VRTXVERTEX PHARMACEUTICALS INC / MA

Pharmaceutical Preparations

Revenue: $12.0B; 8.9% YoY
Operating margin: 34.8%; 1745% YoY
EBITDA: $4.4B; 17155% YoY
Market cap: $141.6B
Employees: 97,000; $124K revenue each
Net debt / EBITDA: -1.4×; −$6.0B net debt
AI in 10-K: 1.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
92% of net income
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
56% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$124K · 34th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.1 per 10K words · 37th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$141.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$158M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$7.6B	$8.9B	$9.9B	$11.0B	$12.0B	8.9%
Operating income	$2.8B	$4.3B	$3.8B	−$233M	$4.2B	1892%
Net income	$2.3B	$3.3B	$3.6B	−$536M	$4.0B	838%
Operating cash flow	$2.6B	$4.1B	$3.5B	−$493M	$3.6B	837%
Capex	$235M	$205M	$200M	$298M	$438M	47%
Stock-based comp	$441M	$491M	$581M	$699M	$686M	1.8%
Buybacks	$1.4B	$0	$428M	$1.2B	$2.0B	71%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $158M · 93
Net: −$158M

Pay vs performance

No pay-versus-performance disclosure yet.