Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) develops and commercializes specialty medicines. Its cystic fibrosis franchise funds expansion into gene-edited blood-disorder treatments, non-opioid pain medicines, kidney disease and diabetes. The September 2026 acquisition of Crinetics added endocrine medicines and development programs. Vertex reports one pharmaceuticals segment.
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A snapshot of what VERTEX PHARMACEUTICALS INC / MA owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000875320-24-000062 | Feb 15, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000875320-25-000053 | Feb 13, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000875320-26-000056 | Feb 13, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Vertex remains a cystic-fibrosis-funded diversification story, now enlarged by its completed Crinetics acquisition. Revenue reached $12.0 billion in 2025, but the earnings recovery largely reflected the absence of 2024’s Alpine acquisition-related research expense, rather than an equivalent improvement in recurring profitability. First-half 2026 revenue and operating cash flow increased, while new-product launches raised commercial costs and CF still supplied most sales. Crinetics closed on September 1, 2026 for approximately $10.0 billion, funded with existing cash and term-loan borrowings; the borrowing amount and post-closing liquidity are not disclosed in the supplied closing report. Important uncertainties remain: disputed ALYFTREK royalties, complex CASGEVY delivery, clinical execution and reimbursement. The latest supplied numerical outlook predates Crinetics closing and expressly excludes the acquisition.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-09-01 · EX-99.1 · 2026-08-03
Vertex’s established economics come from medicines addressing the underlying CFTR defect in cystic fibrosis. Sales through specialty pharmacies, distributors and wholesalers support substantial research and launch spending. The company reports one pharmaceuticals segment: disease areas are not separately reported profit centers. In 2025, approximately 98.5% of product revenue still came from CF despite contributions from CASGEVY and JOURNAVX. ALYFTREK adds once-daily dosing, but patient switching from existing Vertex medicines means its sales are not entirely incremental franchise demand. CASGEVY introduces individualized gene-edited treatment, while JOURNAVX competes in acute pain against inexpensive established medicines.
Sources: 10-K · 2025-12-31
For the year ended December 31, 2025, revenue was $12,001.3 million and GAAP net income was $3,953.2 million, compared with $11,020.1 million and a $535.6 million loss in 2024. The principal earnings swing was acquired research expense falling from $4,628.4 million to $133.0 million after the Alpine transaction. This was partly offset by a $379.0 million noncash impairment when VX-264 failed its efficacy endpoint and was discontinued. Ongoing investment nevertheless increased: R&D reached $3,909.5 million and SG&A $1,753.1 million. The recovery therefore combines continuing commercial growth with a much easier acquisition-expense comparison.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31
Operating cash flow was $3,631.4 million in 2025, versus a $492.6 million outflow in 2024, when Alpine’s asset-acquisition research cost materially affected operating cash flow. Vertex spent $437.6 million on property and equipment and $2,017.4 million on cash share repurchases in 2025. At June 30, 2026, cash and equivalents were $6,143.5 million; including current and long-term marketable securities raised the liquidity aggregate to $13,641.5 million. First-half operating cash flow of $2,553.5 million benefited from sales growth, tax-payment timing and reduced inventory purchasing. These pre-acquisition balances cannot describe liquidity after Crinetics closed.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The June 2026 quarter produced $3,333.9 million revenue and $1,099.8 million GAAP net income. First-half revenue was $6,320.8 million, including $6,122.9 million from CF. CASGEVY and JOURNAVX contributed $119.3 million and $78.6 million, respectively. Lower blended CF royalties were outweighed by adverse product mix: first-half cost of sales rose to 14.0% of product revenue from 13.5%. SG&A increased as Vertex supported JOURNAVX and a potential povetacicept launch. First-half net income of $2,131.2 million also benefited from the absence of the prior-year VX-264 impairment; it is not a clean measure of recurring earnings improvement. The second quarter and first half of 2026 also included a $48.7 million realized strategic-investment gain in “Other income (expense), net,” following conversion of a note receivable when a privately held company was acquired. That gain is additional nonrecurring context for the $452.0 million year-over-year first-half net-income increase, not medicine revenue or the same measure as the related $75.5 million investing cash proceeds.
Sources: 10-Q · 2026-06-30
Crinetics’ September 1, 2026 counterparty filing establishes completed ownership by Vertex and approximately $10.0 billion of consideration paid using cash and term-loan borrowings. The earlier $8.8 billion value net of estimated acquired cash is an alternative presentation, not additional spending or a final closing reconciliation. July’s $4.5 billion bridge commitment had already been replaced by a $4.5 billion delayed-draw term facility; these are not additive facilities. Although the term loan was undrawn when Vertex filed its August 4 quarterly report, the closing filing subsequently confirms borrowing use without specifying the amount. Separately, Vertex and certain subsidiaries entered a $500.0 million senior unsecured revolving facility in July 2026, maturing July 30, 2031, and terminated the $500.0 million revolving agreement entered in 2022. The replacement revolver was undrawn at the August 4 filing date. This is borrowing capacity subject to covenant restrictions, not cash or evidence of post-closing availability or covenant compliance. Post-closing debt, cash and purchase accounting remain unquantified.
Sources: 8-K · 2026-09-01 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-06
Vertex applies a 4% ALYFTREK royalty burden, while Royalty Pharma and the Cystic Fibrosis Foundation allege approximately 8% in arbitration. No material accrual does not mean no exposure. CASGEVY requires coordinated collection, manufacturing, conditioning and infusion; reimbursement access is not treatment volume. Povetacicept’s adult IgAN application has an FDA target action date of November 30, 2026, not an approval. The August 3 revenue outlook of $13.1–$13.2 billion excludes Crinetics and includes an approximately 150-basis-point growth benefit from currency net of hedging. Neither acquisition benefits nor pipeline success should be treated as already realized.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-03
USD 12.0013 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 12.0013 bn | 8.9% |
| 2024 | USD 11.0201 bn | 11.7% |
| 2023 | USD 9.8692 bn | — |
Consolidated GAAP net product revenue plus other revenue for the year ended December 31.
Sources: 10-K · 2025-12-31
USD 3.9532 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.9532 bn | — |
| 2023 | USD 3.6196 bn | — |
Consolidated GAAP income or loss after income taxes.
Sources: 10-K · 2025-12-31
USD -535.6 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD -535.6 m | — |
Consolidated GAAP income or loss after income taxes; includes nondeductible Alpine acquired R&D expense.
Sources: 10-K · 2025-12-31
USD 3.6314 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.6314 bn | — |
| 2023 | USD 3.5373 bn | — |
Net cash provided by or used in operating activities, including expensed acquired-R&D acquisition cash flows.
Sources: 10-K · 2025-12-31
USD -492.6 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD -492.6 m | — |
Net cash provided by or used in operating activities; the Alpine asset acquisition materially affected this year's operating outflow.
Sources: 10-K · 2025-12-31
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