Vertex Pharmaceuticals Inc
VRTXHealthcare|Biotechnology|USA
$434.30
-4.41 (-1.01%)
DCF (FCF)
$183.42
Tangible Book
$67.54
Graham Number
$167.26
Earnings Power
$127.09
Financials
Financial Snapshot
Market Cap
$110.47B
Enterprise Value
$4.58B
Revenue (TTM)
$12.00B
Net Income (TTM)
$3.95B
Cash & Equivalents
$6.61B
Net Cash/Share
$-1.45
Free Cash Flow (TTM)
$3.19B
Operating CF (TTM)
$3.63B
Debt/Equity
0.11
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $1.43B | $2.09B | $3.17B | $3.81B | $6.66B | $7.52B | $10.78B | $11.22B | $6.12B | $6.61B | $6.61B | |
| Operating Cash Flow | $236.1M | $844.9M | $1.27B | $1.57B | $3.25B | $2.64B | $4.13B | $3.54B | $-492.6M | $3.63B | $3.63B | |
| Free Cash Flow | $179.5M | $585.5M | $1.17B | $1.49B | $2.99B | $2.41B | $3.93B | $3.28B | $-978.0M | $3.19B | $3.19B | |
| Capital Expenditure | $-56.6M | $-259.4M | $-95.4M | $-75.4M | $-259.8M | $-235.0M | $-204.7M | $-258.4M | $-485.4M | $-437.6M | $-437.6M | |
| Financing Cash Flow | $133.3M | $68.4M | $-71.2M | $126.8M | $-505.3M | $-1.48B | $-67.7M | $-562.2M | $-1.49B | $-2.26B | $-2.26B |
R&D Spending
R&D (TTM)
$4.04B
R&D Intensity
33.7%
R&D Growth YoY
+0.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.70B | $2.49B | $3.05B | $4.16B | $6.21B | $7.57B | $8.93B | $9.87B | $11.02B | $12.00B | $12.00B | |
| R&D Expense | $1.05B | $1.32B | $1.42B | $1.75B | $1.83B | $3.05B | $2.66B | $3.69B | $8.26B | $4.04B | $4.04B | |
| R&D % of Revenue | 61.6% | 53.2% | 46.5% | 42.1% | 29.5% | 40.3% | 29.7% | 37.4% | 74.9% | 33.7% | 33.7% | |
| SG&A | $432.8M | $496.1M | $557.6M | $658.5M | $770.5M | $840.1M | $944.7M | $1.14B | $1.46B | $1.75B | $1.75B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.70B | $2.49B | $3.05B | $4.16B | $6.21B | $7.57B | $8.93B | $9.87B | $11.02B | $12.00B | $12.00B | |
| Cost of Goods Sold | $210.5M | $275.1M | $409.5M | $547.8M | $736.3M | $904.2M | $1.08B | $1.26B | $1.53B | $1.65B | $1.65B | |
| Gross Profit | $1.49B | $2.21B | $2.64B | $3.62B | $5.47B | $6.67B | $7.85B | $8.61B | $9.49B | $10.35B | $10.35B | |
| R&D | $1.05B | $1.32B | $1.42B | $1.75B | $1.83B | $3.05B | $2.66B | $3.69B | $8.26B | $4.04B | $4.04B | |
| SG&A | $432.8M | $496.1M | $557.6M | $658.5M | $770.5M | $840.1M | $944.7M | $1.14B | $1.46B | $1.75B | $1.75B | |
| Operating Income | $11.2M | $392.8M | $664.0M | $1.20B | $2.87B | $2.78B | $4.25B | $3.78B | $-233.4M | $4.55B | $4.55B | |
| Interest Expense | $-81.4M | $-69.3M | $-72.5M | $-58.5M | $-58.2M | $-61.5M | $-54.8M | $-44.1M | $-30.6M | $-13.3M | $-13.3M | |
| Pretax Income | $-67.4M | $-15.7M | $600.2M | $1.39B | $3.12B | $2.73B | $4.23B | $4.38B | $248.5M | $4.64B | $4.64B | |
| Net Income | $-112.1M | $263.5M | $2.10B | $1.18B | $2.71B | $2.34B | $3.32B | $3.62B | $-535.6M | $3.95B | $3.95B | |
| EPS (Diluted) | -0.46 | 1.04 | 8.09 | 4.51 | 10.29 | 9.01 | 12.82 | 13.89 | -2.08 | 15.32 | 15.33 | |
| EBITDA | $75.5M | $115.0M | $745.1M | $1.56B | $3.28B | $2.92B | $4.44B | $4.61B | $486.3M | $4.87B | $4.87B | |
| Shares Out. (M) | 244.69 | 253.22 | 259.19 | 260.70 | 263.40 | 259.90 | 259.10 | 260.50 | 257.90 | 258.00 | 256.20 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.18B | $1.67B | $2.65B | $3.11B | $5.99B | $6.79B | $10.50B | $10.37B | $4.57B | $5.08B | $5.08B | |
| Marketable Securities | $250.6M | $423.3M | $518.1M | $699.0M | $670.7M | $729.9M | $274.5M | $849.2M | $1.55B | $1.52B | $1.52B | |
| Total Current Assets | $1.83B | $2.65B | $3.84B | $4.82B | $8.13B | $9.56B | $13.23B | $14.14B | $9.60B | $11.20B | $11.20B | |
| Total Assets | $2.90B | $3.55B | $6.25B | $8.32B | $11.75B | $13.43B | $18.15B | $22.73B | $22.53B | $25.64B | $25.64B | |
| Total Current Liabilities | $792.5M | $807.3M | $1.12B | $1.33B | $1.88B | $2.14B | $2.74B | $3.55B | $3.56B | $3.86B | $3.86B | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $1.56B | $1.50B | $1.81B | $2.23B | $3.06B | $3.33B | $4.24B | $5.15B | $6.12B | $6.98B | $6.98B | |
| Stockholders' Equity | $1.16B | $2.03B | $4.44B | $6.09B | $8.69B | $10.10B | $13.91B | $17.58B | $16.41B | $18.67B | $18.67B | |
| Retained Earnings | $-5.37B | $-5.12B | $-2.99B | $-1.85B | $858.7M | $3.20B | $6.52B | $10.14B | $9.61B | $13.56B | $13.56B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $236.1M | $844.9M | $1.27B | $1.57B | $3.25B | $2.64B | $4.13B | $3.54B | $-492.6M | $3.63B | $3.63B | |
| Capital Expenditure | $-56.6M | $-259.4M | $-95.4M | $-75.4M | $-259.8M | $-235.0M | $-204.7M | $-258.4M | $-485.4M | $-437.6M | $-437.6M | |
| Free Cash Flow | $179.5M | $585.5M | $1.17B | $1.49B | $2.99B | $2.41B | $3.93B | $3.28B | $-978.0M | $3.19B | $3.19B | |
| Investing Cash Flow | $51.2M | $-483.3M | $-202.2M | $-1.24B | $99.4M | $-340.9M | $-321.1M | $-3.14B | $-3.77B | $-945.4M | $-945.4M | |
| Financing Cash Flow | $133.3M | $68.4M | $-71.2M | $126.8M | $-505.3M | $-1.48B | $-67.7M | $-562.2M | $-1.49B | $-2.26B | $-2.26B | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $-350.0M | $-192.0M | $-739.4M | $-1.56B | $-172.0M | $-653.7M | $-1.58B | $-2.39B | $-2.39B | |
| Issuance of Debt | $86.2M | $34.7M | $20.8M | $10.0M | $13.3M | $28.3M | $0.00 | $1.8M | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-93.0M | $-319.3M | $-33.4M | $-39.2M | $-42.3M | $-47.0M | $-85.5M | $-46.7M | $-33.6M | $-5.4M | $-5.4M | |
| Stock Based Comp. | $240.6M | $293.2M | $325.0M | $360.5M | $429.5M | $441.4M | $491.3M | $581.2M | $698.5M | $685.9M | $685.9M | |
| Net Change in Cash | $415.9M | $435.8M | $990.7M | $462.4M | $2.87B | $811.2M | $3.71B | $-139.7M | $-5.80B | $515.6M | $515.6M |
Dilution Tracker
Shares Outstanding
256M
5-Year Share Growth
-1.4%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 244.69 | 253.22 | 259.19 | 260.70 | 263.40 | 259.90 | 259.10 | 260.50 | 257.90 | 258.00 | 256.20 | |
| YoY Change % | — | 3.5% | 2.4% | 0.6% | 1.0% | -1.3% | -0.3% | 0.5% | -1.0% | 0.0% | -0.7% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $-350.0M | $-192.0M | $-739.4M | $-1.56B | $-172.0M | $-653.7M | $-1.58B | $-2.39B | $-2.39B | |
| Stock Based Comp. | $240.6M | $293.2M | $325.0M | $360.5M | $429.5M | $441.4M | $491.3M | $581.2M | $698.5M | $685.9M | $685.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 87.6% | 88.9% | 86.6% | 86.8% | 88.1% | 88.1% | 87.9% | 87.2% | 86.1% | 86.2% | 86.2% | |
| Operating Margin % | 0.7% | 15.8% | 21.8% | 28.9% | 46.2% | 36.7% | 47.6% | 38.3% | -2.1% | 37.9% | 38.0% | |
| Net Margin % | -6.6% | 10.6% | 68.8% | 28.3% | 43.7% | 30.9% | 37.2% | 36.7% | -4.9% | 32.9% | 32.9% | |
| EBITDA Margin % | 4.4% | 4.6% | 24.4% | 37.5% | 52.9% | 38.5% | 49.7% | 46.7% | 4.4% | 40.5% | 40.5% | |
| FCF Margin % | 10.5% | 23.5% | 38.5% | 35.9% | 48.2% | 31.8% | 44.0% | 33.2% | -8.9% | 26.6% | 26.6% | |
| ROE % | -10.7% | 16.5% | 64.9% | 22.4% | 36.7% | 24.9% | 27.7% | 23.0% | -3.2% | 22.5% | 23.0% | |
| ROA % | -4.2% | 8.2% | 42.8% | 16.2% | 27.0% | 18.6% | 21.0% | 17.7% | -2.4% | 16.4% | 16.5% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)28.33
Historical17.89 / 27.58 / 198.85
Industry Med.27.44
P/S9.34
Historical6.55 / 11.45 / 18.98
Industry Med.9.85
P/B5.91
Historical4.81 / 7.67 / 25.85
Industry Med.2.90
EV/EBITDA21.73
Historical-1675.52 / 22.56 / 2085.27
Industry Med.12.95
EV/Revenue8.81
Historical5.66 / 11.01 / 18.84
Industry Med.8.88
P/FCF35.11
Historical16.20 / 33.21 / 340.74
Industry Med.34.76
Intrinsic Value Models
DCF (FCF Based)
$183.42
Tangible Book
$67.54
Net Current Assets
$16.630
Graham Number
$167.26
Median P/S Value
$545.05
Net-Net Working Capital
$7.93
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | 144.10 | 20.48 | 48.55 | 22.97 | 24.37 | 22.53 | 29.29 | At Loss | 29.59 | 28.33 | |
| PS Ratio | 10.59 | 15.25 | 14.09 | 13.71 | 10.03 | 7.53 | 8.38 | 10.74 | 9.42 | 9.75 | 9.34 | |
| PB Ratio | 15.82 | 18.71 | 9.53 | 9.32 | 7.07 | 5.53 | 5.33 | 5.96 | 6.31 | 6.17 | 5.91 | |
| EV/EBITDA | 236.94 | 317.24 | 53.28 | 34.33 | 16.96 | 16.91 | 14.51 | 20.51 | 203.78 | 22.72 | 21.73 | |
| EV/Revenue | 10.50 | 14.66 | 13.03 | 12.87 | 8.97 | 6.51 | 7.20 | 9.57 | 8.99 | 9.21 | 8.81 |
Analyst Estimates & Quality
Altman Z-Score
11.73
Safe
Piotroski F-Score
7
Strong
Beneish M-Score
-2.12
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $13,038M | $14,395M | $16,154M |
| Net Income | $4,902M | $5,697M | $6,623M |
| EPS | 17.66 | 19.66 | 23.22 |
| Book Value per Share | 89.22 | 105.80 | 124.57 |
| Operating Cash Flow per Share | 23.50 | 23.39 | 25.94 |
| Operating CF | $6,020.70M | $5,992.52M | $6,645.83M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| TRIKAFTA/KAFTRIO | $10.31B |
| ALYFTREK | $837.8M |
| Other product revenues | $820.1M |
| Other revenues | $30.7M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $7.55B |
| Europe | $3.46B |
| Other | $992.4M |