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.

Vertex Pharmaceuticals Inc., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	5,084,800)	4,569,600)	10,369,100)	10,504,000)	6,795,000)
Marketable securities	1,523,300)	1,546,300)	849,200)	274,500)	729,900)
Accounts receivable, net	2,052,800)	1,609,400)	1,563,400)	1,442,200)	1,136,800)
Inventories	1,686,800)	1,205,400)	738,800)	460,600)	353,100)
Tax-related prepaid and receivables	634,500)	357,000)	429,000)	319,800)	358,600)
Prepaid expenses	101,700)	102,200)	108,600)	111,800)	83,500)
Fair value of cash flow hedges	6,200)	130,100)	1,800)	47,500)	44,500)
Other	110,900)	76,400)	84,300)	74,400)	59,200)
Prepaid expenses and other current assets	853,300)	665,700)	623,700)	553,500)	545,800)
Current assets	11,201,000)	9,596,400)	14,144,200)	13,234,800)	9,560,600)
Property and equipment, net	1,520,300)	1,227,800)	1,159,300)	1,108,400)	1,094,100)
Goodwill	1,088,000)	1,088,000)	1,088,000)	1,088,000)	1,002,200)
Other intangible assets, net	424,200)	825,900)	839,900)	603,600)	400,000)
Deferred tax assets	2,897,900)	2,331,100)	1,812,100)	1,246,900)	934,500)
Operating lease assets	1,562,700)	1,356,800)	293,600)	347,400)	330,300)
Long-term marketable securities	5,712,300)	5,107,900)	2,497,800)	112,200)	—)
Other assets	1,236,600)	999,300)	895,300)	409,600)	110,800)
Non-current assets	14,442,000)	12,936,800)	8,586,000)	4,916,100)	3,871,900)
Total assets	25,643,000)	22,533,200)	22,730,200)	18,150,900)	13,432,500)

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.

Vertex Pharmaceuticals Inc. (NASDAQ:VRTX)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items