Demand and volumepositive · 4 filings
“4,452.7 3% 4,335.2 13% 3,828.8 Total revenues $ 12,001.3 9% $ 11,020.1 12% $ 9,869.2 Our U.S.”10-K · Feb 13, 2026 ↗
Vertex Pharmaceuticals Incorporated
VRTX
Market read
Vertex Pharmaceuticals Incorporated's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 15 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.
What changed
- Revenue increased 7.8% versus the comparable filing period.
Company+0.2% todayVolume comparison unavailable
Market group0 of 15 activeHealthcare Sector · unavailable
Disclosed network0 of 7 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- VRTX's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if VRTX's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 15 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 7.8% versus the comparable filing period.
- Operating margin improved 15.4 percentage points.
- Net income increased 59.6% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- VRTX's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements79
Verified relationships7
Evidence supporting the case
- Latest annual revenue changed +8.9% year over year.
- Operating margin changed +36.9 percentage points in the latest annual period.
- Net margin changed +37.8 percentage points in the latest annual period.
- Demand and volume has repeated favorable evidence across 4 filings.
- Product pipeline and R&D has repeated favorable evidence across 4 filings.
Evidence challenging the case
No qualifying adverse evidence was identified; that is not proof there is no downside.
Questions before a position
- P/E is 79% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 156% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
515.656m+7.8%12m+32.7%24m+10.2%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$7.6B+22.1%$9.01-1.3%
2022-12-31$8.9B+17.9%$12.82-0.3%
2023-12-31$9.9B+10.5%$13.89+0.5%
2024-12-31$11.0B+11.7%$-2.08-1.0%
2025-12-31$12.0B+8.9%$15.32+0.0%
What management says matters
Persistent and emerging business drivers
Product pipeline and R&Dmixed · 4 filings
“Our stock-based compensation expenses, including those recorded as research and development expenses, have historically fluctuated and are expected to continue to fluctuate from one period to another primarily due to changes in the probability of achieving mi…”10-Q · May 5, 2026 ↗
Foreign exchangemixed · 2 filings
“In the first quarter of 2026 , our ex-U.S.”10-Q · May 5, 2026 ↗
Legal and regulatory exposurepositive · 1 filings
“Finite-lived Intangible Assets We record finite-lived intangible assets at cost, net of accumulated amortization, on our consolidated balance sheets as “ Other intangible assets, net .” Most of these assets relate to our marketed products and may include, amo…”10-K · Feb 13, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 11.1× · EV/sales 10.7×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
515.65+0.2% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for VRTX. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-05-05 against the comparable filing from 2025-05-06.
OperationsconstructiveEvidence score +3
liquidityconstructiveEvidence score +1
valuationmixed
What improved
- Revenue increased 7.8% versus the comparable filing period.
- Operating margin improved 15.4 percentage points.
- Net income increased 59.6% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Cash Flows Three Months Ended March 31, 2026 2025 (in millions) Net cash provided by (used in): Operating activities $ 1,428.1 $ 818.9 Investing activities $ (431.9) $ (55.8) Financing activities $ (538.8) $ (680.4) Operating Activities Cash provided by operating activities increased to $1.4 billion in the first quarter of 2026 , as compared to $818.9 million in the first quarter of 2025 , primarily due to the timing of tax payments and increased accounts receivable during the first quarter of 2025 resulting from our product launches .”
“39.8 7% Working Capital As of March 31, 2026 , total working capital was $7.8 billion , which represented an increase of $509.9 million , or 7% , compared to December 31, 2025 , primarily due to increased cash, cash equivalents and marketable securities resulting from our growing portfolio of products, partially offset by tax accruals and payments.”
“Cash Our total cash, cash equivalents and marketable securities increased to $13.0 billion as of March 31, 2026 as compared to $12.3 billion as of December 31, 2025 , primarily due to cash flows provided by our operating activities partially offset by repurchases of our common stock.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind VRTX
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
CRSPCRISPR Therapeutics AGpartnerMay 5, 2026 ▾
“Over the last several years, we entered into collaboration agreements with a number of companies, including CRISPR T herapeutics AG (“CRISPR”) and Entrada Therapeutics, Inc.”
TRDAFiling-linked namepartnerMay 5, 2026 ▾
“Over the last several years, we entered into collaboration agreements with a number of companies, including CRISPR T herapeutics AG (“CRISPR”) and Entrada Therapeutics, Inc.”
BSXBoston Scientific CorporationsupplierFeb 13, 2026 ▾
“Ambrose held roles of increasing responsibility at Boston Scientific Corporation, a medical device company, most recently as Vice President of Finance and Controller of the Global Endoscopy Division from July 2019 to March 2021 and as Vice President of Global…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 7 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
VRTX is currently a Follower in the organic co-movement group Healthcare Sector. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.