Vertex Pharmaceuticals Incorporated
Financial Performance
Vertex Pharmaceuticals Revenue & Financials
Revenue
$12B (FY2025)
Net Income
$4B
Employees
6,400
What is Vertex Pharmaceuticals's revenue?
Vertex Pharmaceuticals had $12B in revenue for fiscal year 2025, up 8.9% from 2024. Net income was $4B.
- Latest revenue
- $12B (FY2025)
- Year-over-year
- +8.9%
- Growth rate (CAGR)
- 24.2% over 9 years
- Peak revenue
- $12B (FY2025)
- Years of data
- 10
- Employees
- 6,400
- What is Vertex Pharmaceuticals's operating income?
- Vertex Pharmaceuticals reported operating income of $4.2B for fiscal year 2025. sec.gov
- How much profit does Vertex Pharmaceuticals make?
- Vertex Pharmaceuticals reported net income of $4B for fiscal year 2025. sec.gov
- How many employees does Vertex Pharmaceuticals have?
- Vertex Pharmaceuticals has about 6,400 employees.
Financial Analysis
Vertex reported 2025 total revenue of $12.00 billion, up 9% from $11.02 billion in 2024, and GAAP net income of $3.95 billion. The 2024 net loss of $536 million reflected the acquired in-process R&D charge from the Alpine Immune Sciences deal rather than weakness in the operating business. In the second quarter of 2026 revenue grew 12% to $3.33 billion, with ALYFTREK passing $1 billion in first-half revenue and CASGEVY revenue reaching $76.4 million in the quarter. Vertex raised full-year 2026 revenue guidance to $13.1-13.2 billion from $12.95-13.1 billion and expects more than $500 million from non-CF products. The Crinetics purchase, closed September 1, 2026, is expected to become accretive to non-GAAP operating income in 2029; accounting details are due with third-quarter results on November 2, 2026.
Revenue Trend Analysis
YoY Change
+8.9%
9-Year CAGR
+24.2%
Peak Year
2025
Trend
Consistent Growth
Vertex Pharmaceuticals Incorporated has 10 full fiscal year figures on this page, compounding at +24.2% annually over 9 years. The most recent year saw a 8.9% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $12B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
Click any row to see year details.
Vertex Pharmaceuticals Incorporated balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $3.6B | $437.6M | $25.6B | $7B | $18.7B | $3.2B | Form 10-K |
| FY2024ended Dec 31, 2024 | -$492.6M | $297.7M | $22.5B | $6.1B | $16.4B | -$790.3M | Form 10-K |
| FY2023ended Dec 31, 2023 | $3.5B | $200.4M | $22.7B | $5.1B | $17.6B | $3.3B | Form 10-K |
| FY2022ended Dec 31, 2022 | $4.1B | $204.7M | $18.2B | $4.2B | $13.9B | $3.9B | Form 10-K |
| FY2021ended Dec 31, 2021 | $2.6B | $235M | $13.4B | $3.3B | $10.1B | $2.4B | Form 10-K |
| FY2020ended Dec 31, 2020 | $3.3B | $259.8M | $11.8B | $3.1B | $8.7B | $3B | Form 10-K |
| FY2019ended Dec 31, 2019 | $1.6B | $75.4M | $8.3B | $2.2B | $6.1B | $1.5B | Form 10-K |
| FY2018ended Dec 31, 2018 | $1.3B | $95.4M | $6.2B | $1.8B | $4.4B | $1.2B | Form 10-K |
| FY2017ended Dec 31, 2017 | $844.9M | $99.4M | $3.5B | $1.5B | $2B | $745.5M | Form 10-K |
| FY2016ended Dec 31, 2016 | $236.1M | $56.6M | $2.9B | $1.6B | $1.2B | $179.5M | Form 10-K |
Keep researching Vertex Pharmaceuticals
Vertex Pharmaceuticals Revenue and Financial FAQ
What was Vertex Pharmaceuticals' total revenue in 2025?
In 2025, Vertex reported consolidated total revenues of $12.0 billion, a 9% increase over $11.0 billion in 2024, driven by ongoing global penetration of Trikafta/Kaftrio.
How much of Vertex's revenue is generated by Trikafta/Kaftrio?
Trikafta/Kaftrio accounts for approximately 90% of total product revenues (over $10.5 billion annually), representing one of the top five best-selling pharmaceutical products worldwide.
What is Vertex's balance sheet cash and liquidity position?
Vertex maintains an exceptionally strong balance sheet with over $10 billion in cash, cash equivalents, and marketable securities, providing substantial flexibility for R&D and acquisitions with zero net debt.
How much does Vertex spend on research and development annually?
Vertex invests more than $4.2 billion annually in R&D, maintaining one of the highest R&D-to-revenue ratios (around 35–40%) among large-cap global biopharmaceutical companies.
What are Vertex's operating profit margins?
On a non-GAAP basis, Vertex achieves operating profit margins between 45% and 50%, reflecting strong pricing power and disciplined commercial execution.
How is revenue recognized for CASGEVY cell therapy?
Because CASGEVY requires patient stem cell collection, laboratory CRISPR editing, chemotherapy conditioning, and infusion at Authorized Treatment Centers, revenue is recognized upon product delivery and patient infusion.
Does Vertex Pharmaceuticals pay a regular cash dividend?
Vertex does not currently pay a dividend, choosing instead to reinvest capital into clinical pipeline advancement and multi-billion-dollar share repurchase programs to drive earnings per share.
What is the scale of Vertex's share repurchase program?
Vertex regularly authorizes multi-billion-dollar share buybacks, deploying over $1 billion to $1.5 billion annually to offset employee equity dilution and return capital to shareholders.
How did the $4.9 billion Alpine Immune Sciences acquisition affect 2024–2025 GAAP earnings?
Funded entirely from cash on hand, the acquisition included acquired in-process R&D charges that temporarily suppressed GAAP net income in 2024 while leaving core non-GAAP operating earnings robust.
What is Vertex's international revenue diversification?
Approximately 60% of revenue originates in the United States and 40% internationally, with strong reimbursement agreements across the UK, Germany, France, Italy, Canada, and Australia.
How does Vertex manage foreign currency fluctuations?
Vertex utilizes cash flow hedging contracts to protect European and international product sales from euro and pound sterling currency volatility against the US dollar.
What is management's forward financial guidance for 2026 and beyond?
Management guides for sustained revenue growth driven by label expansions in younger CF patients, European uptake of vanzacaftor triple combo, and commercial scaling of suzetrigine and CASGEVY.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Vertex Pharmaceuticals Revenue & Financials." CorpDigest, https://corpdigest.com/company/vertex/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Vertex Pharmaceuticals reported $12B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/vertex/financials" target="_blank" rel="noopener">CorpDigest — Vertex Pharmaceuticals financials</a></div>Related Financial Audits
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