Vertex Pharmaceuticals Inc.
VRTXFinancial 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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