B
Q2 22	$2.2B	$1.9B	$1.1B
Q3 22	$2.3B	$2.0B	$1.1B
Q4 22	$2.3B	$2.0B	$1.0B
Q1 23	$2.4B	$2.1B	$779M
Q2 23	$2.5B	$2.2B	$1.0B
Q3 23	$2.5B	$2.2B	$1.0B
Q4 23	$2.5B	$2.1B	$989M
Q1 24	$2.7B	$2.3B	$1.1B
Q2 24	$2.6B	$2.3B	-$3.5B
Q3 24	$2.8B	$2.4B	$1.1B
Q4 24	$2.9B	$2.5B	$1.0B
Q1 25	$2.8B	$2.4B	$630M
Q2 25	$3.0B	$2.6B	$1.2B
Q3 25	$3.1B	$2.7B	$1.2B
Q4 25	$3.2B	$2.8B	$1.3B

Valuation

Quarter	P/S	P/E
Q1 22	8.2x	26.6x
Q2 22	8.8x	23.0x
Q3 22	8.8x	23.3x
Q4 22	8.2x	21.9x
Q1 23	8.9x	25.0x
Q2 23	9.4x	26.6x
Q3 23	9.3x	25.8x
Q4 23	11.0x	29.9x
Q1 24	10.7x	27.0x
Q2 24	11.8x	—
Q3 24	11.3x	—
Q4 24	9.3x	—
Q1 25	11.2x	—
Q2 25	10.0x	31.3x
Q3 25	8.6x	27.5x
Q4 25	9.8x	29.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$956M	$893M
Q2 22	$1.1B	$1.1B
Q3 22	$956M	$901M
Q4 22	$1.1B	$1.0B
Q1 23	$900M	$858M
Q2 23	$1.1B	$1.1B
Q3 23	$1.3B	$1.2B
Q4 23	$235M	$177M
Q1 24	$1.3B	$1.1B
Q2 24	-$3.8B	-$3.8B
Q3 24	$1.4B	$1.3B
Q4 24	$585M	$492M
Q1 25	$819M	$778M
Q2 25	$1.1B	$927M
Q3 25	$1.2B	$1.1B
Q4 25	$498M	$349M

Capital Expenditures

Quarter	CapEx
Q1 22	$64M
Q2 22	$53M
Q3 22	$54M
Q4 22	$34M
Q1 23	$42M
Q2 23	$60M
Q3 23	$41M
Q4 23	$58M
Q1 24	$248M
Q2 24	$77M
Q3 24	$68M
Q4 24	$93M
Q1 25	$41M
Q2 25	$146M
Q3 25	$102M
Q4 25	$149M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+21.6%	+26.3%
Q2 22	+22.5%	-40.5%
Q3 22	+17.6%	+29.9%
Q4 22	+11.1%	+6.2%
Q1 23	+13.2%	+51.0%
Q2 23	+13.5%	+34.6%
Q3 23	+6.4%	+19.7%
Q4 23	+9.3%	+20.5%
Q1 24	+13.2%	-3.0%
Q2 24	+6.1%	+320.0%
Q3 24	+11.6%	+14.5%
Q4 24	+15.7%	+23.3%
Q1 25	+3.1%	+38.3%
Q2 25	+12.1%	-70.6%
Q3 25	+11.0%	+14.2%
Q4 25	+10.8%	+2.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$130M	6.2%
Q2 22	$114M	5.2%
Q3 22	$136M	5.8%
Q4 22	$112M	4.8%
Q1 23	$122M	5.2%
Q2 23	$119M	4.8%
Q3 23	$131M	5.3%
Q4 23	$209M	8.3%
Q1 24	$192M	7.1%
Q2 24	$154M	5.8%
Q3 24	$185M	6.7%
Q4 24	$168M	5.8%
Q1 25	$166M	6.0%
Q2 25	$167M	5.6%
Q3 25	$195M	6.3%
Q4 25	$158M	4.9%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$603M	$215M
Q2 22	$600M	$215M
Q3 22	$645M	$247M
Q4 22	$694M	$267M
Q1 23	$743M	$241M
Q2 23	$896M	$263M
Q3 23	$862M	$264M
Q4 23	$1.4B	$369M
Q1 24	$866M	$343M
Q2 24	$5.4B	$372M
Q3 24	$876M	$372M
Q4 24	$999M	$378M
Q1 25	$980M	$396M
Q2 25	$978M	$425M
Q3 25	$1.0B	$445M
Q4 25	$974M	$487M

Revenue Segments

Quarter	Kalydeco	Orkambi	Symdeko/Symkevi	Trikafta/Kaftrio	Manufactured Product, Other	Alyftrek
Q1 22	$139M	$132M	$65M	$1.8B	—	—
Q2 22	$139M	$122M	$43M	$1.9B	—	—
Q3 22	$139M	$146M	$38M	$2.0B	—	—
Q4 22	$136M	$111M	$34M	$2.0B	—	—
Q1 23	$125M	$123M	$31M	$2.1B	—	—
Q2 23	$125M	$96M	$31M	$2.2B	—	—
Q3 23	$113M	$63M	$33M	$2.3B	—	—
Q4 23	$112M	$44M	$28M	$2.3B	—	—
Q3 24	—	—	—	$2.6B	$187M	—
Q1 25	—	—	—	$2.5B	$171M	$54M
Q2 25	—	—	—	$2.6B	$236M	$157M
Q3 25	—	—	—	$2.7B	$176M	$247M
Q4 25	—	—	—	$2.6B	$237M	$380M

Revenue by Geography

Quarter	Europe	Other, Non U.S.	United States
Q1 22	$632M	$97M	$1.4B
Q2 22	$656M	$126M	$1.4B
Q3 22	$731M	$148M	$1.5B
Q4 22	$687M	$155M	$1.5B
Q1 23	$807M	$164M	$1.4B
Q2 23	$800M	$185M	$1.5B
Q3 23	$767M	$163M	$1.6B
Q4 23	$735M	$208M	$1.6B
Q1 24	$967M	$203M	$1.5B
Q2 24	$807M	$225M	$1.6B
Q3 24	$848M	$211M	$1.7B
Q4 24	$832M	$243M	$1.8B
Q1 25	$827M	$280M	$1.7B
Q2 25	$911M	$206M	$1.8B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$7.6B	$638M	$8.2B
Q2 22	$8.7B	$551M	$9.3B
Q3 22	$9.2B	$599M	$9.8B
Q4 22	$10.5B	$275M	$10.8B
Q1 23	$9.3B	$1.1B	$10.4B
Q2 23	$10.2B	$1.1B	$11.2B
Q3 23	$11.1B	$818M	$11.9B
Q4 23	$10.4B	$849M	$11.2B
Q1 24	$9.2B	$1.0B	$10.2B
Q2 24	$4.6B	$1.2B	$5.8B
Q3 24	$5.2B	$1.3B	$6.5B
Q4 24	$4.6B	$1.5B	$6.1B
Q1 25	$4.7B	$1.5B	$6.2B
Q2 25	$5.0B	$1.4B	$6.4B
Q3 25	$4.9B	$1.3B	$6.3B
Q4 25	$5.1B	$1.5B	$6.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	258M	+0.4%	-1.5%
Q2 22	259M	+0.3%	-0.9%
Q3 22	260M	+0.3%	-0.1%
Q4 22	260M	+0.3%	+1.3%
Q1 23	260M	0.0%	+0.9%
Q2 23	260M	+0.0%	+0.7%
Q3 23	261M	+0.1%	+0.4%
Q4 23	261M	+0.1%	+0.2%
Q1 24	261M	+0.1%	+0.3%
Q2 24	258M	-1.1%	-0.9%
Q3 24	261M	+1.1%	+0.2%
Q4 24	261M	-0.2%	-0.2%
Q1 25	260M	-0.4%	-0.6%
Q2 25	259M	-0.2%	+0.3%
Q3 25	258M	-0.5%	-1.3%
Q4 25	256M	-0.6%	-1.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$537.8K	4K
Q2 22	$563.1K	4K
Q3 22	$598.5K	4K
Q4 22	$479.7K	5K
Q1 23	$494.8K	5K
Q2 23	$519.4K	5K
Q3 23	$517.4K	5K
Q4 23	$466.2K	5K
Q1 24	$497.6K	5K
Q2 24	$489.9K	5K
Q3 24	$513.3K	5K
Q4 24	$477.4K	6K
Q1 25	$454.1K	6K
Q2 25	$486.0K	6K
Q3 25	$504.3K	6K
Q4 25	$504.2K	6K

Revenue / Employee