Common-Size Income Statement
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Vertex Pharmaceuticals Inc., common-size consolidated income statement (quarterly data)
Based on: 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 common-size income statement reveals significant fluctuations in key financial metrics over the observed period, spanning from March 31, 2021, to December 31, 2025. Product revenues consistently represent the vast majority of total revenues, generally exceeding 99% throughout most of the period, with a slight decrease to 99.64% and 99.30% in the final two quarters of 2024, and returning to 100% in 2025.
Gross profit as a percentage of revenue demonstrates relative stability, fluctuating between approximately 85% and 89% for much of the period. However, a noticeable decline to 85.38% is observed in December 2023, followed by a partial recovery. Cost of sales as a percentage of revenue generally increased over time, starting at -11.15% in March 2021 and reaching -14.61% in December 2023, before decreasing slightly in 2024 and 2025.
- Research and Development (R&D) Expenses
- R&D expenses consistently represent a substantial portion of revenues, ranging from approximately 23% to 36%. A general upward trend is apparent, with expenses increasing from 26.35% in March 2021 to a peak of 36.54% in March 2024, before decreasing slightly in subsequent quarters. The acquired in-process R&D expenses show significant volatility, with a particularly large impact in June 2021 (-53.44%) and March 2024 (-168.17%).
- Operating Income
- Income from operations exhibits considerable variability. A peak of 53.15% is seen in September 2021, followed by a substantial decline to -2.12% in June 2021. A significant drop is observed in March 2024, with a negative value of -132.85%, largely attributable to the large acquired in-process R&D expense. The remainder of 2024 and 2025 show a recovery, but remain below the levels seen in 2021 and 2022.
- Selling, General, and Administrative (SG&A) Expenses
- SG&A expenses remain relatively stable as a percentage of revenue, generally fluctuating between 9% and 12%. A notable increase is observed in December 2023, reaching 14.66%, and remains elevated through 2024 and 2025, peaking at 15.27% in September 2025.
- Net Income
- Net income mirrors the trends observed in operating income, with a significant decline in March 2024 (-135.83%) due to the substantial acquired in-process R&D expense. Prior to this, net income generally ranged between 30% and 43% of revenues. The final quarters of 2024 and 2025 show a recovery, but remain below the earlier levels.
Interest income consistently contributes a small positive percentage to revenues, while interest expense remains a minor negative percentage. Other income/expense, net, demonstrates fluctuations, with a significant negative impact in March 2021 (-3.05%) and a positive impact in June 2025 (0.45%). The provision for income taxes fluctuates, impacting the final net income percentage.