Stock Analysis on Net
Stock Analysis on Net

Vertex Pharmaceuticals Inc. (NASDAQ:VRTX)

$24.99

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

US$ in thousands

Microsoft Excel
3 months ended: Mar 31, 2026 Dec 31, 2025 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
Product revenues, net
Other revenues
Revenues
Cost of sales
Gross profit
Research and development expenses
Acquired in-process research and development expenses
Selling, general and administrative expenses
Intangible asset impairment charge
Change in fair value of contingent consideration
Income (loss) from operations
Interest income
Interest expense
Other income (expense), net
Income (loss) before (provision for) benefit from income taxes
(Provision for) benefit from income taxes
Net income (loss)

Based on: 10-Q (reporting date: 2026-03-31), 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).

Revenue exhibits a consistent upward trajectory over the analyzed period, growing from 1.72 billion US dollars in March 2021 to 2.99 billion US dollars by March 2026. This growth is primarily driven by net product revenues, which show a steady quarterly climb with minor seasonal fluctuations, indicating a strong and expanding market presence for the company's core offerings.

Gross Profitability and Margin Stability
Gross profit has expanded in alignment with revenue, rising from 1.53 billion US dollars in March 2021 to 2.59 billion US dollars in March 2026. The cost of sales has increased in absolute terms but has remained proportional to revenue growth, maintaining a high and stable gross margin throughout the five-year period.
Operating Expense Trends
Research and development (R&D) expenses demonstrate a significant and sustained increase, more than doubling from approximately 454 million US dollars per quarter in early 2021 to over 960 million US dollars by March 2026. Similarly, selling, general, and administrative (SG&A) expenses rose from 192 million US dollars to 493 million US dollars over the same period, reflecting increased operational scaling and commercialization efforts.
Strategic Investment Impacts
The income statement is characterized by periodic, substantial charges related to acquired in-process research and development (IPRD). Most notably, a significant charge of 4.45 billion US dollars occurred in June 2024, resulting in a sharp quarterly operating loss of 3.51 billion US dollars and a corresponding net loss of 3.59 billion US dollars. These volatility spikes are characteristic of strategic acquisitions rather than operational failures, as profitability recovered immediately in the subsequent quarter.
Financial Income and Debt Servicing
A positive trend is observed in the net interest position. Interest income increased dramatically from 1.47 million US dollars in March 2021 to peaks exceeding 180 million US dollars, suggesting a substantial increase in cash reserves. Conversely, interest expense declined steadily from 15.68 million US dollars in early 2021 to negligible levels by March 2026, indicating a reduction in debt obligations or a shift toward a net-cash position.
Net Income Performance
Despite the volatility introduced by IPRD charges and a one-time intangible asset impairment of 379 million US dollars in March 2025, net income has generally trended upward. Excluding the anomalous June 2024 quarter, net income grew from 653 million US dollars in March 2021 to 1.03 billion US dollars in March 2026, reflecting strong underlying operational profitability.