VRTX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $504.73
Market Cap (MRQ) $127.87B
P/E (TTM) 29.4
EPS (TTM) $17.17
Revenue (TTM) $12.59B
ROE (TTM) 23.5%
52W Range $401–$560

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04
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Stock splits 1
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Aug. 24, 2000 2-for-1 Forward

About Vertex Pharmaceuticals Incorporated - Common Stock Company overview from Wikipedia

05 · wikidata

Vertex Pharmaceuticals Incorporated is an American biopharmaceutical company based in Boston, Massachusetts. It was one of the first biotech firms to use an explicit strategy of rational drug design rather than combinatorial chemistry. It maintains headquarters in Boston, Massachusetts, and three research facilities, in San Diego, California, and Milton Park, Oxfordshire, England.

History

Vertex was founded in 1989 by Joshua Boger and Kevin J. Kinsella to "transform the way serious diseases are treated".

The company's beginnings were profiled by Barry Werth in the 1994 book The Billion-Dollar Molecule. His 2014 book, The Antidote: Inside the World of New Pharma, chronicled the company's subsequent development over the next two decades.

By 2004, its product pipeline focused on viral infections, inflammatory and autoimmune disorders, and cancer.

In 2009, the company had about 1,800 employees, including 1,200 in the Boston area. By 2019 there were about 2,500 employees.

Since late 2011, Vertex has ranked among the top 15 best-performing companies on the Standard & Poor's 500. Vertex shares increased 250 percent in the same period. In January 2014, Vertex completed its move from Cambridge, Massachusetts, to Boston, Massachusetts, and took residence in a new, $800 million complex. Located on the South Boston waterfront, it marked the first time in the company's history that all of the roughly 1,200 Vertex employees in the Greater Boston area worked together.

On 23 January 2019, Ian Smith, the COO and interim CFO of Vertex, was terminated from his position for undisclosed personal behavior that violated established company code of conduct rules. In June of the same year, Vertex announced it would acquire Exonics Therapeutics for up to $1 billion and collaborate with CRISPR Therapeutics, boosting its development of treatments for Duchenne muscular dystrophy and myotonic dystrophy type 1.

In September 2019 the company announced it would acquire Semma Therapeutics for $950 million in cash. Semma Therapeutics created a "small, implantable device that holds millions of replacement beta cells, letting glucose and insulin through but keeping immune cells out."

On 1 April 2020, Reshma Kewalramani, then the chief medical officer, became president and chief executive officer of Vertex Pharmaceuticals. Former CEO and president Jeffrey Leiden transitioned to the role of executive chairman of the board of directors, as of 1 April 2020. Leiden was to serve as executive chairman until April 2023, although as of September 2024 he remained in that post.

In July 2022, the business announced it would acquire ViaCyte, Inc. for $320 million.

In April 2024, it was announced Vertex had agreed to acquire the Seattle-headquartered clinical stage biopharmaceutical company Alpine Immune Sciences for $4.9 billion.

In July 2026, Vertex agreed to acquire Crinetics Pharmaceuticals for $10 billion, one of the largest pharma deals of the year.

Medicines

Ivacaftor, lumacaftor and tezacaftor

In 2012 ivacaftor was designated as an orphan drug, identifying cystic fibrosis as affecting fewer than 200,000 people in the United States. On 31 January 2012, Vertex gained FDA approval of the first drug, Kalydeco, to treat the underlying cause of cystic fibrosis rather than the symptoms, in patients 6 years or older who have the G551D gene mutation.

In the US, 30,000 people have cystic fibrosis. About 4% of those, or 1,200, have the G551D gene mutation. In 2017 Vertex marketed the drug for $311,000 per person per year.

Vertex also studied ivacaftor in combination with another drug (lumacaftor) for the most common mutation in cystic fibrosis (CF), known as F508del, and published the first set of results in 2012. Vertex produced the drug after 13 years of research and development, with $70 million in support from the Cystic Fibrosis Foundation.

In the UK, the company provided the drug free for a limited time for certain patients. Subsequently, the hospitals decided to continue to pay for the drug for those patients. UK agencies estimated the cost per quality adjusted life year (QALY) at between £335,000 and £1,274,000—far above the NICE thresholds of £20,000-£30,000.

On 5 November 2014 Vertex announced the submission of a New Drug Application (NDA) to the FDA for a fully co-formulated combination of lumacaftor and ivacaftor for people with cystic fibrosis ages 12 and older who have two copies of the F508del mutation in the cystic fibrosis transmembrane conductance regulator (CFTR) gene. In 2015, FDA approved the combination of lumacaftor and ivacaftor to treat CF in patients 12 years and older, who have the F508del mutation. The combination drug is marketed under the tradename Orkambi.

On 28 March 2017, Vertex announced Phase 3 data from a dual combination treatment, tezacaftor plus ivacaftor, in patients with cystic fibrosis. On 12 February 2018, the FDA approved the combination, marketed as Symdeko.

Triple combination treatments

In 2016, Vertex began developing a new group of CFTR modulators in combination with tezacaftor and ivacaftor. In 2017, the company reported results that showed benefits for patients with different mutations that represent 90% of the CF population.

On 22 October 2019, two months after a new drug application was filed with it, the FDA approved Vertex's Triple-combo therapy Trikafta (elexacaftor/tezacaftor/ivacaftor) for patients 12 and older with at least one F508del mutation. The FDA approval covers approximately 90% of patients with cystic fibrosis.

Vertex has refused to make Trikafta available in developing countries and works to block generic alternatives, making it inaccessible for thousands of patients.

Genetic therapies

In 2015, Vertex entered into a research collaboration with CRISPR Therapeutics to develop gene-editing therapies for genetic diseases. In May 2020, CTX001 has received Orphan Drug Designation from the U.S. Food and Drug Administration for transfusion-dependent beta thalassemia and from the European Medicines Agency for sickle cell disease and transfusion-dependent beta thalassemia.

In 2016, the company entered into a collaboration with Moderna to develop new mRNA-based therapeutics to treat CF; Vertex paid Moderna $20 million in cash and provided an additional $20 million in cash in exchange for a convertible note that Vertex can cash in for stock. Vertex also promised to pay up to $275 million in milestone payments.

In 2019, Vertex established a research collaboration with a privately held company Arbor Biotechnologies to discover novel proteins to advance the development of new gene-editing therapies for cystic fibrosis and four other diseases. With seven different areas of focus in the deal, Vertex is paying up to $1.2 billion in milestones along with undisclosed up-front payments.

Vertex's product pipeline includes drug regimens targeting specialty diseases like sickle cell disease, beta thalassemia, Duchenne muscular dystrophy, alpha-1 antitrypsin deficiency, pain, and APOL1-mediated kidney diseases.

Pain management

In January 2025, Vertex became the first drugmaker in 25 years to gain U.S. approval for a new type of pain medicine when the FDA approved Journavx (suzetrigine), a novel oral non-opioid treatment for moderate to severe acute pain in adults. Journavx was evaluated via two randomized, double-blind, placebo- and active-controlled trials of acute surgical pain.

Historical

Telaprevir

In 2014, Vertex discontinued telaprevir. In May 2011, the Food and Drug Administration (FDA) had approved the drug telaprevir (Incivek) as an oral treatment for hepatitis C. Development and commercialization of telaprevir was shared with Johnson & Johnson for European distribution and Mitsubishi for Asia. Telaprevir is a protease inhibitor.

CEO compensation

In 2015, several media outlets reported CEO Jeffrey Leiden's 2014 compensation to be approximately US$48.5 million. Vertex shareholders opted for a reduction in CEO compensation in 2015 and 2016, resulting in 2016 earnings of US$17.4 million. In August 2025, Reshma Kewalramani, CEO of Vertex, reportedly bought a large portion of the company's stock.

Pricing in the UK

The initial pricing of Orkambi at US$135,000 to US$270,000 per patient per year, depending on the patient's country, led to campaigns by parent groups concerned that it limited access to the drug for children and young adults with cystic fibrosis, and also led to allegations of unfair pricing by the UK's National Health Service.

In March 2019, Vertex was legally required to destroy 7,880 packs of Orkambi that reached their expiry dates during price negotiations with the NHS.

On October 24, 2019, NHS England agreed to fund wider access to all of the pharmaceutical company's cystic fibrosis medications that were already licensed at that time, such as Orkambi, Symkevi and Kalydeco, and any future indications of these medicines. The funding agreement was finalized soon after Vertex signed reimbursement deals elsewhere, including NHS Scotland, Spain and Australia. Vertex agreed to offer equivalent pricing to the NHS in Wales and Northern Ireland . On June 30, 2020, Vertex and NHS expanded the agreement to include reimbursement of Kaftrio (the name used for marketing Trikafta in the UK), making England one of the first countries in Europe to fund it.

In October 2023, NICE declined to recommend Vertex's cystic fibrosis drugs Kaftrio, Symkevi, and Orkambi for use in CF patients, citing their high costs as beyond the acceptable range for NHS resources. However, in June 2024, NICE and Vertex reached an agreement on acceptable pricing terms, extending the pricing deal originally established in 2019 to include these drugs. The extended agreement also ensures that patients will have access to future license extensions for these CF medications.

Global pricing

Pricing and public funding varies by country beyond the USA and the UK.

By October 2019, Vertex's CF medicines were publicly funded in 17 countries.

By 2023, Vertex had reimbursement agreements in 36 countries for their CF medicines, of which 35 are considered high-income countries. About 27% (51,322) of the estimated CF patients were treated with Trikafta, of whom nearly half (49%) lived in the U.S., 42% in Europe, and 9% in Canada, Israel, Australia, and New Zealand combined.

Trikafta has become increasingly available worldwide since its initial approval in 2019. As of 2023, the medication is reimbursed in over 30 countries, primarily in high-income nations across North America, Europe, and Oceania. By 2024, the company's group of CF medications were "broadly available" in over 60 countries. Although access to Cystic Fibrosis medications is still limited in many countries, as of 2024 about two-thirds of people diagnosed are receiving the treatment around the world. The high cost of Trikafta presents a significant barrier to access. In countries where it is reimbursed, patients typically pay a fraction of this cost, but the financial burden on healthcare systems remains substantial. Price negotiations and managed entry agreements (which for example link reimbursement to clinical performance) are common strategies used by countries to make Trikafta more affordable, though the details of these arrangements are often confidential.

As of 2024, a large proportion of diagnosed patients in South America, Asia, and Africa had no subsidies for Trikafta, and until 2024, the therapy was inaccessible in Mexico and Cuba. As of April 2024, Trikafta was made available in South Africa via agreements between Vertex and several commercial insurers to make the medication available to individual patients. As of September 2024, Mexico's Cofepris authorized Trikafta as the first orphan drug for the care of cystic fibrosis patients.

Venture philanthropy

In the late 1990s the Bethesda-based Cystic Fibrosis Foundation, encouraged by then-President Robert Beall, began investing in Vertex— when it was a small start-up biotechnology company— to help fund the development of Kalydeco in the form of venture philanthropy. The total investment amounted to $150 million. In 2014, the CF Foundation sold the rights to the royalties of the drugs for $3.3 billion, twenty times the foundation's 2013 budget. Proponents of venture philanthropy say the high financial return helps speed drug development and also provides potential monetary rewards that can go to more research.

By 2015 the annual price of Kalydeco had been increased to more than $300,000 per patient.

According to an article published in the Milwaukee Journal Sentinel Vertex executives "grossed more than $100 million by cashing in stocks and stock options" and at "one point, the value of company's stock increased more $6 billion in a single day."

Twenty-nine physicians and scientists working with people with cystic fibrosis (CF) wrote to Jeff Leiden, CEO of Vertex Pharmaceuticals to plead for lower prices.

We are aware of the financial complexities of the huge expenses for R & D with respect to the small number of patients or the market system that enables these advances to become reality. Yet – notwithstanding all your patient support programs – it is at best unseemly for Vertex to charge our patients' insurance plans (including strapped state medical assistance plans), $294,000 annually for two pills a day (a 10-fold increase in a typical patient's total drug costs). This action could appear to be leveraging pain and suffering into huge financial gain for speculators, some of whom were your top executives who reportedly made millions of dollars in a single day (Boston Globe, 29 May).

The company responded in an email that "while publicly funded academic research provided important early understanding of the cause of cystic fibrosis, it took Vertex scientists 14 years of their own research, funded mostly by the company, before the drug won approval."

On 15 April 2015 in Cambridge, Massachusetts, Joan Finnegan Brooks of the Cystic Fibrosis Foundation spoke about the role of Vertex and venture philanthropy to a panel of biotech leaders hosted by Life Sciences Foundation on the topic of patient advocacy in the biotech industry. While Brooks, who has cystic fibrosis, expressed gratitude for Vertex's development of Kalydeco, she observed that "More than 25% of people are saying (in surveys conducted by the CFF) that they are skipping medications or delaying medications or skipping doctor appointments because of cost of care issues." She added that "one of the things that the Foundation has done," is to "develop resources that can help patients bridge that gap through patient access programs, and so forth."

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

sectorHealthcare industryBiotechnology employees6,400 countryUS

10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$12.00B
2018-12-31 → 2025-12-31
EPS$15.32
2018-12-31 → 2025-12-31
Free Cash Flow$3.19B
2018-12-31 → 2025-12-31
Net margin35.0%
2018-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend VRTX 5Y avg Peer Median Verdict
P/E (TTM) 29.45Y avg ≈-17.6 ≈-17.6 28.9 Fair value
P/S (TTM) 10.25Y avg ≈9.1 ≈9.1 8.4 Overvalued
P/B (MRQ) 6.35Y avg ≈5.9 ≈5.9 13.3 Undervalued
Price / FCF (TTM) 33.75Y avg ≈-4.3 ≈-4.3 · ·
Price / Cash Flow (TTM) 29.85Y avg ≈-21.9 ≈-21.9 26.5 Pricier
Price / Tangible Book (MRQ) 6.45Y avg ≈6.6 ≈6.6 · ·
PEG Ratio ≈3.5 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise -0.66%
Next Report Nov 02, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 3, 2026 $4.73 $4.83 -2.1%
March 31, 2026 $4.47 $4.40 1.6%
Dec. 31, 2025 $5.03 $5.17 -2.8%
Sept. 30, 2025 $4.80 $4.65 3.1%
June 30, 2025 $4.52 $4.37 3.4%
March 31, 2025 $4.06 $4.37 -7.2%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 16
Metric Trend 20252024202320222021202020192018201720162015
Revenue $12.00B$11.02B$9.87B$8.93B$7.57B$6.21B$4.16B$3.05B·$1.70B$1.03B
Cost of Revenue $1.65B$1.53B$1.26B$1.08B$904M$736M$548M$410M·$210M$117M
R&D Expense ····$3.05B$1.83B$1.75B$1.42B·$1.05B$996M
SG&A Expense $1.75B$1.46B$1.14B$945M$840M$770M$658M$558M·$433M$377M
Operating Expenses $7.83B$11.25B$6.04B$4.62B$4.79B$3.35B$2.97B$2.41B·$1.69B$1.50B
Operating Income $4.17B$-233M$3.83B$4.31B$2.78B$2.86B$1.20B$635M·$10M$-467M
Interest Expense ·····$58M$59M$72M···
Other Non-op $-8M$-86M$-23M$-165M$5M$297M$192M$-790.0K·$4M$-7M
Pretax Income $4.64B$248M$4.38B$4.23B$2.73B$3.12B$1.39B$600M·$-67M$-558M
Income Tax $690M$784M$760M$910M$388M$405M$218M$-1.49B·$17M$30M
Net Income $3.95B$-536M$3.62B$3.32B$2.34B$2.71B$1.18B$2.10B·$-112M$-556M
EPS (Basic) $15.46$-2.08$14.05$12.97$9.09$10.44$4.58$8.24·$-0.46$-2.31
EPS (Diluted) $15.32$-2.08$13.89$12.82$9.01$10.29$4.51$8.09·$-0.46$-2.31
Shares (Basic) 255,700,000257,900,000257,700,000256,100,000257,700,000259,800,000256,700,000254,292,000·244,685,000241,312,000
Shares (Diluted) 258,000,000257,900,000260,500,000259,100,000259,900,000263,400,000260,700,000259,185,000·244,685,000241,312,000
EBITDA $4.38B$-26M$4.01B$4.46B$2.91B$2.97B$1.30B$708M·$71M$-405M
Balance Sheet 27
Metric Trend 20252024202320222021202020192018201720162015
Cash & Equivalents $5.08B$4.57B$10.37B$10.50B$6.79B$5.99B$3.11B$2.65B·$1.18B$715M
Short-term Investments $1.52B$1.55B$849M$274M$730M$671M$699M$518M·$251M$328M
Receivables $2.05B$1.61B$1.56B$1.44B$1.14B$885M$634M$410M$311M$200M$174M
Inventory $1.69B$1.21B$739M$461M$353M$281M$168M$124M$112M$78M$57M
Prepaid Expense $853M$666M$624M$554M$546M$308M$214M$141M$150M$71M$55M
Other Current Assets $111M$76M$84M$74M$59M$80M·$62M·$34M$13M
Current Assets $11.20B$9.60B$14.14B$13.23B$9.56B$8.13B$4.82B$3.84B·$1.83B$1.41B
PP&E (Net) ······$745M$812M·$698M$698M
PP&E (Gross) ·······$1.26B·$1.09B$1.03B
Accum. Depreciation ·······$451M·$388M$336M
Goodwill $1.09B$1.09B$1.09B$1.09B$1.00B$1.00B$1.00B$50M·$50M$50M
Intangibles $424M$826M$840M$604M$400M$400M$400M$0···
Other Non-current Assets $1.24B$999M$895M$410M$111M$49M$69M$41M·$12M$7M
Total Assets $25.64B$22.53B$22.73B$18.15B$13.43B$11.75B$8.32B$6.25B$3.56B$2.90B$2.50B
Accounts Payable $462M$413M$365M$304M$195M$155M$88M$111M·$61M$75M
Accrued Liabilities $2.97B$2.79B$2.66B$2.13B$1.68B$1.41B$1.12B$959M$453M$315M$306M
Current Liabilities $3.86B$3.56B$3.55B$2.74B$2.14B$1.88B$1.33B$1.12B·$793M$506M
Capital Leases $1.85B$1.54B$349M$380M$377M$350M$84M$20M·$35M$43M
Deferred Tax ·······$0·$134M$110M
Other Non-current Liabilities $1.27B$1.01B$878M$686M$303M$108M$99M$109M·$29M$32M
Total Liabilities $6.98B$6.12B$5.15B$4.24B$3.33B$3.06B$2.23B$1.81B·$1.56B$1.40B
Common Stock $2M$3M$3M$3M$2M$3M$3M$3M·$2M$2M
Retained Earnings $13.56B$9.61B$10.14B$6.52B$3.20B$859M$-1.85B$-2.99B$-5.11B$-5.37B$-5.26B
AOCI $-16M$128M$-14M$800.0K$16M$-68M$-2M$659.0K$-11M$21M$2M
Stockholders' Equity $18.67B$16.41B$17.58B$13.91B$10.10B$8.69B$6.09B$4.44B·$1.34B$940M
Liabilities + Equity $25.64B$22.53B$22.73B$18.15B$13.43B$11.75B$8.32B$6.25B$3.56B$2.90B$2.50B
Shares Outstanding 253,991,224256,900,000257,700,000257,000,000254,500,000259,900,000259,000,000255,172,000·248,300,517246,306,818
Cash Flow 16
Metric Trend 20252024202320222021202020192018201720162015
D&A $210M$207M$181M$148M$126M$110M$107M$72M·$61M$62M
Stock-based Comp $686M$698M$581M$491M$441M$430M$360M$325M·$241M$231M
Deferred Tax $-511M$-349M$-536M$-276M$-155M$277M$167M$-1.51B·$17M$298.0K
Amort. of Intangibles $20M$20M$2M········
Restructuring ·····$0$0$-184.0K·$1M$2M
Other Non-cash $-707M$-514M$-308M$444M$-111M$-274M$-242M$288M·$32M$-103M
Operating Cash Flow $3.63B$-493M$3.54B$4.13B$2.64B$3.25B$1.57B$1.27B·$236M$-365M
CapEx $438M$298M$200M$205M$235M$260M$75M$95M·$57M$45M
Investing Cash Flow $-945M$-3.77B$-3.14B$-321M$-341M$99M$-1.24B$-202M·$51M$269M
Stock Repurchased $2.02B$1.18B$428M$0$1.43B$539M$186M$350M·$0·
Net Stock Activity $-2.02B$-1.18B$-428M$0$-1.43B$-539M$-192M$-350M···
Financing Cash Flow $-2.26B$-1.49B$-562M$-68M$-1.48B$-505M$127M$-71M·$133M$189M
Net Change in Cash $516M$-5.80B$-140M$3.71B$811M$2.87B$462M$991M·$416M$90M
Taxes Paid $1.57B$1.08B$1.68B$1.06B$476M$192M$25M$12M·$-3M$2M
Free Cash Flow $3.19B$-790M$3.34B$3.93B$2.41B$2.99B$1.49B$1.17B·$180M$-411M
Levered FCF ·····$2.94B$1.44B····
Profitability 7
Metric Trend 20252024202320222021202020192018201720162015
Operating Margin 34.8%-2.1%38.8%48.2%36.7%46.0%28.8%20.8%·0.58%-45.2%
Net Margin 32.9%-4.9%36.7%37.2%30.9%43.7%28.3%68.8%·-6.6%-53.9%
Pretax Margin 38.7%2.2%44.4%47.4%36.0%50.2%33.5%19.7%·-4.0%-54.0%
EBITDA Margin 36.5%-0.23%40.7%49.9%38.4%47.8%31.3%23.2%·4.2%-39.2%
ROA 16.4%-2.4%17.7%21.0%18.6%27.0%16.1%42.8%·-4.2%-23.0%
ROE 22.1%-3.3%21.2%24.7%23.9%32.2%20.8%56.9%·-10.7%-55.2%
ROIC 19.0%3.1%18.0%24.3%23.6%28.6%16.6%49.8%·1.1%-52.4%
Liquidity & Solvency 3
Metric Trend 20252024202320222021202020192018201720162015
Current Ratio 2.92.74.04.84.54.33.63.4·2.32.8
Quick Ratio 2.22.23.64.54.04.03.33.2·2.12.4
Interest Coverage ·····49.120.5····
Efficiency 3
Metric Trend 20252024202320222021202020192018201720162015
Asset Turnover 0.50.50.50.60.60.60.60.6·0.60.4
Inventory Turnover 1.11.62.12.72.93.33.83.5·3.12.7
Receivables Turnover 6.66.96.66.97.58.28.08.5·9.18.1
Per Share 5
Metric Trend 20252024202320222021202020192018201720162015
Book Value / Share $73.49$63.87$68.22$54.13$39.69$33.42$23.50$17.38·$4.66$3.82
Revenue / Share $46.52$42.73$37.89$34.47$29.14$23.56$15.97$11.76·$6.96$4.28
Cash Flow / Share $14.08$-1.91$13.58$15.94$10.17$12.35$6.02$4.90·$0.96$-1.51
Cash / Share $20.02$17.78$40.24$40.87$26.70$23.04$12.01$10.39·$4.77$2.90
EPS (TTM) $15.32$-2.08$13.89$12.82$9.01$10.29$4.51$8.09·$-0.46$-2.31
Growth Rates 9
Metric Trend 20252024202320222021202020192018201720162015
Revenue YoY 8.9%11.7%10.5%17.9%22.1%······
Revenue CAGR 3Y 10.3%13.3%16.7%········
Revenue CAGR 5Y 14.1%··········
EPS YoY ··8.3%42.3%-12.4%······
EPS CAGR 3Y 6.1%·10.5%········
EPS CAGR 5Y 8.3%··········
Net Income YoY ··9.0%41.8%-13.6%······
Net Income CAGR 3Y 6.0%·10.1%········
Net Income CAGR 5Y 7.8%··········
Valuation (TTM) 10
Metric Trend 20252024202320222021202020192018201720162015
Revenue TTM $12.00B$11.02B$9.87B$8.93B$7.57B$6.21B$4.16B$3.05B·$1.70B$1.03B
Net Income TTM $3.95B$-536M$3.62B$3.32B$2.34B$2.71B$1.18B$2.10B·$-112M$-556M
Market Cap $115.15B$103.47B$104.85B$74.22B$55.88B$61.42B$56.71B$42.28B·$18.29B$30.99B
P/E 29.6-193.629.322.524.423.048.520.5·-160.2-54.5
P/S 9.69.410.68.37.49.913.613.9·10.730.0
P/B 6.26.36.05.35.57.19.39.5·15.833.0
P / Tangible Book 6.77.16.76.16.48.4·····
P / Cash Flow 31.7-210.029.618.021.118.936.133.3·77.5-84.8
P / FCF 36.1-130.931.418.923.220.538.036.0·101.9-75.5
Earnings Yield 3.4%-0.52%3.4%4.4%4.1%4.3%2.1%4.9%·-0.62%-1.8%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $12.00B $11.02B $9.87B $8.93B $7.57B
Operating Margin % 34.8% -2.1% 38.8% 48.2% 36.7%
Net Income $3.95B $-536M $3.62B $3.32B $2.34B
Diluted EPS $15.32 $-2.08 $13.89 $12.82 $9.01

Institutional owners (13F) 1,897 filers · $129.8B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 1,897
Value held $129.8B
New positions 183
Exited positions 104
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
183 (-4 vs prior Q) 104 (+8 vs prior Q) 704 (+11 vs prior Q) 642 (+45 vs prior Q) +3.8M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
Capital World Investors $12,972,221,775 26,115,014 10.00% Shares
BlackRock, Inc. $11,975,848,722 24,109,373 9.23% Shares
VANGUARD GROUP INC $10,928,615,915 24,105,823 8.42% Shares
Capital Research Global Investors $9,681,703,171 19,490,637 7.46% Shares
VANGUARD CAPITAL MANAGEMENT LLC $8,236,137,569 16,580,713 6.35% Shares
STATE STREET CORP $5,896,909,829 11,871,459 4.54% Shares
Invesco Ltd. $3,995,225,251 8,043,052 3.08% Shares
JPMORGAN CHASE & CO $3,256,519,923 6,517,600 2.51% Shares
GEODE CAPITAL MANAGEMENT, LLC $2,975,811,180 6,017,848 2.29% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $2,423,539,213 4,878,987 1.87% Shares
Capital International Investors $2,332,267,678 4,695,144 1.80% Shares
LOOMIS SAYLES & CO L P $1,947,654,924 3,920,953 1.50% Shares
FRANKLIN RESOURCES INC $1,662,681,008 3,347,253 1.28% Shares
WELLINGTON MANAGEMENT GROUP LLP $1,613,209,159 3,247,658 1.24% Shares
MORGAN STANLEY $1,610,469,452 3,242,139 1.24% Shares
BANK OF AMERICA CORP /DE/ $1,509,650,819 3,039,178 1.16% Shares
JENNISON ASSOCIATES LLC $1,489,459,615 2,998,530 1.15% Shares
NORGES BANK $1,476,123,103 2,971,681 1.14% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $1,365,249,611 3,057,396 1.05% Shares
ALLIANCEBERNSTEIN L.P. $1,348,244,920 3,019,315 1.04% Shares
AMERIPRISE FINANCIAL INC $1,293,902,477 2,604,822 1.00% Shares
NORTHERN TRUST CORP $1,235,108,216 2,486,478 0.95% Shares
GOLDMAN SACHS GROUP INC $1,232,765,009 2,481,761 0.95% Shares
Clearbridge Investments, LLC $1,163,795,944 2,342,915 0.90% Shares
VICTORY CAPITAL MANAGEMENT INC $1,079,501,899 2,173,152 0.83% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $1,013,966,008 2,041,282 0.78% Shares
JANUS HENDERSON GROUP PLC $951,794,666 2,131,527 0.73% Shares
Legal & General Group Plc $928,892,552 1,870,015 0.72% Shares
Bank of New York Mellon Corp $830,841,710 1,672,623 0.64% Shares
DEUTSCHE BANK AG\ $784,391,310 1,579,110 0.60% Shares
Amundi $768,197,416 1,546,509 0.59% Shares
FMR LLC $723,814,230 1,457,158 0.56% Shares
VANGUARD FIDUCIARY TRUST CO $708,033,975 1,425,390 0.55% Shares
DIMENSIONAL FUND ADVISORS LP $580,701,688 1,168,956 0.45% Shares
WCM INVESTMENT MANAGEMENT, LLC $575,643,767 1,152,094 0.44% Shares
Nuveen, LLC $537,304,977 1,081,685 0.41% Shares
ROYAL BANK OF CANADA $486,923,000 980,259 0.38% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $446,042,132 897,893 0.34% Shares
Assenagon Asset Management S.A. $377,298,226 759,564 0.29% Shares
WELLS FARGO & COMPANY/MN $372,312,658 749,528 0.29% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $366,774,504 738,378 0.28% Shares
BARCLAYS PLC $364,239,192 733,274 0.28% Shares
Swiss National Bank $356,373,971 717,440 0.27% Shares
UBS Group AG $353,800,413 712,259 0.27% Shares
CITIGROUP INC $351,172,364 706,968 0.27% Shares
HSBC HOLDINGS PLC $335,812,593 676,247 0.26% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $334,945,039 674,300 0.26% Put option
Mitsubishi UFJ Asset Management Co., Ltd. $321,480,179 647,193 0.25% Shares
AQR CAPITAL MANAGEMENT LLC $305,004,174 616,170 0.24% Shares
Sumitomo Mitsui Trust Group, Inc. $303,952,564 611,907 0.23% Shares

Show all 1,897 institutional owners →

Activists & 5%+ owners 1 position

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
March 15, 2004 · Initial filing · SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 66 insiders · 37 officers · 26 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Reshma Kewalramani CEO & President Feb. 27, 2026 S 98,278 0 13 $-19,738,855
Thomas Graney Chief Financial Officer Oct. 1, 2018 S 12,430 0 0 $0
Vicki L Sato President May 11, 2005 M 77,233 0 0 $0
Stuart A Arbuckle EVP, COO July 1, 2025 F 63,368 0 0 $0
Ian F Smith EVP, COO June 29, 2018 M 46,699 0 0 $0
Jasper Van Grunsven EVP, CP and NPPO Sept. 8, 2026 A 8,682 0 0 $0
Kristen Ambrose SVP & Chief Accounting Officer Aug. 28, 2026 A 11,624 0 5 $-1,978,865
Ourania Tatsis EVP, Chief Reg. & Quality Off. July 21, 2026 A 53,572 0 8 $-6,513,286
Amit Sachdev EVP Chief Patient & Ext Af Off July 21, 2026 A 66,512 0 9 $-28,377,383
Duncan Mckechnie EVP, Chief Commercial Officer July 2, 2026 S 11,001 0 5 $-5,664,790
Joy Liu EVP and Chief Legal Officer July 1, 2026 S 19,131 0 5 $-2,131,395
Carmen Bozic EVP and CMO June 26, 2026 S 15,337 0 10 $-11,309,998
Mark E. Bunnage EVP, Chief Scientific Officer May 15, 2026 S 7,284 0 5 $-2,999,734
Edward Morrow Atkinson III EVP, Chief Technical Ops. Off. Feb. 25, 2026 S 18,432 0 5 $-3,598,635
Jonathan Biller EVP and Chief Legal Officer Feb. 25, 2026 S 13,659 0 6 $-3,795,905
Charles F Wagner JR EVP, CO & FO Feb. 24, 2026 F 47,042 0 3 $-10,778,252
David Altshuler EVP, Chief Scientific Officer Jan. 22, 2026 A 34,477 0 0 $0
Bastiano Sanna EVP, Cell & Genetic Therapies May 8, 2023 S 32,038 0 0 $0
Paul M Silva SVP & Chief Accounting Officer March 1, 2021 S 9,884 0 0 $0
Jeffrey Chodakewitz EVP GMDA, CMO Feb. 12, 2018 S 69,663 0 0 $0
Thomas Connolly SVP, Human Resources Dec. 12, 2014 S 34,375 0 0 $0
Megan E Pace SVP, Corp. Communications Nov. 17, 2014 S 43,350 0 0 $0
Kenneth L Horton EVP & Chief Legal Officer Nov. 17, 2014 G 72,053 0 0 $0
Peter Mueller EVP, Global R&D, CSO June 16, 2014 M 143,517 0 0 $0
Lisa Kelly SVP, Human Resources Feb. 5, 2013 A 25,382 0 0 $0
Nancy Wysenski EVP, Chief Commercial Officer May 14, 2012 S 32,232 0 0 $0
David T Howton SVP & Chief Legal Officer Feb. 2, 2012 A 19,437 0 0 $0
BOGER KENNETH S SVP & Chief Legal Officer Sept. 13, 2011 M 112,999 0 0 $0
Kurt Graves EVP, Chief Commercial Officer Oct. 19, 2009 S 59,880 0 0 $0
Freda C Lewis-Hall EVP, Medicines Development March 19, 2009 S 53,334 0 0 $0
John J Alam EVP, Med. Dev. Group & CMO Oct. 1, 2008 M 136,792 0 0 $0
Johanna Messina Power VP & Controller July 24, 2008 A 9,055 0 0 $0
Victor A Hartmann EVP, Strategic & Corp. Devlp. June 4, 2007 M 97,273 0 0 $0
Lynne H Brum VP, Strategic Communications May 8, 2006 A 46,199 0 0 $0
Anthony N Coles SVP, Comm. Ops. July 20, 2005 A 74,540 0 0 $0
Paul A Negulescu VP, Research Feb. 3, 2005 A 55,516 0 0 $0
Iain P M Buchanan VP, European Operations May 6, 2004 A 22,094 0 0 $0
Bruce I Sachs Director Aug. 27, 2026 G 39,000 0 0 $0
Alan M Garber Director July 15, 2026 A 7,344 0 0 $0
Sangeeta N. Bhatia Director May 4, 2026 S 4,924 0 2 $-267,746
Nancy Thornberry Director May 1, 2026 A 2,109 0 0 $0
Jennifer Schneider Director May 1, 2026 A 1,394 0 0 $0
Diana Mckenzie Director May 1, 2026 A 2,378 0 0 $0
Suketu Upadhyay Director May 1, 2026 A 1,558 0 0 $0
Michel Lagarde Director May 1, 2026 A 1,132 0 0 $0
Lloyd Carney Director May 1, 2026 A 6,315 0 0 $0
Terrence C Kearney Director May 1, 2024 A 6,536 0 0 $0
Yuchun Lee Director May 1, 2023 A 1,875 0 0 $0
Margaret G Mcglynn Director May 1, 2023 A 178 0 0 $0
William D Young Director June 1, 2020 A 9,311 0 0 $0
Elaine Ullian Director June 1, 2019 A 12,195 0 0 $0
Joshua S Boger Director June 8, 2017 M 284,088 0 0 $0
Wayne Joseph Riley Director June 1, 2015 A 400 0 0 $0
Matthew Emmens Director Nov. 16, 2012 S 200,873 0 0 $0
Dennis L Winger Director March 9, 2012 M 6,500 0 0 $0
Eugene Cordes Director March 17, 2011 S 12,000 0 0 $0
Stuart J Collinson Director June 1, 2010 A 3,279 0 0 $0
Charles A Sanders Director June 1, 2010 A 26,383 0 0 $0
Roger W Brimblecombe Director March 15, 2010 M 0 0 0 $0
Eric Brandt Director Jan. 29, 2009 M 0 0 0 $0
Eve Elizabeth Slater Director June 1, 2007 A 1,105 0 0 $0
John F Niblack Director June 1, 2004 A · 0 0 $0
Jeffrey M Leiden · Feb. 24, 2026 F 34,797 0 17 $-60,942,656
Michael Parini · Feb. 25, 2021 S 30,837 0 0 $0
Christiana Stamoulis · July 30, 2013 A 40,712 0 0 $0
Richard C Garrison · May 18, 2009 S 37,473 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 151 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IBB · iShares Trust 7.94% 1,594,376 SH Sept. 11, 2026 Daily
TBXU · Direxion Shares ETF Trust 7.84% 422 NS July 31, 2026 N-PORT
IBBQ · Invesco Exchange-Traded Fund Trust … 7.61% 15,881 SH Oct. 2, 2026 Daily
PBE · Invesco Exchange-Traded Fund Trust 4.75% 38,913 SH Oct. 2, 2026 Daily
IDNA · iShares Trust 3.57% 17,708 SH Sept. 11, 2026 Daily
TECB · iShares Trust 2.61% 24,992 SH Sept. 11, 2026 Daily
QNXT · iShares Trust 2.50% 1,328 SH Sept. 11, 2026 Daily
IYH · iShares Trust 2.11% 148,819 SH Sept. 11, 2026 Daily
ASLV · ALLSPRING EXCHANGE-TRADED FUNDS TRU… 2.05% 9,387 NS July 31, 2026 N-PORT
HTEC · EXCHANGE TRADED CONCEPTS TRUST 1.91% 2,773 NS July 31, 2026 N-PORT
VHT · VANGUARD WORLD FUND 1.86% 764,628 SH Aug. 19, 2026 Daily
FHLC · FIDELITY COVINGTON TRUST 1.76% 120,999 NS July 31, 2026 N-PORT
IXJ · iShares Trust 1.66% 133,457 SH Sept. 11, 2026 Daily
QQQG · Pacer Funds Trust 1.64% 702 NS July 31, 2026 N-PORT
RSPH · Invesco Exchange-Traded Fund Trust 1.61% 27,653 SH Oct. 2, 2026 Daily
NULG · Nushares ETF Trust 1.50% 83,769 NS July 31, 2026 N-PORT
SDG · iShares Trust 1.49% 4,820 SH Sept. 11, 2026 Daily
BBP · ETFis Series Trust I 1.48% 3,052 NS July 31, 2026 N-PORT
ESMV · iShares Trust 1.43% 216 SH Sept. 11, 2026 Daily
CURE · Direxion Shares ETF Trust 1.39% 4,994 NS July 31, 2026 N-PORT
USMV · iShares Trust 1.39% 638,705 SH Sept. 11, 2026 Daily
RILA · Spinnaker ETF Series 1.26% 1,110 NS July 31, 2026 N-PORT
MEDI · Harbor ETF Trust 1.22% 1,053 NS July 31, 2026 N-PORT
AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU… 1.11% 2,633 NS July 31, 2026 N-PORT
QQQE · Direxion Shares ETF Trust 1.09% 30,372 NS July 31, 2026 N-PORT
JDOC · J.P. Morgan Exchange-Traded Fund Tr… 0.81% 155 NS July 31, 2026 N-PORT
FXH · First Trust Exchange-Traded AlphaDE… 0.81% 17,835 NS July 31, 2026 N-PORT
COWG · Pacer Funds Trust 0.81% 37,328 NS July 31, 2026 N-PORT
JOET · Virtus ETF Trust II 0.77% 3,916 NS July 31, 2026 N-PORT
LABU · Direxion Shares ETF Trust 0.75% 7,744 NS July 31, 2026 N-PORT
XT · iShares Trust 0.74% 55,402 SH Sept. 11, 2026 Daily
XOEF · iShares Trust 0.73% 318 SH Sept. 11, 2026 Daily
OMFL · Invesco Exchange-Traded Self-Indexe… 0.69% 64,314 SH Oct. 2, 2026 Daily
LRND · New York Life Investments ETF Trust 0.69% 5,730 NS July 31, 2026 N-PORT
QIDX · Spinnaker ETF Series 0.65% 526 NS July 31, 2026 N-PORT
MGK · VANGUARD WORLD FUND 0.60% 401,228 SH Aug. 19, 2026 Daily
QYLD · Global X Funds 0.56% 95,820 NS July 31, 2026 N-PORT
QRMI · Global X Funds 0.56% 168 NS July 31, 2026 N-PORT
QYLG · Global X Funds 0.56% 1,849 NS July 31, 2026 N-PORT
PTNQ · Pacer Funds Trust 0.55% 13,883 NS July 31, 2026 N-PORT
QTR · Global X Funds 0.55% 88 NS July 31, 2026 N-PORT
ACWV · iShares, Inc. 0.55% 35,601 SH Sept. 11, 2026 Daily
QQWZ · Pacer Funds Trust 0.54% 572 NS July 31, 2026 N-PORT
QQQM · Invesco Exchange-Traded Fund Trust … 0.54% 1,165,914 SH Oct. 2, 2026 Daily
QQQ · Invesco QQQ Trust, Series 1 0.54% 5,308,630 SH Oct. 2, 2026 Daily
QCLR · Global X Funds 0.53% 37 NS July 31, 2026 N-PORT
USXF · iShares Trust 0.53% 15,091 SH Sept. 11, 2026 Daily
DFUV · Dimensional ETF Trust 0.52% 169,726 NS July 31, 2026 N-PORT
QSIX · Pacer Funds Trust 0.51% 196 NS July 31, 2026 N-PORT
IWX · iShares Trust 0.49% 36,668 SH Sept. 11, 2026 Daily
RCGE · EA Series Trust 0.48% 1,010 NS July 31, 2026 N-PORT
QUAL · iShares Trust 0.46% 413,147 SH Sept. 11, 2026 Daily
IVE · iShares Trust 0.44% 421,427 SH Sept. 11, 2026 Daily
ESG · FlexShares Trust 0.43% 1,200 NS July 31, 2026 N-PORT
VOOV · VANGUARD ADMIRAL FUNDS 0.43% 58,453 SH Aug. 19, 2026 Daily
TEC · Harbor ETF Trust 0.42% 56 NS July 31, 2026 N-PORT
IUSV · iShares Trust 0.42% 222,083 SH Sept. 11, 2026 Daily
SUSA · iShares Trust 0.39% 30,081 SH Sept. 11, 2026 Daily
SUSL · iShares Trust 0.38% 8,957 SH Sept. 11, 2026 Daily
FTC · First Trust Exchange-Traded AlphaDE… 0.37% 10,349 NS July 31, 2026 N-PORT
WINN · Harbor ETF Trust 0.37% 8,807 NS July 31, 2026 N-PORT
DSI · iShares Trust 0.37% 38,792 SH Sept. 11, 2026 Daily
AQLT · iShares Trust 0.37% 2,343 SH Sept. 11, 2026 Daily
NULC · Nushares ETF Trust 0.37% 543 NS July 31, 2026 N-PORT
VUG · VANGUARD INDEX FUNDS 0.36% 2,781,742 SH Aug. 19, 2026 Daily
JOYT · J.P. Morgan Exchange-Traded Fund Tr… 0.36% 727 NS July 31, 2026 N-PORT
IQSU · New York Life Investments ETF Trust 0.35% 2,436 NS July 31, 2026 N-PORT
HELO · J.P. Morgan Exchange-Traded Fund Tr… 0.35% 34,277 NS July 31, 2026 N-PORT
IWD · iShares Trust 0.35% 564,973 SH Sept. 11, 2026 Daily
VONV · VANGUARD SCOTTSDALE FUNDS 0.35% 153,489 SH Aug. 19, 2026 Daily
REVS · Columbia ETF Trust I 0.33% 2,290 NS July 31, 2026 N-PORT
ESGG · FlexShares Trust 0.32% 741 NS July 31, 2026 N-PORT
WRND · New York Life Investments ETF Trust 0.30% 66 NS July 31, 2026 N-PORT
DFLV · Dimensional ETF Trust 0.30% 41,936 NS July 31, 2026 N-PORT
MPLY · Strategy Shares 0.29% 98 NS July 31, 2026 N-PORT
QLV · FlexShares Trust 0.29% 1,008 NS July 31, 2026 N-PORT
EGLE · Global X Funds 0.28% 13 NS July 31, 2026 N-PORT
ILCV · iShares Trust 0.27% 6,936 SH Sept. 11, 2026 Daily
ESGU · iShares Trust 0.25% 88,514 SH Sept. 11, 2026 Daily
ACVF · ETF Opportunities Trust 0.25% 810 NS July 31, 2026 N-PORT
PABU · iShares Trust 0.25% 12,249 SH Sept. 11, 2026 Daily
HQGO · Lattice Strategies Trust 0.25% 259 NS July 31, 2026 N-PORT
USCL · iShares Trust 0.25% 13,446 SH Sept. 11, 2026 Daily
TOPC · iShares Trust 0.24% 153 SH Sept. 11, 2026 Daily
MGC · VANGUARD WORLD FUND 0.24% 50,735 SH Aug. 19, 2026 Daily
QVML · Invesco Exchange-Traded Fund Trust … 0.24% 7,877 SH Oct. 2, 2026 Daily
EGUS · iShares Trust 0.24% 127 SH Sept. 11, 2026 Daily
IWL · iShares Trust 0.23% 9,894 SH Sept. 11, 2026 Daily
XVV · iShares Trust 0.22% 2,919 SH Sept. 11, 2026 Daily
ESGV · VANGUARD WORLD FUND 0.22% 57,465 SH Aug. 19, 2026 Daily
SIZE · iShares Trust 0.22% 1,786 SH Sept. 11, 2026 Daily
PWS · Pacer Funds Trust 0.21% 106 NS July 31, 2026 N-PORT
VOO · VANGUARD INDEX FUNDS 0.20% 6,592,422 SH Aug. 19, 2026 Daily
VV · VANGUARD INDEX FUNDS 0.20% 296,412 SH Aug. 19, 2026 Daily
IVV · iShares Trust 0.20% 3,198,762 SH Sept. 11, 2026 Daily
RSP · Invesco Exchange-Traded Fund Trust 0.20% 374,585 SH Oct. 2, 2026 Daily
PBP · Invesco Exchange-Traded Fund Trust 0.20% 1,509 SH Oct. 2, 2026 Daily
ILCB · iShares Trust 0.20% 4,934 SH Sept. 11, 2026 Daily
PBUS · Invesco Exchange-Traded Fund Trust … 0.19% 43,969 SH Oct. 2, 2026 Daily
XYLD · Global X Funds 0.19% 12,907 NS July 31, 2026 N-PORT
EUSA · iShares, Inc. 0.19% 7,068 SH Sept. 11, 2026 Daily
BKLC · BNY Mellon ETF Trust 0.19% 21,640 NS July 31, 2026 N-PORT
XTR · Global X Funds 0.19% 19 NS July 31, 2026 N-PORT
XRMI · Global X Funds 0.19% 197 NS July 31, 2026 N-PORT
PTLC · Pacer Funds Trust 0.19% 12,862 NS July 31, 2026 N-PORT
BBUS · J.P. Morgan Exchange-Traded Fund Tr… 0.19% 34,939 NS July 31, 2026 N-PORT
XCLR · Global X Funds 0.19% 14 NS July 31, 2026 N-PORT
ACIO · ETF Series Solutions 0.19% 9,231 NS July 31, 2026 N-PORT
IWB · iShares Trust 0.19% 176,013 SH Sept. 11, 2026 Daily
IYY · iShares Trust 0.19% 10,911 SH Sept. 11, 2026 Daily
VOTE · TCW ETF Trust 0.19% 4,289 NS July 31, 2026 N-PORT
FAD · First Trust Exchange-Traded AlphaDE… 0.19% 2,250 NS July 31, 2026 N-PORT
XYLG · Global X Funds 0.19% 249 NS July 31, 2026 N-PORT
ADME · ETF Series Solutions 0.18% 1,109 NS July 31, 2026 N-PORT
VONE · VANGUARD SCOTTSDALE FUNDS 0.18% 42,069 SH Aug. 19, 2026 Daily
TOV · EA Series Trust 0.18% 989 NS July 31, 2026 N-PORT
IWV · iShares Trust 0.18% 70,009 SH Sept. 11, 2026 Daily
ITOT · iShares Trust 0.18% 330,475 SH Sept. 11, 2026 Daily
DFUS · Dimensional ETF Trust 0.18% 77,081 NS July 31, 2026 N-PORT
RECS · Columbia ETF Trust I 0.18% 21,522 NS July 31, 2026 N-PORT
DFSU · Dimensional ETF Trust 0.17% 8,298 NS July 31, 2026 N-PORT
SPUU · Direxion Shares ETF Trust 0.17% 958 NS July 31, 2026 N-PORT
VOXP · Advisors Series Trust 0.17% 21 NS July 31, 2026 N-PORT
QDPL · Pacer Funds Trust 0.17% 6,086 NS July 31, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.17% 8,059,531 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.17% 21,413 SH Aug. 19, 2026 Daily
ROUS · Lattice Strategies Trust 0.17% 2,514 NS July 31, 2026 N-PORT
JQUA · J.P. Morgan Exchange-Traded Fund Tr… 0.17% 28,850 NS July 31, 2026 N-PORT
PHDG · Invesco Actively Managed Exchange-T… 0.16% 200 SH Oct. 2, 2026 Daily
TILT · FlexShares Trust 0.16% 7,268 NS July 31, 2026 N-PORT
TOK · iShares Trust 0.15% 711 SH Sept. 11, 2026 Daily
EVUS · iShares Trust 0.15% 1,120 SH Sept. 11, 2026 Daily
HCMT · Direxion Shares ETF Trust 0.15% 1,767 NS July 31, 2026 N-PORT
URTH · iShares, Inc. 0.14% 22,839 SH Sept. 11, 2026 Daily
IUS · Invesco Exchange-Traded Self-Indexe… 0.14% 2,716 SH Oct. 2, 2026 Daily
SPXL · Direxion Shares ETF Trust 0.14% 19,843 NS July 31, 2026 N-PORT
PRF · Invesco Exchange-Traded Fund Trust 0.14% 27,068 SH Oct. 2, 2026 Daily
DFVX · Dimensional ETF Trust 0.14% 1,533 NS July 31, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.13% 34,643 NS July 31, 2026 N-PORT
ACWI · iShares Trust 0.13% 80,964 SH Sept. 11, 2026 Daily
ILCG · iShares Trust 0.12% 7,358 SH Sept. 11, 2026 Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX… 0.11% 212,018 SH Aug. 19, 2026 Daily
CRBN · iShares Trust 0.11% 2,480 SH Sept. 11, 2026 Daily
LGDX · Tidal Trust III 0.11% 319 NS July 31, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.10% 6,724 NS July 31, 2026 N-PORT
EQAL · Invesco Exchange-Traded Fund Trust … 0.09% 1,469 SH Oct. 2, 2026 Daily
DFAC · Dimensional ETF Trust 0.09% 89,310 NS July 31, 2026 N-PORT
FEX · First Trust Exchange-Traded AlphaDE… 0.09% 2,837 NS July 31, 2026 N-PORT
RWL · Invesco Exchange-Traded Fund Trust … 0.06% 12,205 SH Oct. 2, 2026 Daily
DYNF · BlackRock ETF Trust 0.05% 43,032 SH Sept. 11, 2026 Daily
DXUV · Dimensional ETF Trust 0.04% 517 NS July 31, 2026 N-PORT

VRTX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 36 analysts BUY
Median target $577.50 +14.4%
11 30.6% Strong Buy
18 50.0% Buy
6 16.7% Hold
0 0.0% Sell
1 2.8% Strong Sell

12-Month Price Target

28 analysts · 2026-09-30

Mean target $571.39 +13.2%

Now Current price $504.73
Low$350.00 Mean$571.39 High$672.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
VRTX $115.15B 29.6 8.9% 32.9% 22.1% ·
ABBV · 96.8 8.6% 6.9% 15367.3% ·
AMGN $176.35B 23.0 10.0% 21.0% 95.9% ·
GILD $152.32B 18.1 2.4% 28.9% 40.5% ·
MRNA $11.62B -4.1 -39.9% -145.2% -31.3% ·
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VRTX AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

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Panel Verdict NEUTRAL Confidence 0.68 4 of 4 reported forecast spread ·

Vertex is a high-quality pharmaceutical company whose premium valuation hinges entirely on its ability to successfully launch new non-opioid pain treatments. Claude and Gemini highlighted the company's fortress balance sheet and pricing power, while Grok and ChatGPT warned that stagnant earnings growth makes the 31x P/E ratio vulnerable to pipeline delays. The panel split on whether the current price reflects future growth or an over-extended multiple, ultimately converging on a cautious hold.

Round 1 — Opening Takes

Grok NEUTRAL
Confidence 0.65
↑ Bullish

I see Vertex's bull case hinging on its fortress-like profitability from cystic fibrosis dominance, fueling R&D without debt drag as new therapies like pain drugs gain traction. Gross margin holds at 86%, proving they command premium pricing peers can't match in specialty pharma. Net margin sits at 31%, generating ample cash to fund the pipeline Morgan Stanley just pegged with a $612 target—30% above today's $469 close. Zero debt-to-equity means no interest burden, pure resilience in biotech volatility.

↓ Bearish

My strongest bear case is Vertex's stagnant earnings growth trapping it at a premium valuation that crumbles if pipeline bets falter amid patent cliffs. EPS TTM flat at $14.23 offers no acceleration to justify the ride. ROE of 21.8% lags peers like AMGN's 96%, signaling weaker capital efficiency despite the hype. P/E at 31 tops GILD's 19, baking in perfection with recent May plunge from $501 to $425 exposing sentiment fragility.

Claude NEUTRAL
Confidence 0.68
↑ Bullish

Vertex is a rare pharma compounder with pricing power and fortress balance sheet. The 86% gross margin and 31% net margin tell you this is a franchise business, not a commodity play — drugs that patients need and doctors prescribe. Zero debt and a 2.36x current ratio mean management can fund R&D or M&A without dilution. Morgan Stanley's $612 target (April 2026) implies 30% upside from current levels, and that call comes after the stock already ran from $424 in May to $469 today. The market is rewarding execution, not pricing in speculation.

↓ Bearish

The valuation has already priced in years of flawless execution. At 31.3x trailing earnings and 9.8x sales, Vertex trades at a 25% premium to Amgen and a 67% premium to Gilead despite slower ROE growth. The stock has been volatile — down 15% in one week (May 9 close $425 to May 16 open $425, then recovery), signaling institutional uncertainty about pipeline or competitive threats. If a single late-stage trial fails or a competitor launches a better-in-class drug, the multiple compresses fast. Biotech multiples are mean-reverting, and this one is stretched.

Gemini NEUTRAL
Confidence 0.75
↑ Bullish

Vertex is effectively a fortress of profitability that has successfully eliminated its balance sheet risk. The company currently carries a Debt/Equity ratio of 0.0, which means they are operating entirely on their own cash flow rather than relying on creditors. This financial independence is bolstered by a massive 86.28% gross margin. This indicates that for every dollar of medicine they sell, they keep over 86 cents before operating costs, showcasing incredible pricing power in the specialty pharma space.

↓ Bearish

The market has already priced in a premium for Vertex's stability, leaving little room for error if growth slows. Investors are currently paying a P/E ratio of 31.29. This means you are paying over 31 dollars for every dollar of annual earnings, which is significantly higher than peers like Gilead. Furthermore, at a P/S ratio of 9.81, the stock is trading at a high multiple relative to its actual sales. This suggests the market is betting on aggressive future expansion that the current financials may struggle to justify.

Chatgpt NEUTRAL
Confidence 0.65
↑ Bullish

I think Vertex's strongest bullish case is that it combines standout profitability with a debt-free balance sheet, creating room to fund a robust pipeline. ROE TTM 21.81%. That means Vertex converts equity into profit at about 22 cents on the dollar, signaling efficient capital use. Gross margin TTM 86.28%. That cushion shows pricing power and scalable operations, giving Vertex resilience if costs rise. Debt/equity 0.0. With no net debt, the company has optionality to fund late-stage trials or weather downturns. If the pipeline delivers, this setup could compound earnings and cash flow into 2026Q2.

↓ Bearish

I think Vertex's valuation is the main headwind; the stock is priced for perfection, leaving little cushion for any hiccup in the pipeline. P/E TTM 31.30. That premium implies the market expects sustained growth; any slowdown can trigger multiple compression. P/S TTM 9.81. A high sales multiple means investors rely on rapid revenue gains; if growth slows, the multiple contracts. AMGN P/E 25.16. Vertex trades well above this peer, which raises downside risk if catalysts lag.

Round 2 — Responses & Rebuttals

Round 2 — Responses & Rebuttals

Grok

ChatGPT, Vertex's 21.8% ROE isn't an efficiency standout as you portray it because it lags peers like Amgen's 96.2%, showing Vertex turns far less equity into profit despite zero debt removing any leverage excuse. That peer gap underscores why the 31x P/E demands faster earnings growth to hold up into 2026Q2—stagnant EPS at $14.23 leaves no margin for error if pipeline delays hit.

Claude

I need to push back on ChatGPT's ROE math here. ChatGPT said a 21.81% ROE means Vertex converts equity into profit at 'about 22 cents on the dollar'—that's backwards. ROE of 21.81% means for every dollar of shareholder equity on the balance sheet, Vertex generates 21.8 cents of annual profit. That's actually strong for pharma, not weak. The real issue ChatGPT missed is that Vertex's ROE is half of Amgen's 96%, which Grok flagged correctly. If Vertex is deploying capital half as efficiently as its peer despite the fortress balance sheet and premium margins, that's the real efficiency question—not whether 22% ROE is acceptable in isolation. The valuation premium only holds if Vertex can close that gap.

Gemini

Grok, your point about the ROE comparison to Amgen is misleading because you are ignoring the massive difference in capital structure. Amgen’s 96% ROE is heavily inflated by high leverage, whereas Vertex’s 21.81% ROE is generated with zero debt. That metric means Vertex is creating significant shareholder value using only its own operational cash rather than borrowed money. While I agree the valuation is stretched, comparing a debt-free company to a highly leveraged peer makes the capital efficiency look worse than it actually is for the business.

Chatgpt

Claude, your point about Vertex's fortress balance sheet is strong, but the stock's valuation still matters. P/E TTM is 31.3, which means investors are paying a premium for durable earnings rather than cheap growth. That premium leaves less room for error if the pipeline slows or a competitor gains traction, since the multiple can compress quickly in biotech when sentiment shifts.

Round 3 — Final Rebuttals

Round 3 — Final Rebuttals

Grok

Gemini, your leverage defense of Vertex's ROE doesn't fully hold because the company's own deleveraging proves operations aren't closing the peer gap. Debt/equity stood at 0.68 in 2025Q3. That modest leverage generated 22.14% ROE, turning each equity dollar into solid but unexceptional profit. Now debt-free, ROE is 21.81%. No efficiency gain emerged without the debt tailwind—still half Amgen's output, so the comparison stands and pressures the 31x P/E for pipeline proof.

Claude

I want to push back on something nobody has touched yet: Vertex's revenue concentration risk. Cystic fibrosis drugs—Kalydeco, Orkambi, Trikafta—likely represent 70% or more of total revenue, and that franchise is mature. The company is betting pipeline expansion into pain, obesity, and other indications will offset CF plateau, but we haven't seen material revenue traction from those programs yet. Morgan Stanley's $612 target assumes successful launches, but if those trials slip or underperform, Vertex faces a revenue cliff that no amount of margin strength absorbs. That's the real tail risk hiding behind the 31x multiple—not just multiple compression, but actual earnings compression if the new drugs don't land. Gemini and Grok, how much of that $612 target depends on pipeline success versus CF maintenance?

Gemini

Grok, I have to challenge your assertion that Vertex’s stagnant EPS at $14.23 is the primary risk, because it ignores the massive, upcoming shift in their revenue mix. Vertex is currently transitioning from a cystic fibrosis monopoly to a broader specialty platform, specifically with the launch of their non-opioid pain treatment, suzetrigine. This drug targets a massive, underserved market that could fundamentally alter their growth trajectory by 2026Q2. While the current P/E of 31.3 is high, that multiple represents the market betting on this pipeline expansion, not just the current, stable earnings base.

Chatgpt

I’m widening the frame, Claude, Grok, Gemini, to factor policy and competitive dynamics into Vertex’s price action. P/E TTM around 31x. That premium implies investors expect durable earnings, but it can compress if policy shifts like CMS price negotiations bite Vertex's US pricing and if a late-stage competitor data readout in 2026 confirms stronger pipeline risk, potentially capping upside into 2026Q2.

Price Forecasts

Model 3M Target 6M Target Reasoning
Grok $510.00 $540.00 I think Vertex consolidates upward modestly from $494 as CF franchise cash flows defend the premium valuation into 2026Q2, but lacks acceleration without pipeline wins. The key catalyst is suzetrigine Phase 3 topline data expected by Q4 2025, which could unlock non-opioid pain revenue and bridge stagnant EPS growth. The main risk is a trial miss exposing CF concentration, compressing multiples fast. Holding 31x P/E at my 6-month $540 target means the market still demands proof of 15%+ earnings expansion to sustain the peer premium over GILD's 19x.
Claude $485.00 $520.00 Vertex's bull case hinges on pipeline expansion offsetting cystic fibrosis plateau—but that expansion hasn't yet materialized in revenue. The stock trades at 31.3x trailing earnings, a premium justified only if suzetrigine and pain programs deliver material revenue by late 2026. My 3-month target of $485 reflects sideways consolidation as the market waits for Q2 2026 earnings and early suzetrigine traction signals. My 6-month target of $520 assumes Morgan Stanley's $612 thesis holds partially true—one successful late-stage readout or launch guidance revision catalyzes multiple expansion. The key risk: if Q2 earnings disappoint or pipeline delays surface, the 31x multiple compresses to 26–27x peer median, driving the stock to $420–$440. At current levels, risk-reward favors patient holders, not new longs.
Gemini $525.00 $575.00 My thesis is that Vertex will transition from a cystic fibrosis niche player to a broader specialty platform, driving a valuation re-rating as the market gains confidence in their non-opioid pipeline. The primary catalyst for my 6-month target is the commercial launch and initial script data for suzetrigine, which will prove the company can scale beyond its core franchise. Conversely, a failure to secure favorable reimbursement terms for this new drug would break my thesis and force a multiple contraction. We are currently paying a P/E ratio of 31.3. This means investors are paying over 31 dollars for every dollar of annual earnings, betting that future pipeline breakthroughs will justify this premium.
Chatgpt $612.00 $640.00 My thesis is Vertex can trend higher if the pipeline proves durable and the balance sheet remains a fortress. Catalyst: a positive phase 3 readout for suzetrigine or stronger Q2 guidance would push the stock. Risk: a late-stage trial disappointment or slower CF pipeline expansion could trigger multiple compression. As of now, Vertex trades around 493.84; my 3-month target is 612.

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Source: SEC 10-Q filed Aug 4, 2026