Common-Size Balance Sheet: Assets
Quarterly Data
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Vertex Pharmaceuticals Inc. pages available for free this week:
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Vertex Pharmaceuticals Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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).
A fundamental shift in asset allocation is observed between March 2021 and March 2026, characterized by a transition from high liquidity in current assets toward a more substantial concentration in long-term investments. Total current assets, which initially represented over 70% of the balance sheet, declined significantly to approximately 44% by the end of the analyzed period. Conversely, long-term assets grew from approximately 29% to over 55% of the total asset composition.
- Liquidity and Cash Management
- Cash and cash equivalents exhibited a peak of 57.87% in December 2022 before entering a sharp decline. By June 2024, this proportion dropped to 22.75% and remained stabilized around 20% through March 2026. Short-term marketable securities remained relatively stable, fluctuating between 1.5% and 6.8% of total assets, suggesting a consistent but minimal reliance on short-term investment vehicles for liquidity.
- Long-term Investment Strategy
- The most significant change in the asset structure is the emergence and growth of long-term marketable securities. This item was nonexistent or negligible until December 2022 (0.62%) but surged rapidly to reach 22.67% by December 2024. This trend indicates a strategic reallocation of capital from immediate cash holdings into long-term investment instruments.
- Operational Asset Trends
- Inventories show a steady upward trajectory, increasing from 2.47% in March 2021 to 6.67% by March 2026, which may reflect expanding production capabilities or increased stockpiling. Accounts receivable remained relatively constant, generally oscillating between 7% and 9% of total assets. Property and equipment, net, saw a gradual decrease from 8.14% to a stabilization point around 6%.
- Intangible Assets and Goodwill
- There is a consistent downward trend in the relative weight of goodwill and other intangible assets. Goodwill declined from 8.27% to 4.11%, while other intangible assets dropped from 3.30% to 1.58%. This reduction is likely a result of amortization and the dilution effect caused by the increase in the total asset base.
- Other Long-term Components
- Deferred tax assets increased from 6.73% in early 2021 to a range of 11% in 2025 and 2026. Additionally, operating lease assets showed a marked increase starting in June 2024, rising from 1.31% in March 2024 to a range between 5.47% and 6.40% through early 2026, suggesting a change in leasing arrangements or increased facility acquisitions.