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Vertex Pharmaceuticals Inc. (NASDAQ:VRTX)

Common-Size Balance Sheet: Assets
Quarterly Data

Vertex Pharmaceuticals Inc., common-size consolidated balance sheet: assets (quarterly data)

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Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 22.40 20.74 19.83 19.87 20.69 20.43 20.28 23.56 22.75 38.29 45.62 51.14 49.88 48.96 57.87 54.90 55.85 53.31 50.59 49.73 49.61 52.04
Marketable securities 6.23 6.62 5.94 5.42 5.87 6.67 6.86 5.78 6.04 4.24 3.74 3.77 5.33 5.92 1.51 3.59 3.54 4.48 5.43 5.43 5.27 5.11
Accounts receivable, net 7.78 7.54 8.01 7.83 7.88 7.89 7.14 7.87 8.23 7.50 6.88 7.08 7.65 8.16 7.95 8.29 8.55 9.07 8.46 8.72 7.60 8.07
Inventories 6.44 6.67 6.58 6.54 6.24 5.94 5.35 4.86 4.54 3.40 3.25 3.17 2.97 2.82 2.54 2.32 2.36 2.38 2.63 2.64 2.63 2.47
Prepaid expenses and other current assets 2.89 2.72 3.33 2.85 2.71 2.81 2.95 2.02 2.86 2.14 2.74 2.49 2.34 2.47 3.05 4.35 3.53 3.45 4.06 3.63 4.08 2.80
Current assets 45.74% 44.29% 43.68% 42.51% 43.38% 43.74% 42.59% 44.08% 44.41% 55.56% 62.23% 67.64% 68.17% 68.33% 72.92% 73.45% 73.82% 72.68% 71.18% 70.15% 69.20% 70.49%
Property and equipment, net 6.07 6.07 5.93 5.73 5.55 5.66 5.45 5.03 5.97 4.90 5.10 5.17 5.52 5.86 6.11 6.70 7.06 7.77 8.15 8.26 8.36 8.14
Goodwill 3.97 4.11 4.24 4.38 4.53 4.76 4.83 4.89 5.40 4.55 4.79 5.01 5.35 5.73 5.99 6.44 6.43 7.03 7.46 7.94 8.20 8.27
Other intangible assets, net 1.51 1.58 1.65 1.73 1.81 1.93 3.67 3.74 4.16 3.49 3.70 2.78 2.97 3.18 3.33 3.61 2.48 2.81 2.98 3.17 3.27 3.30
Deferred tax assets 10.98 11.13 11.30 11.81 11.28 11.12 10.35 10.38 10.86 8.21 7.97 7.96 7.56 7.17 6.87 6.96 7.34 6.63 6.96 7.40 7.80 6.73
Operating lease assets 6.06 6.36 6.09 6.40 5.47 5.85 6.02 6.28 2.83 1.31 1.29 1.43 1.59 1.77 1.91 2.05 2.04 2.31 2.46 2.48 2.59 2.66
Long-term marketable securities 21.11 21.71 22.28 23.02 23.49 22.54 22.67 21.15 21.82 18.32 10.99 7.82 6.67 5.70 0.62 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other assets 4.56 4.74 4.82 4.42 4.49 4.40 4.43 4.45 4.55 3.66 3.94 2.19 2.18 2.25 2.26 0.79 0.82 0.78 0.82 0.60 0.58 0.41
Long-term assets 54.26% 55.71% 56.32% 57.49% 56.62% 56.26% 57.41% 55.92% 55.59% 44.44% 37.77% 32.36% 31.83% 31.67% 27.08% 26.55% 26.18% 27.32% 28.82% 29.85% 30.80% 29.51%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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).

A significant structural transformation in asset allocation is observed between March 2021 and June 2026. The balance sheet evolved from a predominantly liquid, current-asset-heavy position to one with a substantial emphasis on long-term investments and strategic assets.

Liquidity and Current Asset Composition
Current assets experienced a marked decline as a percentage of total assets, falling from a peak of 73.82% in June 2022 to approximately 45.74% by June 2026. This contraction is primarily driven by a sharp reduction in cash and cash equivalents, which dropped from levels consistently above 50% between 2021 and 2023 to roughly 20% from 2024 onward.
Conversely, inventories showed a steady upward trend, increasing from 2.47% in March 2021 to 6.44% by June 2026, suggesting a growth in operational scale or a change in inventory management strategy.
Accounts receivable remained relatively stable throughout the period, generally fluctuating between 6.88% and 9.07% of total assets.
Long-Term Investment Strategy
The most prominent change is the aggressive reallocation of capital into long-term marketable securities. This item was virtually non-existent in 2021, appeared at 0.62% in December 2022, and grew rapidly to reach 21.11% by June 2026. This trend explains the overarching shift from current assets to long-term assets.
Total long-term assets rose from 29.51% in March 2021 to 54.26% by June 2026, reflecting a strategic pivot toward longer-duration asset holding.
Operational and Intangible Assets
A consistent downward trend is observed in goodwill and other intangible assets. Goodwill decreased from 8.27% to 3.97%, while other intangible assets fell from 3.30% to 1.51% over the analyzed period. This decline may be attributed to amortization or the dilution effect caused by the growth of other asset classes.
Deferred tax assets exhibited an increase, rising from 6.73% in March 2021 to a peak of 11.81% in September 2025, before settling at 10.98% in June 2026.
Operating lease assets saw a notable increase, particularly starting in June 2024, rising from approximately 2.66% in early 2021 to 6.06% by June 2026.

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