Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Vertex Pharmaceuticals Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net income (loss)	646,300)	913,000)	1,045,400)	(3,593,600)	1,099,600)	968,800)	1,035,300)	915,700)	699,800)	818,900)	930,500)	810,500)	762,100)	770,110)	851,928)	66,924)	653,138)	604,190)	667,434)	837,270)	602,753)
Stock-based compensation expense	166,100)	167,800)	184,600)	154,200)	191,900)	208,600)	130,900)	119,300)	122,400)	111,500)	135,600)	113,900)	130,300)	118,608)	102,996)	104,622)	115,174)	97,027)	99,539)	117,189)	115,706)
Depreciation and amortization expense	48,400)	46,500)	53,200)	54,000)	53,500)	59,000)	42,100)	41,400)	38,800)	38,400)	36,700)	37,300)	35,900)	33,832)	31,696)	31,238)	28,834)	29,355)	26,642)	26,697)	26,821)
Intangible asset impairment charge	379,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred income taxes	(191,600)	51,600)	(123,300)	(118,800)	(158,300)	(131,000)	(115,500)	(176,600)	(113,400)	148,100)	(182,300)	(229,400)	(12,300)	(41,946)	68,241)	(237,938)	57,043)	212,231)	56,147)	(27,742)	36,705)
(Gain) loss on equity securities	15,000)	7,200)	10,800)	12,700)	27,000)	400)	6,200)	400)	(6,400)	6,000)	(16,700)	84,200)	75,600)	(12,107)	(46,679)	(10,609)	52,295)	(171,071)	(75,750)	(109,986)	44,870)
Increase (decrease) in fair value of contingent consideration	—)	(1,200)	300)	500)	(100)	(50,300)	1,200)	(600)	(1,900)	1,800)	(2,600)	(49,200)	(7,500)	(2,000)	1,200)	1,600)	(3,900)	500)	1,800)	9,200)	1,600)
Other non-cash items, net	24,200)	(40,100)	41,300)	(21,200)	(36,300)	18,000)	(20,700)	(10,600)	21,700)	44,600)	(26,500)	(11,200)	4,900)	(6,188)	9,402)	8,854)	2,332)	26,461)	36,064)	6,639)	9,668)
Accounts receivable	(169,600)	69,000)	(51,800)	135,100)	(251,600)	15,400)	(6,100)	(2,900)	(90,500)	10,200)	(119,500)	(84,100)	(165,200)	(43,534)	(185,318)	52,525)	(98,373)	(72,253)	12,948)	59,533)	(223,672)
Inventories	(167,100)	(147,500)	(182,500)	(107,200)	(80,100)	(70,000)	(97,500)	(72,800)	(82,600)	(78,300)	(26,800)	(33,300)	2,000)	(26,973)	(18,335)	(24,707)	(22,785)	(37,107)	(30,521)	(36,936)	(27,450)
Prepaid expenses and other assets	(28,100)	(164,600)	21,000)	(155,900)	99,200)	(451,300)	(121,000)	(19,600)	46,200)	(284,500)	(127,200)	17,700)	67,600)	15,872)	(15,485)	(78,868)	(13,319)	(32,653)	(235,986)	(31,713)	2,790)
Accounts payable	26,200)	8,400)	66,100)	(25,100)	100)	(31,800)	9,200)	35,600)	35,700)	159,900)	(69,900)	45,300)	(14,500)	53,943)	2,302)	(13,701)	(10,644)	35,123)	1,456)	412)	14,285)
Accrued expenses	48,100)	(320,100)	170,600)	168,300)	194,100)	(356,700)	368,700)	276,700)	140,700)	(437,800)	433,200)	485,500)	61,600)	51,243)	146,631)	(45,457)	152,983)	(328,886)	81,233)	216,037)	153,814)
Other liabilities	22,000)	(5,400)	134,100)	(256,600)	167,600)	55,500)	35,600)	28,400)	89,400)	539,600)	(9,000)	(47,400)	15,700)	84,133)	(21,360)	(54,250)	8,277)	128,615)	266,742)	(28,073)	57,808)
Changes in operating assets and liabilities	(268,500)	(560,200)	157,500)	(241,400)	129,300)	(838,900)	188,900)	245,400)	138,900)	(90,900)	80,800)	383,700)	(32,800)	134,684)	(91,565)	(164,458)	16,139)	(307,161)	95,872)	179,260)	(22,425)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	172,600)	(328,400)	324,400)	(160,000)	207,000)	(734,200)	233,100)	218,700)	200,100)	259,500)	25,000)	329,300)	194,100)	224,883)	75,291)	(266,691)	267,917)	(112,658)	240,314)	201,257)	212,945)
Net cash provided by (used in) operating activities	818,900)	584,600)	1,369,800)	(3,753,600)	1,306,600)	234,600)	1,268,400)	1,134,400)	899,900)	1,078,400)	955,500)	1,139,800)	956,200)	994,993)	927,219)	(199,767)	921,055)	491,532)	907,748)	1,038,527)	815,698)
Purchases of available-for-sale debt securities	(1,647,400)	(2,158,600)	(1,384,500)	(1,296,600)	(2,598,500)	(988,500)	(407,200)	(574,200)	(1,816,600)	(274,900)	(189,900)	(110,800)	(117,100)	(80,441)	(208,301)	(118,003)	(121,455)	(184,459)	(120,360)	(51,312)	(75,265)
Sales and maturities of available-for-sale debt securities	1,637,600)	1,460,200)	1,112,300)	1,182,600)	710,500)	218,100)	331,200)	239,800)	50,000)	484,100)	193,600)	112,600)	129,700)	47,167)	230,862)	103,199)	118,072)	187,923)	39,024)	85,250)	60,145)
Acquisition of available-for-sale debt securities from Alpine Immune Sciences, Inc.	—)	—)	—)	(258,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Purchases of property and equipment	(40,700)	(92,600)	(67,700)	(69,000)	(68,400)	(58,100)	(40,600)	(59,600)	(42,100)	(33,600)	(54,200)	(53,300)	(63,600)	(61,715)	(52,522)	(49,837)	(70,926)	(47,689)	(174,795)	(17,864)	(19,450)
Net payments related to finite-lived intangible assets	—)	—)	—)	(7,700)	(180,000)	(58,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Sale of equity securities	—)	—)	—)	—)	—)	—)	—)	95,100)	—)	—)	—)	—)	—)	—)	—)	—)	—)	287,972)	21,721)	55,838)	72,036)
Payment to acquire business, net of cash acquired	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(295,900)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities	(5,300)	(30,900)	(8,100)	(15,000)	—)	—)	(1,100)	(5,000)	(24,900)	—)	(37,800)	(10,000)	—)	(39,009)	(22,991)	(15,000)	—)	—)	(13,527)	—)	(5,800)
Net cash (used in) provided by investing activities	(55,800)	(821,900)	(348,000)	(463,700)	(2,136,400)	(886,500)	(117,700)	(303,900)	(1,833,600)	175,600)	(384,200)	(61,500)	(51,000)	(133,998)	(52,952)	(79,641)	(74,309)	243,747)	(247,937)	71,912)	31,666)
Issuances of common stock under benefit plans	16,700)	34,300)	8,400)	55,000)	16,900)	46,400)	15,400)	58,600)	14,200)	51,600)	36,600)	64,400)	33,700)	34,711)	13,795)	37,935)	15,559)	30,092)	21,796)	133,461)	79,597)
Repurchases of common stock	(426,100)	(417,900)	(307,700)	(320,300)	(131,200)	(149,500)	(117,000)	(28,300)	(132,800)	—)	—)	—)	—)	(368,175)	(632,273)	—)	(424,952)	(131,103)	(108,007)	—)	(300,026)
Payments in connection with common stock withheld for employee tax obligations	(270,500)	(7,300)	(83,700)	(80,500)	(233,500)	(3,200)	(53,200)	(3,100)	(166,600)	(2,100)	(48,000)	(4,400)	(117,500)	(1,677)	(28,559)	(3,524)	(102,140)	(20,496)	(40,528)	(3,080)	(136,167)
Payments on finance leases	(1,300)	(1,300)	(5,400)	(13,700)	(13,200)	(12,000)	(11,300)	(11,000)	(10,600)	(10,400)	(49,500)	(12,700)	(12,900)	(12,408)	(12,057)	(10,302)	(12,233)	(10,897)	(10,648)	(10,443)	(10,287)
Proceeds from finance leases	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	9,953)	1,022)	7,993)	3,632)	4,609)	2,809)	—)	5,833)
Other financing activities	800)	900)	900)	900)	3,500)	(1,500)	1,100)	1,100)	1,100)	1,100)	700)	400)	1,300)	1,361)	1,411)	1,448)	1,480)	2,603)	(6,106)	87)	1,620)
Net cash used in financing activities	(680,400)	(391,300)	(387,500)	(358,600)	(357,500)	(119,800)	(165,000)	17,300)	(294,700)	40,200)	(60,200)	47,700)	(95,400)	(336,235)	(656,661)	33,550)	(518,654)	(125,192)	(140,684)	120,025)	(359,430)
Effect of changes in exchange rates on cash	30,500)	(47,300)	22,800)	(2,500)	(15,600)	27,400)	(22,500)	10,000)	12,000)	40,800)	(38,200)	(25,900)	(5,900)	(4,928)	(8,461)	4,019)	(4,030)	17,773)	6,158)	3,272)	(6,651)
Net increase (decrease) in cash, cash equivalents and restricted cash	113,200)	(675,900)	657,100)	(4,578,400)	(1,202,900)	(744,300)	963,200)	857,800)	(1,216,400)	1,335,000)	472,900)	1,100,100)	803,900)	519,832)	209,145)	(241,839)	324,062)	627,860)	525,285)	1,233,736)	481,283)

Net Income: The net income exhibited significant volatility over the periods analyzed. Initial quarters through early 2023 showed steady earnings generally ranging between approximately $600 million and $1 billion. However, notable was a substantial net loss recorded in the second quarter of 2024, amounting to approximately $3.6 billion, signaling an unusual event or impairment impacting profitability. Following this loss, net income recovered to positive values but remained variable.
Stock-Based Compensation Expense: This expense showed a generally stable pattern between $100 million and $130 million until late 2023, when a rise occurred peaking above $200 million in the fourth quarter of 2023, followed by a moderate decline yet remaining elevated relative to prior years.
Depreciation and Amortization Expense: A gradual upward trend characterized depreciation and amortization costs, increasing from around $27 million in early 2020 to approximately $53 million-$59 million in 2023, reflecting growing asset base or increased capital expenditures.
Intangible Asset Impairment Charge: A significant intangible asset impairment charge was noted only once in the final reported quarter of 2025, at $379 million, coinciding with the net loss spike observed.
Deferred Income Taxes: This tax-related item fluctuated considerably, with both positive and negative values, including large negative amounts in various quarters during 2022 and 2023, indicating volatility in tax positions or deferred tax assets and liabilities.
Gains/Losses on Equity Securities: The gains and losses associated with equity securities were also volatile but generally comprised smaller magnitude transactions, with some gains seen early on, followed by periods with both gains and losses, indicating active management or market valuation impacts.
Fair Value Changes in Contingent Consideration: The fair value changes were relatively minor except for marked negative adjustments in the fourth quarter of 2023 and early 2024, reflecting possible revisions in acquisition-related conditions.
Operating Assets and Liabilities: Changes in accounts receivable, inventories, prepaid expenses, and other liabilities demonstrated notable volatility. For instance, accounts receivable showed large negative swings implying fluctuations in collections or sales timing. Inventories fluctuated widely, occasionally indicating buildup or drawdown patterns. Prepaid expenses and other assets also experienced significant negative and positive swings. Accounts payable and accrued expenses were variable, with accrued expenses showing some large negative adjustments, indicating possible timing differences in expense recognition or payments.
Operating Cash Flows: Net cash from operating activities generally remained strong and positive, consistent with earnings, except for sharp declines in the middle of 2021 and second quarter 2024, corresponding with net income fluctuations.
Investing Activities: Investments in available-for-sale debt securities showed active management with both significant purchases and sales/maturities recorded. Large purchases were made especially in late 2023 through 2024, indicating asset accumulation. Property and equipment purchases were consistent with periodic increases over the years, indicating ongoing investments in fixed assets. There were sizable one-time acquisitions, such as the payment related to a business acquisition in 2022 and acquisition of securities from Alpine Immune Sciences in 2024. Other investing activities fluctuated, sometimes significantly negative, reflecting various cash outflows.
Financing Activities: Financing cash flows were characterized by large repurchases of common stock intermittently, especially notable in 2021 and 2023, and substantial payments withholding stock for taxes. Issuances of common stock under benefit plans were consistent but relatively moderate compared to repurchases. Occasional proceeds and payments related to finance leases occurred, with some irregularities by quarter. The financing cash flows mostly resulted in net outflows but with some positive quarters, reflecting cycles of capital return and raising.
Cash and Cash Equivalents: The net increase or decrease in cash showed substantial swings, with large positive inflows in multiple quarters driven by operating activities but also significant outflows due to investing and financing activities, including sizeable negative cash flow spikes in late 2023 and mid-2024 related to investing and financing cash uses. The variability reflects aggressive investing and shareholder return policies combined with business operating fluctuations.
Summary: Overall, the financial data suggests the entity experienced robust profitability with some notable exceptional losses, particularly linked to asset impairment and possibly extraordinary charges during 2024-2025. Cash flows from operations remained generally positive but volatile in conjunction with net income changes. The company maintained active management of investment portfolios and regularly invested in fixed assets. Share repurchases and stock-based compensation were significant, implying an emphasis on shareholder returns and employee incentives. The large impairment and related net loss in mid-2024 indicate a material event with substantial financial impact. These patterns highlight operational resilience tempered by episodic significant adjustments that affected reported results and cash flows.

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Vertex Pharmaceuticals Inc. (NASDAQ:VRTX)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data