Price to Book Value (P/BV)
since 2005
Calculation
Vertex Pharmaceuticals Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 13, 2026 | 6.69 | = | 491.47 | ÷ | 73.48 | 73.48 | = | 18,665,800 | ÷ | 254,034,190 | |
| Feb 13, 2025 | 7.24 | = | 462.58 | ÷ | 63.90 | 63.90 | = | 16,409,600 | ÷ | 256,789,869 | |
| Feb 15, 2024 | 6.26 | = | 426.29 | ÷ | 68.06 | 68.06 | = | 17,580,400 | ÷ | 258,307,816 | |
| Feb 10, 2023 | 5.50 | = | 297.40 | ÷ | 54.12 | 54.12 | = | 13,912,700 | ÷ | 257,091,441 | |
| Feb 9, 2022 | 6.16 | = | 244.24 | ÷ | 39.67 | 39.67 | = | 10,100,000 | ÷ | 254,576,691 | |
| Feb 11, 2021 | 6.30 | = | 210.50 | ÷ | 33.42 | 33.42 | = | 8,686,815 | ÷ | 259,960,062 | |
| Feb 13, 2020 | 10.23 | = | 240.09 | ÷ | 23.47 | 23.47 | = | 6,085,244 | ÷ | 259,268,593 | |
| Feb 13, 2019 | 10.68 | = | 185.25 | ÷ | 17.35 | 17.35 | = | 4,435,203 | ÷ | 255,656,889 | |
| Feb 15, 2018 | 20.14 | = | 160.94 | ÷ | 7.99 | 7.99 | = | 2,028,579 | ÷ | 253,891,984 | |
| Feb 23, 2017 | 18.42 | = | 85.73 | ÷ | 4.66 | 4.66 | = | 1,156,582 | ÷ | 248,438,127 | |
| Feb 16, 2016 | 22.38 | = | 85.37 | ÷ | 3.81 | 3.81 | = | 939,967 | ÷ | 246,391,955 | |
| Feb 13, 2015 | 25.60 | = | 113.66 | ÷ | 4.44 | 4.44 | = | 1,075,006 | ÷ | 242,088,884 | |
| Feb 11, 2014 | 14.77 | = | 84.98 | ÷ | 5.75 | 5.75 | = | 1,356,405 | ÷ | 235,771,942 | |
| Mar 1, 2013 | 10.08 | = | 46.17 | ÷ | 4.58 | 4.58 | = | 999,180 | ÷ | 218,188,628 | |
| Feb 22, 2012 | 10.05 | = | 37.60 | ÷ | 3.74 | 3.74 | = | 786,843 | ÷ | 210,335,993 | |
| Feb 17, 2011 | 16.16 | = | 39.85 | ÷ | 2.47 | 2.47 | = | 503,973 | ÷ | 204,412,712 | |
| Feb 19, 2010 | 7.45 | = | 40.70 | ÷ | 5.47 | 5.47 | = | 1,096,346 | ÷ | 200,576,408 | |
| Feb 17, 2009 | 21.09 | = | 33.10 | ÷ | 1.57 | 1.57 | = | 238,874 | ÷ | 152,189,782 | |
| Feb 11, 2008 | 8.92 | = | 18.21 | ÷ | 2.04 | 2.04 | = | 271,295 | ÷ | 132,964,533 | |
| Mar 1, 2007 | 7.52 | = | 30.03 | ÷ | 3.99 | 3.99 | = | 505,935 | ÷ | 126,650,456 | |
| Mar 16, 2006 | 18.12 | = | 39.49 | ÷ | 2.18 | 2.18 | = | 239,176 | ÷ | 109,734,852 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Annual Report.
The price-to-book value (P/BV) ratio for the period examined exhibits considerable fluctuation. Initially, the ratio demonstrates volatility, moving from 18.12 to a low of 7.52 within the first two years, followed by a peak at 21.09. Subsequent years show a general decline, reaching 7.45 before increasing again to 16.16. The period between 2011 and 2017 displays a relatively stable range, fluctuating between 10.05 and 25.60. A significant decrease is then observed, falling to 6.30 in 2021, before a modest recovery to 6.69 in 2026.
- Initial Volatility (2006-2009)
- The P/BV ratio began with a high value of 18.12, then experienced a substantial drop, indicating a potential shift in market perception relative to the company’s book value. The subsequent increase to 21.09 suggests a period of market correction or renewed investor confidence. This initial period is characterized by significant swings, potentially reflecting early-stage growth and associated uncertainties.
- Mid-Period Stability (2011-2017)
- From 2011 through 2017, the P/BV ratio remained within a more constrained range, suggesting a period of relative stability in the market’s valuation of the company’s net assets. While fluctuations occurred, they were less dramatic than those observed in the earlier years. The ratio peaked at 25.60 in 2015, potentially driven by positive market sentiment or company performance.
- Recent Decline and Recovery (2018-2026)
- Beginning in 2018, a noticeable downward trend in the P/BV ratio is evident, reaching a low of 6.30 in 2021. This decline could be attributed to various factors, including changes in investor expectations, increased competition, or concerns about future growth prospects. The ratio shows a slight recovery in the later years, rising to 6.69 in 2026, but remains significantly lower than its peak values. This suggests a potential stabilization at a lower valuation level.
- Relationship to Book Value per Share
- The fluctuations in the P/BV ratio are closely linked to changes in both the share price and the book value per share. The book value per share generally increased over the period, particularly from 2018 onwards. However, the share price increases were not always sufficient to maintain the P/BV ratio at higher levels, contributing to the observed decline in the latter part of the period. The significant increase in book value per share from 2018 to 2026 did not translate into a proportional increase in the P/BV ratio, indicating that market perception of the company’s future earnings potential may not have kept pace with its asset base.
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Comparison to Competitors
Vertex Pharmaceuticals Inc., P/BV, long-term trends, comparison to competitors
| Vertex Pharmaceuticals Inc. | AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 13, 2026 | 6.69 | — | 22.99 | 6.61 | 2.82 | 36.91 | 8.07 | 7.12 | 5.82 | 1.78 | 2.62 | 3.62 |
| Feb 13, 2025 | 7.24 | 102.40 | 26.61 | 6.98 | 3.00 | 57.93 | 7.36 | 5.30 | 4.99 | 1.68 | 2.67 | 4.09 |
| Feb 15, 2024 | 6.26 | 29.97 | 24.94 | 3.35 | 3.47 | 65.80 | 4.01 | 5.48 | 8.68 | 1.75 | 3.96 | 4.57 |
| Feb 10, 2023 | 5.50 | 15.52 | 35.01 | 4.88 | 3.64 | 29.36 | 4.90 | 5.37 | 6.07 | 2.48 | 3.77 | 4.83 |
| Feb 9, 2022 | 6.16 | 16.53 | 18.51 | 4.07 | 4.16 | 25.28 | 3.65 | 5.90 | 5.05 | 3.35 | 3.60 | 5.18 |
| Feb 11, 2021 | 6.30 | 14.18 | 14.53 | 3.55 | 3.93 | 35.07 | 4.33 | 6.72 | 7.46 | 2.98 | 4.81 | 5.15 |
| Feb 13, 2020 | 10.23 | — | 13.84 | 2.80 | 3.72 | 51.67 | 3.93 | 6.61 | 7.83 | 3.00 | 3.79 | 4.16 |
| Feb 13, 2019 | 10.68 | — | 9.41 | 5.89 | 2.80 | 12.87 | 3.89 | 6.08 | 7.79 | 3.80 | 5.07 | 3.75 |
| Feb 15, 2018 | 20.14 | 36.95 | 5.02 | 8.88 | 2.58 | 7.33 | 5.15 | 5.79 | 4.30 | 2.94 | 5.66 | 3.30 |
| Feb 23, 2017 | 18.42 | 21.24 | 4.14 | 5.66 | 2.56 | 6.33 | 4.88 | 4.72 | 4.51 | 3.40 | 8.58 | 2.86 |
| Feb 16, 2016 | 22.38 | 22.17 | 3.94 | 7.04 | 2.53 | 5.51 | 6.59 | 4.07 | 3.15 | 2.84 | 10.53 | 2.42 |
| Feb 13, 2015 | 25.60 | 56.09 | 4.59 | 6.72 | 2.63 | 5.14 | 10.08 | 4.01 | 3.42 | 2.95 | 16.22 | 2.51 |
| Feb 11, 2014 | 14.77 | 18.05 | 4.30 | 5.92 | 2.38 | 3.69 | 11.36 | 3.50 | 3.35 | 2.69 | 16.74 | 2.90 |
| Mar 1, 2013 | 10.08 | 18.06 | 3.57 | 4.40 | 2.23 | 4.15 | 7.01 | 3.29 | 2.44 | 2.42 | 12.91 | 1.72 |
| Feb 22, 2012 | 10.05 | — | 2.83 | 3.50 | 2.17 | 3.35 | 5.08 | 3.13 | 2.14 | 1.95 | 19.19 | 1.38 |
| Feb 17, 2011 | 16.16 | — | 2.04 | 2.76 | 2.39 | 3.21 | 5.29 | 2.88 | 1.85 | 1.75 | 6.42 | 1.41 |
| Feb 19, 2010 | 7.45 | — | 2.46 | 2.88 | 2.07 | 4.17 | 6.74 | 3.45 | 1.97 | 1.57 | 5.49 | 1.29 |
| Feb 17, 2009 | 21.09 | — | 2.48 | 3.29 | 1.69 | 5.01 | 9.83 | 3.56 | 2.72 | 1.44 | 2.94 | 1.02 |
| Feb 11, 2008 | 8.92 | — | 2.77 | 4.22 | 2.62 | 4.16 | 11.76 | 4.17 | 5.38 | 2.32 | 3.24 | 1.62 |
| Mar 1, 2007 | 7.52 | — | 3.96 | 5.50 | 3.32 | 5.43 | 18.07 | 4.78 | 5.45 | 2.49 | 5.77 | 1.38 |
| Mar 16, 2006 | 18.12 | — | 4.26 | 4.00 | 3.78 | 5.85 | 9.18 | 4.66 | 4.30 | 2.94 | 8.16 | 2.03 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Vertex Pharmaceuticals Inc., P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Vertex Pharmaceuticals Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 13, 2026 | 6.69 | 7.72 |
| Feb 13, 2025 | 7.24 | 7.03 |
| Feb 15, 2024 | 6.26 | 6.77 |
| Feb 10, 2023 | 5.50 | 5.66 |
| Feb 9, 2022 | 6.16 | 5.72 |
| Feb 11, 2021 | 6.30 | 5.99 |
| Feb 13, 2020 | 10.23 | 5.82 |
| Feb 13, 2019 | 10.68 | 6.02 |
| Feb 15, 2018 | 20.14 | 5.14 |
| Feb 23, 2017 | 18.42 | 4.58 |
| Feb 16, 2016 | 22.38 | 4.15 |
| Feb 13, 2015 | 25.60 | 4.47 |
| Feb 11, 2014 | 14.77 | 3.97 |
| Mar 1, 2013 | 10.08 | 3.21 |
| Feb 22, 2012 | 10.05 | 2.55 |
| Feb 17, 2011 | 16.16 | 2.25 |
| Feb 19, 2010 | 7.45 | 2.37 |
| Feb 17, 2009 | 21.09 | 2.60 |
| Feb 11, 2008 | 8.92 | 3.42 |
| Mar 1, 2007 | 7.52 | 3.82 |
| Mar 16, 2006 | 18.12 | 4.00 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Vertex Pharmaceuticals Inc., P/BV, long-term trends, comparison to industry (health care)
| Vertex Pharmaceuticals Inc. | Health Care | |
|---|---|---|
| Feb 13, 2026 | 6.69 | 6.08 |
| Feb 13, 2025 | 7.24 | 5.99 |
| Feb 15, 2024 | 6.26 | 5.94 |
| Feb 10, 2023 | 5.50 | 87,112.79 |
| Feb 9, 2022 | 6.16 | 5.48 |
| Feb 11, 2021 | 6.30 | 5.37 |
| Feb 13, 2020 | 10.23 | 5.14 |
| Feb 13, 2019 | 10.68 | 5.17 |
| Feb 15, 2018 | 20.14 | 4.55 |
| Feb 23, 2017 | 18.42 | 4.06 |
| Feb 16, 2016 | 22.38 | 3.62 |
| Feb 13, 2015 | 25.60 | 4.10 |
| Feb 11, 2014 | 14.77 | 3.51 |
| Mar 1, 2013 | 10.08 | 2.87 |
| Feb 22, 2012 | 10.05 | 2.51 |
| Feb 17, 2011 | 16.16 | 2.24 |
| Feb 19, 2010 | 7.45 | 2.36 |
| Feb 17, 2009 | 21.09 | 2.65 |
| Feb 11, 2008 | 8.92 | 3.45 |
| Mar 1, 2007 | 7.52 | 3.81 |
| Mar 16, 2006 | 18.12 | 3.97 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).