Latest revenue
$2.99B
as of 2026-03-31
Latest net income
$1.03B
as of 2026-03-31
Net margin
34.5%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $110.28B
- Enterprise value
- $105.46B
- P/E (trailing)
- 27.9×
- Forward P/E
- —
- P/B
- 6.37×
- Dividend yield
- 0.0%
- 52-wk high
- $507.92
- 52-wk low
- $362.50
- Beta
- —
- Shares out
- 253.8M
5-year trend
What this company does
Vertex Pharmaceuticals develops and sells prescription drugs, with its franchise anchored in cystic fibrosis therapies like Trikafta/Kaftrio alongside newer launches in pain and gene-edited sickle cell disease. Nearly all revenue comes from product sales, which reached $8.8 billion in the first nine months of 2025, up 8% year-over-year. The company is diversifying beyond cystic fibrosis after its 2024 Alpine Immune Sciences acquisition, swinging back to $2.76 billion in net income following last year's loss driven by a $4.5 billion in-process R&D charge.
Generated from VRTX's filing dated 2026-02-13
Key risks
- CF concentration: ~$8.78B of $8.81B nine-month revenue is product sales, overwhelmingly from CFTR franchise facing eventual genericization and Vanza/Alyftrek transition risk.
- $379M intangible asset impairment charge taken in 2025 signals pipeline asset write-down, following 2024's $4.54B acquired IPR&D expense from Alpine deal.
- Aggressive buybacks ($1.91B YTD 2025 vs $763M prior year) drained APIC to $5.01B; cash/marketables still ~$12B but capital return accelerating.
Generated from VRTX's filing dated 2026-02-13
Profitability
Operating margin
34.8%
1745.4%Net margin
32.9%
777.7%Return on equity
21.2%
795.2%Return on assets
15.4%
748.6%Leverage
Debt / equity
0.37×
32.7%Long-term debt / equity
0.01×
70.0%Debt / assets
27.2%
23.8%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $2.99B | +7.8% | $1.03B | +59.6% | 34.5% |
Q4 2025 2025-12-31 | $3.19B | +9.5% | $1.19B | +738.3% | 37.3% |
Q3 2025 2025-09-30 | $3.08B | +11.0% | $1.08B | +3.6% | 35.2% |
Q2 2025 2025-06-30 | $2.96B | +12.1% | $1.03B | +141.4% | 34.8% |
Q1 2025 2025-03-31 | $2.77B | +3.0% | $646.3M | -41.2% | 23.3% |
Q4 2024 2024-12-31 | $2.91B | — | $-186.6M | — | -6.4% |
Q3 2024 2024-09-30 | $2.77B | +11.6% | $1.05B | +1.0% | 37.7% |
Q2 2024 2024-06-30 | $2.65B | +6.1% | $-2.49B | -372.4% | -94.3% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Pharmaceutical Preparations · SIC 2834
Your notes
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Insider activity
Insider buying
$5.8M
Insider selling
$151.9M
Net activity
−$146.0M
Distinct insiders
14
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns VRTX
Institutional value
$26.16B
Total shares held
59.9M
Distinct holders
702
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 16.5M | $7.37B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 5.1M | $2.30B | — | New |
| 3 | JENNISON ASSOCIATES LLC | 2.7M | $1.22B | — | New |
| 4 | Invesco Ltd. | 2.6M | $1.14B | — | New |
| 5 | Legal & General Group Plc | 2.0M | $873.3M | — | New |
| 6 | Bank of New York Mellon Corp | 1.6M | $708.4M | — | New |
| 7 | DEUTSCHE BANK AG\ | 1.5M | $686.7M | — | New |
| 8 | VANGUARD FIDUCIARY TRUST CO | 1.5M | $654.5M | — | New |
| 9 | WCM INVESTMENT MANAGEMENT, LLC | 1.1M | $496.9M | — | New |
| 10 | Nuveen, LLC | 1.1M | $484.3M | — | New |
| 11 | DIMENSIONAL FUND ADVISORS LP | 989.3K | $441.8M | — | New |
| 12 | WELLS FARGO & COMPANY/MN | 745.0K | $332.7M | — | New |
| 13 | Swiss National Bank | 744.6K | $332.5M | — | New |
| 14 | CITIGROUP INC | 682.8K | $304.9M | — | New |
| 15 | HSBC HOLDINGS PLC | 655.4K | $292.7M | — | New |
| 16 | UBS Group AG | 630.6K | $281.6M | — | New |
| 17 | Sumitomo Mitsui Trust Group, Inc. | 614.4K | $274.4M | — | New |
| 18 | Mitsubishi UFJ Asset Management Co., Ltd. | 597.5K | $266.8M | — | New |
| 19 | Vanguard Global Advisers, LLC | 555.7K | $248.2M | — | New |
| 20 | National Pension Service | 532.1K | $237.6M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
The $379M intangible impairment this year—which asset was written down, and does it signal failure of an acquired pipeline program?
- 2
Inventory jumped 35% to $1.63B against 8% revenue growth—are you building for CASGEVY/Journavx ramps that aren't materializing?
- 3
R&D rose 12% to $2.94B while SG&A grew 16%—what's the operating leverage trajectory as Journavx launch costs scale?
Refreshed when VRTX files a new report · last from 2026-02-13