Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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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 income statement
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 financial performance presented demonstrates a generally positive trajectory in revenue and profitability, though with notable fluctuations, particularly in 2024. Product revenues, net, consistently increased from 2021 to 2025, growing from US$7,573.4 million to US$11,970.6 million. A small contribution from other revenues appears in 2025, reaching US$30.7 million. Overall revenues mirror this growth, increasing from US$7,574.4 million to US$12,001.3 million over the five-year period.
Cost of sales exhibited a steady increase throughout the period, rising from US$904.2 million in 2021 to US$1,651.3 million in 2025. This increase, while substantial in absolute terms, remained proportionally lower than the growth in revenues, resulting in expanding gross profit margins. Gross profit increased from US$6,670.2 million to US$10,350.0 million. However, operating income experienced significant volatility. While positive and growing from 2021 to 2023, it turned negative in 2024 before recovering strongly in 2025.
- Operating Expenses
- Research and development expenses consistently increased from US$1,937.8 million in 2021 to US$3,909.5 million in 2025, indicating a continued investment in innovation. Selling, general and administrative expenses also rose steadily, from US$840.1 million to US$1,753.1 million. A significant acquired in-process research and development expense was recorded in 2024 (US$4,628.4 million), contributing substantially to the operating loss in that year. An intangible asset impairment charge of US$379.0 million further impacted 2025 results.
Non-operating items showed fluctuations. Interest income increased significantly from 2021 to 2023, then stabilized. Interest expense decreased steadily over the period. Other income (expense), net, was volatile, with a large expense recorded in 2022. Income before provision for income taxes followed the trend of operating income, with a substantial dip in 2024 before a strong recovery in 2025.
- Profitability
- Net income mirrored the overall trend, increasing from US$2,342.1 million in 2021 to US$3,619.6 million in 2023, experiencing a net loss of US$535.6 million in 2024, and rebounding to a net income of US$3,953.2 million in 2025. The provision for income taxes remained relatively stable as a percentage of income before taxes, though the absolute amount varied with pre-tax income.
The year 2024 stands out as an anomaly, with a significant operating loss and net loss, primarily driven by the substantial acquired in-process research and development expense and intangible asset impairment charge. The recovery in 2025 suggests these were non-recurring items. Overall, the financial performance indicates a company with strong revenue growth and a commitment to research and development, though subject to potential volatility from large, infrequent charges.