# Vertex Pharmaceuticals Inc. (VRTX) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/VRTX/thesis · /stocks/VRTX/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/VRTX/fundamental

## Navigation

- Overview: /stocks/VRTX
- Financials (this page): /stocks/VRTX/financials
- Thesis: /stocks/VRTX/thesis
- Investment Memo: /stocks/VRTX/memo
- Coverage universe: /stocks