Company file · VRTX

Vertex Pharmaceuticals

Vertex Pharmaceuticals' revenue rose 8.9% in FY2025, to $12.0B, and net income turned positive at $4.0B, from a net loss of $536M in FY2024

Revenue rose 8.9% to $12.0B in FY2025, from $11.0B in FY2024. Net income was $4.0B, against a net loss of $536M a year earlier. Products was the largest product or service, at 100% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 13, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026) · Data pulled Oct 27, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Vertex Pharmaceuticals (Nasdaq: VRTX) took in $12.0B of revenue (up 8.9% on fiscal 2024); net income was $4.0B (compared with −$536M). The most recent quarter, ended Jun 30, 2026, brought revenue of $3.3B, up 12.5% year over year, with net income of $1.1B. Products was the biggest single line by product or service: 100% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026).

Revenue$12.0BFY2025 · +8.9% vs FY2024

Net income$4.0BFY2025 · vs −$536M in FY2024

Operating cash flow$3.6BFY2025

Cash & equivalents$6.1Bat Jun 30, 2026 · +20.8% vs FY2025 end

Diluted shares258MFY2025 avg · +0.0% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 13, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Products$12.0B100%+8.6%
Collaborative and Royalty$31M0%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Products (100%) and Collaborative and Royalty (0%), as shares of total revenue. Total revenue was $12.0B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

100%

FY2024

100%

FY2025

100%

ProductsCollaborative and Royalty

Source: 10-K FY2025

By region, FY2025

United States$7.5B63%+12.9%

Outside the United States$4.5B37%+2.7%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$3.3B Q2 2026

$3.0B Q2 2025

12.5% increase

Net income

$1.1B Q2 2026

$1.0B Q2 2025

6.5% increase

Source: Vertex Pharmaceuticals 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026

By product or service

Products

$3.3B Q2 2026

$2.9B Q2 2025

13.2% increase

Collaborative and Royalty

$0M Q2 2026

$21M Q2 2025

100.0% decrease

Source: Vertex Pharmaceuticals 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026

Cash & equivalents $6.1B at Jun 30, 2026, vs $5.1B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $2.6B vs $1.9B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 8.9% in FY2025 to $12.0B, from $11.0B a year earlier. 10-K, FY2025
Net income was $4.0B in FY2025, against a net loss of $536M in FY2024. 10-K, FY2025
Operating cash flow rose 837.2% in FY2025 to $3.6B. 10-K, FY2025
Revenue in the quarter ended Jun 30, 2026 was $3.3B, up 12.5% on a year earlier. 10-Q, quarter ended Jun 30, 2026

The bear case

The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Vertex Pharmaceuticals is in the biotechnology industry, part of the health care sector. The SEC files it under Pharmaceutical Preparations.

The full description of Vertex Pharmaceuticals' business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the biotechnology industry. They are not a summary of Vertex Pharmaceuticals’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$9.9B	$11.0B	$12.0B
Net income	$3.6B	−$536M	$4.0B
Operating cash flow	$3.5B	−$493M	$3.6B
Cash & equivalents (year end)	$10.4B	$4.6B	$5.1B
Diluted shares	260M	258M	258M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

What we left out

Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.

Recent filings

Form	Filed	Period
10-Q	Aug 4, 2026	Jun 30, 2026
10-Q	May 5, 2026	Mar 31, 2026
DEF 14A	Apr 2, 2026	May 13, 2026
10-K	Feb 13, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Vertex Pharmaceuticals

How does Vertex Pharmaceuticals make money?

In fiscal 2025, revenue totaled $12.0B. By product or service in FY2025: Products (100%) and Collaborative and Royalty (0%), as shares of total revenue. Total revenue was $12.0B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What was Vertex Pharmaceuticals's revenue in fiscal 2025?

Revenue came to $12.0B in the year ended Dec 31, 2025. Going back two years, it was $9.9B in fiscal 2023 and $11.0B in fiscal 2024, so the latest year was up 8.9%. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

Is Vertex Pharmaceuticals profitable?

Yes, by US accounting rules (GAAP): net income was $4.0B in fiscal 2025, compared with −$536M from −$536M a year earlier. For the quarter ended Jun 30, 2026, net income was $1.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What did Vertex Pharmaceuticals report in its latest quarterly filing?

The 10-Q for the quarter ended Jun 30, 2026 shows revenue of $3.3B, against $3.0B in the same quarter a year before (up 12.5%), and net income of $1.1B, against $1.0B (up 6.5%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026.

What are the main risks Vertex Pharmaceuticals faces?

Vertex Pharmaceuticals's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 13, 2026. Risks that are common among companies in the biotechnology industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Vertex Pharmaceuticals numbers come from?

Two filings Vertex Pharmaceuticals made with the SEC: its fiscal 2025 10-K, filed Feb 13, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in VRTX: The editor holds no position in Vertex Pharmaceuticals (VRTX). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell VRTX from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 27, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold VRTX, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Vertex PharmaceuticalsVRTX	FY2025	$12.0B	+8.9%	$4.0B
AbbVieABBV	FY2025	$61.2B	+8.6%	$4.2B
AmgenAMGN	FY2025	$36.8B	+10.0%	$7.7B
GileadGILD	FY2025	$29.4B	+2.4%	$8.5B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.