Vertex Pharmaceuticals Inc.

VRTX
Financial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$3.0B
Q1 2026 · +7.8% YoY
TTM ROIC
39.3%
FY2025 · NOPAT / Invested Capital (Total Assets − Cash & Investments − Non-interest-bearing Current Liabilities) · WACC ~6% · Moat spread +33.3pp

Financial Snapshot


ticker: VRTX step: 04 generated: 2026-05-12 source: quick-research

Vertex Pharmaceuticals Inc. (VRTX) — Financial Snapshot

Income Statement Summary

Metric FY2023 FY2024 FY2025 YoY
Revenue $9.9B $11.0B $12.0B +9%
Adj. Gross Margin 88% 88% 88% flat
Adj. Operating Margin 50% 51% 52% +1pp
Adj. Net Income $4.0B $4.4B $4.8B +9%
Adj. EPS $15.50 $17.25 $18.75 +9%

Q1 2026 Highlights

Metric Q1 2026 YoY
Revenue $2.99B +8%
Trikafta $2.35B -7% (ALYFTREK transition)
CASGEVY + JOURNAVX >25% of growth
ALYFTREK Surpassed $1B cumulative
JOURNAVX Rx filled cumulative 1M+

2026 Guidance (mgmt)

Metric 2026 Guide
Total Revenue $12.95-13.10B
Non-CF Revenue $500M+ (CASGEVY + JOURNAVX)
Continued CF Strength Expected

Product Trajectory

Product FY25 FY26E
Trikafta (mature) ~$10.5B declining as ALYFTREK uptake
ALYFTREK (new triple) <$1B (launch) growing $1.5B+
CASGEVY (gene therapy) ~$60M (64 infusions FY25) $200M+ (more ATCs onboarding)
JOURNAVX (acute pain) <$200M (partial year) $250-400M (full year ramp)

Pipeline Catalysts

Asset Indication Status
Zimislecel (cell therapy) Type 1 Diabetes Phase 3 enrolled; dosing postponed pending internal review
Povetacicept IgA nephropathy + lupus Phase 3
Inaxaplin APOL1 kidney disease Phase 2/3
JOURNAVX neuropathic pain Diabetic peripheral neuropathy Phase 3
CTX-Sigma Hard-to-treat CF mutations Phase 2

Cash Flow & Balance Sheet (FY2025)

Metric Value
Operating Cash Flow ~$4B
Capital Expenditures ~$300M
Free Cash Flow ~$3.5B
Cash & Investments ~$11B
Total Debt ~$0B (debt-free)
Net Cash ~$11B

Key Ratios (approximate, May 2026)

  • P/E (forward): ~24x | EV/Sales: ~8x | FCF Yield: ~3%
  • ROIC: ~30%
  • Net Cash position $11B

Growth Profile

FY25 revenue $12.0B (+9%) — slowing as CF mature franchise saturates. 2026 guide $12.95-13.10B (+8-9%) with diversification kicking in. Non-CF target $500M (2026) implies double-digit growth for newer products. The 5-year story is whether JOURNAVX + zimislecel + povetacicept can drive >$3B in incremental revenue by 2030.

Forward Estimates

  • FY2026E Revenue: $12.95-13.10B (mgmt)
  • FY2026E Adj EPS: ~$19.50 (+4%)
  • FY2027E EPS: ~$22-24 (zimislecel + JOURNAVX scaling)
  • FY2028E EPS: ~$26 (if zimislecel approved + commercial launch)

Capital Return

  • No dividend
  • Buybacks: ~$2B annual run rate
  • Net cash position $11B provides flexibility for M&A

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $VRTX.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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