Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
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Vertex Pharmaceuticals Inc., consolidated balance sheet: assets
US$ in thousands
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The company’s total assets exhibited a significant growth trend from 2021 to 2025, increasing from US$13,432.5 million to US$25,643 million. This growth was not linear, with a slight decrease observed in 2024 before resuming an upward trajectory. A detailed examination of asset components reveals varying patterns.
- Liquidity and Current Assets
- Current assets increased substantially from 2021 to 2023, peaking at US$14,144.2 million, before declining in 2024 to US$9,596.4 million and recovering somewhat in 2025 to US$11,201 million. This fluctuation was largely driven by changes in cash and cash equivalents, which decreased significantly from US$10,504 million in 2022 to US$4,569.6 million in 2024. Accounts receivable and inventories demonstrated consistent growth throughout the period, suggesting increasing sales and production activity. Prepaid expenses and other current assets also showed a general upward trend.
- Long-Term Assets
- Non-current assets experienced a more consistent and substantial increase over the five-year period, rising from US$3,871.9 million in 2021 to US$14,442 million in 2025. Property and equipment, net, increased steadily, indicating ongoing investment in fixed assets. Goodwill remained relatively stable. Deferred tax assets saw significant growth, particularly between 2022 and 2025, potentially reflecting changes in tax strategies or loss carryforwards. A notable increase in operating lease assets was observed from 2023, accelerating in 2024 and 2025, suggesting a shift towards lease financing. Long-term marketable securities were introduced in 2022 and experienced rapid growth through 2025.
- Asset Composition
- The proportion of current assets to total assets decreased from approximately 75% in 2021 to around 44% in 2025. Conversely, the proportion of non-current assets increased from approximately 29% in 2021 to 56% in 2025. This shift suggests a transition towards a more capital-intensive business model and a greater reliance on long-term investments.
- Specific Asset Trends
- Inventories experienced the most rapid percentage growth among current assets, increasing from US$353.1 million in 2021 to US$1,686.8 million in 2025. This could indicate increased production levels or potential challenges in inventory management. Marketable securities exhibited volatility, with a decrease in 2022 followed by substantial growth in 2023, 2024, and 2025. The fair value of cash flow hedges remained relatively small, with a notable increase in 2024 before decreasing again in 2025.
Overall, the asset base expanded considerably during the period, with a notable shift in composition towards long-term assets. The fluctuations in cash and cash equivalents warrant further investigation, while the growth in inventories and deferred tax assets also merits attention.