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.
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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 (quarterly data)
US$ in thousands
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 financial performance, as indicated by the income statement, demonstrates a generally positive trajectory in revenue generation over the observed period, though with notable fluctuations. Product revenues, net, consistently represent the vast majority of total revenues, with a clear upward trend from 2021 through 2023. However, revenue growth appears to have slowed in 2024 and 2025, with a dip in the first quarter of 2025 before a partial recovery.
Gross profit generally follows the revenue trend, increasing from 2021 to 2023, but experiencing volatility in later periods. Cost of sales has increased consistently, and at a rate that occasionally outpaces revenue growth, impacting gross profit margins. Operating income exhibits significant variability, particularly in 2024, where a substantial loss is recorded, followed by a recovery in subsequent quarters.
- Revenue Analysis
- Total revenues increased from approximately US$1.72 billion in the first quarter of 2021 to approximately US$3.19 billion in the final quarter of 2025. The contribution from 'Other revenues' remains minimal until the first quarter of 2025, where it increases significantly, though it remains a small percentage of total revenue. The slowdown in revenue growth in 2024 and the initial dip in 2025 warrant further investigation.
- Profitability Analysis
- Gross profit margin decreased over the period. While initially around 88% in early 2021, it decreased to approximately 83% by the end of 2025. This suggests increasing costs relative to revenue. The substantial loss in operating income in 2024 is primarily attributable to a significant increase in research and development expenses, coupled with a large intangible asset impairment charge and substantial acquired in-process research and development expenses. These factors dramatically reduced profitability for that year.
- Expense Analysis
- Research and development expenses have consistently been a substantial portion of revenue, and have increased over time. The large fluctuations in acquired in-process research and development expenses introduce significant volatility to the income statement. Selling, general and administrative expenses have also increased, but at a more moderate pace than research and development. The 'Change in fair value of contingent consideration' item is relatively small but exhibits some variability.
- Net Income Analysis
- Net income mirrors the trends in operating income, with a substantial loss in 2024. The provision for income taxes fluctuates, sometimes resulting in a benefit rather than an expense, further contributing to the volatility in net income. Overall, net income demonstrates a strong correlation with revenue and expense management.
The company experienced a period of strong growth followed by a challenging year in 2024, marked by significant expenses and an impairment charge. While profitability recovered somewhat in 2025, the revenue growth rate appears to be moderating. Continued monitoring of revenue trends, cost control, and research and development spending will be crucial for future performance.