Income Statement
Quarterly Data

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.

Vertex Pharmaceuticals Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Product revenues, net	3,076,400)	2,944,000)	2,760,200)	2,912,000)	2,771,900)	2,645,600)	2,690,600)	2,517,700)	2,483,500)	2,493,200)	2,374,800)	2,302,700)	2,334,300)	2,196,200)	2,097,500)	2,072,561)	1,984,164)	1,793,370)	1,723,305)	1,626,920)	1,536,271)	1,524,485)	1,515,107)
Other revenues	—)	20,700)	10,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,000)	900)	2,000)	—)	—)
Revenues	3,076,400)	2,964,700)	2,770,200)	2,912,000)	2,771,900)	2,645,600)	2,690,600)	2,517,700)	2,483,500)	2,493,200)	2,374,800)	2,302,700)	2,334,300)	2,196,200)	2,097,500)	2,072,561)	1,984,164)	1,793,370)	1,724,305)	1,627,820)	1,538,271)	1,524,485)	1,515,107)
Cost of sales	(414,800)	(407,500)	(363,000)	(423,400)	(392,600)	(371,900)	(342,600)	(368,000)	(318,700)	(308,600)	(266,900)	(283,300)	(289,400)	(261,800)	(245,800)	(247,387)	(236,512)	(227,972)	(192,329)	(203,101)	(186,182)	(184,520)	(162,497)
Gross profit	2,661,600)	2,557,200)	2,407,200)	2,488,600)	2,379,300)	2,273,700)	2,348,000)	2,149,700)	2,164,800)	2,184,600)	2,107,900)	2,019,400)	2,044,900)	1,934,400)	1,851,700)	1,825,174)	1,747,652)	1,565,398)	1,531,976)	1,424,719)	1,352,089)	1,339,965)	1,352,610)
Research and development expenses	(977,700)	(978,400)	(979,700)	(998,700)	(875,900)	(966,600)	(789,100)	(824,600)	(810,000)	(785,700)	(742,600)	(694,100)	(645,000)	(600,100)	(601,100)	(567,786)	(467,051)	(448,690)	(454,273)	(466,584)	(493,497)	(420,928)	(448,528)
Acquired in-process research and development expenses	(54,500)	(2,200)	(19,800)	(87,500)	(15,000)	(4,449,100)	(76,800)	(17,800)	(51,700)	(110,500)	(347,100)	(22,600)	(29,000)	(61,900)	(2,000)	(126,500)	(26,700)	(958,400)	(1,700)	—)	—)	—)	—)
Selling, general and administrative expenses	(445,100)	(424,600)	(396,400)	(377,600)	(371,800)	(372,200)	(342,700)	(369,100)	(263,800)	(262,600)	(241,100)	(267,400)	(246,800)	(215,300)	(215,200)	(255,165)	(198,189)	(194,669)	(192,077)	(211,843)	(184,551)	(191,804)	(182,258)
Intangible asset impairment charge	—)	—)	(379,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Change in fair value of contingent consideration	1,900)	(900)	(2,200)	1,200)	(300)	(500)	100)	50,300)	(1,200)	600)	1,900)	(1,800)	2,600)	49,200)	7,500)	2,000)	(1,200)	(1,600)	3,900)	(500)	(1,800)	(9,200)	(1,600)
Income (loss) from operations	1,186,200)	1,151,100)	630,100)	1,026,000)	1,116,300)	(3,514,700)	1,139,500)	988,500)	1,038,100)	1,026,400)	779,000)	1,033,500)	1,126,700)	1,106,300)	1,040,900)	877,723)	1,054,512)	(37,961)	887,826)	745,792)	672,241)	718,033)	720,224)
Interest income	125,700)	122,400)	120,900)	128,200)	132,200)	156,500)	181,200)	179,500)	167,900)	144,700)	122,600)	86,000)	46,200)	10,800)	1,600)	1,186)	1,116)	1,133)	1,465)	2,320)	3,100)	4,243)	12,576)
Interest expense	(3,300)	(3,700)	(3,000)	(2,800)	(7,500)	(9,900)	(10,400)	(10,600)	(10,900)	(11,200)	(11,400)	(11,600)	(13,700)	(14,600)	(14,900)	(15,089)	(15,255)	(15,478)	(15,678)	(16,288)	(13,856)	(13,871)	(14,136)
Other income (expense), net	(9,800)	13,200)	(17,600)	(14,900)	(16,900)	(23,100)	(31,200)	(9,800)	(15,900)	1,600)	1,300)	(31,100)	17,200)	(78,100)	(72,800)	7,134)	42,368)	8,051)	(52,653)	156,799)	84,386)	116,365)	(61,130)
Income (loss) before (provision for) benefit from income taxes	1,298,800)	1,283,000)	730,400)	1,136,500)	1,224,100)	(3,391,200)	1,279,100)	1,147,600)	1,179,200)	1,161,500)	891,500)	1,076,800)	1,176,400)	1,024,400)	954,800)	870,954)	1,082,741)	(44,255)	820,960)	888,623)	745,871)	824,770)	657,534)
(Provision for) benefit from income taxes	(215,900)	(250,100)	(84,100)	(223,500)	(178,700)	(202,400)	(179,500)	(178,800)	(143,900)	(245,800)	(191,700)	(257,900)	(245,900)	(213,900)	(192,700)	(100,844)	(230,813)	111,179)	(167,822)	(284,433)	(78,437)	12,500)	(54,781)
Net income (loss)	1,082,900)	1,032,900)	646,300)	913,000)	1,045,400)	(3,593,600)	1,099,600)	968,800)	1,035,300)	915,700)	699,800)	818,900)	930,500)	810,500)	762,100)	770,110)	851,928)	66,924)	653,138)	604,190)	667,434)	837,270)	602,753)

Revenue Trends: The company’s net product revenues show a consistent upward trajectory from March 2020 to December 2025, increasing from approximately $1.52 billion to over $3.07 billion. Other revenues are minimal or sporadic but show notable spikes in March and June 2024. Total revenues closely mirror product revenues due to the dominance of product sales.
Cost of Sales: Cost of sales also increased over the same period, rising from about $162 million in early 2020 to a peak of around $423 million in March 2025, followed by a decrease in subsequent quarters. This upward trend aligns with the increase in product revenues, indicating rising production or procurement costs.
Gross Profit: Despite the rise in cost of sales, gross profit demonstrates steady growth, moving from approximately $1.35 billion in March 2020 to about $2.66 billion by September 2025. This suggests that revenue growth outpaces cost increases, contributing to expanded gross margin over time.
Research and Development (R&D) Expenses: R&D expenses have also trended upwards, starting at $449 million in the first quarter of 2020 and peaking at near $999 million in December 2024 before stabilizing slightly. There are significant fluctuations that could be linked to specific projects or investments in innovation capacity.
Acquired In-Process R&D Expenses: These expenses are irregular and show notable spikes, particularly a major expense of over $4.4 billion recorded in June 2024, indicating substantial investment or acquisition activities likely related to future product development or technology acquisition.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses generally increase from $182 million to $445 million by September 2025, with some quarter-to-quarter volatility. This reflects growing costs associated with scaling operations, marketing, and administration consistent with revenue growth.
Intangible Asset Impairment: An impairment charge of $379 million is noted in June 2025, suggesting a reassessment of asset values possibly due to changes in market conditions, strategy, or asset utilization.
Changes in Fair Value of Contingent Consideration: This metric fluctuates quarter-over-quarter with mostly modest amounts, but shows a few spikes, indicative of adjustments to liabilities contingent on future events, possibly related to acquisitions or agreements.
Operating Income (Loss): Operating income varies considerably, with a sizeable dip to a loss of approximately $38 million in June 2021 and another significant loss around $3.5 billion in June 2024, aligning with the spike in acquired in-process R&D. Outside these outliers, operating income consistently remains strong, exceeding $1 billion in multiple quarters.
Interest Income and Expense: Interest income shows an increasing trend, rising from around $12.6 million to a peak above $181 million in March 2024, before slightly decreasing but maintaining elevated levels. Interest expense decreases steadily over time from around $14 million to approximately $3 million by late 2025, indicating reduced debt levels or more favorable borrowing conditions.
Other Income (Expense), Net: This line item is volatile, moving between negative and positive values without a clear trend, reflecting variable non-operating income or expenses.
Income Before Taxes: Income before taxes follows the fluctuations in operating income, with strong positive results for most quarters but large negative deviations coinciding with spikes in acquired in-process R&D and impairment charges.
Tax Provision: Tax provisions fluctuate widely with the income pattern, including sizable negative provisions (tax benefits) during loss periods and consistent tax expenses when income is positive.
Net Income (Loss): Net income largely follows operating and pre-tax income trends, showing steady positive earnings except for a substantial loss exceeding $3.5 billion in June 2024. Excluding this extraordinary loss, net income growth is evident over time, reaching more than $1 billion in several quarters.
Summary: The company demonstrates strong revenue growth accompanied by increases in costs and expenses related to R&D, SG&A, and acquisitions. While the overall profitability trend is positive, it is punctuated by significant charges related to acquired in-process research and development and asset impairment. Interest income grows substantially, offsetting some financing costs. The financial profile suggests aggressive investment in innovation and capacity expansion, with episodic non-recurring charges impacting reported earnings. The underlying core operations remain strong with expanding gross profits and consistent operational income outside of extraordinary items.

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Vertex Pharmaceuticals Inc. (NASDAQ:VRTX)

Income Statement Quarterly Data

Income Statement
Quarterly Data