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Vertex Pharmaceuticals (VRTX) stock

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NASDAQ: VRTX Nasdaq Biotechnology Next results ~February 11, 2027

B+ Fundamentals grade

Vertex Pharmaceuticals is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$190

Cash-flow model

Base case. Range ~$150–$240 across our lower- and higher-growth cases (5%–15% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 66% below it.

Price used: $553.15, November 2, 2026

Vertex Pharmaceuticals valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Vertex Pharmaceuticals files

Where Vertex Pharmaceuticals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $12.6bn, up 10.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 30.2%. Operating margin widened to 38.0% from 34.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $176 a share, against a share price of $508. At that price, our model says the market is pricing in about 31.9% a year of cash-flow growth for five years, faster than the 10.7% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Vertex Pharmaceuticals's trailing-twelve-month revenue grew 10.2% year on year, with a free-cash-flow margin of 30.2%. Where it stands out: operating margin of 38.0% ranks 12 of 175 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$190 per share in the base case (~$150–$240 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Operating margin expanding: TTM operating margin reached 38.0%, up 3.6pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 38.0% of revenue is left as operating profit, against a median of -189.4% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 3.6 points on a year ago.
  • Strong cash generation. 30.2% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.
  • Net cash. Cash exceeds long-term debt by $6.1bn.

Things to watch

  • Priced above our value. The share price of $553.15 is 66% above our value per share of $190.
  • Insiders selling. 13 insiders sold $158M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 5.7% over 90 days.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$4.76 against an average estimate of $4.78: missed by 0.5%
Revenue
$3.33bn, up 12.5% on a year earlier
Share reaction
+0.3% in the first session after the results on August 3, 2026, against +3.3% for the S&P 500
Guidance given
total revenue $13.1bn to $13.2bn (full year 2026); non-CF product revenue $0.5bn (full year 2026)
Next report
November 2, 2026; average EPS estimate $4.64

Vertex Pharmaceuticals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.0%
  • 1 week+6.9%
  • 1 month+9.6%
  • This year+22.0%
  • 1 year+30.0%
  • 5 years+192.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$12.6B
Operating margin
38.0%
Net margin
35.0%
EPS (TTM, diluted)
$17.19

Growth

Revenue growth
+10.2%
Change in growth rate
+0.2 pts
Share count change
−0.6%

Cash

Free cash flow (TTM)
$3.8B
FCF margin
30.2%
Stock pay % of revenue
5.5%

Earnings

Last results
November 2, 2026
Next results (est.)
February 11, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Leadership
  4. Results
  5. Guidance
  6. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Vertex Pharmaceuticals valuation models and calculator

What the price is pricing in

The share price implies about 32.1% a year of cash-flow growth for five years.That is faster than the 10.7% a year revenue growth Vertex Pharmaceuticals has delivered.

  • Priced in32.1%
  • Last 12 months10.2%
  • 3 years a year9.8%
  • 5 years a year10.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($538.42, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$190
Price used
$538.42close November 3, 2026
Implied change
▼ 65%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Vertex Pharmaceuticals's free cash flow after stock-based pay with after-tax interest added back ($1.5B, FY2026 Q2 TTM), growing 10.4% and 10% in the next two years (forecasts, guidance and its record), then back to 10% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$150–~$240 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Vertex Pharmaceuticals's free cash flow after stock-based pay ( $1.5B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Vertex Pharmaceuticals as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.83 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$190 ~$150–$240 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$250 ~$230–$470 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$300 ~$210–$460 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$230 ~$200–$280 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$230 ~$190–$300 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Vertex Pharmaceuticals with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▼ −1%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $117$148$188$242$312$402
8.5% $97$119$148$187$236$301
10% $85$102$124$154$192$240

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$125.83$73.67$149.86$165.71$218.95$236.34$219.60$288.78$406.89$402.70$453.36$553.15
Market value$30.4bn$18.0bn$37.9bn$42.9bn$57.1bn$62.3bn$57.1bn$74.8bn$106.0bn$103.9bn$117.0bn$141.8bn
+ Net debt (− = net cash)−$715m−$884m−$1.7bn−$2.7bn−$3.1bn−$6.0bn−$6.8bn−$10.5bn−$10.4bn−$4.6bn−$5.1bn−$6.1bn
Enterprise value$29.6bn$17.1bn$36.3bn$40.3bn$54.0bn$56.3bn$50.3bn$64.3bn$95.6bn$99.3bn$111.9bn$135.6bn
Multiples
Price / sales 29.4x10.6x15.2x14.1x13.7x10.0x7.5x8.4x10.7x9.4x9.7x11.3x
Price / earnings ——144.0x20.5x48.5x23.0x24.4x22.5x29.3x—29.6x32.2x
Price / free cash flow —100.4x50.9x36.6x38.2x20.8x23.7x19.1x31.8x—36.6x37.3x
EV / EBITDA —n/m196.5x57.0x41.4x19.0x17.3x14.4x23.8x—25.5x27.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

76 /100

Strong moat

How hard Vertex Pharmaceuticals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 37.3% of total assets over 9 years.

  • Pricing power 20 / 20

    Gross margin has been a median 87.3%, moving by 0.8 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median 34.1%; its worst year was -3.4%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 9 of 10 years, at a median 31.4% of revenue.

  • Discipline 12 / 20

    The diluted share count fell 2.4% over five years; stock-based pay has been a median 6.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (81 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $18.77 +2% $13.3bn +11%
Next $20.42 +9% $14.6bn +10%

Next year's EPS estimate has moved −5.7% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.8% on 90 days ago. In the last 30 days, 2 analysts raised Vertex Pharmaceuticals's forecast and 0 cut it.

Consensus EPS forecast Vertex Pharmaceuticals, last 90 days
$16.00 $18.00 $20.00 $22.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $18.92 Current fiscal year, 60 days ago: $16.85 Current fiscal year, 30 days ago: $17.00 Current fiscal year, 7 days ago: $18.73 Current fiscal year, Now: $18.77 $18.77 Next fiscal year, 90 days ago: $21.65 Next fiscal year, 60 days ago: $20.23 Next fiscal year, 30 days ago: $20.11 Next fiscal year, 7 days ago: $20.40 Next fiscal year, Now: $20.42 $20.42

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $18.92$21.65
60 days ago $16.85$20.23
30 days ago $17.00$20.11
7 days ago $18.73$20.40
Now $18.77$20.42

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.78 $4.76 −0.5%
Jun 2026 $4.75 $4.73 −0.3%
Mar 2026 $4.31 $4.47 +3.8%
Dec 2025 $5.15 $5.03 −2.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026
  • Total revenue full year 2026 $13.1bn to $13.2bn Raised
    “Vertex today raised its full year 2026 total revenue guidance to $13.1 billion to $13.2 billion from $12.95 billion to $13.1 billion previously.” source
  • Non-CF product revenue · Non-CF products (CASGEVY, JOURNAVX) full year 2026 about $0.5bn Maintained
    “Non-CF product revenue Unchanged $0.5 billion or greater” source
  • Combined GAAP R&D, AIPR&D and SG&A expenses full year 2026 $6.3bn to $6.45bn GAAP Maintained
    “Vertex reiterated its full year 2026 guidance for combined GAAP and non-GAAP R&D, AIPR&D, and SG&A expenses of $6.3 billion to $6.45 billion and $5.65 billion to $5.75 billion, respectively.” source
  • Combined non-GAAP R&D, AIPR&D and SG&A expenses full year 2026 $5.65bn to $5.75bn Non-GAAP Maintained
    “Vertex reiterated its full year 2026 guidance for combined GAAP and non-GAAP R&D, AIPR&D, and SG&A expenses of $6.3 billion to $6.45 billion and $5.65 billion to $5.75 billion, respectively.” source
  • Non-GAAP effective tax rate full year 2026 19.5% to 20.5% Non-GAAP Maintained
    “Non-GAAP effective tax rate Unchanged 19.5% to 20.5%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Vertex Pharmaceuticals's revenue by +10.4% next year and +10.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.8%, weight 56%) , management guidance (+9.7%, weight 19%) and the company's own record (+10.0%, weight 25%) . How the weights are set.

Analyst recommendations

32 analysts, Nov 2026
Buy2681%
Hold413%
Sell26%

Monthly trend

  1. Nov 2026620432
  2. Oct 2026620432
  3. Sep 2026620432
  4. Aug 2026419429

Counts of recommendations published by analysts covering Vertex Pharmaceuticals, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.9%
of tradable shares
Days to cover
3.66
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
98%
of shares
Held by insiders
0.2%
of shares
Employees
6,400
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +30.0%

$425.57 on October 31, 2025 to $553.15

ThenNowEffect
Revenue (last 12 months) $11.4bn $12.6bn +10.2%
Net margin 31.9% 35.0% +9.9%
P/E multiple 30.1x 32.2x +6.7%
Share count 258m 256m +0.6%

Biggest factor: revenue.

Last 3 years +47.0%

$376.20 on November 3, 2023 to $553.15

ThenNowEffect
Revenue (last 12 months) $9.5bn $12.6bn +32.4%
Net margin 35.4% 35.0% −1.1%
P/E multiple 29.1x 32.2x +10.7%
Share count 260m 256m +1.5%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VRTX−7%+32%+41%−1%+13%+22%
Industry peers (median)−36%−57%−18%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VRTX42%67%58%50%83%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VRTX−27%−19%−12%−23%−29%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 46% from November 18, 2015 to December 22, 2016. Getting back needed a 85% gain, reached on June 21, 2017, 181 days after the low.

Price behaviour

52-week range
$409.47 – $558.88
From 52-week high
−1.0%
vs 50-day average
+5.7%
vs 200-day average
+15.3%
Volatility (1 year)
29%
Beta vs S&P 500
0.45

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 6 down
typical move ±4.6%
After a week
5 up, 6 down
typical move ±6.4%
After a month
6 up, 5 down
typical move ±7.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +0.3% +3.3% +9.8% +14.8%
May 4, 2026 +0.1% +0.4% +2.7% +1.0%
February 12, 2026 +6.6% −1.5% +3.4% +1.1%
November 3, 2025 −0.9% −1.0% −1.0% +8.8%
August 4, 2025 −18.9% +1.0% −19.0% −14.2%
May 5, 2025 −10.2% −1.4% −12.3% −11.0%
February 10, 2025 −3.0% +0.8% −1.5% +5.6%
November 4, 2024 +6.1% +1.0% +6.5% −1.5%
August 1, 2024 −0.3% −3.3% −6.0% 0.0%
May 6, 2024 +2.3% +1.1% +7.2% +20.4%
February 5, 2024 −2.0% −0.1% −1.4% −3.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Vertex Pharmaceuticals’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Results just out

Results came out in the last few days. Option prices are still adjusting, so we do not judge them yet.

  • Implied is 1.51× the last 60 days’ realised volatility .
  • Calls are priced 5 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: results came out in the last few days, so option prices are still adjusting.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

VRTX Vertex Pharmaceuticals Grade B+ $547.27

Own 100 shares, sell the $560 call expiring December 18, 2026 (46 days) for $23.50 a share — $2,350 per contract.

Previous session · Bid $23.50, ask $30.90, quoted Mon 2 Nov, 17:39 New York time with VRTX at $547.27. Option prices move with the shares: check the live chain at your broker before trading.

  • If VRTX ends below $560: you keep your shares and the $2,350 — 4.3% extra on the position, 34.1% a year at that pace.
  • If it ends above $560: your shares are sold at $560, a total return of 6.6% including the premium — at or above our value of ~$190.
$3.6k $0 −$10.5k Break-even $523.77 Price $547.27 ← Our value ~$190
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$2,350
Annualised
34.1%
Break-even
$523.77
Max gain
$3,623.5
Chance of selling
~48%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Vertex Pharmaceuticals in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Vertex Pharmaceuticals
$9B $10B $11B $12B $13B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $9.7B Revenue (TTM), FY23 Q4: $9.9B Revenue (TTM), FY24 Q1: $10.2B Revenue (TTM), FY24 Q2: $10.3B Revenue (TTM), FY24 Q3: $10.6B Revenue (TTM), FY24 Q4: $11B Revenue (TTM), FY25 Q1: $11.1B Revenue (TTM), FY25 Q2: $11.4B Revenue (TTM), FY25 Q3: $11.7B Revenue (TTM), FY25 Q4: $12B Revenue (TTM), FY26 Q1: $12.2B Revenue (TTM), FY26 Q2: $12.6B $12.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $9.7B
FY23 Q4 $9.9B
FY24 Q1 $10.2B
FY24 Q2 $10.3B
FY24 Q3 $10.6B
FY24 Q4 $11B
FY25 Q1 $11.1B
FY25 Q2 $11.4B
FY25 Q3 $11.7B
FY25 Q4 $12B
FY26 Q1 $12.2B
FY26 Q2 $12.6B
Revenue growth, TTM YoY Vertex Pharmaceuticals
8% 9% 10% 11% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 11.0% Revenue growth, TTM YoY, FY23 Q4: 10.5% Revenue growth, TTM YoY, FY24 Q1: 10.6% Revenue growth, TTM YoY, FY24 Q2: 8.8% Revenue growth, TTM YoY, FY24 Q3: 10.1% Revenue growth, TTM YoY, FY24 Q4: 11.7% Revenue growth, TTM YoY, FY25 Q1: 9.0% Revenue growth, TTM YoY, FY25 Q2: 10.5% Revenue growth, TTM YoY, FY25 Q3: 10.3% Revenue growth, TTM YoY, FY25 Q4: 8.9% Revenue growth, TTM YoY, FY26 Q1: 10.1% Revenue growth, TTM YoY, FY26 Q2: 10.2% 10.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 11.0%
FY23 Q4 10.5%
FY24 Q1 10.6%
FY24 Q2 8.8%
FY24 Q3 10.1%
FY24 Q4 11.7%
FY25 Q1 9.0%
FY25 Q2 10.5%
FY25 Q3 10.3%
FY25 Q4 8.9%
FY26 Q1 10.1%
FY26 Q2 10.2%
Operating margin (TTM) Vertex Pharmaceuticals
-20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 40.2% Operating margin (TTM), FY23 Q4: 38.8% Operating margin (TTM), FY24 Q1: 41.2% Operating margin (TTM), FY24 Q2: -3.4% Operating margin (TTM), FY24 Q3: -2.5% Operating margin (TTM), FY24 Q4: -2.1% Operating margin (TTM), FY25 Q1: -6.7% Operating margin (TTM), FY25 Q2: 34.4% Operating margin (TTM), FY25 Q3: 34.1% Operating margin (TTM), FY25 Q4: 34.8% Operating margin (TTM), FY26 Q1: 38.3% Operating margin (TTM), FY26 Q2: 38.0% 38.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 40.2%
FY23 Q4 38.8%
FY24 Q1 41.2%
FY24 Q2 -3.4%
FY24 Q3 -2.5%
FY24 Q4 -2.1%
FY25 Q1 -6.7%
FY25 Q2 34.4%
FY25 Q3 34.1%
FY25 Q4 34.8%
FY26 Q1 38.3%
FY26 Q2 38.0%
FCF margin (TTM) Vertex Pharmaceuticals
-20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 43.6% FCF margin (TTM), FY23 Q4: 33.8% FCF margin (TTM), FY24 Q1: 36.5% FCF margin (TTM), FY24 Q2: -11.4% FCF margin (TTM), FY24 Q3: -10.4% FCF margin (TTM), FY24 Q4: -7.2% FCF margin (TTM), FY25 Q1: -11.3% FCF margin (TTM), FY25 Q2: 30.6% FCF margin (TTM), FY25 Q3: 28.5% FCF margin (TTM), FY25 Q4: 26.6% FCF margin (TTM), FY26 Q1: 30.4% FCF margin (TTM), FY26 Q2: 30.2% 30.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 43.6%
FY23 Q4 33.8%
FY24 Q1 36.5%
FY24 Q2 -11.4%
FY24 Q3 -10.4%
FY24 Q4 -7.2%
FY25 Q1 -11.3%
FY25 Q2 30.6%
FY25 Q3 28.5%
FY25 Q4 26.6%
FY26 Q1 30.4%
FY26 Q2 30.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Vertex Pharmaceuticals took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $12B
  2. Other income $470M · 3.9%
  3. Cost of revenue $1.7B · 13.8%
  4. Gross profit $10.3B · 86.2%
  5. Research and development $3.9B · 32.6%
  6. Selling, general and admin $1.8B · 14.6%
  7. Other operating costs $514M · 4.3%
  8. Operating income $4.2B · 34.8%
  9. Income tax $690M · 5.7%
  10. Net income $4B · 32.9%

Shares of revenue. Source: Vertex Pharmaceuticals's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0.1 0.1 1.4 1.5 1.2 0.6 1.0 1.7 2.5 3.0 4.2 6.2 7.6 8.9 9.9 11.0 12.0 12.6
Gross profit — — — — — — — 1.5 2.2 2.6 3.6 5.5 6.7 7.9 8.6 9.5 10.4 10.8
EBITDA −0.6 −0.7 0.1 0.1 −0.6 −0.6 −0.4 0.1 0.2 0.7 1.3 3.0 2.9 4.5 4.0 −0.0 4.4 5.0
Operating income −0.6 −0.7 0.1 0.0 −0.6 −0.7 −0.5 0.0 0.1 0.6 1.2 2.9 2.8 4.3 3.8 −0.2 4.2 4.8
Net income −0.6 −0.8 0.0 −0.1 −0.4 −0.7 −0.6 −0.1 0.3 2.1 1.2 2.7 2.3 3.3 3.6 −0.5 4.0 4.4
Diluted EPS −$3.71 −$3.77 $0.14 −$0.50 −$1.98 −$3.14 −$2.31 −$0.46 $1.04 $8.09 $4.51 $10.29 $9.01 $12.82 $13.89 −$2.08 $15.32 $17.19
Growth (year on year)
Revenue −41.9% +40.7% +883.9% +8.3% −20.6% −52.1% +77.9% +64.9% +46.2% +22.5% +36.6% +49.1% +22.1% +17.9% +10.5% +11.7% +8.9% +10.2%
EBITDA — — — −43.0% −761.4% — — — +158.8% +283.2% +84.3% +127.4% −2.0% +53.2% −9.9% −100.6% — +21.2%
Operating income — — — −58.9% <−999% — — — — +415.4% +88.5% +138.5% −2.6% +54.8% −11.0% −106.1% — +21.8%
Net income — — — −461.9% — — — — — +695.8% −43.9% +130.4% −13.6% +41.8% +9.0% −114.8% — +21.1%
Diluted EPS — — — −457.1% — — — — — +677.9% −44.3% +128.2% −12.4% +42.3% +8.3% −115.0% — +21.8%
Margins
Gross margin — — — — — — — 87.6% 88.9% 86.6% 86.8% 88.1% 88.1% 87.9% 87.2% 86.1% 86.2% 86.0%
EBITDA margin −573.1% −464.3% 10.6% 5.6% −46.3% −108.4% −39.2% 4.2% 7.4% 23.2% 31.3% 47.8% 38.4% 49.9% 40.7% −0.2% 36.5% 39.7%
Operating margin −602.6% −485.5% 8.1% 3.1% −50.3% −119.3% −45.2% 0.6% 5.0% 20.8% 28.8% 46.0% 36.7% 48.2% 38.8% −2.1% 34.8% 38.0%
Net margin −630.3% −526.3% 2.1% −7.0% −36.7% −127.2% −53.9% −6.6% 10.6% 68.8% 28.3% 43.7% 30.9% 37.2% 36.7% −4.9% 32.9% 35.0%
Free-cash-flow margin −442.7% −469.8% 7.7% 12.9% −9.2% −107.6% −39.8% 10.5% 30.0% 38.5% 35.9% 48.2% 31.8% 44.0% 33.8% −7.2% 26.6% 30.2%
Cash flow
Cash from operations −0.4 −0.6 0.1 0.3 −0.1 −0.6 −0.4 0.2 0.8 1.3 1.6 3.3 2.6 4.1 3.5 −0.5 3.6 4.3
Capital spending 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.3 0.2 0.2 0.2 0.3 0.4 0.5
Free cash flow −0.5 −0.7 0.1 0.2 −0.1 −0.6 −0.4 0.2 0.7 1.2 1.5 3.0 2.4 3.9 3.3 −0.8 3.2 3.8
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.5 0.6 0.7 0.7 0.7
Free cash flow after stock pay −0.5 −0.8 −0.0 0.1 −0.2 −0.8 −0.6 −0.1 0.5 0.8 1.1 2.6 2.0 3.4 2.8 −1.5 2.5 3.1
Balance sheet
Cash 0.4 0.2 0.5 0.5 0.6 0.6 0.7 1.2 1.7 2.7 3.1 6.0 6.8 10.5 10.4 4.6 5.1 6.1
Total debt 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.3 — — 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net debt (negative = net cash) −0.3 −0.1 −0.4 −0.5 −0.6 −0.6 −0.7 −0.9 −1.7 −2.7 −3.1 −6.0 −6.8 −10.5 −10.4 −4.6 −5.1 −6.1
Diluted shares 173m 200m 209m 215m 225m 235m 241m 245m 253m 259m 261m 263m 260m 259m 261m 258m 258m 256m
Returned to shareholders
Buybacks — — — — — — — 0.0 0.0 0.4 0.2 0.5 1.4 0.0 0.4 1.2 2.0 2.0
Total returned — — — — — — — 0.0 0.0 0.4 0.2 0.5 1.4 0.0 0.4 1.2 2.0 2.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $27.4bn
Short-term assets $12.5bnLonger-term assets $14.9bn
What it owes, and who funded it · $27.4bn
Short-term liabilities $3.9bnLonger-term liabilities $3.2bnShareholders' equity $20.2bn
  • Short-term assets cover short-term liabilities $12.5bn of assets due within a year against $3.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $12.5bn short-term assets against $3.2bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $4.8bn against $13m of interest.

From Vertex Pharmaceuticals's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$2B
Returned to shareholders
53%
of free cash flow
Buybacks, last 3 fiscal years
$3.6B
Diluted share count
−0.6%
year over year
Total shareholder yield
1.4%
dividends 0.0% + buybacks 1.4% of market value
R&D spending
31.0%
of revenue
Sales & admin spending
16.0%
of revenue
Days sales outstanding
62 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated VRTX BIIB REGN INCY GILD AMGN Median
Revenue, last 12 months $12.6bn $10.3bn $16.9bn $6.0bn $31.0bn $38.1bn $56m
Revenue growth, last 12 months 10.2% 2.3% 18.6% 24.9% 6.5% 9.1% 12.6%
Revenue growth, 3-year average 9.8% 1.0% 8.9% 18.5% 4.2% 12.7% 13.7%
Revenue growth, latest quarter 12.5% 10.6% 36.3% 14.0% 6.8% 9.5% 10.2%
Gross margin 86.0% 74.0% — 92.7% 79.9% 69.5% 82.9%
Operating margin 38.0% 22.9% 28.8% 10.4% −7.6% 30.0% −189.4%
Operating margin, 3-year average 23.0% 34.4% 27.8% 13.3% 10.4% 24.5% −363.5%
Net margin 35.0% 3.4% 28.5% 6.7% −12.5% 23.0% −169.8%
Cash from operations / revenue 34.1% 21.8% 28.7% 12.4% 46.7% 32.8% −168.0%
Free-cash-flow margin 30.2% 20.1% 22.6% 10.8% 44.5% 26.7% −162.4%
Free-cash-flow margin, 3-year average 16.5% 21.1% 25.7% 11.7% 36.4% 24.9% −310.0%
Stock pay / revenue 5.5% 3.0% 5.9% 4.4% 2.9% 1.3% 20.0%
Change in share count −0.6% 1.2% −3.2% 2.9% −0.7% 0.2% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 10.2% 12.6% 92 of 172
Change in growth rate Growth +0.2pp -0.1pp 81 of 172
Gross margin Profitability 86.0% 82.4% 32 of 75
Operating margin Profitability 38.0% -189.4% 12 of 175
Net margin Profitability 35.0% -157.3% 13 of 180
Free-cash-flow margin Cash generation 30.2% -145.4% 15 of 176
Stock pay as % of revenue Cash generation 5.5% 19.2% 37 of 179
Change in share count Balance sheet -0.6% 7.9% 18 of 156
Days sales outstanding Balance sheet 62 days 75 days 46 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $12B 98.3% ▲ 8.6%
TRIKAFTAKAFTRIO $10.3B 86.2% ▲ 0.7%
ALYFTREK $838M 7.0% —
Manufactured Product Other $820M 6.9% ▲ 4.9%
CASGEVY $116M 1.0% ▲ 1058.0%
JOURNAVX $59.6M 0.5% —
Collaborative and Royalty $30.7M 0.3% —
Geography
Region Revenue Share YoY
United States $7.5B 62.9% ▲ 12.9%
Outsidethe United States $4.5B 37.1% ▲ 2.7%
Europe $3.5B 77.7% ▲ 0.2%
Other Countries Outsideofthe United States and Europe $992M 22.3% ▲ 12.6%

From Vertex Pharmaceuticals's 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$120B
Institutions reporting
1,739
Shares held vs prior quarter
▲ 1.9%
Positions opened / closed
168 / 108

Top buyers and sellers, Q2 2026: 870 institutions bought and 717 sold ; the biggest buyer was Franklin Resources Inc (+2.8M shares) and the biggest seller Capital Research Global Investors (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Capital World Investors $13B 26.1M 10.8% ▲ 2.9%
Blackrock, Inc. $12B 24.1M 10.0% ▲ 0.6%
Capital Research Global Investors $9.7B 19.5M 8.1% ▼ 7.7%
Vanguard Capital Management LLC $8.2B 16.6M 6.9% ▲ 0.4%
State Street Corp $5.9B 11.9M 4.9% ▲ 1.2%
Invesco Ltd. $4B 8.0M 3.3% ▲ 1.9%
Jpmorgan Chase & Co $3.3B 6.5M 2.7% ▼ 7.3%
Geode Capital Management, LLC $3B 6.0M 2.5% ▼ 2.0%
Vanguard Portfolio Management LLC $2.4B 4.9M 2.0% ▼ 5.2%
Capital International Investors $2.3B 4.7M 1.9% ▼ 8.4%
Loomis Sayles & Co L P $1.9B 3.9M 1.6% ▼ 2.1%
Franklin Resources Inc $1.7B 3.3M 1.4% ▲ 507.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Vertex Pharmaceuticals's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $158M 93 trades by 13 insiders · 100% under pre-set plans
Net ▼ $158M net selling
Insider Date Trade Shares Price Value
Mckechnie Duncan EVP, Chief Commercial Officer July 2, 2026 Sell pre-set plan 1,541 $519.00 $799,779
Tatsis Ourania EVP, Chief Reg. & Quality Off. July 2, 2026 Sell pre-set plan 1,500 $524.99 $787,485
Liu Joy EVP and Chief Legal Officer July 1, 2026 Sell pre-set plan 828 $502.71 $416,244
Bozic Carmen EVP and CMO June 26, 2026 Sell pre-set plan 596 $482.50 $287,570
Bozic Carmen EVP and CMO June 18, 2026 Sell pre-set plan 1,020 $462.17 $471,413
Bozic Carmen EVP and CMO June 15, 2026 Sell pre-set plan 4,062 $450.00 $1.8M
Bozic Carmen EVP and CMO June 5, 2026 Sell pre-set plan 1,745 $450.00 $785,250
Liu Joy EVP and Chief Legal Officer June 1, 2026 Sell pre-set plan 828 $439.91 $364,245
Bozic Carmen EVP and CMO May 29, 2026 Sell pre-set plan 1,974 $450.00 $888,300
Bozic Carmen EVP and CMO May 15, 2026 Sell pre-set plan 1,354 $453.45 $613,971
Bunnage Mark E. EVP, Chief Scientific Officer May 15, 2026 Sell pre-set plan 33 $453.45 $14,964
Bozic Carmen EVP and CMO May 12, 2026 Sell pre-set plan 6,988 $450.00 $3.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 32 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 2 sales of Vertex Pharmaceuticals shares.

  • David J. Taylor(R-OH 2):Sale (full), $1,001 - $15,000, traded August 26, 2026, filed September 5, 2026
  • David J. Taylor(R-OH 2):Sale (full), $1,001 - $15,000, traded January 29, 2026, filed February 2, 2026
  • David J. Taylor(R-OH 2):Purchase, $1,001 - $15,000, traded August 7, 2025, filed September 2, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • May 4, 2026
  • February 12, 2026
  • November 3, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on Vertex Pharmaceuticals was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Vertex Pharmaceuticals in brief

What does Vertex Pharmaceuticals do?
Vertex Pharmaceuticals is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Vertex Pharmaceuticals's stock ticker?
Vertex Pharmaceuticals trades under the ticker VRTX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Vertex Pharmaceuticals's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Vertex Pharmaceuticals reported revenue of $12.6B, 10.2% higher than a year earlier, according to its SEC filings.
What is Vertex Pharmaceuticals's free cash flow?
Vertex Pharmaceuticals's free-cash-flow margin is 30.2% of revenue over the trailing twelve months, ranking 15 of the 176 biotechnology companies we cover.
What is Vertex Pharmaceuticals's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Vertex Pharmaceuticals's free cash flow after stock-based pay gives ~$190 per share in the base case, and ~$150–$240 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Vertex Pharmaceuticals's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital World Investors, Blackrock, Inc. and Capital Research Global Investors. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Vertex Pharmaceuticals buying back stock, and does it pay a dividend?
Vertex Pharmaceuticals spent $2B on share repurchases over the trailing twelve months, and its diluted share count fell 0.6% over the year.
What is Vertex Pharmaceuticals's market cap?
On November 2, 2026, Vertex Pharmaceuticals's market capitalisation was about $142B, with a price-to-earnings ratio of 32.2 and net debt of -$6.1B. Market figures come from third-party market data and may be delayed.
Who are Vertex Pharmaceuticals's competitors?
In our Biotechnology peer group, the companies closest to Vertex Pharmaceuticals are Biogen, Regeneron Pharmaceuticals, Incyte, Gilead Sciences and Amgen. The side-by-side comparison below sets their revenue, margins and growth against Vertex Pharmaceuticals's.
Are insiders buying or selling Vertex Pharmaceuticals stock?
Over the last 12 months, Vertex Pharmaceuticals's directors and officers reported 0 open-market purchases and 93 sales on Form 4. The insider trading page charts every trade.
When is Vertex Pharmaceuticals's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Vertex Pharmaceuticals announces its own schedule.