What is the primary revenue source for Vertex Pharmaceuticals (VRTX)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze VRTX's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Vertex Pharmaceuticals's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Vertex Pharmaceuticals Makes Money: VRTX Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 100% of revenue, indicating concentration.

Operating margin improved by 6.67 percentage points year over year.

Revenue: USD 6.32B
Largest revenue segment share (Product): 100.00%
Research and development: USD 1.98B
Selling, general and administrative: USD 1.08B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueTotal revenues · RevenueFromContractWithCustomerExcludingAssessedTax
Selling, general and administrativeSelling, general and administrative expenses · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Product)Product · segment_value / revenue * 100
Research and developmentResearch and development expenses · ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost · ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost + ResearchAndDevelopmentAssetAcquiredOtherThanThroughBusinessCombinationWrittenOff
Operating marginIncome from operations · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Cash and cash equivalents: USD 6.14B
Accounts receivable: USD 2.13B
Inventory: USD 1.77B
Total liabilities: USD 7.18B
Shareholder equity: USD 20.25B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Shareholder equityTotal shareholders’ equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
InventoryInventories · InventoryNet
Accounts receivableAccounts receivable, net · AccountsReceivableNetCurrent
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 119.82% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 2.13B
Operating cash flow: USD 2.55B
Cash conversion: 119.82%
Free cash flow: USD 2.31B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Share repurchases: USD 806.40M
Net shareholder return: USD 806.40M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?