Common-Size Balance Sheet: Assets
Quarterly Data
Vertex Pharmaceuticals Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The asset structure reflects a significant strategic shift in liquidity management and capital allocation over the observed period, transitioning from a highly liquid, cash-dominant position to a more diversified long-term asset base.
- Liquidity and Current Asset Trends
- A substantial contraction in the proportion of current assets is observed. Between March 2021 and December 2022, current assets remained stable, fluctuating between 69% and 74% of total assets. However, starting in March 2024, there is a sharp decline, with current assets falling to 35.70% by September 2026. This is primarily driven by a reduction in cash and cash equivalents, which plummeted from peaks of approximately 58% in late 2022 to roughly 15% by the end of the period.
- Long-Term Asset Expansion
- Conversely, long-term assets have expanded from approximately 29% in early 2021 to 64.30% by September 2026. This expansion occurred in two distinct phases: first, a steady increase in long-term marketable securities beginning in 2023, and second, a sharp increase in intangible assets and goodwill in the final reported quarter.
- Investment Strategy Shift
- There is a clear migration of capital from immediate liquidity to longer-term investments. Long-term marketable securities, which were negligible prior to December 2022, grew rapidly to represent over 23% of total assets by mid-2025. Although this figure decreased to 10.75% by September 2026, it represents a fundamental change in how the company manages its excess capital compared to the early 2021 period.
- Intangible Assets and Strategic Acquisitions
- The balance sheet shows a marked increase in non-physical assets toward the end of the timeline. Other intangible assets remained relatively low, generally below 4%, until September 2026, when they surged to 26.02% of total assets. Similarly, goodwill, which had been on a downward trend from 8.27% to 3.97%, spiked to 7.40% in the final quarter. This pattern strongly indicates a major acquisition or a significant purchase of intellectual property occurring in the third quarter of 2026.
- Operational Asset Trends
- Inventories have exhibited a consistent and gradual upward trend, increasing from 2.47% in March 2021 to 6.86% by September 2026. This steady rise suggests an expansion in production capacity or a strategic increase in stock to support growing market demand. Other current assets and accounts receivable have remained relatively stable, suggesting that operational credit and prepaid cycles have not changed significantly relative to total asset growth.
Overall, the company has evolved from a conservative, cash-heavy posture to an aggressive growth and investment posture, characterized by a diversification into long-term securities and a significant increase in intangible asset holdings by the end of the period.
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