# Vertex Pharmaceuticals Inc. / MA (VRTX)

> Vertex develops and sells medicines for cystic fibrosis, inherited blood disorders, acute pain, and other serious diseases.

- Exchange: NASDAQ · Sector: Healthcare · Industry: Biotechnology
- Headquarters: Boston, Massachusetts
- Founded: 1989
- Employees: 6,400 (December 31, 2025)
- SEC CIK: 0000875320 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000875320))
- Full page: https://inspectstocks.com/stocks/vrtx
- Data as of: price 2026-09-25; newest filing used 2026-08-04; latest fiscal period ended 2026-06-30

## Grade

**B+** on the growth-and-cash rubric, 4 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $12.6B | $9.5B |
| Revenue growing recently | passed | $12.6B | $12B |
| Free cash flow positive | passed | $3.8B |  |
| Free cash flow growing overall | failed | $3.8B | $3.9B |
| Free cash flow growing recently | passed | $3.8B | $3.2B |

Business quality (the + / − mark): 6 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 35.0% |  |
| Healthy profit margin | passed | 35.0% |  |
| Strong operating margin | passed | 38.0% |  |
| Good return on equity | passed | 23.6% |  |
| Debt under control | passed | 0.11 |  |
| Turns sales into cash | passed | 30.2% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $12.6B |
| Net income, trailing twelve months | $4.4B |
| Free cash flow, trailing twelve months | $3.8B |
| Net margin | 35.0% |
| Operating margin | 38.0% |
| Return on equity | 23.6% |
| Debt to equity | 0.11 |
| Diluted EPS, trailing twelve months | $17.17 |
| Share price | $526.19 |
| Market value | $133.4B |
| Price / earnings | 30.6x |
| Price / sales | 10.6x |

## What the business does

Vertex discovers, tests, manufactures, and sells prescription medicines. Its approved medicines treat cystic fibrosis, severe sickle cell disease, transfusion-dependent beta thalassemia, and moderate-to-severe acute pain; it is also testing treatments for kidney disease, type 1 diabetes, and other conditions. It sells mainly through specialty pharmacies, distributors, and wholesalers, with some gene therapy supplied directly to treatment centers.

### How it makes money

- **TRIKAFTA/KAFTRIO sales** (74.9% (quarter ended June 30, 2026)) — Vertex sells this cystic fibrosis medicine through specialty pharmacies, specialist distributors, and wholesalers.
- **ALYFTREK sales** (17.2% (quarter ended June 30, 2026)) — Vertex sells this cystic fibrosis medicine through specialty pharmacies, specialist distributors, and wholesalers.
- **KALYDECO, ORKAMBI, and SYMDEKO/SYMKEVI sales** (4.1% (quarter ended June 30, 2026)) — Sales of these other cystic fibrosis medicines arrive through the company's pharmacy, distributor, and wholesaler channels.
- **CASGEVY sales** (2.3% (quarter ended June 30, 2026)) — Vertex sells the gene-editing treatment through specialist channels and, in some markets, directly to authorized treatment centers.
- **JOURNAVX sales** (1.5% (quarter ended June 30, 2026)) — Vertex sells this acute-pain medicine through wholesalers and pharmacy channels; insurers and government programs may cover patients' purchases.

### Products

- **ALYFTREK** — A once-daily combination medicine that improves the function of the faulty protein that causes cystic fibrosis.
- **TRIKAFTA/KAFTRIO** — A combination medicine that improves the function of the faulty protein that causes cystic fibrosis. TRIKAFTA and KAFTRIO are brand names used in different markets.
- **KALYDECO, ORKAMBI, and SYMDEKO/SYMKEVI** — Other medicines for cystic fibrosis that improve the function of the protein involved in the disease.
- **CASGEVY** — A gene-editing treatment for severe sickle cell disease and transfusion-dependent beta thalassemia. A patient's blood-forming cells are collected, edited at a manufacturing facility, and returned for infusion.
- **JOURNAVX** — An oral, non-opioid medicine for moderate-to-severe acute pain in adults.

### Customers

- Specialty pharmacies and specialist distributors buy Vertex medicines and resell them to patients, pharmacies, health care providers, hospitals, or treatment centers.
- Major wholesalers in the United States buy Vertex medicines for resale through pharmacies and health care providers.
- Outside the United States, distributors, retail pharmacies, hospitals, and clinics buy or distribute medicines; some hospitals and clinics are government-owned or supported.
- Authorized treatment centers can receive CASGEVY directly from Vertex in some markets.
- Government health programs and commercial insurers decide whether to cover medicines and reimburse purchases.

### Competitors

- Travere Therapeutics (TVTX) — Its Filspari medicine is used to treat IgA nephropathy, a kidney disease for which Vertex is developing povetacicept.
- Novartis (NVS) — Its Fabhalta medicine is used for IgA nephropathy, a condition Vertex is targeting with povetacicept.
- Pacira BioSciences (PCRX) — Its Exparel medicine is used for postsurgical pain, overlapping with Vertex's acute-pain medicine JOURNAVX.
- bluebird bio — Its Lyfgenia gene therapy treats sickle cell disease, overlapping with CASGEVY.

### What it depends on

- The business depends substantially on cystic fibrosis medicines; sales therefore depend on continued patient use, access, and the medicines' ability to compete with other treatments.
- Vertex relies on outside manufacturers and suppliers for much of its commercial and clinical supply. CASGEVY also requires coordinated cell collection, editing, shipping, and treatment-center infusion.
- Sales depend on government programs and commercial insurers covering medicines and agreeing to reimbursement terms. The company also pays royalties on certain cystic fibrosis medicines and shares CASGEVY profits with CRISPR Therapeutics.

### What could go wrong

- The company identifies its cystic fibrosis medicines as a substantial source of business dependence. Competing treatments, changes in patient use, or loss of patent protection could reduce sales.
- Vertex's future products depend on clinical trials showing acceptable safety and benefit and on regulators approving them. A delay or failure in programs such as povetacicept, inaxaplin, or zimislecel could limit its ability to add new medicines.
- The company relies on complex supply chains, outside manufacturers, and treatment-center coordination, particularly for cell and gene therapies. Manufacturing or distribution problems could delay or interrupt supply.

## More on this company

- [Overview](https://inspectstocks.com/stocks/vrtx)
- [Financial statements](https://inspectstocks.com/stocks/vrtx/financials)
- [Competitors](https://inspectstocks.com/stocks/vrtx/peers)
- [Earnings](https://inspectstocks.com/stocks/vrtx/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.