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
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
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Vertex Pharmaceuticals Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Trends
- The net product revenues demonstrate consistent growth over the entire period, rising from approximately 1.52 billion USD in the first quarter of 2020 to a peak exceeding 2.9 billion USD by the fourth quarter of 2024. Slight fluctuations are observed, particularly in late 2024 and early 2025, but the overall trajectory is upward. Other revenues are minimal and sporadic, with a notable increase in the first quarter of 2025. Total revenues mirror the product revenues trend closely due to the minor contribution of other revenues.
- Cost of Sales and Gross Profit
- Cost of sales steadily increases alongside revenue growth, reaching around 423 million USD by the end of 2024. Despite this rise, gross profit consistently improves, expanding from approximately 1.35 billion USD in early 2020 to peak values near 2.49 billion USD in late 2024. The gross profit margins appear stable, given the parallel increase in revenues and cost of sales.
- Research and Development (R&D) Expenses
- R&D expenses exhibit an overall upward trend with intermittent fluctuations. Initial quarters in 2020 show expenses around 420-490 million USD, increasing to over 998 million USD in late 2024. Such growth suggests heightened investment in innovation and development activities. The acquired in-process R&D expenses show significant variability; notably, there is a substantial charge of approximately 4.45 billion USD in the third quarter of 2024, indicating a major acquisition or write-off event, which is exceptional compared to other periods.
- Selling, General, and Administrative (SG&A) Expenses
- SG&A expenses rise gradually across the timeline, starting near 182 million USD in early 2020 and reaching around 396 million USD by the end of 2024. There is an evident spike in late 2021, suggesting increased operational or administrative efforts during that period. The expenses remain elevated afterward, reflecting stable or growing administrative costs.
- Income from Operations
- Operating income generally improves over the analysis period, increasing from approximately 720 million USD in early 2020 to peaks around 1.14 billion USD before the third quarter of 2024. However, a sharp loss is recorded in mid-2024, corresponding temporally with the large acquired in-process R&D charge. This loss profoundly impacts the period's profitability but is followed by a recovery trend towards the end of the timeline.
- Interest Income and Expense
- Interest income shows an increasing trend, particularly from late 2021 onward, with a peak around 181 million USD in the second quarter of 2024 before slightly declining. Interest expense steadily decreases over time, falling from approximately 14 million USD in early 2020 to around 3 million USD by early 2025, indicating improved cost of debt or lower borrowings.
- Other Income (Expense), Net
- This category fluctuates considerably without a clear pattern; notable positive spikes occur in the middle of 2020, whereas significant negative values are registered intermittently, including severe declines in late 2022 and 2024. This volatility suggests exposure to non-operating or one-time gains and losses.
- Income Before Taxes and Tax Provision
- Income before taxes aligns closely with operating income trends but is influenced by interest and other income/expense volatility. It demonstrates solid growth until mid-2024, where a steep decline occurs coincident with extraordinary charges. Tax provisions trend variably but generally rise over time, with occasional reductions corresponding to losses or tax benefits, particularly during periods of operational losses.
- Net Income
- Net income exhibits an overall growth pattern similar to operating income, rising from about 603 million USD in early 2020 to peaks exceeding 1 billion USD in late 2023 and early 2024. A remarkable loss occurs in mid-2024, linked with significant non-recurring charges, sharply reducing net earnings. Subsequently, net income recovers partially but remains below prior peak levels by the first quarter of 2025.
- Additional Observations
- A single intangible asset impairment charge of 379 million USD is recorded in the first quarter of 2025, which likely influences the reported net income downward in that quarter. The "Change in fair value of contingent consideration" remains relatively minor throughout the periods without substantial influence on profitability or expenses.