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Vertex Pharmaceuticals Incorporated operates as a biotechnology company in the United States, Europe, and internationally. The company offers transformative medicines for people with serious diseases with a focus on specialty markets, such as cystic fibrosis (CF), sickle cell disease (SCD), transfusion dependent beta thalassemia (TDT), and acute pain. It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age and older; ALYFTREK for the treatment for people with CF 6 years of age and older; SYMDEKO/SYMKEVI for treatment of patients with CF 6 years of age and older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 month or older who have CF with ivacaftor. The company also develops CASGEVY for the treatment of SCD and TDT; JOURNAVX for the treatment of acute pain in adults; VX-522, a CFTR mRNA therapeutic designed to treat the underlying cause of CF, which is in Phase 1/2 clinical trial; inaxaplin for the treatment of APOL1-mediated kidney disease, which is in single Phase 2 trial; VX-264 for treating Type 1 Diabetes; VX-670 for the treatment of myotonic dystrophy type 1; and VX-407, a small molecule corrector for the treatment of autosomal dominant polycystic kidney disease. The company sells its products primarily to specialty pharmacy and distributors, wholesalers, retail pharmacies, hospitals, and clinics. Vertex Pharmaceuticals Incorporated was founded in 1989 and is headquartered in Boston, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $12.0B | $4.9B | $4.0B | $3.2B | 21.2% | 8.9% | -838.1% |
| 2024 | $11.0B | $486M | $-536M | $-978M | -3.3% | 11.7% | -114.8% |
| 2023 | $9.9B | $4.6B | $3.6B | $3.3B | 20.6% | 10.5% | 9.0% |
| 2022 | $8.9B | $4.4B | $3.3B | $3.9B | 23.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 8,930.70 | 9,869.20 | 11,020.10 | 12,001.30 |
| Operating Revenue | - | 8,930.70 | 9,869.20 | 11,020.10 | 11,970.60 |
| Cost Of Revenue | - | 1,080.30 | 1,262.20 | 1,530.50 | 1,651.30 |
| Gross Profit | - | 7,850.40 | 8,607 | 9,489.60 | 10,350 |
| Operating Expense | - | 3,600.50 | 4,826.60 | 9,723 | 5,795.60 |
| Research And Development | - | 2,655.80 | 3,690 | 8,258.70 | 4,042.50 |
| Selling General And Administration | - | 944.70 | 1,136.60 | 1,464.30 | 1,753.10 |
| Total Expenses | - | 4,680.80 | 6,088.80 | 11,253.50 | 7,446.90 |
| Operating Income | - | 4,249.90 | 3,780.40 | -233.40 | 4,554.40 |
| Total Operating Income As Reported | - | 4,307.40 | 3,832 | -232.90 | 4,173.30 |
| EBITDA | - | 4,435.50 | 4,605.20 | 486.30 | 4,866.30 |
| Normalized EBITDA | - | 4,378 | 4,553.60 | 485.80 | 5,247.40 |
| EBIT | - | 4,287.20 | 4,423.90 | 279.10 | 4,656.50 |
| Interest Income | - | 144.60 | 614.70 | 598.10 | 490.90 |
| Interest Expense | - | 54.80 | 44.10 | 30.60 | 13.30 |
| Net Interest Income | - | 89.80 | 570.60 | 567.50 | 477.60 |
| Other Non Operating Income Expenses | - | -164.80 | -22.80 | -86.10 | -7.70 |
| Other Income Expense | - | -107.30 | 28.80 | -85.60 | -388.80 |
| Interest Income Non Operating | - | 144.60 | 614.70 | 598.10 | 490.90 |
| Interest Expense Non Operating | - | 54.80 | 44.10 | 30.60 | 13.30 |
| Net Non Operating Interest Income Expense | - | 89.80 | 570.60 | 567.50 | 477.60 |
| Pretax Income | - | 4,232.40 | 4,379.80 | 248.50 | 4,643.20 |
| Tax Provision | - | 910.40 | 760.20 | 784.10 | 690 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 12.36 | 8.98 | 0.10 | -56.63 |
| Net Income Continuous Operations | - | 3,322 | 3,619.60 | -535.60 | 3,953.20 |
| Net Income From Continuing And Discontinued Operation | - | 3,322 | 3,619.60 | -535.60 | 3,953.20 |
| Net Income From Continuing Operation Net Minority Interest | - | 3,322 | 3,619.60 | -535.60 | 3,953.20 |
| Net Income | - | 3,322 | 3,619.60 | -535.60 | 3,953.20 |
| Net Income Common Stockholders | - | 3,322 | 3,619.60 | -535.60 | 3,953.20 |
| Net Income Including Noncontrolling Interests | - | 3,322 | 3,619.60 | -535.60 | 3,953.20 |
| Normalized Income | - | 3,276.86 | 3,576.98 | -536 | 4,277.67 |
| Diluted NI Availto Com Stockholders | - | 3,322 | 3,619.60 | -535.60 | 3,953.20 |
| Basic Average Shares | - | 256.10 | 257.70 | 257.90 | 255.70 |
| Diluted Average Shares | - | 259.10 | 260.50 | 257.90 | 258 |
| Reconciled Depreciation | - | 148.30 | 181.30 | 207.20 | 209.80 |
| Reconciled Cost Of Revenue | - | 1,080.30 | 1,262.20 | 1,530.50 | 1,651.30 |
| Total Unusual Items | - | 57.50 | 51.60 | 0.50 | -381.10 |
| Total Unusual Items Excluding Goodwill | - | 57.50 | 51.60 | 0.50 | -381.10 |
| Special Income Charges | - | 57.50 | 51.60 | 0.50 | -381.10 |
| Other Special Charges | 1,113.30 | 115.50 | 527.10 | 4,628.40 | - |
| Impairment Of Capital Assets | - | - | 0 | 0 | 379 |
| Restructuring And Mergern Acquisition | - | -57.50 | -51.60 | -0.50 | 2.10 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Vertex Pharmaceuticals Incorporatedthis co. | VRTX | $112.1B | 28.36↑ premium | 6.01 | 21.2% | 22.41 |
| Danaher Corporation | DHR | $132.1B | 36.55 | 2.51 | 6.9% | 21.19 |
| CVS Health Corporation | CVS | $121.0B | 68.43 | 1.61 | 2.4% | 19.52 |
| Bristol-Myers Squibb Company | BMY | $115.6B | 16.39 | 6.26 | 38.2% | 10.01 |
| Stryker Corporation | SYK |
| 2021 | - | - | - | - | - | - | - |
| $115.5B |
| 35.57 |
| 5.15 |
| 14.5% |
| 20.16 |
| Medtronic plc | MDT | $105.2B | 22.56 | 2.19 | 9.7% | 14.26 |
| McKesson Corporation | MCK | $91.0B | 19.11 | -41.89 | -219.2% | 13.32 |
| Elevance Health, Inc. | ELV | $88.9B | 15.70 | 2.03 | 12.9% | - |
| HCA Healthcare, Inc. | HCA | $80.3B | 11.83 | -13.32 | -112.6% | 8.20 |
| Peer Median | - | 20.84 | 2.11 | 8.3% | 14.26 | |