Vertex Pharmaceuticals
VRTX on Nasdaq. Pharmaceutical preparations. Market value $127.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Health care stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.97 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 76 of 100. Price score: 52 of 100. Our list needs 70 on quality and 60 on price.
$503.50 a share, 26% above its 1-year low
Over the past year the price has ranged from $400.74 to $560.25.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $7.6bn | $8.9bn | $9.9bn | $11.0bn | $12.0bn |
| Operating margin | |||||
| Operating margin | 36.7% | 48.2% | 38.8% | -2.1% | 34.8% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.26bn | 0.26bn | 0.26bn | 0.25bn | 0.25bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 14.1% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3.3 billion last quarter, up 12% on a year ago.
- Profit: $1.1 billion, up 6% on a year ago.
- It keeps 38 cents of each $1 of sales as operating profit, up from 34 cents a year earlier.
- Spare cash over the past 12 months: $3.8 billion, up from $3.5 billion.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.8bn |
| December 2024 | $2.9bn |
| March 2025 | $2.8bn |
| June 2025 | $3.0bn |
| September 2025 | $3.1bn |
| December 2025 | $3.2bn |
| March 2026 | $3.0bn |
| June 2026 | $3.3bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $1.0bn |
| December 2024 | $913m |
| March 2025 | $646m |
| June 2025 | $1.0bn |
| September 2025 | $1.1bn |
| December 2025 | $1.2bn |
| March 2026 | $1.0bn |
| June 2026 | $1.1bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 2 November 2026
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 1,754 funds in all.
- Tweedy, BrowneTweedy Browne partners
- Value
- $20m
- Share of fund
- 1.5%
- Torray Investment PartnersRobert Torray (founder)
- Value
- $8m
- Share of fund
- 1.0%
- First Manhattan Co.First Manhattan partners
- Value
- $774,899
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Tweedy, BrowneTweedy Browne partners | $20m | 1.5% | |
| Gotham Asset ManagementJoel Greenblatt | $9m | <0.1% | Cut |
| Torray Investment PartnersRobert Torray (founder) | $8m | 1.0% | |
| First Manhattan Co.First Manhattan partners | $774,899 | <0.1% |
Largest holders overall
- Capital World Investors$13.0bnAdded
- BlackRock$12.0bn
- Capital Research Global Investors$9.7bnCut
- Vanguard Capital Management$8.2bn
- State Street$5.9bn
- Invesco$4.0bn
- JPMorgan Chase$3.3bnCut
- Geode Capital Management$3.0bn
- Vanguard Portfolio Management$2.4bnCut
- Capital International Investors$2.3bnCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Capital World InvestorsPassive investor10.1%−1.1 ptsSince 31 March 2026
- Capital Research Global InvestorsPassive investor8.3%+1.5 ptsSince 31 March 2026
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- FMR LLCPassive investorat least 3.6%(filed with 1 related holder)Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Capital World Investors Passive investor | 10.1%−1.1 pts | 31 March 2026 | |
Capital Research Global Investors Passive investor | 8.3%+1.5 pts | 31 March 2026 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
FMR LLC Passive investor | at least 3.6% (filed with 1 related holder) | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 13 sold $158m, $158m of it under preset trading plans.
- Tatsis OuraniaEVP, Chief Reg. & Quality Off.Soldunder a preset trading plan
- Date
- 2 July 2026
- Shares
- 1,500
- Price
- $524.99
- Value
- $787,485
- McKechnie DuncanEVP, Chief Commercial OfficerSoldunder a preset trading plan
- Date
- 2 July 2026
- Shares
- 1,541
- Price
- $519.00
- Value
- $799,779
- Liu JoyEVP and Chief Legal OfficerSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 828
- Price
- $502.71
- Value
- $416,244
- Bozic CarmenEVP and CMOSoldunder a preset trading plan
- Date
- 26 June 2026
- Shares
- 596
- Price
- $482.50
- Value
- $287,570
- Bozic CarmenEVP and CMOSoldunder a preset trading plan
- Date
- 18 June 2026
- Shares
- 1,020
- Price
- $462.17
- Value
- $471,413
- Bozic CarmenEVP and CMOSoldunder a preset trading plan
- Date
- 15 June 2026
- Shares
- 4,062
- Price
- $450.00
- Value
- $2m
- Bozic CarmenEVP and CMOSoldunder a preset trading plan
- Date
- 5 June 2026
- Shares
- 1,745
- Price
- $450.00
- Value
- $785,250
- Liu JoyEVP and Chief Legal OfficerSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 828
- Price
- $439.91
- Value
- $364,245
- Bozic CarmenEVP and CMOSoldunder a preset trading plan
- Date
- 29 May 2026
- Shares
- 1,974
- Price
- $450.00
- Value
- $888,300
- Bunnage Mark E.EVP, Chief Scientific OfficerSoldunder a preset trading plan
- Date
- 15 May 2026
- Shares
- 33
- Price
- $453.45
- Value
- $14,964
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 July 2026 | Tatsis Ourania EVP, Chief Reg. & Quality Off. | Sold under a preset trading plan | 1,500 | $524.99 | $787,485 |
| 2 July 2026 | McKechnie Duncan EVP, Chief Commercial Officer | Sold under a preset trading plan | 1,541 | $519.00 | $799,779 |
| 1 July 2026 | Liu Joy EVP and Chief Legal Officer | Sold under a preset trading plan | 828 | $502.71 | $416,244 |
| 26 June 2026 | Bozic Carmen EVP and CMO | Sold under a preset trading plan | 596 | $482.50 | $287,570 |
| 18 June 2026 | Bozic Carmen EVP and CMO | Sold under a preset trading plan | 1,020 | $462.17 | $471,413 |
| 15 June 2026 | Bozic Carmen EVP and CMO | Sold under a preset trading plan | 4,062 | $450.00 | $2m |
| 5 June 2026 | Bozic Carmen EVP and CMO | Sold under a preset trading plan | 1,745 | $450.00 | $785,250 |
| 1 June 2026 | Liu Joy EVP and Chief Legal Officer | Sold under a preset trading plan | 828 | $439.91 | $364,245 |
| 29 May 2026 | Bozic Carmen EVP and CMO | Sold under a preset trading plan | 1,974 | $450.00 | $888,300 |
| 15 May 2026 | Bunnage Mark E. EVP, Chief Scientific Officer | Sold under a preset trading plan | 33 | $453.45 | $14,964 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.