VRTXHIGH SIGNALFINANCIAL10-K

VRTX achieved a dramatic operational turnaround with revenue growing 330% to $2.5B and swinging from a $536M net loss to $4.0B profit.

This represents a fundamental transformation from loss-making to highly profitable operations, indicating strong commercial execution across their approved product portfolio. The massive increase in operating cash flow to $3.6B demonstrates sustainable cash generation capability that supports continued heavy R&D investment and shareholder returns.

Comparing 2026-02-13 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

VRTX delivered exceptional financial performance with revenue surging 330% to $2.5B while achieving a remarkable swing from -$536M net loss to $4.0B profit and operating cash flow jumping to $3.6B. Despite R&D expenses increasing 67% to $3.1B reflecting continued pipeline investment, the company generated massive operating leverage and increased share buybacks 71% to $2.0B. The growth in inventory (+40%) and accounts receivable (+28%) aligns with the substantial revenue expansion, signaling strong commercial momentum across their therapeutic portfolio.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+1891.9%
-$232.9M→$4.2B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+838.1%
-$535.6M→$4.0B

Net income grew 838.1% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+837.2%
-$492.6M→$3.6B

Operating cash flow surged 837.2% — exceptional cash generation, highest quality earnings signal.

Revenue
P&L
+330.4%
$578.2M→$2.5B

Strong top-line growth of 330.4% — accelerating demand or successful expansion into new markets.

Interest Expense
P&L
+319.7%
$13.9M→$58.2M

Interest expense surged 319.7% — significant debt increase or rising rates materially impacting earnings.

Share Buybacks
Cash Flow
+71.4%
$1.2B→$2.0B

Share repurchases increased 71.4% — management returning capital, signals confidence in intrinsic value.

R&D Expense
P&L
+66.8%
$1.8B→$3.1B

R&D investment increased 66.8% — signals commitment to future product development, though near-term margin impact.

Capital Expenditure
Cash Flow
+47%
$297.7M→$437.6M

Capital expenditure jumped 47% — major investment cycle underway; assess returns on deployment.

Inventory
Balance Sheet
+39.9%
$1.2B→$1.7B

Inventory surged 39.9% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Accounts Receivable
Balance Sheet
+27.6%
$1.6B→$2.1B

Receivables grew 27.6% — monitor days sales outstanding for collection efficiency.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-13
ADDED
As of February 6, 2026 , the registrant had 254,034,190 shares of common stock outstanding.
Business 1 Information about our Executive Officers 22 Item 1A.
Otherwise, we refer to our product candidates by their scientific (or generic) name or VX developmental designation.
We have approved medicines for cystic fibrosis ( CF ), sickle cell disease ( SCD ), transfusion dependent beta thalassemia ( TDT ), and acute pain, and we continue to serially innovate and advance next-generation clinical and research programs in these areas.
O ur mid- and late-stage clinical pipeline includes programs across a range of modalities in additional serious diseases, including IgA nephropathy, APOL1-mediated kidney disease, neuropathic pain, type 1 diabetes, primary membranous nephropathy, autosomal dominant polycystic kidney disease, and myotonic dystrophy type 1 .
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REMOVED
As of February 7, 2025, the registrant had 256,789,869 shares of common stock outstanding.
Business 1 Information about our Executive Officers 30 Item 1A.
Otherwise, including in discussions of our cystic fibrosis, sickle cell disease, beta thalassemia, and pain development programs, we refer to our product candidates by their scientific (or generic) name or VX developmental designation.
We have seven approved medicines: five that treat the underlying cause of cystic fibrosis ( CF ), a life-threatening genetic disease, one that treats severe sickle cell disease ( SCD ) and transfusion dependent beta thalassemia ( TDT ), life shortening inherited blood disorders, and one that treats moderate-to-severe acute pain.
Our clinical-stage pipeline includes programs in CF, SCD, beta thalassemia, acute and peripheral neuropathic pain, APOL1-mediated kidney disease, IgA nephropathy and other autoimmune renal diseases and cytopenias, type 1 diabetes, myotonic dystrophy type 1, and autosomal dominant polycystic kidney disease.
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