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VERTEX PHARMACEUTICALS INC / MAVRTX

Sector
Healthcare
Industry
Pharmaceutical Preparations
Exchange
Nasdaq

Stock Price $VRTX

Latest filings

You are here#13 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K100

VRTX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 100 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Apr ’19Apr ’19
  3. Material agreement8-K · Apr ’21Apr ’21
  4. Leadership change8-K · Aug ’25Aug ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $12.00B
YoY changeLargest recent move+64.9%in FY16Latest +8.9%

1 older move runs past ±100% (largest +883.9%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All VRTX Financial Metrics60 metrics

Income Statement16

Balance Sheet26

Cash Flow14

Per Share4

02—Overview

VERTEX PHARMACEUTICALS INC / MA Financial Overview 2021–2025

Updated Jul 10, 2026

Vertex Pharmaceuticals absorbed a massive $4.4 billiona acquired research and development charge in FY2024, yet rebounded immediately to generate $15.32 in per-share earnings by the close of FY2025. This rapid profitability recovery underscores the sheer cash-generating power of its cystic fibrosis franchise, which bankrolls an aggressive expansion into new therapeutic areas like pain and kidney disease. The central investment thesis is straightforward: Vertex is effectively leveraging its cystic fibrosis dominance to fund a highly diversified, late-stage pipeline without compromising its balance sheet.

The company’s top-line trajectory reflects this execution, as total revenues grew steadily from $7.57 billion in FY2021 to $12.0 billionb in FY2025. To support its push into new markets, management elevated research and development expenses to $3.9 billion in FY2025. Despite this heavy pipeline investment and a prior $5.0 billion cash outlay for Alpine Immune Sciences, Vertex ended FY2025 with a formidable liquidity pool of $12.3 billion and initiated a new $4.0 billion share repurchase program. The market rewarded this blend of cash generation and pipeline advancement, valuing the company at a $115.1 billion market cap and pricing the stock at $453.36—equivalent to 29.6x earnings—at the end of FY2025.

Recent Developments (Q4 2025 and Q1 2026)

Vertex maintained its growth trajectory into Q1 2026, with revenues rising 8% year-over-year to $2,986.9 millionc. Net income surged 59.5% to $1,031.4 million, aided by a 14% decrease in total costs following the absence of a prior $379 million impairment charge. Casgevy product revenues jumped to $42.9 million for the quarter. Vertex completed a rolling Biologics License Application for povetacicept in IgA nephropathy and utilized a priority review voucher to accelerate the approval timeline. Operationally, the board will shrink to ten members following the departure of director Suketu Upadhyay.

Bulls argue that surging net income and expanding sales justify the valuation of 27.7x earnings as of May 5, 2026. Bears warn that heavy pipeline costs, including $961.6 milliond in Q1 2026 research expenses, could pressure margins if new therapies face approval delays.

What to watch: FDA acceptance and timeline for the povetacicept application; continued commercial ramp of Casgevy.

03—Filings

Recent SEC Filings

  1. 8-KVERTEX PHARMACEUTICALS INC / MA 8-K Report, Executive Changes (Oct 20, 2026)Vertex Pharmaceuticals Incorporated (VRTX) announced a significant addition to its Board of Directors on October 20, 2026, with the appointment of Daniel Brennan. This appointment increases the size of the Board from ten to eleven members. Mr. Brennan brings a wealth of financial expertise, having served as Executive Vice President and Chief Financial Officer of Boston Scientific Corporation until his retirement in June 2025, and holding various senior finance roles there for many years prior. His extensive background in financial leadership is expected to be a valuable asset to Vertex's strategic and financial oversight. In addition to his extensive corporate finance experience, Mr. Brennan has a strong track record of public company board service, currently sitting on the boards of Waters Corporation and Madrigal Pharmaceuticals, and previously serving on Nuance Corporation's board. His appointment to the Audit and Finance Committee will further strengthen the board's financial governance. The company also disclosed that Mr. Brennan received a $400,000 restricted stock unit award upon joining, which is set to vest in October 2027, aligning his interests with long-term shareholder value.
  2. 8-KVERTEX PHARMACEUTICALS INC / MA 8-K Report, Executive Changes (Sep 1, 2026)Vertex Pharmaceuticals Incorporated announced a significant leadership transition in its finance department with the appointment of Jonathan Poole as Executive Vice President and Chief Financial Officer (CFO), effective January 1, 2027. Mr. Poole, a seasoned finance executive with prior CFO experience at Evelo Biosciences and Genocea Biosciences, and extensive background at Shire plc, will succeed Charles F. Wagner, Jr. Mr. Wagner will transition from his CFO responsibilities to focus solely on his role as Executive Vice President and Chief Operating Officer. This appointment brings a well-qualified executive into a critical financial leadership position within Vertex. Investors should note the details of Mr. Poole's compensation package, which includes a $750,000 base salary and a 90% target annual bonus. The agreements also outline severance provisions for termination without cause or resignation for good reason, including salary continuation and accelerated equity vesting, as well as change of control provisions designed to retain key talent during potential acquisition scenarios.
  3. 8-KVERTEX PHARMACEUTICALS INC / MA 8-K Report, Financial Results (Aug 3, 2026)Vertex Pharmaceuticals reported strong second quarter 2026 results, with total revenue up 12% year over year to $3.33 billion. Growth was led by cystic fibrosis (CF) franchise performance, particularly ALYFTREK, which generated $574 million in Q2 versus $157 million a year earlier, while TRIKAFTA/KAFTRIO declined to $2.50 billion from $2.55 billion. GAAP net income was $1.10 billion ($4.31 diluted EPS) and non-GAAP net income was $1.21 billion ($4.73 non-GAAP diluted EPS). Operating expenses rose on JOURNAVX launch investment and renal franchise build-out, and the GAAP effective tax rate increased to 21.0% from 19.5%. Cash and marketable securities reached $13.6 billion, up from $12.3 billion at year-end 2025, aided by operating cash flow and partly offset by share repurchases. management raised full-year 2026 total revenue guidance to $13.1–$13.2 billion from $12.95–$13.1 billion, while reiterating its expense and tax guidance. The guidance excludes the pending acquisition of Crinetics Pharmaceuticals, announced in July at $85.00 per share in cash for an equity value of roughly $10.0 billion (about $8.8 billion net of acquired cash), with closing expected in Q3 2026. That deal would add rare endocrine diseases as a fifth pillar, and management plans updated 2026 guidance after closing. Key near-term catalysts include the povetacicept IgAN PDUFA date of November 30, 2026, the AMPLIFIED Phase 2 inaxaplin data this fall, VX-828 and VX-670 data in the second half of 2026, and the Crinetics closing. Investors should note that the filing itself is a press release furnished under Item 2.02 and is not deemed filed for Section 18 purposes.
  4. 8-KVERTEX PHARMACEUTICALS INC / MA 8-K Report, Material Agreement (Jul 7, 2026)On July 6, 2026, Vertex Pharmaceuticals (VRTX) signed a definitive merger agreement to acquire Crinetics Pharmaceuticals (CRNX) for $85.00 per share in cash. The deal values Crinetics at about $10.0 billion in equity, or $8.8 billion net of cash. Both boards unanimously approved it. Crinetics will become a wholly owned Vertex subsidiary through a reverse triangular merger. Closing requires Crinetics stockholder approval, HSR clearance and any required foreign clearances, and is expected in Q3 2026. The deal is not subject to a financing condition. Strategically, Vertex is adding two late-stage endocrinology assets. PALSONIFY is an oral, once-daily treatment for acromegaly, approved by the FDA and EMA and launched in the U.S. in October 2025. Atumelnant, an oral ACTH receptor antagonist, is in pivotal development for congenital adrenal hyperplasia (CAH) and has Phase 2 data in ACTH-dependent Cushing's syndrome. Vertex says the two assets have roughly $5 billion or more in combined peak annual revenue potential. Management expects the deal to accelerate revenue growth, become accretive to non-GAAP operating income in 2029, and modestly affect 2026 revenue and non-GAAP operating expenses, with 2026 guidance to be updated at closing. The deal is funded with cash on hand and a $4.5 billion unsecured 364-day bridge facility from Bank of America, BofA Securities and Morgan Stanley Senior Funding, which is expected to be replaced by permanent financing. Investors should weigh the approximately $350.5 million termination fee payable by Crinetics in specified circumstances, the January 6, 2027 outside date, and the usual risks of pipeline and launch execution.
  5. 8-KVERTEX PHARMACEUTICALS INC / MA 8-K Report, Executive Changes (May 13, 2026)Vertex Pharmaceuticals Incorporated (VRTX) filed an 8-K on May 13, 2026, detailing the outcomes of its Annual Shareholder Meeting held on the same date. The most significant outcomes include the overwhelming approval of the 2026 Stock and Option Plan, replacing the previous 2013 plan, and the election of all ten nominated directors to the Board. These approvals indicate strong shareholder confidence in the company's leadership and its long-term incentive strategies. Additionally, shareholders ratified the appointment of Ernst & Young LLP as the independent auditor and approved, on an advisory basis, the 2025 executive compensation program. While a shareholder proposal regarding the right to act by written consent received majority approval, the company's proposed 2026 Stock and Option Plan secured substantially higher levels of support, signaling a clear priority for management's compensation and equity-based incentive frameworks from the investor base.
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04—See also

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