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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Vertex Pharmaceuticals Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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).
- Revenues
- The net product revenues exhibit a consistent upward trend from early 2020 to mid-2025. Starting at approximately $1.52 billion in Q1 2020, product revenues increase steadily, reaching a peak near $2.9 billion by Q1 2025. Other revenues are relatively minimal and sporadic except for some values appearing in 2024 and 2025, indicating occasional additional income streams. Overall revenues follow the pattern of product revenues closely, reflecting robust growth in the company's core sales.
- Cost of Sales and Gross Profit
- Cost of sales has generally increased alongside revenues, rising from roughly $162 million in Q1 2020 to over $400 million by Q2 2025. This increase corresponds with scaling business operations and higher sales volume. Despite rising costs, gross profit consistently improves from about $1.35 billion in Q1 2020 to over $2.5 billion in mid-2025, indicating that the company maintains healthy profit margins through this period.
- Research and Development Expenses
- R&D expenses convey an overall increasing trajectory over the analyzed quarters, starting around $449 million in Q1 2020 and moving toward nearly $1 billion by mid-2025. There are evident spikes in certain quarters, reflecting intensified investment in product development and innovation. Acquired in-process R&D expenses appear intermittently with significant values in some quarters, notably a substantial charge in mid-2024, indicating strategic acquisitions or licensing activities impacting R&D expenses.
- Selling, General and Administrative Expenses
- SG&A expenses remain relatively stable with a slight upward trend, increasing from approximately $182 million in Q1 2020 to about $425 million by Q2 2025. A notable increase occurs in late 2021, possibly reflecting higher marketing or administrative efforts corresponding with business growth.
- Intangible Asset Impairment Charge
- An important one-time intangible asset impairment charge is recorded in Q2 2025 at $379 million. This significant expense likely impacts profitability during that quarter and reflects reassessment of asset values.
- Income from Operations
- Operating income shows general growth from around $720 million in Q1 2020 to peaks exceeding $1.1 billion across multiple quarters. However, there is a sharp drop into negative territory in Q2 2021 (-$38 million) and an extreme loss in Q3 2024 (-$3.5 billion), the latter coinciding with other exceptional expense items, possibly impairments or restructuring costs. Outside these anomalies, operating income remains strong and suggests consistent operational profitability.
- Interest Income and Expense
- Interest income increases markedly over time, rising from below $13 million early on to around $180 million by early 2024, before slightly declining thereafter. Interest expense remains relatively flat and modest in comparison, generally decreasing from approximately $14 million to under $4 million by mid-2025. This trend indicates improved net interest results and favorable financing conditions.
- Other Income (Expense), Net
- Other income (expense) fluctuates considerably, with both positive and negative values reported throughout the periods. Notably, there are sharp positive inflows in mid-2020 and first half of 2021 but mostly negative or marginally negative values in recent quarters. These swings may be tied to one-off gains or losses from non-operating activities, contingent considerations, or foreign exchange impacts.
- Income Before Income Taxes and Net Income
- The income before tax generally follows operating income trends, with positive figures except for significant drops concurrent with operational losses such as in Q2 2021 and Q3 2024. Net income similarly tracks this pattern, showing growth from around $600 million in early 2020 to more than $1 billion in various quarters up to 2025, notwithstanding the substantial loss in Q3 2024. Effective tax provisions fluctuate widely, reflecting variable benefits and charges that impact net results.
- Summary of Insights
- The overall financial performance demonstrates steady revenue growth and expanding gross profit, driven by increased product sales and effective cost management. Elevated research and development spending highlights a focus on innovation and pipeline development, albeit with some volatility due to in-process R&D charges. The sizable impairment charge and exceptional losses in specific quarters represent significant non-recurring events affecting profitability and require further analysis for their long-term impact. Interest income improvement and controlled expenses support net profit stability in most periods.