Published
{
"ticker": "VRTX",
"cik": "0000875320",
"company": "Vertex Pharmaceuticals Incorporated",
"business_type": "pharmaceutical",
"schema_template": "standard (product-revenue biopharmaceutical: revenue, cost of sales, R&D, acquired IPR&D, SG&A, operating income, net income, EPS; cash and marketable securities, total assets, equity; operating cash flow, capital expenditures, free cash flow)",
"reporting_currency": "USD",
"converted_to_usd": false,
"units": "actual dollars (not millions)",
"units_notes_seen": {
"FY2025 10-K consolidated statements of income (loss)": "(in millions, except per share amounts)",
"FY2025 10-K consolidated balance sheets": "(in millions, except share and per share data)",
"FY2025 10-K consolidated statements of cash flows": "(in millions)",
"FY2025 10-K consolidated statements of shareholders' equity": "(in millions)",
"FY2025 10-K segment note, revenues by product and by geographic location": "(in millions)",
"Q2 2026 10-Q condensed consolidated statements of income": "(unaudited; in millions, except per share amounts)",
"Q2 2026 10-Q condensed consolidated balance sheets": "(unaudited; in millions, except share and per share data)",
"Q2 2026 10-Q condensed consolidated statements of cash flows": "(unaudited; in millions)",
"Q2 2026 10-Q segment note, revenues by product and by geographic location": "(in millions)"
},
"adjustments": {
"splits_applied": [],
"adr_ratio": null,
"fx": "none applied; the company reports in U.S. dollars"
},
"annual": [
{
"fiscal_year": 2025,
"label": "FY2025",
"period_start": "2025-01-01",
"period_end": "2025-12-31",
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{
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"total_assets": 22533200000,
"accounts_payable": 413000000,
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"total_current_liabilities": 3564600000,
"long_term_operating_lease_liabilities": 1544400000,
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},
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},
"revenue_by_geography": {
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"europe": 3453900000,
"other_international": 881300000,
"total_outside_the_united_states": 4335200000,
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}
},
{
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"label": "FY2023",
"period_start": "2023-01-01",
"period_end": "2023-12-31",
"period_type": "fiscal year",
"source_accession": "0000875320-26-000056",
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"total_revenues": 9869200000,
"cost_of_sales": 1262200000,
"research_and_development_expenses": 3162900000,
"acquired_in_process_research_and_development_expenses": 527100000,
"selling_general_and_administrative_expenses": 1136600000,
"intangible_asset_impairment_charge": 0,
"change_in_fair_value_of_contingent_consideration": -51600000,
"total_costs_and_expenses": 6037200000,
"operating_income": 3832000000,
"interest_income": 614700000,
"interest_expense": -44100000,
"other_income_expense_net": -22800000,
"income_before_income_taxes": 4379800000,
"provision_for_income_taxes": 760200000,
"basic_shares": 257700000,
"diluted_shares": 260500000,
"net_income": 3619600000,
"basic_eps": 14.05,
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"gross_profit": 8607000000,
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},
"revenue_by_geography": {
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"europe": 3109000000,
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}
}
],
"quarterly": [
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"fiscal_quarter": 2,
"label": "Q2 2026",
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"period_end": "2026-06-30",
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},
"revenue_by_geography": {
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"europe": 977700000,
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}
},
{
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"fiscal_quarter": 2,
"label": "Q2 2025",
"period_start": "2025-04-01",
"period_end": "2025-06-30",
"period_type": "three months",
"source_accession": "0000875320-26-000259",
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"europe": 910900000,
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}
}
],
"notes": [
"Every figure here is stated in actual U.S. dollars. Both filings print their statements in millions (share counts on the balance sheet are printed in full), and the scale stated at the head of each table has been applied; the note read for each statement is listed under \"units_notes_seen\".",
"Vertex is a single-segment commercial-stage biopharmaceutical company, so the record uses a standard product-revenue template: total revenues, cost of sales, research and development, acquired in-process research and development, selling, general and administrative expenses, operating income, net income and per-share amounts; cash and marketable securities, total assets and shareholders' equity; operating cash flow, capital expenditures and free cash flow. Revenue is additionally split by product and by geography, which is how the company itself describes the business in its segment note.",
"Sources. The three fiscal years come from the consolidated statements in the FY2025 Form 10-K (accession 0000875320-26-000056), filed February 13, 2026. The second quarter of 2026, the second quarter of 2025 and the six-month columns come from the condensed consolidated statements in the Form 10-Q for the quarter ended June 30, 2026 (accession 0000875320-26-000259), filed August 4, 2026.",
"Periods the two filings present, and therefore everything this record holds: fiscal years 2025, 2024 and 2023 on the income statement and the cash flow statement; December 31, 2025 and December 31, 2024 on the balance sheet; the three months ended June 30, 2026 and June 30, 2025; the six months ended June 30, 2026 and June 30, 2025; and the balance sheet at June 30, 2026. Fiscal 2023 therefore carries no balance sheet, because the 10-K's balance sheet presents only two year-ends.",
"The quarterly entries carry no cash flow block. The 10-Q presents its cash flow statement for the six months ended June 30, 2026 and 2025 only, and the company's second-quarter earnings release contains no cash flow statement, so no discrete three-month operating cash flow or free cash flow figure was published for either quarter. Six-month cash flows are in \"year_to_date\" and \"prior_year_to_date\".",
"The second quarter of 2025 carries no balance sheet: the 10-Q's balance sheet columns are June 30, 2026 and December 31, 2025, and a June 30, 2025 balance sheet is not presented in either filing.",
"Cash flow line items are stated as the filings print them, so cash outflows carry a negative sign. \"capital_expenditures\" is the \"Purchases of property and equipment\" line. \"free_cash_flow\" is operating cash flow less capital expenditures and is not a figure the company itself reports.",
"\"gross_profit\" is total revenues less cost of sales. Vertex does not print a gross profit subtotal on the face of its income statement, and cost of sales is struck against total revenues.",
"\"interest_income_net\" for the fiscal years is interest income less interest expense as the 10-K prints those two lines separately ($490.9 million less $13.3 million in 2025, $598.1 million less $30.6 million in 2024, and $614.7 million less $44.1 million in 2023). The 10-Q prints a single \"Interest income, net\" line, which is used directly for the quarters and six-month periods.",
"\"total_debt\" is zero in every period: neither balance sheet carries any borrowings. In July 2026, after the June 30, 2026 balance-sheet date, Vertex terminated the $500.0 million revolving credit agreement it had entered into in 2022 and entered into a new $500.0 million senior unsecured revolving facility that matures on July 30, 2031. On July 30, 2026 it also entered into a term loan credit agreement providing for a $4.5 billion senior unsecured delayed-draw term loan A facility, amounts under which would be used to finance a portion of the pending acquisition of Crinetics Pharmaceuticals, Inc. The Q2 2026 10-Q (accession 0000875320-26-000259) states that Vertex had not drawn upon either the new revolving facility or the term loan facility as of that filing, so \"total_debt\" remains zero.",
"\"cash_and_marketable_securities\" is the sum of cash and cash equivalents, short-term marketable securities and long-term marketable securities: $13,641.5 million at June 30, 2026, $12,320.4 million at December 31, 2025 and $11,223.8 million at December 31, 2024.",
"The trailing-twelve-month block is derived, not filed: fiscal year 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025. It carries no weighted-average share count or per-share amount, because a weighted average over that window is not a figure either filing publishes and summing four quarters of per-share data would not produce one.",
"The fiscal 2024 net loss of $535.6 million follows from $4,628.4 million of acquired in-process research and development expense recorded that year, against $133.0 million in 2025 and $527.1 million in 2023. Operating cash flow was also negative in 2024, at an outflow of $492.6 million.",
"The product split is reported at different levels of detail in the two filings, so the captions differ by period. The 10-K's annual table shows TRIKAFTA/KAFTRIO, ALYFTREK and a single \"Other product revenues\" line; the 10-Q's quarterly and six-month table separates other cystic fibrosis products from CASGEVY and JOURNAVX. The geographic split uses the same captions in both. Because the two product tables are not on the same basis, the trailing-twelve-month block carries the geographic split only.",
"No stock split, foreign-currency translation or depositary-share adjustment applies. The company has had no stock split in the period covered, reports in U.S. dollars, and its shares are listed directly rather than as depositary receipts."
],
"uncertainties": [
"There is no discrete three-month cash flow figure for the second quarter of 2026 or the second quarter of 2025 anywhere in these filings, so none is reported. Anyone needing a quarterly operating cash flow would have to difference the six-month column against a first-quarter figure, which these two filings do not contain.",
"The trailing-twelve-month figures are arithmetic from three published columns rather than a period any filing reports. They are exact on that construction, but they are not an audited or filed period.",
"Fiscal 2023 has no balance sheet in this record, and the second quarter of 2025 has neither a balance sheet nor a cash flow statement. These are gaps in what the two filings present, not omissions in the reading.",
"Free cash flow is a derived measure, not one Vertex reports. It is stated here as operating cash flow less purchases of property and equipment, with no other deduction."
],
"year_to_date": {
"label": "Six months ended June 30, 2026",
"period_start": "2026-01-01",
"period_end": "2026-06-30",
"period_type": "six months",
"source_accession": "0000875320-26-000259",
"income_statement": {
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"other_revenues": 0.0,
"total_revenues": 6320800000.0,
"cost_of_sales": 882000000.0,
"research_and_development_expenses": 1955400000.0,
"acquired_in_process_research_and_development_expenses": 21900000.0,
"selling_general_and_administrative_expenses": 1075900000.0,
"intangible_asset_impairment_charge": 0.0,
"change_in_fair_value_of_contingent_consideration": 600000.0,
"total_costs_and_expenses": 3935800000.0,
"operating_income": 2385000000.0,
"interest_income_net": 235400000.0,
"other_income_expense_net": 24300000.0,
"income_before_income_taxes": 2644700000.0,
"provision_for_income_taxes": 513500000.0,
"net_income": 2131200000.0,
"basic_shares": 253900000.0,
"diluted_shares": 255700000.0,
"basic_eps": 8.39,
"diluted_eps": 8.33,
"gross_profit": 5438800000.0
},
"cash_flow": {
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"depreciation_and_amortization_expense": 112400000.0,
"operating_cash_flow": 2553500000.0,
"capital_expenditures": -245600000.0,
"investing_cash_flow": -477700000.0,
"repurchases_of_common_stock": -806400000.0,
"financing_cash_flow": -965500000.0,
"cash_paid_for_income_taxes": 501500000.0,
"free_cash_flow": 2307900000.0
},
"revenue_by_product": {
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"alyftrek": 998000000.0,
"other_cf_product_revenues": 273000000.0,
"total_cf_product_revenues_net": 6122900000.0,
"casgevy": 119300000.0,
"journavx": 78600000.0,
"total_product_revenues_net": 6320800000.0
},
"revenue_by_geography": {
"united_states": 3832300000.0,
"europe": 1927700000.0,
"other_international": 560800000.0,
"total_outside_the_united_states": 2488500000.0,
"total_revenues": 6320800000.0
}
},
"prior_year_to_date": {
"label": "Six months ended June 30, 2025",
"period_start": "2025-01-01",
"period_end": "2025-06-30",
"period_type": "six months",
"source_accession": "0000875320-26-000259",
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"other_revenues": 30700000.0,
"total_revenues": 5734900000.0,
"cost_of_sales": 770500000.0,
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"selling_general_and_administrative_expenses": 821000000.0,
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"change_in_fair_value_of_contingent_consideration": 3100000.0,
"total_costs_and_expenses": 3953700000.0,
"operating_income": 1781200000.0,
"interest_income_net": 236600000.0,
"other_income_expense_net": -4400000.0,
"income_before_income_taxes": 2013400000.0,
"provision_for_income_taxes": 334200000.0,
"net_income": 1679200000.0,
"basic_shares": 256800000.0,
"diluted_shares": 259200000.0,
"basic_eps": 6.54,
"diluted_eps": 6.48,
"gross_profit": 4964400000.0
},
"cash_flow": {
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"depreciation_and_amortization_expense": 100100000.0,
"operating_cash_flow": 1892000000.0,
"capital_expenditures": -186400000.0,
"investing_cash_flow": -540300000.0,
"repurchases_of_common_stock": -817900000.0,
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"cash_paid_for_income_taxes": 697700000.0,
"free_cash_flow": 1705600000.0
},
"revenue_by_product": {
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"alyftrek": 210700000.0,
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"casgevy": 44600000.0,
"journavx": 13300000.0,
"total_product_revenues_net": 5704200000.0
},
"revenue_by_geography": {
"united_states": 3511700000.0,
"europe": 1737500000.0,
"other_international": 485700000.0,
"total_outside_the_united_states": 2223200000.0,
"total_revenues": 5734900000.0
}
},
"trailing_twelve_months": {
"label": "Trailing twelve months ended June 30, 2026",
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"period_end": "2026-06-30",
"period_type": "trailing twelve months",
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"derivation": "fiscal year 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025",
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"acquired_in_process_research_and_development_expenses": 132900000.0,
"selling_general_and_administrative_expenses": 2008000000.0,
"intangible_asset_impairment_charge": 0.0,
"change_in_fair_value_of_contingent_consideration": -400000.0,
"total_costs_and_expenses": 7810100000.0,
"operating_income": 4777100000.0,
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"other_income_expense_net": 21000000.0,
"income_before_income_taxes": 5274500000.0,
"provision_for_income_taxes": 869300000.0,
"net_income": 4405200000.0,
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},
"cash_flow": {
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"depreciation_and_amortization_expense": 222100000.0,
"operating_cash_flow": 4292900000.0,
"capital_expenditures": -496800000.0,
"investing_cash_flow": -882800000.0,
"repurchases_of_common_stock": -2005900000.0,
"financing_cash_flow": -2197200000.0,
"cash_paid_for_income_taxes": 1370500000.0,
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},
"revenue_by_geography": {
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"europe": 3650500000.0,
"other_international": 1067500000.0,
"total_outside_the_united_states": 4718000000.0,
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}
},
"headline": {
"period": "Q2 FY2026",
"period_end_words": "June 30, 2026",
"metrics": [
{
"label": "Revenue",
"format": "usd",
"value": 3333900000,
"text": "$3.33 billion",
"exact": "$3,333,900,000",
"compact": "$3.33B",
"abs": "$3.33 billion",
"prior_value": 2964700000,
"prior": "$2.96 billion",
"priorabs": "$2.96 billion",
"yoy": "up 12.5%",
"source": {
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"field": "income_statement.total_revenues",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000875320-26-000259",
"prior_index": 1,
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"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000875320-26-000259",
"gap_days": 365
}
},
{
"label": "Net income",
"format": "usd",
"value": 1099800000,
"text": "$1.1 billion",
"exact": "$1,099,800,000",
"compact": "$1.10B",
"abs": "$1.1 billion",
"prior_value": 1032900000,
"prior": "$1.03 billion",
"priorabs": "$1.03 billion",
"yoy": "up 6.5%",
"source": {
"array": "quarterly",
"field": "income_statement.net_income",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000875320-26-000259",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000875320-26-000259",
"gap_days": 365
}
},
{
"label": "Diluted EPS",
"format": "eps",
"value": 4.31,
"text": "$4.31",
"exact": "$4.31",
"compact": "$4.31",
"abs": "$4.31",
"prior_value": 3.99,
"prior": "$3.99",
"priorabs": "$3.99",
"yoy": "up 8.0%",
"source": {
"array": "quarterly",
"field": "income_statement.diluted_eps",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000875320-26-000259",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000875320-26-000259",
"gap_days": 365
}
},
{
"label": "TRIKAFTA/KAFTRIO revenue",
"format": "usd",
"value": 2497200000,
"text": "$2.50 billion",
"exact": "$2,497,200,000",
"compact": "$2.50B",
"abs": "$2.50 billion",
"prior_value": 2551100000,
"prior": "$2.55 billion",
"priorabs": "$2.55 billion",
"yoy": "down 2.1%",
"source": {
"array": "quarterly",
"field": "revenue_by_product.trikafta_kaftrio",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000875320-26-000259",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000875320-26-000259",
"gap_days": 365
}
},
{
"label": "ALYFTREK revenue",
"format": "usd",
"value": 573600000,
"text": "$573.6 million",
"exact": "$573,600,000",
"compact": "$573.60M",
"abs": "$573.6 million",
"prior_value": 156800000,
"prior": "$156.8 million",
"priorabs": "$156.8 million",
"yoy": "up 265.8%",
"source": {
"array": "quarterly",
"field": "revenue_by_product.alyftrek",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000875320-26-000259",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000875320-26-000259",
"gap_days": 365
}
}
],
"summary": "Vertex Pharmaceuticals reported $3.33 billion in total revenue for Q2 FY2026, the quarter ended June 30, 2026, up 12.5% from a year earlier, and net income of $1.1 billion, or $4.31 per diluted share. The growth came from a shift inside the cystic fibrosis franchise rather than from Vertex's biggest medicine: ALYFTREK revenue reached $573.6 million, up 265.8%, while TRIKAFTA/KAFTRIO, still the largest product at $2.50 billion, was down 2.1% as patients transitioned to the newer once-daily therapy. Earnings grew more slowly than revenue, with net income up 6.5%, as commercial spending behind Vertex's non-cystic-fibrosis launches, a higher cost of sales on product mix and a higher effective tax rate all weighed on the bottom line. The results do not reflect Vertex's pending acquisition of Crinetics Pharmaceuticals, agreed in July and expected to close in the third quarter, which the raised full-year revenue guidance also excludes.",
"qa": [
{
"q": "How much revenue did Vertex Pharmaceuticals report in Q2 FY2026?",
"a": "Vertex Pharmaceuticals reported $3.33 billion in total revenue for Q2 FY2026, the quarter ended June 30, 2026. That is up 12.5% from $2.96 billion in the same quarter a year earlier."
},
{
"q": "How much did Vertex Pharmaceuticals earn per share in Q2 FY2026?",
"a": "Vertex Pharmaceuticals earned $4.31 per diluted share in Q2 FY2026, up 8.0% from $3.99 a year earlier, on net income of $1.1 billion."
},
{
"q": "Is TRIKAFTA revenue still growing for Vertex Pharmaceuticals?",
"a": "No. TRIKAFTA/KAFTRIO, the largest medicine Vertex Pharmaceuticals sells, generated $2.50 billion in Q2 FY2026, down 2.1% from $2.55 billion a year earlier, as cystic fibrosis patients moved to the newer once-daily ALYFTREK."
},
{
"q": "How fast is ALYFTREK growing for Vertex Pharmaceuticals?",
"a": "ALYFTREK, the once-daily cystic fibrosis triple combination Vertex Pharmaceuticals introduced after TRIKAFTA, generated $573.6 million in Q2 FY2026, up 265.8% from $156.8 million a year earlier, making it the main source of the company's revenue growth."
}
]
},
"company_details": {
"Name": "Vertex Pharmaceuticals Inc / Ma",
"Ticker": "VRTX",
"CIK": "0000875320",
"Exchange": "Nasdaq",
"State": "Massachusetts",
"Incorporation": "Massachusetts",
"SIC": "2834",
"Office": "Life Sciences",
"Industry": "Pharmaceutical Preparations"
},
"next_filing": {
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"predicted_type": "10-Q"
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"tag": "FY26Q2",
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"fiscal_year_end": "1231",
"source": "facts"
},
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"accession": "0000875320-26-000056",
"url": "https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/0000875320-26-000056-index.htm",
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}