# Vertex Pharmaceuticals Incorporated (VRTX)

> Source: Nexqual · https://nexqual.com/VRTX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Vertex Pharmaceuticals Incorporated (VRTX), nexqual.com/VRTX" · informational, not investment advice.

**Price:** USD 535.17 (+2.03% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 524.52 · day 521.3–537.73 · 52w 403.16–560.25 · market cap $136B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $12.6B, net income $4.41B (35.0% margin), free cash flow $3.80B (SEC filings).
- Valuation: P/E 30.8x (avg 29.5x at the last 2 fiscal year-ends).
- 2 of 80 tracked superinvestors hold VRTX (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Analysts: Buy (mean 2.03 on a 1–5 scale) (32 analysts), mean target USD 571.46 (range 350–667).
- Total return with dividends: 1Y +26.6% vs S&P 500 +14.9%; 5Y +191.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.08, revenue estimate $3.43B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.57B | $8.93B | $9.87B | $11.0B | $12.0B | $12.6B |
| Gross profit | $6.67B | $7.85B | $8.61B | $9.49B | $10.3B | — |
| Operating income | $2.78B | $4.31B | $3.83B | -$233M | $4.17B | $4.78B |
| Net income | $2.34B | $3.32B | $3.62B | -$536M | $3.95B | $4.41B |
| EPS (diluted) | $9.01 | $12.82 | $13.89 | -$2.08 | $15.32 | — |
| Free cash flow | $2.41B | $3.93B | $3.34B | -$790M | $3.19B | $3.80B |
| Gross margin | 88.1% | 87.9% | 87.2% | 86.1% | 86.2% | — |
| Operating margin | 36.7% | 48.2% | 38.8% | -2.1% | 34.8% | 38.0% |
| Net margin | 30.9% | 37.2% | 36.7% | -4.9% | 32.9% | 35.0% |
| Revenue growth | +22.1% | +17.9% | +10.5% | +11.7% | +8.9% | — |
| Cash + short-term investments | $7.52B | $10.8B | $11.2B | $6.12B | $6.61B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 30.8x · P/S 10.8x · P/FCF 35.7x · P/B 6.7x · FCF yield 2.80% · Earnings yield 3.25% · Buyback yield (TTM) 1.48%
P/E at fiscal year-ends: Dec 2025 29.6x, Dec 2023 29.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold VRTX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Tweedy Browne |  | 1.51% | $19.9M | Reduced -0.7% |
| Torray Funds |  | 1.02% | $7.6M | Reduced -1.1% |

## Analysts
Consensus Buy (mean 2.03 on a 1–5 scale), 32 analysts; mean target USD 571.46 (low 350, high 667).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | RBC Capital | Target raised | Outperform | $570 → $576 |
| 2026-09-28 | UBS | Target raised | Buy | $585 → $615 |
| 2026-08-05 | Truist Securities | Target raised | Buy | $560 → $565 |
| 2026-08-05 | Barclays | Target raised | Overweight | $615 → $617 |
| 2026-08-04 | TD Cowen | Target raised | Buy | $525 → $550 |
| 2026-08-04 | Cantor Fitzgerald | Target raised | Overweight | $590 → $595 |
| 2026-08-04 | Canaccord Genuity | Target raised | Hold | $436 → $442 |
| 2026-07-13 | UBS | Target raised | Buy | $545 → $585 |
| 2026-07-13 | Truist Securities | Target raised | Buy | $542 → $560 |
| 2026-07-07 | RBC Capital | Target raised | Outperform | $543 → $570 |
| 2026-07-07 | Baird | Target raised | Underperform | $330 → $350 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +26.6% | +191.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +26.7% | +23.8% |
| Volatility (annualized) | 28.8% | 28.6% |
| Max drawdown | -15.2% (Mar 2026→Apr 2026) | -29.1% (Nov 2024→Aug 2025) |

## Peers (Biotechnology)
REGN (Regeneron Pharmaceuticals, Inc.) USD 819.09 +1.67% · MRNA (Moderna, Inc.) USD 202.63 -17.57% · ARGX (argenx SE) USD 875.76 -1.61% · ONC (BeOne Medicines Ltd.) USD 382.27 -1.08% · RVMD (Revolution Medicines, Inc.) USD 187.69 -3.39% · RPRX (Royalty Pharma plc) USD 63.75 +2.57%

## More
Full page: https://nexqual.com/VRTX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product revenues, net | $3.33B | 100.0% | +13.2% |
| — TRIKAFTA/KAFTRIO (part of Product revenues, net) | $2.50B | 74.9% | -2.1% |
| — ALYFTREK (part of Product revenues, net) | $573.6M | 17.2% | +265.8% |
| — Other CF product revenues (part of Product revenues, net) | $137.1M | 4.1% | -29.2% |
| — CASGEVY (part of Product revenues, net) | $76.4M | 2.3% | +151.3% |
| — JOURNAVX (part of Product revenues, net) | $49.6M | 1.5% | +313.3% |
| Total CF product revenues, net | $3.21B | 96.2% | +10.6% |
| Total revenue | $3.33B | 100% | — |
The lines above cover 196.2% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.06B | 61.7% | +11.3% |
| Total revenues outside of the United States | $1.28B | 38.3% | +14.4% |
| — Europe (part of Total revenues outside of the United States) | $977.7M | 29.3% | +7.3% |
| — Other (part of Total revenues outside of the United States) | $299.8M | 9.0% | +45.8% |
| Total revenue | $3.33B | 100% | — |

## Company outlook (8-K filed 2026-08-03)

- "Vertex today raised its full year 2026 total revenue guidance to $13.1 billion to $13.2 billion from $12.95 billion to $13.1 billion previously."
- "Embedded in this guidance are expectations for continued growth in CF, including the continued global uptake of ALYFTREK and TRIKAFTA, as well as $500 million or more in revenue from non-CF products, namely CASGEVY and JOURNAVX."
- "Total revenue guidance continues to reflect a year-over-year benefit of approximately 150 basis points in growth from foreign exchange rates, net of Vertex's foreign exchange hedging program."
- "Vertex reiterated its full year 2026 guidance for combined GAAP and non-GAAP R&D, AIPR&D, and SG&A expenses of $6.3 billion to $6.45 billion and $5.65 billion to $5.75 billion, respectively."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.08 | $4.91 | -98.4% | $3.43B | 15 |
| Next quarter (ends 2026-12-31) | $4.62 | $5.01 | -7.6% | $3.53B | 14 |
| Current fiscal year (ends 2026-12-31) | $17.88 | $19.04 | -6.1% | $13.28B | 17 |
| Next fiscal year (ends 2027-12-31) | $20.42 | $21.50 | -5.0% | $14.57B | 17 |