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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2005
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Vertex Pharmaceuticals Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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), 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 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.