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Health Care · NASDAQ: VRTX

Vertex: how the business works

Vertex Pharmaceuticals sells medicines for cystic fibrosis, plus a gene-edited therapy for sickle cell disease and a non-opioid pain pill, with revenue of $12.0 billion in FY2025.

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Vertex Pharmaceuticals Incorporated · Boston, Massachusetts · Founded 1989

Updated for Q3 FY2026 · checked

Revenue, FY2025
$12.0B
Net income, FY2025
$3.95B
Cystic fibrosis share of FY2025 product revenue
98.5%
Employees, end of 2025
About 6,400
Founded
1989

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Vertex in 5 points

  1. 1 · What it sells

    Vertex sells medicines for cystic fibrosis, which brought in 98.5% of its FY2025 product revenue, plus CASGEVY for sickle cell disease and the pain pill JOURNAVX.

    More: what it sells

  2. 2 · Who pays it

    Vertex reports no revenue by final payer; by customer location, the US paid 62.9% of FY2025 revenue, Europe 28.8% and other countries 8.3%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, Vertex kept $31.6 as net income, including $3.9 of interest on its cash and after a $379.0 million write-down, while operating income was $34.8 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Vertex reports one business segment and no profit by product; cystic fibrosis medicines brought in $11.8 billion of FY2025 revenue, and operating income was $4.17 billion.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    ALYFTREK brought in $705.8 million in Q3 FY2026, up from $247.0 million a year earlier, while TRIKAFTA/KAFTRIO fell to $2.44 billion from $2.65 billion a year earlier.

    More: the one thing to watch

Sources: From Vertex's FY2025 10-K, Q3 FY2026 10-Q and earnings releases · checked

See the full receipt and the management scorecard below

Sources (2)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Vertex's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Vertex · FY2025

Receipt for every $100

Where $100 of Vertex's money went in FY2025
Research and development$31.3
Selling, general and admin$14.0
Royalties paid on sales$8.4
Making the medicines$4.8
Bought research and a write-down$4.1
Interest and other costs$0.2
Income tax$5.5
Kept as net income$31.6
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue of $12.0 billion plus $490.9 million of interest income, $12.49 billion in all): each line = line ÷ $12.49 billion × 100. Interest income was $3.9 of every $100. Royalties and making costs are the two parts of cost of sales in Vertex's segment table.

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Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Vertex do?

Specialty pharmacies, distributors and wholesalers pay Vertex for medicines that treat cystic fibrosis; the largest cost is research, and Vertex kept $31.6 of every $100 that came in during FY2025 as net income.

  • Cystic fibrosis medicines were 98.5% of Vertex's FY2025 product revenue (Cityfort calculation from the FY2025 10-K). McKesson alone bought 22% of its gross product sales.
  • Vertex spent $3.9 billion on research and development in FY2025, 32.6% of revenue, and paid $1.05 billion in royalties on its sales.
Next: Who pays it

03Who pays it

Who pays Vertex?

  • Customers in the US

    63%

    of revenue

    62.9% of FY2025 revenue ($7.55 billion). Shares here are by customer location, because Vertex does not report revenue by final payer such as insurers or government programs.

  • Customers in Europe

    29%

    of revenue

    28.8% of FY2025 revenue ($3.46 billion).

  • Customers in other countries

    8%

    of revenue

    8.3% of FY2025 revenue ($992.4 million). Vertex's cystic fibrosis medicines are paid for or available in more than 60 countries.

  • Customers in the US63%
  • Customers in Europe29%
  • Customers in other countries8%

Customer concentration

McKesson bought 22% and Accredo Health Group 12% of Vertex's FY2025 gross product revenue. McKesson was 19% of receivables at Dec 31, 2025. They pass the medicines on; Vertex gives no split by final payer.

Largest customer
22%
Sources (1)
Next: Why it makes money

04Why it makes money

Why does Vertex make money?

Most people with cystic fibrosis in Vertex's main markets use its medicines, and they cost little to make compared with what they sell for.

Cost of sales, including royalties, was $13.8 of every $100 of FY2025 revenue. Research is the largest cost, because Vertex keeps replacing its own medicines with newer ones and looks for diseases beyond cystic fibrosis. Large one-time charges for buying other companies' research, such as $4.4 billion for Alpine in 2024, make some years look very different.

Operating income per $100 of revenue (Cityfort calculation from the FY2025 and FY2023 10-Ks)

$36.7$34.8

FY2021 to FY2025

  1. Vertex develops a medicine for a disease with few options
  2. Patents keep direct copies away for years
  3. Doctors prescribe it, and specialty pharmacies supply it
  4. Cost of sales was $13.8 per $100 of FY2025 revenue
  5. Cash pays for research and for buying new medicines
  6. A newer medicine replaces the older one before its patents end

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025

Which businesses make up Vertex?

  • TRIKAFTA/KAFTRIO

    86%

    Vertex's main cystic fibrosis medicine. Vertex reports one business segment, so it gives no profit figure for any product.

    Revenue $10.3B

  • ALYFTREK

    7%

    Newer once-daily cystic fibrosis medicine, first sold in 2025.

    Revenue $838M

  • Older cystic fibrosis medicines

    5%

    KALYDECO, ORKAMBI and SYMDEKO/SYMKEVI (Cityfort calculation from the FY2025 10-K: other product revenue minus CASGEVY and JOURNAVX).

    Revenue $645M

  • CASGEVY

    1%

    Gene-edited cell therapy for two inherited blood disorders.

    Revenue $116M

  • JOURNAVX

    1%

    Non-opioid acute pain pill, launched in 2025.

    Revenue $59.6M

  • Other revenue

    0%

    Revenue that is not from product sales.

    Revenue $30.7M

How the mix changed

  • TRIKAFTA/KAFTRIO
  • ALYFTREK
  • Older cystic fibrosis medicines
  • CASGEVY
  • JOURNAVX
  • Other revenue

Revenue by segment, FY2021 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearTRIKAFTA/KAFTRIOALYFTREKOlder cystic fibrosis medicinesCASGEVYJOURNAVXOther revenue
FY2021$5.7B$0M$1.9B$0M$0M$1M
FY2022$7.7B$0M$1.2B$0M$0M$0M
FY2023$8.9B$0M$925M$0M$0M$0M
FY2024$10.2B$0M$772M$10M$0M$0M
FY2025$10.3B$838M$645M$116M$59.6M$30.7M
Sources (2)
Next: How has it done

06The numbers · Consolidated · US$

How has Vertex done?

Revenue

$12.0BFY2025

Revenue grew every year, from $7.57 billion in FY2021 to $12.0 billion in FY2025, and Q3 FY2026 revenue of $3.44 billion was 11.8% higher than a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$7.6B
FY2022$8.9B
FY2023$9.9B
FY2024$11.0B
FY2025$12.0B
Q4 FY2024$2.9B
Q1 FY2025$2.8B
Q2 FY2025$3.0B
Q3 FY2025$3.1B
Q4 FY2025$3.2B
Q1 FY2026$3.0B
Q2 FY2026$3.3B
Q3 FY2026$3.4B

Net profit

$4.0BFY2025

Net income was $3.95 billion in FY2025, after a $535.6 million loss in FY2024 caused by a $4.4 billion charge for buying Alpine, and fell to $653.6 million in Q3 FY2026 after $502.0 million of Crinetics deal costs.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$2.3B$9.01
FY2022$3.3B$12.82
FY2023$3.6B$13.89
FY2024−$536M−$2.08
FY2025$4.0B$15.32
Q4 FY2024$913M$3.50
Q1 FY2025$646M$2.49
Q2 FY2025$1.0B$3.99
Q3 FY2025$1.1B$4.20
Q4 FY2025$1.2B$4.65
Q1 FY2026$1.0B$4.02
Q2 FY2026$1.1B$4.31
Q3 FY2026$654M$2.56

Profit kept per $100 of revenue

$32.9FY2025

Operating income was $4.17 billion in FY2025, or $34.8 per $100 of revenue, against $36.7 in FY2021; EBITDA here is operating income plus depreciation and amortization, a Cityfort calculation from the FY2025 and FY2023 10-Ks (quarters also from the SEC's XBRL data).

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202130.9%38.4%
FY202237.2%49.9%
FY202336.7%40.7%
FY2024−4.9%−0.2%
FY202532.9%36.5%

Free cash flow

$3.2BFY2025

Free cash flow here is cash from operations minus purchases of property and equipment: $3.19 billion in FY2025, and negative $790.3 million in FY2024, when the $4.4 billion Alpine purchase was paid out of operating cash flow.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$2.6B$235M$2.4B
FY2022$4.1B$205M$3.9B
FY2023$3.5B$200M$3.3B
FY2024−$493M$298M−$790M
FY2025$3.6B$438M$3.2B
See all yearly numbers
Vertex annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$7.6B$2.9B$2.3B$9.01$2.6B$235M$2.4B
FY2022$8.9B$4.5B$3.3B$12.82$4.1B$205M$3.9B
FY2023$9.9B$4.0B$3.6B$13.89$3.5B$200M$3.3B
FY2024$11.0B−$25.7M−$536M−$2.08−$493M$298M−$790M
FY2025$12.0B$4.4B$4.0B$15.32$3.6B$438M$3.2B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31). Net profit is the share belonging to the company's owners.

Download Vertex's yearly and quarterly numbers (CSV, with source ids)

Learn: Stock-based compensation and dilution: pay that becomes shares

Sources (12)
Next: What they said, and what happened

07Who runs it

Who runs Vertex, and did they deliver?

  • Reshma Kewalramani, M.D.

    CEO and President · since 2020

    CEO since April 2020, after serving as Chief Medical Officer. Her total pay for 2025 was $21,144,261, mostly stock awards.

  • Jeffrey Leiden, M.D.

    Executive Chairman · since 2020

    Executive Chairman since April 2020. He was CEO from 2012 through March 2020.

  • Charles F. Wagner, Jr.

    EVP, Chief Operating and Financial Officer · since 2019

    CFO since April 2019 and also COO since July 2025. Jonathan Poole becomes CFO on Jan 1, 2027, and Mr. Wagner stays COO.

What they said, and what happened

2 delivered · 2 too early to tell

  1. Said on Feb 10, 2025

    Vertex said it expected FY2025 total revenue of $11.75 billion to $12.0 billion.

    What happened

    FY2025 revenue was $12.0 billion, at the top of the range, which Vertex had narrowed to $11.9 billion to $12.0 billion on Nov 3, 2025.

    Delivered

  2. Said on Feb 12, 2026

    Vertex said it expected FY2026 total revenue of $12.95 billion to $13.1 billion.

    What happened

    Vertex raised the range to $13.15 billion to $13.25 billion on Nov 2, 2026. Revenue for the first nine months of 2026 was $9.76 billion.

    Too early to tell

  3. Said on Feb 12, 2026

    Vertex said it expected at least $0.5 billion of FY2026 revenue from medicines outside cystic fibrosis.

    What happened

    On Nov 2, 2026 Vertex kept its expectation of at least $0.5 billion from CASGEVY and JOURNAVX. The two brought in $355.4 million in the first nine months of 2026.

    Too early to tell

  4. Said on Jul 7, 2026

    Vertex agreed to buy Crinetics Pharmaceuticals for $85.00 a share in cash.

    What happened

    The purchase closed on Sep 1, 2026, at a total equity value of $10.0 billion.

    Delivered
Sources (11)
Next: What could go wrong

08What could go wrong

What could go wrong for Vertex?

  • Concentration

    One disease carries the business

    Vertex's 10-K says substantially all its product revenue has come from cystic fibrosis medicines. They were 95.1% of Q3 FY2026 revenue, so a safety, supply or pricing problem there would hit most of the business.

    Watch Revenue from medicines outside cystic fibrosis each quarter, against Vertex's FY2026 expectation of at least $0.5 billion from CASGEVY and JOURNAVX, as stated on Nov 2, 2026.

  • Legal

    Royalty dispute over ALYFTREK

    Royalty Pharma, which owns the royalty rights, started a confidential arbitration on Oct 10, 2025. It alleges the royalty on ALYFTREK is about 8%; Vertex's position is 4%. ALYFTREK has brought in $2.5 billion since launch, and Vertex reported no material loss accrued at Sep 30, 2026.

    Watch The legal note in each 10-Q and 10-K, and any ruling in the arbitration.

  • Competition

    Patents end, and copies arrive

    Basic US patents on SYMDEKO end in 2027 and on KALYDECO in 2028, and on TRIKAFTA/KAFTRIO in 2037. In Russia, sales have fallen because of a copy product that Vertex says infringes its patents.

    Watch Older cystic fibrosis medicine revenue, $130.5 million in Q3 FY2026, and patent challenges named in the 10-K.

  • Regulation

    US drug pricing rules

    The US was 62.9% of FY2025 revenue. Vertex's 10-K describes Medicare drug price negotiation under the Inflation Reduction Act and says other parts of the law may have a material impact. The 10-K says its cystic fibrosis medicines and CASGEVY are currently excluded from the IRA negotiation program.

    Watch Whether Medicare selects a Vertex medicine for price setting, as disclosed in its filings; the FY2025 10-K says its cystic fibrosis medicines and CASGEVY are currently excluded.

  • Execution

    Bought research can fail

    Vertex took a $4.4 billion charge for Alpine Immune Sciences in 2024 and a $379.0 million write-down of a type 1 diabetes program in Q1 FY2025. Crinetics added $5.12 billion of in-process research (atumelnant) to the balance sheet, which could be written down if it fails.

    Watch The FDA's action on povetacicept, set for Nov 30, 2026, and impairment lines in each quarter's results.

  • Debt

    First debt in years

    After no borrowings at the end of FY2021 to FY2025, Vertex owes $4.5 billion on a bank term loan taken on Sep 1, 2026. The first $1.0 billion is due Aug 31, 2027, and the rate floats with SOFR.

    Watch Repayments and interest expense, $36.0 million in Q3 FY2026.

  • Concentration

    A few large buyers

    McKesson bought 22% and Accredo 12% of Vertex's FY2025 gross product revenue. McKesson was 19% of receivables at Dec 31, 2025.

    Watch The customer disclosure in each 10-K.

Sources (4)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue grew every year, from $7.57 billion in FY2021 to $12.0 billion in FY2025.
  • ALYFTREK brought in $705.8 million in Q3 FY2026, up from $247.0 million a year earlier, and Vertex's royalty on it is 4% by Vertex's reading, against 9.33% on TRIKAFTA/KAFTRIO.
  • Vertex raised its FY2026 revenue range twice, to $13.15 billion to $13.25 billion on Nov 2, 2026.
  • Cash and marketable securities were $5.32 billion more than debt at Sep 30, 2026, after paying for Crinetics.
  • CASGEVY brought in $99.2 million in Q3 FY2026, up from $16.9 million a year earlier.

What critics point to

  • Cystic fibrosis medicines were 95.1% of Q3 FY2026 revenue.
  • Royalty Pharma alleges in an arbitration that the ALYFTREK royalty is about 8%, twice Vertex's 4%.
  • Bought research has swung profits: a $4.4 billion Alpine charge in 2024 and $502.0 million of Crinetics costs in Q3 FY2026.
  • Vertex now owes $4.5 billion on a term loan, with $1.0 billion due Aug 31, 2027.
  • TRIKAFTA/KAFTRIO fell to $2.44 billion in Q3 FY2026 from $2.65 billion a year earlier.
Next: What to watch next

10What to watch next

What should you watch next at Vertex?

Next event

Q4 FY2026 results

Date not announced yet.

  • The FDA's action on povetacicept

    The FDA's action date for povetacicept in IgA nephropathy is Nov 30, 2026, as stated by Vertex in its Q3 FY2026 earnings release.

  • The move from TRIKAFTA to ALYFTREK

    ALYFTREK brought in $705.8 million and TRIKAFTA/KAFTRIO $2.44 billion in Q3 FY2026. The royalty arbitration decides what Vertex pays on ALYFTREK.

  • FY2026 revenue against Vertex's range

    Vertex expects $13.15 billion to $13.25 billion for FY2026, as stated on Nov 2, 2026. The first nine months brought in $9.76 billion.

Next: Key dates

11Key dates

What are the key dates for Vertex?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Vertex
EventDateSource
FDA action date for povetacicept (IgA nephropathy)Under priority review, as stated in Vertex's Q3 FY2026 earnings release.Q3 2026 earnings release (8-K Exhibit 99.1)
Jonathan Poole becomes CFOCharles F. Wagner, Jr. stays as Chief Operating Officer.8-K filed Sep 1, 2026: Jonathan Poole appointed CFO effective Jan 1, 2027 (Item 5.02)
First $1.0 billion of the term loan dueAnother $1.0 billion is due Sep 1, 2028.Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
Last $2.5 billion of the term loan dueThe loan was drawn on Sep 1, 2026 to help pay for Crinetics.Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
Basic US patent on KALYDECO expected to expire2028, including pediatric exclusivity, as stated in the FY2025 10-K; the filing gives the year only.Not yet statedForm 10-K for fiscal year 2025 (ended Dec 31, 2025)
Basic US and European patents on TRIKAFTA/KAFTRIO expected to expire2037, as stated in the FY2025 10-K; the filing gives the year only.Not yet statedForm 10-K for fiscal year 2025 (ended Dec 31, 2025)

Learn: What is an 8-K? A company's news report, with a real Adobe filing

Sources (4)
Next: Key facts

12Key facts

Key facts about Vertex

What does Vertex Pharmaceuticals do?
Vertex Pharmaceuticals is a Boston drug company that sells medicines for cystic fibrosis, sickle cell disease and beta thalassemia, acute pain and acromegaly. Vertex's revenue was $12.0 billion in FY2025 (calendar 2025) and $3.44 billion in Q3 FY2026.
What is Vertex's business model and how does it make money?
Vertex makes money by selling patented medicines, almost all of them for cystic fibrosis, to specialty pharmacies, distributors and wholesalers. In FY2025 Vertex kept $86.2 of gross profit per $100 of revenue, after royalties and making costs, and spent $32.6 per $100 on research and development.
Is Vertex profitable?
Yes, in four of the last five years. Vertex reported net income of $3.95 billion in FY2025 and $653.6 million in Q3 FY2026, when $502.0 million of costs from buying Crinetics cut profit. FY2024 was a $535.6 million net loss after a $4.4 billion charge for buying Alpine Immune Sciences.
What is Vertex's revenue by segment?
Vertex reports one business segment. By product, Vertex's FY2025 revenue was $10.31 billion from TRIKAFTA/KAFTRIO, $837.8 million from ALYFTREK, $644.7 million from older cystic fibrosis medicines (Cityfort calculation from the FY2025 10-K), $115.8 million from CASGEVY and $59.6 million from JOURNAVX.
Who are Vertex's customers?
Vertex sells mostly to a small number of specialty pharmacies and specialty distributors and to major US wholesalers. McKesson took 22% and Accredo 12% of Vertex's FY2025 gross product revenue, and customers in the US were 62.9% of FY2025 revenue.
Who owns Vertex?
Vertex is widely held, with one class of stock and one vote per share. Capital World Investors reported 10.1% and Capital Research Global Investors 8.3% of Vertex in filings made in May 2026. Vertex's directors and executive officers together held 0.2% on Mar 16, 2026.
How much does Vertex earn from cystic fibrosis medicines?
Vertex's cystic fibrosis medicines brought in $11.8 billion in FY2025, 98.5% of product revenue (Cityfort calculation from the FY2025 10-K), and $3.27 billion in Q3 FY2026. ALYFTREK, Vertex's newest cystic fibrosis medicine, brought in $705.8 million of that in Q3 FY2026.
How much does Vertex earn from CASGEVY?
CASGEVY, Vertex's gene-edited cell therapy for sickle cell disease and transfusion-dependent beta thalassemia, brought in $115.8 million in FY2025 and $99.2 million in Q3 FY2026. CRISPR Therapeutics shares 40% of CASGEVY's profits and losses.
How much does Vertex earn from JOURNAVX?
JOURNAVX, Vertex's non-opioid pill for acute pain approved by the FDA in January 2025, brought in $59.6 million in FY2025 and $58.3 million in Q3 FY2026.
How much does Vertex earn from PALSONIFY?
PALSONIFY, a daily pill for the hormone disorder acromegaly that Vertex gained by buying Crinetics Pharmaceuticals on Sep 1, 2026, brought in $10.1 million in Q3 FY2026, covering September only.
Sources (6)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Vertex sell?

Vertex sells prescription medicines protected by patents, almost all of them for cystic fibrosis, an inherited disease that clogs the lungs with mucus. Doctors prescribe them, and specialty pharmacies and distributors supply them. Vertex has added medicines for other diseases, some by buying the companies that developed them.

  • Cystic fibrosis medicines ($11.8B in FY2025)

    Medicines that improve the faulty protein behind cystic fibrosis, aiming at the cause of the disease. TRIKAFTA/KAFTRIO brought in $10.31 billion, ALYFTREK, a once-daily newer version, $837.8 million, and older KALYDECO, ORKAMBI and SYMDEKO/SYMKEVI $644.7 million. Nearly three quarters of the about 97,000 people with the disease in the US, Europe, Australia and Canada use them.

  • CASGEVY ($115.8M in FY2025)

    A CRISPR gene-edited cell therapy for severe sickle cell disease and transfusion-dependent beta thalassemia, two inherited blood disorders. CRISPR Therapeutics shares 40% of its profits and losses.

  • JOURNAVX ($59.6M in FY2025)

    A non-opioid pill for adults with moderate-to-severe acute pain, approved by the FDA in January 2025. It works by blocking a pain signal in nerves.

  • PALSONIFY ($10.1M in September 2026)

    A once-daily pill for adults with acromegaly, a rare condition in which a pituitary tumor releases too much growth hormone. Vertex gained it by buying Crinetics on Sep 1, 2026.

  • In development: povetacicept

    A drug for IgA nephropathy, a chronic kidney disease, which came with the Alpine Immune Sciences purchase in 2024. Vertex completed its US approval application on Mar 31, 2026, and the FDA's action date is Nov 30, 2026.

What it does

  • Does: Discovers, develops and sells its own medicines
  • Does: Buys drug developers for their medicines, such as Alpine Immune Sciences in 2024 and Crinetics in 2026
  • Does: Leads CASGEVY with CRISPR Therapeutics and keeps 60% of its profits and losses

What it does not do

  • Does not: Does not report profit by medicine: it has one business segment
  • Does not: Does not keep all of its cystic fibrosis revenue: it pays tiered royalties first set up with the Cystic Fibrosis Foundation, now owned by Royalty Pharma
  • Does not: Does not pay a dividend
Sources (4)
14How the money flows

14How the money flows · FY2025

How does money flow through Vertex?

Money in

  • Medicine sales (product revenue, net)$12.0B
  • Other revenue$30.7M
  • Interest income on cash and securities$491M

The company

Vertex

$12.5B came in

Money out

  • Royalties paid on sales$1.0B
  • Making the medicines$602M
  • Research and development$3.9B
  • Selling, general and admin$1.8B
  • Bought research, a write-down, interest and other costs$535M
  • Income tax$690M
  • Net income$4.0B
  1. Customers paid Vertex $12.0 billion in FY2025, and its cash earned another $490.9 million of interest.
  2. Royalties on sales took $1.05 billion, and making the medicines cost $601.5 million.
  3. Research and development took $3.9 billion, and selling and admin took $1.75 billion.
  4. Bought research, a $379.0 million write-down of a diabetes program, interest and other costs took $535.1 million.
  5. Income tax took $690.0 million, and $3.95 billion was left as net income.
Sources (1)
15What it needs to run

15What it needs to run

What does Vertex need to run?

  • Research

    Research and development cost $3.9 billion in FY2025, 32.6% of revenue. Programs can fail: Vertex wrote down a type 1 diabetes program by $379.0 million in Q1 FY2025.

  • Patents

    Basic patents on TRIKAFTA/KAFTRIO are expected to expire in 2037 in the US and Europe, and on ALYFTREK in 2039. Older medicines lose protection sooner: KALYDECO in 2028 in the US.

  • Royalty agreements

    Vertex pays tiered royalties on its cystic fibrosis medicines under an agreement first made with the Cystic Fibrosis Foundation. Royalties were $1.05 billion in FY2025, 64% of cost of sales.

  • People

    About 6,400 employees at Dec 31, 2025, about 5,200 of them in the US.

  • Money for deals

    Vertex paid $9.06 billion in cash, net of cash acquired, for Crinetics in 2026, using its own cash and a $4.5 billion bank term loan.

Sources (3)
16Where it sells

16Where it sells · FY2025

Where does Vertex sell?

  • United States63%
  • Europe29%
  • Other countries8%
Sources (1)
17Where growth could come from

17Where growth could come from

Where could Vertex's growth come from?

Vertex said in its Q3 FY2026 earnings release (Nov 2, 2026) that it expects FY2026 total revenue of $13.15 billion to $13.25 billion. It had said $12.95 billion to $13.1 billion on Feb 12, 2026, and $13.1 billion to $13.2 billion on Aug 3, 2026. It expects at least $0.5 billion from CASGEVY and JOURNAVX together, and $40 million to $50 million from PALSONIFY.
Management statement, Nov 2, 2026. Reported as a statement, not our forecast.

  • ALYFTREK

    Working

    $705.8 million in Q3 FY2026, up from $247.0 million a year earlier

    Vertex said in its FY2025 10-K (Feb 13, 2026) that it expects most people with cystic fibrosis to move to ALYFTREK over time. It was paid for in 32 countries at Nov 2, 2026, and Vertex's royalty on it is 4% by Vertex's reading, against 9.33% on TRIKAFTA/KAFTRIO.

    Status: Working, on track against what the company said.

  • TRIKAFTA/KAFTRIO

    Mixed

    $2.44 billion in Q3 FY2026, down from $2.65 billion a year earlier

    Still Vertex's largest medicine, at $10.31 billion in FY2025. Each quarter of 2026 was below the same quarter of 2025, as ALYFTREK grew.

    Status: Mixed, partly on track.

  • CASGEVY

    Working

    $99.2 million in Q3 FY2026, up from $16.9 million a year earlier

    Vertex said the FDA approved CASGEVY for children aged 2 and older in July 2026.

    Status: Working, on track against what the company said.

  • JOURNAVX

    Early

    $58.3 million in Q3 FY2026, up from $19.6 million a year earlier

    Vertex said more than 750,000 prescriptions were filled in Q3 FY2026, against 170,000 a year earlier. CASGEVY and JOURNAVX brought in $355.4 million together in the first nine months of 2026 (Cityfort calculation from the Q1 FY2026 to Q3 FY2026 earnings releases).

    Status: Early, too early to judge.

  • PALSONIFY and the Crinetics deal

    New

    $10.1 million in September 2026

    Vertex bought Crinetics on Sep 1, 2026 at $85.00 a share, a total equity value of $10.0 billion. PALSONIFY was approved in the EU in April 2026; Vertex said on Nov 2, 2026 that it expects EU launches in the second half of 2027.

    Status: New, recently announced.

  • Povetacicept

    Early

    FDA action date Nov 30, 2026

    A kidney disease drug from the Alpine purchase. Vertex completed its application on Mar 31, 2026, using a priority review voucher, and the FDA is reviewing it under priority review.

    Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (8)
18The company's own measures (non-GAAP)

18The company's own measures · FY2023 to FY2025 and Q3 FY2026

What do Vertex's own measures show?

Adjusted (non-GAAP) figures are Vertex's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Diluted EPS, FY2025

    $15.32

    Company's own measure: Non-GAAP diluted EPS, FY2025

    $18.40

    Vertex leaves out stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more, amortization and impairment of intangible assets, fair-value changes of strategic investments and contingent consideration, acquisition-related costs, and their tax effects. It keeps acquired research (AIPR&D) in.

  • Official (GAAP): Operating income, FY2025

    $4.2B

    Company's own measure: Non-GAAP operating income, FY2025

    $5.3B

    Same exclusions as non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more EPS, before interest and tax. The $379.0 million write-down of a diabetes program is one of them.

  • Official (GAAP): Diluted EPS, FY2024

    −$2.08

    Company's own measure: Non-GAAP diluted EPS, FY2024

    $0.42

    Still low because Vertex does not leave out acquired research, which included the $4.4 billion Alpine charge.

  • Official (GAAP): Diluted EPS, FY2023

    $13.89

    Company's own measure: Non-GAAP diluted EPS, FY2023

    $15.23

    Same type of exclusions.

  • Official (GAAP): Diluted EPS, Q3 FY2026

    $2.56

    Company's own measure: Non-GAAP diluted EPS, Q3 FY2026

    $4.76

    Leaves out $502.0 million of Crinetics acquisition costs, mainly $409.6 million paid to settle unvested Crinetics stock awards, as well as stock-based compensation and amortization.

  • Official (GAAP): Net income, Q3 FY2026

    $654M

    Company's own measure: Non-GAAP net income, Q3 FY2026

    $1.2B

    Same exclusions as non-GAAP EPS for the quarter.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (5)
19Financial strength and debt

19Financial strength · Sep 30, 2026

How much debt does Vertex have?

At Sep 30, 2026 Vertex's cash and marketable securities of $9.82 billion were $5.32 billion more than its $4.50 billion term loan (Cityfort calculation from the Q3 FY2026 10-Q).
  • Total debt$4.5B
  • Cash and investments$9.8B
  • Net cash (cash minus debt)$5.3B
  • Net worth (shareholders' money)$20.9B
Debt to equity
0.22×
$ of debt for every $1 of shareholders' money
  • Vertex had no borrowings at the end of each year from FY2021 to FY2025. It drew a $4.5 billion bank term loan on Sep 1, 2026 to help pay for Crinetics: $1.0 billion is due Aug 31, 2027, $1.0 billion Sep 1, 2028 and $2.5 billion Aug 31, 2029, at the SOFR rate plus 0.875% to 1.625%.
  • Cash includes long-term marketable securities, as in Vertex's own figure of $9.8 billion at Sep 30, 2026. It was $12.3 billion at Dec 31, 2025, before the Crinetics payment of $9.06 billion net of cash acquired.
  • A new $500 million revolving credit line, available to Jul 30, 2031, was undrawn at Sep 30, 2026.
  • Not counted as debt: long-term operating lease liabilities of $1.98 billion at Sep 30, 2026.
  • Debt to equity is the term loan ÷ stockholders' equity of $20.9 billion (Cityfort calculation from the Q3 FY2026 10-Q).
Sources (3)
20Who owns it

20Who owns it · ownership as of Mar 16, 2026

Who owns Vertex?

Vertex has one class of stock with one vote per share, and no holder controls it. Its 19 directors and executive officers held 430,323 shares, 0.2%, on Mar 16, 2026. Rows have different dates and are never added.
Officers and directors (as a group), shares
0.2%
Share classes
Vertex share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (253,537,674 shares on Oct 31, 2026 (10-Q cover). Vertex has one class of common stock.)253.51–––Yes
Holders of 5% or more
Vertex holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Capital World Investors10.1%–May 14, 2026S22Schedule 13G/A, holding on Mar 31, 2026 (25,695,015 shares). The proxy showed 11.3% from an earlier filing.
Capital Research Global Investors8.3%–May 14, 2026S23Schedule 13G/A, holding on Mar 31, 2026 (21,139,169 shares).
BlackRock, Inc.8.6%–Jan 25, 2024S14, S27Proxy figure from a Schedule 13G filed Jan 25, 2024, for Dec 31, 2023 (21,881,203 shares). This is old data: no newer BlackRock filing appeared in Vertex's EDGAR filing index.
Vanguard Capital Management7.5%–Apr 30, 2026S25Schedule 13G, holding on Mar 31, 2026 (19,036,076 shares).
The Vanguard Group0.0%–Mar 27, 2026S24, S14Reported no shares in a Schedule 13G/A for Mar 13, 2026. The proxy still lists 8.8% from a filing about Dec 29, 2023.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did Vertex's insiders report trading?

Vertex's insiders made 110 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported no purchases and 93 sales (342,364 shares) in the open market or privately (codes P and S).

93 of the 93 sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 98 other share transactions (A: 42, F: 42, M: 8, D: 4, G: 2).

They also report 28 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
A
a grant, award or other acquisition from the company under Rule 16b-3
D
shares handed back to the company under Rule 16b-3
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
M
exercise or conversion of an option or other derivative, exempt under Rule 16b-3
G
a bona fide gift

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 191 transactions
Vertex's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
Brennan Daniel J.DirectorOct 20, 2026A795 A$503.47795Not checkedForm 4, filed Oct 22, 2026
van Grunsven JasperEVP, CP and NPPOSep 8, 2026A8,682 A$0.008,682Not checkedForm 4, filed Sep 10, 2026
Ambrose KristenSVP & Chief Accounting OfficerAug 28, 2026A5,000 A$0.0011,624Not checkedForm 4, filed Sep 1, 2026
SACHS BRUCE IDirectorAug 27, 2026G6,000 D$0.0039,000Not checkedForm 4, filed Aug 31, 2026
Sachdev AmitEVP Chief Patient & Ext Af OffJul 21, 2026A8,251 A$0.0066,512Not checkedForm 4, filed Jul 23, 2026
Tatsis OuraniaEVP, Chief Reg. & Quality Off.Jul 21, 2026A8,251 A$0.0053,572Not checkedForm 4, filed Jul 23, 2026
McKechnie DuncanEVP, Chief Commercial OfficerJul 2, 2026S1,541 D$519.0011,001CheckedForm 4, filed Jul 7, 2026
Tatsis OuraniaEVP, Chief Reg. & Quality Off.Jul 2, 2026S1,500 D$524.9945,321CheckedForm 4, filed Jul 7, 2026
Liu JoyEVP and Chief Legal OfficerJul 1, 2026S828 D$502.7119,131CheckedForm 4, filed Jul 6, 2026
Bozic CarmenEVP and CMOJun 26, 2026S596 D$482.5015,337CheckedForm 4, filed Jun 30, 2026
Bozic CarmenEVP and CMOJun 18, 2026S1,020 D$462.1715,933CheckedForm 4, filed Jun 23, 2026
Bozic CarmenEVP and CMOJun 15, 2026S4,062 D$450.0016,953CheckedForm 4, filed Jun 17, 2026
Bozic CarmenEVP and CMOJun 5, 2026S1,745 D$450.0021,015CheckedForm 4, filed Jun 9, 2026
Liu JoyEVP and Chief Legal OfficerJun 1, 2026S828 D$439.9119,959CheckedForm 4, filed Jun 3, 2026
Bozic CarmenEVP and CMOMay 29, 2026S1,974 D$450.0022,760CheckedForm 4, filed Jun 2, 2026
Bozic CarmenEVP and CMOMay 15, 2026S1,354 D$453.4524,734CheckedForm 4, filed May 19, 2026
Bunnage Mark E.EVP, Chief Scientific OfficerMay 15, 2026S33 D$453.457,284CheckedForm 4, filed May 19, 2026
Bozic CarmenEVP and CMOMay 12, 2026S6,988 D$450.0026,088CheckedForm 4, filed May 14, 2026
Bhatia Sangeeta N.DirectorMay 4, 2026S318 D$423.734,924CheckedForm 4, filed May 5, 2026
Bhatia Sangeeta N.DirectorMay 1, 2026A943 A$0.005,242CheckedForm 4, filed May 5, 2026
Garber Alan MDirectorMay 1, 2026A472 A$0.007,344Not checkedForm 4, filed May 5, 2026
Liu JoyEVP and Chief Legal OfficerMay 1, 2026S1,104 D$425.0220,729CheckedForm 4, filed May 5, 2026
MCKENZIE DIANADirectorMay 1, 2026A943 A$0.003,174Not checkedForm 4, filed May 5, 2026
MCKENZIE DIANADirectorMay 1, 2026D796 DSee filing2,378Not checkedForm 4, filed May 5, 2026
Schneider JenniferDirectorMay 1, 2026A472 A$0.002,190Not checkedForm 4, filed May 5, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Vertex's Form 4 filings on EDGAR.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (7)
21What it does with profit

21What it does with profit

What does Vertex do with its profit?

Vertex pays no dividend. Buybacks are cash paid for repurchases in the cash flow statement; shares withheld for employees' taxes ($369.9 million in FY2025) are separate.

  • Buyback · Dec 31, 2021

    Spent $1.43 billion buying back its own shares in 2021.

    $1.4B

  • Buyback · Dec 31, 2023

    Spent $427.6 million on buybacks in 2023 (none in 2022).

    $428M

  • Buyback · Dec 31, 2024

    Spent $1.18 billion on buybacks in 2024.

    $1.2B

  • Buyback · Dec 31, 2025

    Spent $2.02 billion on buybacks in 2025.

    $2.0B

  • Buyback · Sep 30, 2026

    Spent $933.1 million on buybacks in the first nine months of 2026; $2.5 billion of the $4.0 billion program approved in May 2025 remained at Sep 30, 2026.

    $933M

  • Money raised · Sep 1, 2026

    Borrowed $4.5 billion under a senior unsecured bank term loan, due in parts from 2027 to 2029, to help pay for Crinetics.

    $4.5B

Sources (3)
22Governance signals

22Governance signals

What do Vertex's governance filings show?

Auditor
Ernst & Young LLP, since 2005
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 2026 proxy reports one related-party transaction for 2025: the daughter of the Chief Operating and Financial Officer works at Vertex in a non-executive role and received about $155,000 in total pay.
Credit rating
No public credit rating found in a search of rating agency sites on Nov 7, 2026

Flags to know about

  • other · May 13, 2026

    Shareholders backed a written-consent proposal

    At the May 13, 2026 annual meeting a shareholder proposal for the right to act by written consent passed, with 126,892,696 votes for and 95,756,148 against.

  • other · Oct 20, 2026

    Board and finance chief changes in 2026

    Director Suketu Upadhyay did not stand for re-election after being named CFO of Incyte. Daniel Brennan, a former Boston Scientific CFO, joined the board on Oct 20, 2026, taking it from 10 to 11 members. Jonathan Poole becomes CFO on Jan 1, 2027.

  • other

    Insider share rules

    Vertex's policy bars directors and employees from hedging Vertex stock or using it as collateral for a loan.

Sources (7)
23What the market paid

23What the market paid · price as of Nov 5, 2026

What did the market pay for Vertex on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Vertex closed at $542.50 on Nasdaq, from Nasdaq's historical price table. The market value of about $137.5 billion (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q3 FY2026 10-Q) uses the 253.5 million shares on the 10-Q cover (Oct 31, 2026). P/E is price ÷ earnings per share: 35.4 on FY2025 diluted EPS of $15.32, and 34.9 on $15.54 for the four quarters to Q3 FY2026, which include $502.0 million of Crinetics deal costs (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases). P/B is market value ÷ stockholders' equity of $20.9 billion at Sep 30, 2026: 6.6. Vertex pays no dividend.

Share price
$542.50
Market value (market cap)
$137.5B
P/E
35.4×
P/B
6.6×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 253.54 million ($542.50 × 253.54 million shares ≈ $137.5B). Source: Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); 2026 proxy statement (DEF 14A)

Source: Nasdaq historical prices, VRTX, Oct 29 to Nov 5, 2026; Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025) and 4 more

Sources (9)
24How it got here

24How it got here

How did Vertex get here?

  1. 1989

    Milestone

    Founded

    Vertex was founded in 1989 and is based in Boston.

  2. 2012

    Milestone

    First cystic fibrosis medicine

    KALYDECO received its first approval in 2012, the start of the business that brings in most of Vertex's revenue today.

  3. 2019

    Business-model change

    TRIKAFTA approved

    TRIKAFTA/KAFTRIO received its first approval in 2019. By FY2025 it brought in $10.31 billion, 85.9% of revenue.

  4. 2020

    Milestone

    New CEO

    Reshma Kewalramani, then Chief Medical Officer, became CEO in April 2020, and Jeffrey Leiden became Executive Chairman.

  5. 2023

    Milestone

    CASGEVY approved

    CASGEVY, developed with CRISPR Therapeutics, received its first approval in 2023. It brought in $115.8 million in FY2025.

  6. 2024

    Crisis

    Alpine purchase leads to a loss

    Vertex bought Alpine Immune Sciences, the developer of povetacicept. The $4.4 billion charge left FY2024 with a $535.6 million net loss.

  7. 2025

    Milestone

    Two new medicines on sale

    ALYFTREK brought in $837.8 million in its first year of sales, and JOURNAVX, approved in January 2025, $59.6 million.

  8. 2026

    Business-model change

    Crinetics bought with borrowed money

    Vertex bought Crinetics on Sep 1, 2026 for a total equity value of $10.0 billion, adding PALSONIFY, and took on a $4.5 billion term loan.

Sources (4)

25Sources and changes

Where every number on this page comes from

Sources (25 documents)
  1. S1Form 10-K for fiscal year 2025 (ended Dec 31, 2025) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Feb 13, 2026
  2. S2Form 10-K for fiscal year 2023 (ended Dec 31, 2023) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Feb 15, 2024
  3. S3Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
  4. S6Q3 2026 earnings release (8-K Exhibit 99.1) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Nov 2, 2026
  5. S7Q2 2026 earnings release (8-K Exhibit 99.1) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Aug 3, 2026
  6. S8Q1 2026 earnings release (8-K Exhibit 99.1) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · May 4, 2026
  7. S9Q4 and full-year 2025 earnings release (8-K Exhibit 99.1) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
  8. S10Q3 2025 earnings release (8-K Exhibit 99.1) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2025
  9. S11Q2 2025 earnings release (8-K Exhibit 99.1) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2025
  10. S12Q1 2025 earnings release (8-K Exhibit 99.1) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2025
  11. S13Q4 and full-year 2024 earnings release (8-K Exhibit 99.1) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2025
  12. S142026 proxy statement (DEF 14A) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Apr 2, 2026
  13. S158-K filed Jul 7, 2026: merger agreement with Crinetics Pharmaceuticals (Item 1.01) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Jul 7, 2026
  14. S178-K filed Mar 31, 2026: povetacicept BLA submission completed (Item 8.01) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Mar 31, 2026
  15. S188-K filed Apr 29, 2026: director not standing for re-election (Item 5.02) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  16. S198-K filed May 13, 2026: 2026 annual meeting results and 2026 Stock and Option Plan (Items 5.02, 5.07) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · May 13, 2026
  17. S208-K filed Sep 1, 2026: Jonathan Poole appointed CFO effective Jan 1, 2027 (Item 5.02) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Sep 1, 2026
  18. S218-K filed Oct 20, 2026: Daniel Brennan appointed to the board (Item 5.02) · Vertex Pharmaceuticals Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Oct 20, 2026
  19. S22Schedule 13G/A, Capital World Investors (event Mar 31, 2026) · Capital World Investors (SEC EDGAR) · Tier 1: company or exchange filing · May 14, 2026
  20. S23Schedule 13G/A, Capital Research Global Investors (event Mar 31, 2026) · Capital Research Global Investors (SEC EDGAR) · Tier 1: company or exchange filing · May 14, 2026
  21. S24Schedule 13G/A, The Vanguard Group (event Mar 13, 2026: 0 shares) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
  22. S25Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  23. S26SEC XBRL company facts API, Vertex Pharmaceuticals (CIK 0000875320) · U.S. SEC (data.sec.gov) · Tier 1: company or exchange filing · Nov 3, 2026
  24. S27EDGAR filing index (submissions API), Vertex Pharmaceuticals (CIK 0000875320) · U.S. SEC (data.sec.gov) · Tier 1: company or exchange filing · Nov 3, 2026
  25. S28Nasdaq historical prices, VRTX, Oct 29 to Nov 5, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.