0000875320-24-000223 | 10-Q | XBRL Viewer | Vertex Pharmaceuticals INC MA

Material Terms of Trading Arrangement

The following table describes the written plans for the sale of our securities adopted by our directors and officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934) during the third quarter of 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1 (each, a “Trading Plan”).

Name and Title

Date of Adoption of Trading Plan

Scheduled Expiration Date of Trading Plan (1)

Maximum Shares Subject to Trading Plan

David Altshuler

EVP, Chief Scientific Officer

8/08/2024

8/01/2025

30,510(2)

Charles F. Wagner, Jr

EVP, Chief Financial Officer

8/08/2024

8/01/2025

6,298

Kristen Ambrose

SVP, Chief Accounting Officer

8/08/2024

8/01/2025

4,914(2)

(1) A Trading Plan may expire on an earlier date if all contemplated transactions are completed before such Trading Plan’s expiration date, upon termination by broker or the holder of the Trading Plan, or as otherwise provided in the Trading Plan.

(2) The maximum shares listed has not been reduced by the number of shares of common stock that will be withheld to satisfy tax withholding obligations at future vesting dates because such number of shares is not yet determinable.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

David Altshuler [Member]

Rule 10b5-1 Arrangement Adopted

Name

David Altshuler

Title

EVP, Chief Scientific Officer

true

8/08/2024

8/01/2025

358 days

30,510

Charles F. Wagner, Jr [Member]

Rule 10b5-1 Arrangement Adopted

Name

Charles F. Wagner, Jr

Title

EVP, Chief Financial Officer

true

8/08/2024

8/01/2025

358 days

6,298

Kristen Ambrose [Member]

Rule 10b5-1 Arrangement Adopted

Name

Kristen Ambrose

Title

SVP, Chief Accounting Officer

true

8/08/2024

8/01/2025

358 days

4,914

Hedging - Additional Information (Details) - Foreign currency forward contracts - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative term	1 month
Cash Flow Hedging \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount of foreign currency forward contract	$ 0	$ 0
Cash Flow Hedging \| Minimum
Derivative [Line Items]
Derivative term	1 month
Cash Flow Hedging \| Maximum
Derivative [Line Items]
Derivative term	18 months

Stock-based Compensation Expense and Share Repurchase Programs - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation expense:
Total stock-based compensation expense included in costs and expenses	$ 184.6	$ 130.9	$ 530.7	$ 372.6
Stock-based compensation expense related to inventories	(3.6)	(0.8)	(7.5)	(1.8)
Total stock-based compensation expense included in “Total costs and expenses”	184.6	130.9	530.7	372.6
Income tax effect	(64.6)	(37.1)	(224.3)	(109.0)
Total stock-based compensation expense, net of tax	120.0	93.8	306.4	263.6
Cost of sales
Stock-based compensation expense:
Total stock-based compensation expense included in costs and expenses	1.9	1.7	5.5	5.4
Research and development expenses
Stock-based compensation expense:
Total stock-based compensation expense included in costs and expenses	111.0	81.1	327.5	231.9
Selling, general and administrative expenses
Stock-based compensation expense:
Total stock-based compensation expense included in costs and expenses	71.7	48.1	197.7	135.3
Restricted stock units (including PSUs)
Stock-based compensation expense:
Total stock-based compensation expense included in costs and expenses	184.8	129.1	522.7	358.6
ESPP share issuances
Stock-based compensation expense:
Total stock-based compensation expense included in costs and expenses	3.4	2.4	13.7	11.8
Stock options
Stock-based compensation expense:
Total stock-based compensation expense included in costs and expenses	$ 0.0	$ 0.2	$ 1.8	$ 4.0

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	257,739,599	257,695,221
Common stock, shares outstanding (in shares)	257,739,599	257,695,221

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

Corporate Headquarters Lease Amendments

We lease approximately 1.1 million square feet of office and laboratory space in two buildings in Boston, Massachusetts that serve as our corporate headquarters (the “Buildings”). In August 2024, we amended the existing lease agreements to, among other terms, extend the lease termination dates from December 2028 to June 2044 (the “Amendments”). We have the option to extend the amended leases for up to two additional ten-year periods.

The Amendments did not grant us any additional rights of use not contemplated in the existing lease agreements. As a result, we have accounted for the Amendments as modifications that extend the terms of the existing leases and reassessed the classification of the leases as of their effective dates. As of September 30, 2024, we remeasured the lease liabilities using our incremental borrowing rate as of the effective date of the Amendments and classified the leases associated with the Buildings as operating leases because none of the finance lease criteria were met. As of September 30, 2024, the adjusted right-of-use assets associated with the Buildings, totaling $845.9 million, were recorded within “Operating lease assets” and the long-term portion of the remeasured lease liabilities of $1.0 billion were recorded within “Long-term operating lease liabilities.”

Prior to the Amendments, we classified the leases associated with the Buildings as finance leases because the present value of the sum of the lease payments exceeded substantially all of the fair value of the Buildings at lease inception. As of December 31, 2023, the Buildings were recorded as assets with net book values of $177.0 million within “Property and equipment, net” and long-term liabilities of $258.1 million within “Long-term finance lease liabilities.”

As of September 30, 2024 and December 31, 2023, the amounts recorded within “Other current liabilities” related to the Buildings were not material to our condensed consolidated balance sheets.

For further information on the accounting treatment for our finance and operating leases, please refer to our accounting policy, Leases, in Note A, “Nature of Business and Accounting Policies,” in our 2023 Annual Report on Form 10-K. The following disclosures reflect significant changes in our total leases subsequent to the Amendments.

Our leases are included on our consolidated balance sheets as follows:


	As of September 30, 2024		As of December 31, 2023
	(in millions)
Finance leases
Property and equipment, net	$	90.3	$	272.8
Total finance lease assets	$	90.3	$	272.8

Other current liabilities	$	5.1	$	50.6
Long-term finance lease liabilities	114.0		376.1
Total finance lease liabilities	$	119.1	$	426.7

Operating leases
Operating lease assets	$	1,396.1	$	293.6
Total operating lease assets	$	1,396.1	$	293.6

Other current liabilities	$	66.1	$	33.1
Long-term operating lease liabilities	1,588.9		348.6
Total operating lease liabilities	$	1,655.0	$	381.7

Maturities of our finance and operating lease liabilities as of September 30, 2024 were as follows:


Year	Finance Leases		Operating Leases		Total
	(in millions)
Remainder of 2024	$	1.9	$	20.6	$	22.5
2025	11.0		167.0		178.0
2026	11.3		168.3		179.6
2027	11.7		167.6		179.3
2028	12.1		164.4		176.5
Thereafter	143.6		2,106.9		2,250.5
Total lease payments	191.6		2,794.8		2,986.4
Less: tenant allowance	—		(206.4)		(206.4)
Less: amount representing interest	(72.5)		(933.4)		(1,005.9)
Present value of lease liabilities	$	119.1	$	1,655.0	$	1,774.1

The weighted-average remaining lease terms and discount rates related to our leases were as follows:


	As of September 30, 2024		As of December 31, 2023
Weighted-average remaining lease term (in years)
Finance leases	22.29		10.06
Operating leases	15.60		11.24

Weighted-average discount rate
Finance leases	4.59	%	8.20	%
Operating leases	4.63	%	2.42	%

Refer to Note N, “Additional Cash Flow Information,” for a description of the non-cash operating activities resulting from the Amendments.

Leases

Corporate Headquarters Lease Amendments

As of September 30, 2024 and December 31, 2023, the amounts recorded within “Other current liabilities” related to the Buildings were not material to our condensed consolidated balance sheets.

Our leases are included on our consolidated balance sheets as follows:


	As of September 30, 2024		As of December 31, 2023
	(in millions)
Finance leases
Property and equipment, net	$	90.3	$	272.8
Total finance lease assets	$	90.3	$	272.8

Other current liabilities	$	5.1	$	50.6
Long-term finance lease liabilities	114.0		376.1
Total finance lease liabilities	$	119.1	$	426.7

Operating leases
Operating lease assets	$	1,396.1	$	293.6
Total operating lease assets	$	1,396.1	$	293.6

Other current liabilities	$	66.1	$	33.1
Long-term operating lease liabilities	1,588.9		348.6
Total operating lease liabilities	$	1,655.0	$	381.7

Maturities of our finance and operating lease liabilities as of September 30, 2024 were as follows:


Year	Finance Leases		Operating Leases		Total
	(in millions)
Remainder of 2024	$	1.9	$	20.6	$	22.5
2025	11.0		167.0		178.0
2026	11.3		168.3		179.6
2027	11.7		167.6		179.3
2028	12.1		164.4		176.5
Thereafter	143.6		2,106.9		2,250.5
Total lease payments	191.6		2,794.8		2,986.4
Less: tenant allowance	—		(206.4)		(206.4)
Less: amount representing interest	(72.5)		(933.4)		(1,005.9)
Present value of lease liabilities	$	119.1	$	1,655.0	$	1,774.1

The weighted-average remaining lease terms and discount rates related to our leases were as follows:


	As of September 30, 2024		As of December 31, 2023
Weighted-average remaining lease term (in years)
Finance leases	22.29		10.06
Operating leases	15.60		11.24

Weighted-average discount rate
Finance leases	4.59	%	8.20	%
Operating leases	4.63	%	2.42	%

Refer to Note N, “Additional Cash Flow Information,” for a description of the non-cash operating activities resulting from the Amendments.

Hedging - Notional Amount (Details) - Foreign currency forward contracts - Designated as Hedging Instruments - Cash Flow Hedging - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional amount of foreign currency forward contract	$ 3,100.0	$ 2,392.3
Euro
Derivative [Line Items]
Notional amount of foreign currency forward contract	2,233.5	1,720.6
British pound sterling
Derivative [Line Items]
Notional amount of foreign currency forward contract	303.8	225.0
Canadian dollar
Derivative [Line Items]
Notional amount of foreign currency forward contract	295.2	229.5
Australian dollar
Derivative [Line Items]
Notional amount of foreign currency forward contract	187.0	153.3
Swiss Franc
Derivative [Line Items]
Notional amount of foreign currency forward contract	$ 80.5	$ 63.9

Stock-based Compensation Expense and Share Repurchase Programs (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense by Line Item

During the three and nine months ended September 30, 2024 and 2023, we recognized the following stock-based compensation expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs)	$	184.8	$	129.1	$	522.7	$	358.6
ESPP share issuances	3.4		2.4		13.7		11.8
Stock options	—		0.2		1.8		4.0
Stock-based compensation expense related to inventories	(3.6)		(0.8)		(7.5)		(1.8)
Total stock-based compensation expense included in “Total costs and expenses”	$	184.6	$	130.9	$	530.7	$	372.6

Stock-based compensation expense by line item:
Cost of sales	$	1.9	$	1.7	$	5.5	$	5.4
Research and development expenses	111.0		81.1		327.5		231.9
Selling, general and administrative expenses	71.7		48.1		197.7		135.3
Total stock-based compensation expense included in costs and expenses	184.6		130.9		530.7		372.6
Income tax effect	(64.6)		(37.1)		(224.3)		(109.0)
Total stock-based compensation expense, net of tax	$	120.0	$	93.8	$	306.4	$	263.6

Additional Cash Flow Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 5,239.2	$ 10,369.1	$ 11,110.2	$ 10,504.0
Prepaid expenses and other current assets	8.9	3.2	6.4	8.0
Cash, cash equivalents and restricted cash per condensed consolidated statement of cash flows	$ 5,248.1	$ 10,372.3	$ 11,116.6	$ 10,512.0

Leases - Additional Information (Details) ft² in Millions, $ in Millions	1 Months Ended	9 Months Ended
	Aug. 31, 2024 renewal_option	Sep. 30, 2024 USD ($) ft² building	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Operating lease assets		$ 1,396.1	$ 293.6
Long-term operating lease liabilities		1,588.9	348.6
Property and equipment, net		90.3	272.8
Long-term finance lease liabilities		$ 114.0	376.1
Fan Pier Leases
Property, Plant and Equipment [Line Items]
Area of real estate property (in square feet) \| ft²		1.1
Number of buildings \| building		2
Number of optional renewal terms \| renewal_option	2
Optional renewal term length	10 years
Operating lease assets		$ 847.9
Long-term operating lease liabilities		1,000.0
Property and equipment, net			177.0
Long-term finance lease liabilities			$ 258.1
Fan Pier Leases \| Building
Property, Plant and Equipment [Line Items]
Operating lease assets		$ 845.9

Stock-based Compensation Expense and Share Repurchase Programs

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Expense and Share Repurchase Programs

Stock-based compensation expense

During the three and nine months ended September 30, 2024 and 2023, we recognized the following stock-based compensation expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs)	$	184.8	$	129.1	$	522.7	$	358.6
ESPP share issuances	3.4		2.4		13.7		11.8
Stock options	—		0.2		1.8		4.0
Stock-based compensation expense related to inventories	(3.6)		(0.8)		(7.5)		(1.8)
Total stock-based compensation expense included in “Total costs and expenses”	$	184.6	$	130.9	$	530.7	$	372.6

Stock-based compensation expense by line item:
Cost of sales	$	1.9	$	1.7	$	5.5	$	5.4
Research and development expenses	111.0		81.1		327.5		231.9
Selling, general and administrative expenses	71.7		48.1		197.7		135.3
Total stock-based compensation expense included in costs and expenses	184.6		130.9		530.7		372.6
Income tax effect	(64.6)		(37.1)		(224.3)		(109.0)
Total stock-based compensation expense, net of tax	$	120.0	$	93.8	$	306.4	$	263.6

Share repurchase program

In February 2023, our Board of Directors approved a share repurchase program, pursuant to which we are authorized to repurchase up to $3.0 billion of our common stock. The program does not have an expiration date and can be discontinued at any time. During the nine months ended September 30, 2024 and 2023, we repurchased 1.7 million and 0.9 million shares of our common stock under the program, respectively, for aggregate repurchases of $763.8 million and $284.1 million, respectively. As of September 30, 2024, we had $1.8 billion remaining authorization under this program.

Collaboration, License and Other Arrangements - Narrative (Details)		1 Months Ended				3 Months Ended				9 Months Ended		12 Months Ended
	May 20, 2024 USD ($)	May 31, 2024 USD ($)	Jan. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2019 USD ($) target	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development expenses						$ 15,000,000.0		$ 51,700,000		$ 4,540,900,000	$ 509,300,000
Selling, general and administrative expenses						371,800,000		263,800,000		1,086,700,000	767,500,000
Cost of sales						$ 392,600,000		318,700,000		$ 1,107,100,000	894,200,000
CRISPR
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, allocation of research and development expenses, percent						40.00%				40.00%
Allocation of net profits and net losses, percent						40.00%				40.00%
CRISPR Therapeutics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, right to exclusively license, number of targets \| target												3
Collaborative arrangement, development and regulatory potential milestone payments maximum												$ 410,000,000.0
CRISPR JDCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expenses						$ 11,700,000		12,500,000		$ 35,000,000.0	48,300,000
Selling, general and administrative expenses								$ 7,000,000.0			21,100,000
Milestone payment			$ 200,000,000
Allocation of net profits and net losses, percent													60.00%
Cost of sales						15,800,000				47,500,000
CRISPR JDCA \| CRISPR
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Allocation of net profits and net losses, percent													40.00%
CRISPR T1D
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development expenses											$ 170,000,000
Collaborative arrangement, development and regulatory potential milestone payments maximum				$ 160,000,000.0
Milestone payment									$ 70,000,000
Up-front payment				$ 100,000,000.0
Entrada Therapeutics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, development and regulatory potential milestone payments maximum					$ 335,000,000.0
Milestone payment							$ 75,000,000
Up-front payment					225,100,000
Purchase of common stock					$ 24,900,000
Alpine Immune Sciences Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for asset acquisitions	$ 5,000,000,000	$ 4,957,500,000
Acquired in-process research and development expenses		4,423,200,000								4,400,000,000
Total consideration allocated	4,800,000,000	$ 4,800,600,000
Alpine Immune Sciences Inc \| Unvested Equity Awards
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for asset acquisitions	$ 197,600,000
Research and development expenses										165,000,000
Selling, general and administrative expenses										32,600,000
Septerna, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total consideration allocated						$ 47,500,000				$ 47,500,000

Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finance leases
Property and equipment, net	$ 90.3	$ 272.8
Total finance lease assets	90.3	272.8
Other current liabilities	5.1	50.6
Long-term finance lease liabilities	114.0	376.1
Total finance lease liabilities	119.1	426.7
Operating leases
Operating lease assets	1,396.1	293.6
Other current liabilities	66.1	33.1
Long-term operating lease liabilities	1,588.9	348.6
Total operating lease liabilities	$ 1,655.0	$ 381.7
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities

Marketable Securities and Equity Investments

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities and Equity Investments

A summary of our cash equivalents and marketable debt and equity securities, which are recorded at fair value, is shown below:


	As of September 30, 2024								As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

	(in millions)
Cash equivalents	$	2,159.1	$	—	$	—	$	2,159.1	$	7,033.9	$	—	$	—	$	7,033.9
Marketable securities:
U.S. Treasury securities	1,518.7		18.4		(0.3)		1,536.8		544.5		3.0		(1.0)		546.5
U.S. government agency securities	251.7		2.0		(0.0)		253.7		424.8		0.9		(0.5)		425.2
Asset-backed securities	1,043.8		8.5		(0.0)		1,052.3		304.9		1.4		(0.3)		306.0
Certificates of deposit	2.5		0.0		—		2.5		33.7		0.0		(0.0)		33.7
Corporate debt securities	3,005.5		36.9		(0.3)		3,042.1		1,794.0		10.5		(1.7)		1,802.8
Commercial paper	67.9		0.1		—		68.0		186.8		0.1		(0.1)		186.8
Total marketable available-for-sale debt securities	5,890.1		65.9		(0.6)		5,955.4		3,288.7		15.9		(3.6)		3,301.0
Corporate equity securities	72.1		0.9		(39.6)		33.4		72.1		—		(26.1)		46.0
Total marketable securities	5,962.2		66.8		(40.2)		5,988.8		3,360.8		15.9		(29.7)		3,347.0
Total cash equivalents and marketable securities	$	8,121.3	$	66.8	$	(40.2)	$	8,147.9	$	10,394.7	$	15.9	$	(29.7)	$	10,380.9

Amounts in the table above at fair value were classified on our condensed consolidated balance sheets as follows:


	As of September 30, 2024		As of December 31, 2023

	(in millions)
Cash and cash equivalents	$	2,159.1	$	7,033.9
Marketable securities	1,285.3		849.2
Long-term marketable securities	4,703.5		2,497.8
Total	$	8,147.9	$	10,380.9

Marketable available-for-sale debt securities by contractual maturity were as follows:


	As of September 30, 2024		As of December 31, 2023

	(in millions)
Matures within one year	$	1,251.9	$	803.2
Matures after one year through five years	4,644.3		2,495.6
Matures after five years	59.2		2.2
Total	$	5,955.4	$	3,301.0

We did not record any allowances for credit losses to adjust the fair value of our marketable available-for-sale debt securities. Additionally, we did not record any realized gains or losses that were material to our condensed consolidated statements of income during the three and nine months ended September 30, 2024 and 2023. As of September 30, 2024, we held marketable available-for-sale debt securities with a total fair value of $443.8 million that were in unrealized loss positions totaling $0.6 million. Included in this amount were marketable available-for sale debt securities with a total fair value of $68.6 million and total unrealized loss of $0.1 million that had been in unrealized loss positions for greater than twelve months. We intend to hold these investments until maturity and do not expect to incur realized losses on these investments when they mature.

We record changes in the fair value of our investments in corporate equity securities to “Other expense, net” in our condensed consolidated statements of income. During the three and nine months ended September 30, 2024 and 2023, our net unrealized gains (losses) on corporate equity securities with readily determinable fair values held at the conclusion of each period were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions)
Net unrealized gains (losses)	$	2.8	$	(6.2)	$	(12.6)	$	(7.1)

During the nine months ended September 30, 2023, we received proceeds of $95.1 million related to the sale of the common stock of a publicly traded company, which had a total original cost basis of $57.3 million. There were no sales of the common stock of publicly traded companies during the nine months ended September 30, 2024.

As of September 30, 2024, the carrying value of our equity investments without readily determinable fair values, which are recorded in “Other assets” on our condensed consolidated balance sheets, was $74.1 million. During the three and nine months ended September 30, 2024, we reduced the carrying value of one of our equity investments without a readily determinable fair value by $13.3 million and $37.6 million, respectively, based on an observable change in price.

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 14,774.7	$ 15,470.2	$ 17,580.4	$ 13,912.7
Other comprehensive income (loss) before reclassifications			49.5	22.1
Amounts reclassified from accumulated other comprehensive income (loss)			(6.4)	(25.9)
Total other comprehensive income (loss)	6.3	36.8	43.1	(3.8)
Ending balance	15,630.9	16,512.8	15,630.9	16,512.8
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	22.5	(39.8)	(14.3)	0.8
Total other comprehensive income (loss)	6.3	36.8	43.1	(3.8)
Ending balance	28.8	(3.0)	28.8	(3.0)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			1.1	(25.0)
Other comprehensive income (loss) before reclassifications			8.2	9.1
Amounts reclassified from accumulated other comprehensive income (loss)			0.0	0.0
Total other comprehensive income (loss)			8.2	9.1
Ending balance	9.3	(15.9)	9.3	(15.9)
On Available-For-Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			9.6	(0.1)
Other comprehensive income (loss) before reclassifications			39.2	(18.8)
Amounts reclassified from accumulated other comprehensive income (loss)			2.4	0.0
Total other comprehensive income (loss)			41.6	(18.8)
Ending balance	51.2	(18.9)	51.2	(18.9)
On Foreign Currency Forward Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(25.0)	25.9
Other comprehensive income (loss) before reclassifications			2.1	31.8
Amounts reclassified from accumulated other comprehensive income (loss)			(8.8)	(25.9)
Total other comprehensive income (loss)			(6.7)	5.9
Ending balance	$ (31.7)	$ 31.8	$ (31.7)	$ 31.8

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Investments, Debt and Equity Securities [Abstract]

Marketable Securities and Equity Investments (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Cash Equivalents and Marketable Debt and Equity Securities

A summary of our cash equivalents and marketable debt and equity securities, which are recorded at fair value, is shown below:


	As of September 30, 2024								As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

	(in millions)
Cash equivalents	$	2,159.1	$	—	$	—	$	2,159.1	$	7,033.9	$	—	$	—	$	7,033.9
Marketable securities:
U.S. Treasury securities	1,518.7		18.4		(0.3)		1,536.8		544.5		3.0		(1.0)		546.5
U.S. government agency securities	251.7		2.0		(0.0)		253.7		424.8		0.9		(0.5)		425.2
Asset-backed securities	1,043.8		8.5		(0.0)		1,052.3		304.9		1.4		(0.3)		306.0
Certificates of deposit	2.5		0.0		—		2.5		33.7		0.0		(0.0)		33.7
Corporate debt securities	3,005.5		36.9		(0.3)		3,042.1		1,794.0		10.5		(1.7)		1,802.8
Commercial paper	67.9		0.1		—		68.0		186.8		0.1		(0.1)		186.8
Total marketable available-for-sale debt securities	5,890.1		65.9		(0.6)		5,955.4		3,288.7		15.9		(3.6)		3,301.0
Corporate equity securities	72.1		0.9		(39.6)		33.4		72.1		—		(26.1)		46.0
Total marketable securities	5,962.2		66.8		(40.2)		5,988.8		3,360.8		15.9		(29.7)		3,347.0
Total cash equivalents and marketable securities	$	8,121.3	$	66.8	$	(40.2)	$	8,147.9	$	10,394.7	$	15.9	$	(29.7)	$	10,380.9

Amounts in the table above at fair value were classified on our condensed consolidated balance sheets as follows:


	As of September 30, 2024		As of December 31, 2023

	(in millions)
Cash and cash equivalents	$	2,159.1	$	7,033.9
Marketable securities	1,285.3		849.2
Long-term marketable securities	4,703.5		2,497.8
Total	$	8,147.9	$	10,380.9

Marketable available-for-sale debt securities by contractual maturity were as follows:


	As of September 30, 2024		As of December 31, 2023

	(in millions)
Matures within one year	$	1,251.9	$	803.2
Matures after one year through five years	4,644.3		2,495.6
Matures after five years	59.2		2.2
Total	$	5,955.4	$	3,301.0

Schedule of Company's Net Unrealized (Losses) Gains on Corporate Equity Securities

During the three and nine months ended September 30, 2024 and 2023, our net unrealized gains (losses) on corporate equity securities with readily determinable fair values held at the conclusion of each period were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions)
Net unrealized gains (losses)	$	2.8	$	(6.2)	$	(12.6)	$	(7.1)

Collaboration, License and Other Arrangements (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Allocation of Consideration Assets Acquired and Liabilities Assumed

The total cash paid to acquire Alpine, allocation of consideration to the assets acquired and liabilities assumed and AIPR&D was as follows:


	(in millions)
Cash consideration to acquire Alpine’s outstanding common stock	$	4,536.9
Cash consideration for Alpine’s vested and unvested equity awards	420.6
Total cash consideration paid to Alpine	4,957.5
Less: Expense related to unvested equity awards	(197.6)
Transaction costs	40.7
Total consideration allocated	$	4,800.6

Cash and cash equivalents	$	31.9
Current marketable securities	209.5
Long-term marketable securities	48.5
Deferred tax asset	105.5
Total other assets	19.5
Total liabilities	(37.5)
Total identifiable assets acquired, net	377.4
Acquired in-process research and development expense	4,423.2
Total consideration allocated	$	4,800.6

Basis of Presentation and Accounting Policies	9 Months Ended
Basis of Presentation and Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Accounting Policies	Basis of Presentation and Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared by Vertex Pharmaceuticals Incorporated (“Vertex,” “we,” “us” or “our”) in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The condensed consolidated financial statements reflect the operations of Vertex and our wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated. We operate in one segment, pharmaceuticals. Certain information and footnote disclosures normally included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Annual Report on Form 10-K”) have been condensed or omitted. These interim financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial position and results of income for the interim periods ended September 30, 2024 and 2023. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full fiscal year. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2023, which are contained in our 2023 Annual Report on Form 10-K. Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. We base our estimates on historical experience and various other assumptions, including in certain circumstances future projections that we believe to be reasonable under the circumstances. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known. Recently Adopted Accounting Standards As noted in Note A, “Nature of Business and Accounting Policies,” in our 2023 Annual Report on Form 10-K, we did not adopt any accounting standards that had a significant impact on our consolidated financial statements in the three years ended December 31, 2023. Recently Issued Accounting Standards Segment Reporting In 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose significant segment expenses and other segment items. ASU 2023-07 also requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 becomes effective for the annual period starting on January 1, 2024, and for the interim periods starting on January 1, 2025. We are in the process of analyzing the impact that the adoption of ASU 2023-07 will have on our segment disclosures. Income Tax Disclosures In 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. ASU 2023-09 becomes effective for the annual period starting on January 1, 2025. We are in the process of analyzing the impact that the adoption of ASU 2023-09 will have on our income tax disclosures. Summary of Significant Accounting Policies Our significant accounting policies are described in Note A, “Nature of Business and Accounting Policies,” in our 2023 Annual Report on Form 10-K.

Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Unvested restricted stock units (including PSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0.0	0.0	1.1	0.2
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0.0	0.0	0.6	0.0

Stock-based Compensation Expense and Share Repurchase Programs - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Feb. 28, 2023
Share-Based Payment Arrangement [Abstract]
Number of shares authorized to be repurchased					$ 3,000.0
Shares repurchased (in shares)			1.7	0.9
Value of shares repurchased	$ 307.6	$ 123.0	$ 763.8	$ 284.1
Stock repurchase program, remaining amount	$ 1,800.0		$ 1,800.0

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

Schedule of Provision for Income Taxes and Effective Tax rates

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

During the three and nine months ended September 30, 2024 and 2023, we recorded the following provisions for income taxes and effective tax rates as compared to our income (loss) before provision for income taxes.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions, except percentages)
Income (loss) before provision for income taxes	$	1,224.1	$	1,179.2	$	(888.0)	$	3,232.2
Provision for income taxes	$	178.7	$	143.9	$	560.6	$	581.4


Effective tax rate			14.6		%				12.2		%				(63.1)		%				18.0		%

Collaboration, License and Other Arrangements - Allocation of Consideration to the Assets and Liabilities (Details) - Alpine Immune Sciences Inc - USD ($) $ in Millions		1 Months Ended	9 Months Ended
	May 20, 2024	May 31, 2024	Sep. 30, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total cash consideration paid to Alpine	$ 5,000.0	$ 4,957.5
Less: Expense related to unvested equity awards		(197.6)
Transaction costs		40.7
Total consideration allocated	$ 4,800.0	4,800.6
Cash and cash equivalents		31.9
Current marketable securities		209.5
Long-term marketable securities		48.5
Deferred tax asset		105.5
Total other assets		19.5
Total liabilities		(37.5)
Total identifiable assets acquired, net		377.4
Acquired in-process research and development expenses		4,423.2	$ 4,400.0
Vested and Unvested Equity Awards
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total cash consideration paid to Alpine		420.6
Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total cash consideration paid to Alpine		$ 4,536.9

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share for the periods ended:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions, except per share amounts)
Net income (loss)	$	1,045.4	$	1,035.3	$	(1,448.6)	$	2,650.8

Basic weighted-average common shares outstanding	258.0		258.0		258.1		257.7
Effect of potentially dilutive securities:
Restricted stock units (including performance-based restricted stock units (“PSUs”))	1.9		1.4		—		1.5
Stock options	1.1		1.2		—		1.2
Employee stock purchase program	0.0		0.0		—		0.0
Diluted weighted-average common shares outstanding	261.0		260.6		258.1		260.4

Basic net income (loss) per common share	$	4.05	$	4.01	$	(5.61)	$	10.29
Diluted net income (loss) per common share	$	4.01	$	3.97	$	(5.61)	$	10.18

Schedule of Potential Gross Common Equivalent Shares

We did not include the securities in the following table in the computation of the diluted net income (loss) per common share because the effect would have been anti-dilutive during each period:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023

	(in millions)
Unvested restricted stock units (including PSUs)	0.0	—	1.1	0.2
Stock options	—	—	0.6	0.0

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted net income (loss) per common share for the periods ended:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions, except per share amounts)
Net income (loss)	$	1,045.4	$	1,035.3	$	(1,448.6)	$	2,650.8

Basic weighted-average common shares outstanding	258.0		258.0		258.1		257.7
Effect of potentially dilutive securities:
Restricted stock units (including performance-based restricted stock units (“PSUs”))	1.9		1.4		—		1.5
Stock options	1.1		1.2		—		1.2
Employee stock purchase program	0.0		0.0		—		0.0
Diluted weighted-average common shares outstanding	261.0		260.6		258.1		260.4

Basic net income (loss) per common share	$	4.05	$	4.01	$	(5.61)	$	10.29
Diluted net income (loss) per common share	$	4.01	$	3.97	$	(5.61)	$	10.18

We did not include the securities in the following table in the computation of the diluted net income (loss) per common share because the effect would have been anti-dilutive during each period:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023

	(in millions)
Unvested restricted stock units (including PSUs)	0.0	—	1.1	0.2
Stock options	—	—	0.6	0.0

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive income (loss) by component:


			Unrealized Holding Gains (Losses), Net of Tax
	Foreign Currency Translation Adjustment		On Available-For-Sale Debt Securities		On Foreign Currency Forward Contracts		Total

	(in millions)
Balance at December 31, 2023	$	1.1	$	9.6	$	(25.0)	$	(14.3)
Other comprehensive income (loss) before reclassifications	8.2		39.2		2.1		49.5
Amounts reclassified from accumulated other comprehensive income (loss)	—		2.4		(8.8)		(6.4)
Net current period other comprehensive income (loss)	8.2		41.6		(6.7)		43.1
Balance at September 30, 2024	$	9.3	$	51.2	$	(31.7)	$	28.8

Balance at December 31, 2022	$	(25.0)	$	(0.1)	$	25.9	$	0.8
Other comprehensive income (loss) before reclassifications	9.1		(18.8)		31.8		22.1
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		(25.9)		(25.9)
Net current period other comprehensive income (loss)	9.1		(18.8)		5.9		(3.8)
Balance at September 30, 2023	$	(15.9)	$	(18.9)	$	31.8	$	(3.0)

Marketable Securities and Equity Investments - Summary of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Cash equivalents
Amortized Cost	$ 2,159.1	$ 7,033.9
Fair Value	2,159.1	7,033.9
Total marketable available-for-sale debt securities
Gross Unrealized Losses	(0.6)
Corporate equity securities
Amortized Cost	72.1	72.1
Gross Unrealized Gains	0.9	0.0
Gross Unrealized Losses	(39.6)	(26.1)
Fair Value	33.4	46.0
Amortized Cost	5,962.2	3,360.8
Gross Unrealized Gains	66.8	15.9
Gross Unrealized Losses	(40.2)	(29.7)
Fair Value	5,988.8	3,347.0
Total cash equivalents and marketable securities, Amortized Cost	8,121.3	10,394.7
Total cash equivalents and marketable securities, Gross Unrealized Gains	66.8	15.9
Total cash equivalents and marketable securities, Gross Unrealized Losses	(40.2)	(29.7)
Total cash equivalents and marketable securities, Fair Value	8,147.9	10,380.9
U.S. Treasury securities
Total marketable available-for-sale debt securities
Amortized Cost	1,518.7	544.5
Gross Unrealized Gains	18.4	3.0
Gross Unrealized Losses	(0.3)	(1.0)
Fair Value	1,536.8	546.5
U.S. government agency securities
Total marketable available-for-sale debt securities
Amortized Cost	251.7	424.8
Gross Unrealized Gains	2.0	0.9
Gross Unrealized Losses	(0.0)	(0.5)
Fair Value	253.7	425.2
Asset-backed securities
Total marketable available-for-sale debt securities
Amortized Cost	1,043.8	304.9
Gross Unrealized Gains	8.5	1.4
Gross Unrealized Losses	(0.0)	(0.3)
Fair Value	1,052.3	306.0
Certificates of deposit
Total marketable available-for-sale debt securities
Amortized Cost	2.5	33.7
Gross Unrealized Gains	0.0	0.0
Gross Unrealized Losses	0.0	(0.0)
Fair Value	2.5	33.7
Corporate debt securities
Total marketable available-for-sale debt securities
Amortized Cost	3,005.5	1,794.0
Gross Unrealized Gains	36.9	10.5
Gross Unrealized Losses	(0.3)	(1.7)
Fair Value	3,042.1	1,802.8
Commercial paper
Total marketable available-for-sale debt securities
Amortized Cost	67.9	186.8
Gross Unrealized Gains	0.1	0.1
Gross Unrealized Losses	0.0	(0.1)
Fair Value	68.0	186.8
Total marketable available-for-sale debt securities
Total marketable available-for-sale debt securities
Amortized Cost	5,890.1	3,288.7
Gross Unrealized Gains	65.9	15.9
Gross Unrealized Losses	(0.6)	(3.6)
Fair Value	$ 5,955.4	$ 3,301.0

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 141.1	$ 78.7
Work-in-process	750.1	525.1
Finished goods	188.6	135.0
Total	1,079.8	$ 738.8
Capitalization of pre-approval inventory	$ 146.5

Additional Cash Flow Information

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Cash Flow Information

The cash, cash equivalents and restricted cash at the beginning and ending of each period presented in our condensed consolidated statements of cash flows consisted of the following:


	Nine Months Ended September 30,
	2024				2023
	Beginning of period		End of period		Beginning of period		End of period

	(in millions)
Cash and cash equivalents	$	10,369.1	$	5,239.2	$	10,504.0	$	11,110.2
Prepaid expenses and other current assets	3.2		8.9		8.0		6.4

Cash, cash equivalents and restricted cash per condensed consolidated statement of cash flows	$	10,372.3	$	5,248.1	$	10,512.0	$	11,116.6

Consistent with our policy for asset acquisitions, we have presented the cost to acquire the AIPR&D associated with Alpine, including attributable direct costs, as an operating cash flow within "Cash flows used in operating activities" for the nine months ended September 30, 2024.

Non-cash operating activities for the nine months ended September 30, 2024 include the addition of $1.1 billion of right-of-use operating lease assets and $1.3 billion of operating lease obligations, including $847.9 million of right-of-use operating lease assets and $1.0 billion of operating lease obligations related to the amended leases for our corporate headquarters. Additional non-cash activities related to these amended leases included a reduction to our finance leases of $275.3 million and a net reduction to our property and equipment of $107.5 million.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,045.4	$ 1,035.3	$ (1,448.6)	$ 2,650.8
Other comprehensive income (loss):
Unrealized holding gains (losses) on available-for-sale debt securities, net of tax of $(18.3), $1.7, $(11.4) and $5.2, respectively	66.7	(6.2)	41.6	(18.8)
Unrealized (losses) gains on foreign currency forward contracts, net of tax of $17.3, $(13.2), $1.8 and $(1.6), respectively	(63.0)	48.0	(6.7)	5.9
Foreign currency translation adjustment	2.6	(5.0)	8.2	9.1
Total other comprehensive income (loss)	6.3	36.8	43.1	(3.8)
Comprehensive income (loss)	$ 1,051.7	$ 1,072.1	$ (1,405.5)	$ 2,647.0

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Marketable Securities and Equity Investments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Summary of cash, cash equivalents and marketable securities
Allowance for credit loss for available-for-sale debt securities	$ 0	$ 0	$ 0	$ 0
Realized gain (loss) amount	0	0	0	0
Debt securities fair value, unrealized loss position	443,800,000		443,800,000
Unrealized loss	600,000		600,000
Available for sale debt securities with fair value	68,600,000		68,600,000
Fair value of available-for-sale debt securities in unrealized loss positions for greater than 12 months	100,000		100,000
Original cost basis	72,100,000		72,100,000		$ 72,100,000
Reduction in carrying value of equity investments without a readily determinable fair value	13,300,000		37,600,000
Other Assets
Summary of cash, cash equivalents and marketable securities
Equity securities without readily determinable fair value, amount	$ 74,100,000		74,100,000
Publicly Traded Companies Sale
Summary of cash, cash equivalents and marketable securities
Proceeds received			$ 0	95,100,000
Original cost basis		$ 57,300,000		$ 57,300,000

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Unrealized holding (losses) gains on marketable securities, tax	$ (18.3)	$ 1.7	$ (11.4)	$ 5.2
Unrealized gains (losses) on foreign currency forward contracts, tax	$ 17.3	$ (13.2)	$ 1.8	$ (1.6)

Fair Value Measurements - Schedule of Fair Value of Our Contingent Consideration Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance			$ 77.4
Increase in fair value of contingent payments	$ 0.3	$ 1.2	0.7	$ (1.3)
Ending balance	$ 78.1		$ 78.1

Hedging (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Cash Flow Hedging Instruments

The following table summarizes the notional amount in U.S. dollars of our outstanding foreign currency forward contracts designated as cash flow hedges under U.S. GAAP:


	As of September 30, 2024		As of December 31, 2023

Foreign Currency	(in millions)
Euro	$	2,233.5	$	1,720.6
British pound sterling	303.8		225.0
Canadian dollar	295.2		229.5
Australian dollar	187.0		153.3
Swiss Franc	80.5		63.9
Total foreign currency forward contracts	$	3,100.0	$	2,392.3

Schedule of Foreign Exchange Contracts, Condensed Consolidated Statements of Operations

During the three and nine months ended September 30, 2024 and 2023, we recognized the following related to foreign currency forward contracts in our condensed consolidated statements of income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net	$	(3.1)	$	2.8	$	11.2	$	33.0
Not designated as hedging instruments
Other expense, net	$	0.1	$	(22.0)	$	(15.7)	$	(17.8)

Total reported in the Condensed Consolidated Statements of Income
Product revenues, net	$	2,771.9	$	2,483.5	$	8,108.1	$	7,351.5
Other expense, net	$	(16.9)	$	(15.9)	$	(71.2)	$	(13.0)

Schedule of Foreign Exchange Contracts

The following table summarizes the fair value of our outstanding foreign currency forward contracts designated as cash flow hedges under U.S. GAAP included on our condensed consolidated balance sheets:


As of September 30, 2024
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value

(in millions)
Prepaid expenses and other current assets	$	1.6	Other current liabilities	$	(38.4)
Other assets	0.5		Other long-term liabilities	(4.1)
Total assets	$	2.1	Total liabilities	$	(42.5)

As of December 31, 2023

Assets

Liabilities

Classification

Fair Value

Classification

Fair Value

(in millions)

Prepaid expenses and other current assets

1.8

Other current liabilities

(33.7)

Schedule of Offsetting Assets

The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under U.S. GAAP on our condensed consolidated balance sheets:


	As of September 30, 2024
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$	2.1	$	—	$	2.1	$	(2.1)	$	—
Total liabilities	(42.5)		—		(42.5)		2.1		(40.4)


	As of December 31, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$	1.8	$	—	$	1.8	$	(1.8)	$	—
Total liabilities	(33.7)		—		(33.7)		1.8		(31.9)

Schedule of Offsetting Liabilities


	As of September 30, 2024
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$	2.1	$	—	$	2.1	$	(2.1)	$	—
Total liabilities	(42.5)		—		(42.5)		2.1		(40.4)


	As of December 31, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$	1.8	$	—	$	1.8	$	(1.8)	$	—
Total liabilities	(33.7)		—		(33.7)		1.8		(31.9)

Commitments and Contingencies (Details) - USD ($)	1 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jul. 31, 2022	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Indemnification claims		$ 0
Contingent liabilities		$ 0	$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000,000.0
Line of credit facility additional borrowing capacity	$ 500,000,000.0
Debt covenant, consolidated leverage ratio	3.50
Debt covenant, increase in consolidated leverage ratio	4.00
Revolving Credit Facility \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.00%
Revolving Credit Facility \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Revolving Credit Facility \| SOFR Loan \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	1.00%
Revolving Credit Facility \| SOFR Loan \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Letters of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000.0

Additional Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash Equivalents

The cash, cash equivalents and restricted cash at the beginning and ending of each period presented in our condensed consolidated statements of cash flows consisted of the following:


	Nine Months Ended September 30,
	2024				2023
	Beginning of period		End of period		Beginning of period		End of period

	(in millions)
Cash and cash equivalents	$	10,369.1	$	5,239.2	$	10,504.0	$	11,110.2
Prepaid expenses and other current assets	3.2		8.9		8.0		6.4

Cash, cash equivalents and restricted cash per condensed consolidated statement of cash flows	$	10,372.3	$	5,248.1	$	10,512.0	$	11,116.6

Schedule of Restricted Cash

The cash, cash equivalents and restricted cash at the beginning and ending of each period presented in our condensed consolidated statements of cash flows consisted of the following:


	Nine Months Ended September 30,
	2024				2023
	Beginning of period		End of period		Beginning of period		End of period

	(in millions)
Cash and cash equivalents	$	10,369.1	$	5,239.2	$	10,504.0	$	11,110.2
Prepaid expenses and other current assets	3.2		8.9		8.0		6.4

Cash, cash equivalents and restricted cash per condensed consolidated statement of cash flows	$	10,372.3	$	5,248.1	$	10,512.0	$	11,116.6

Marketable Securities and Equity Investments - Available-for-Sale Debt Securities by Contractual Maturity (Details) - Total marketable available-for-sale debt securities - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Matures within one year	$ 1,251.9	$ 803.2
Matures after one year through five years	4,644.3	2,495.6
Matures after five years	59.2	2.2
Total	$ 5,955.4	$ 3,301.0

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-19319
Entity Registrant Name	VERTEX PHARMACEUTICALS INC / MA
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-3039129
Entity Address, Address Line One	50 Northern Avenue
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	617
Local Phone Number	341-6100
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	VRTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		257,529,290
Entity Central Index Key	0000875320
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 2022 Credit Facility In July 2022, Vertex and certain of its subsidiaries entered into a $500.0 million unsecured revolving facility (the “Credit Agreement”) with Bank of America, N.A., as administrative agent and the lenders referred to therein (the “Lenders”), which matures on July 1, 2027. The Credit Agreement was not drawn upon at closing and we have not drawn upon it to date. Amounts drawn pursuant to the Credit Agreement, if any, will be used for general corporate purposes. Subject to satisfaction of certain conditions, we may request that the borrowing capacity for the Credit Agreement be increased by an additional $500.0 million. Additionally, the Credit Agreement provides a sublimit of $100.0 million for letters of credit. Any amounts borrowed under the Credit Agreement will bear interest, at our option, at either a base rate or a Secured Overnight Financing Rate (“SOFR”), in each case plus an applicable margin. Under the Credit Agreement, the applicable margins on base rate loans range from 0.000% to 0.500% and the applicable margins on SOFR loans range from 1.000% to 1.500%, in each case based on our consolidated leverage ratio (the ratio of our total consolidated funded indebtedness to our consolidated EBITDA for the most recently completed four fiscal quarter period). Any amounts borrowed pursuant to the Credit Agreement are guaranteed by certain of our existing and future domestic subsidiaries, subject to certain exceptions. The Credit Agreement contains customary representations and warranties and affirmative and negative covenants, including a financial covenant to maintain subject to certain limited exceptions, a consolidated leverage ratio of 3.50 to 1.00, subject to an increase to 4.00 to 1.00 following a material acquisition. As of September 30, 2024, we were in compliance with the covenants described above. The Credit Agreement also contains customary events of default. In the case of a continuing event of default, the administrative agent would be entitled to exercise various remedies, including the acceleration of amounts due under outstanding loans. Direct costs related to the Credit Agreement are recorded over its term and were not material to our financial statements. Guaranties and Indemnifications As permitted under Massachusetts law, our Articles of Organization and By-laws provide that we will indemnify certain of our officers and directors for certain claims asserted against them in connection with their service as an officer or director. The maximum potential amount of future payments that we could be required to make under these indemnification provisions is unlimited. However, we have purchased directors’ and officers’ liability insurance policies that could reduce our monetary exposure and enable us to recover a portion of any future amounts paid. No indemnification claims currently are outstanding, and we believe the estimated fair value of these indemnification arrangements is minimal. We customarily agree in the ordinary course of our business to indemnification provisions in agreements with clinical trial investigators and sites in our product development programs, sponsored research agreements with academic and not-for-profit institutions, various comparable agreements involving parties performing services for us, and our real estate leases. We also customarily agree to certain indemnification provisions in our drug discovery, development and commercialization collaboration agreements. With respect to our clinical trials and sponsored research agreements, these indemnification provisions typically apply to any claim asserted against the investigator or the investigator’s institution relating to personal injury or property damage, violations of law or certain breaches of our contractual obligations arising out of the research or clinical testing of our compounds or product candidates. With respect to lease agreements, the indemnification provisions typically apply to claims asserted against the landlord relating to personal injury or property damage caused by us, to violations of law by us or to certain breaches of our contractual obligations. The indemnification provisions appearing in our collaboration agreements are similar to those for the other agreements discussed above, but in addition provide some limited indemnification for our collaborator in the event of third-party claims alleging infringement of intellectual property rights. In each of the cases above, the indemnification obligation generally survives the termination of the agreement for some extended period, although we believe the obligation typically has the most relevance during the contract term and for a short period of time thereafter. The maximum potential amount of future payments that we could be required to make under these provisions is generally unlimited. We have purchased insurance policies covering personal injury, property damage and general liability that reduce our exposure for indemnification and would enable us in many cases to recover all or a portion of any future amounts paid. We have never paid any material amounts to defend lawsuits or settle claims related to these indemnification provisions. Accordingly, we believe the estimated fair value of these indemnification arrangements is minimal. Other Contingencies We have certain contingent liabilities that arise in the ordinary course of our business activities. We accrue for such contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Other than our contingent consideration liabilities discussed in Note E, “Fair Value Measurements,” there were no material contingent liabilities accrued as of September 30, 2024 or December 31, 2023.

Hedging

9 Months Ended

Sep. 30, 2024

Hedging

Foreign currency forward contracts - Designated as hedging instruments

We maintain a hedging program intended to mitigate the effect of changes in foreign exchange rates for a portion of our forecasted product revenues denominated in certain foreign currencies. The program includes foreign currency forward contracts that are designated as cash flow hedges under U.S. GAAP having contractual durations from one to eighteen months. We recognize realized gains and losses for the effective portion of such contracts in “Product revenues, net” in our condensed consolidated statements of income in the same period that we recognize the product revenues that were impacted by the hedged foreign exchange rate changes.

We formally document the relationship between foreign currency forward contracts (hedging instruments) and forecasted product revenues (hedged items), as well as our risk management objective and strategy for undertaking various hedging activities, which includes matching all foreign currency forward contracts that are designated as cash flow hedges to forecasted transactions. We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the foreign currency forward contracts are highly effective in offsetting changes in cash flows of hedged items on a prospective and retrospective basis. If we were to determine that a (i) foreign currency forward contract is not highly effective as a cash flow hedge, (ii) foreign currency forward contract has ceased to be a highly effective hedge or (iii) forecasted transaction is no longer probable of occurring, we would discontinue hedge accounting treatment prospectively. We measure effectiveness based on the change in fair value of the forward contracts and the fair value of the hypothetical foreign currency forward contracts with terms that match the critical terms of the risk being hedged. As of September 30, 2024, all hedges were determined to be highly effective.

We consider the impact of our counterparties’ credit risk on the fair value of the foreign currency forward contracts. As of September 30, 2024 and December 31, 2023, credit risk did not change the fair value of our foreign currency forward contracts.

The following table summarizes the notional amount in U.S. dollars of our outstanding foreign currency forward contracts designated as cash flow hedges under U.S. GAAP:


	As of September 30, 2024		As of December 31, 2023

Foreign Currency	(in millions)
Euro	$	2,233.5	$	1,720.6
British pound sterling	303.8		225.0
Canadian dollar	295.2		229.5
Australian dollar	187.0		153.3
Swiss Franc	80.5		63.9
Total foreign currency forward contracts	$	3,100.0	$	2,392.3

Foreign currency forward contracts - Not designated as hedging instruments

We also enter into foreign currency forward contracts with contractual maturities of less than one month, which are designed to mitigate the effect of changes in foreign exchange rates on monetary assets and liabilities, including intercompany balances. These contracts are not designated as hedging instruments under U.S. GAAP. We recognize realized gains and losses for such contracts in “Other expense, net” in our condensed consolidated statements of income each period. As of September 30, 2024 and December 31, 2023, we did not have any outstanding foreign currency forward contracts where hedge accounting under U.S. GAAP was not applied.

During the three and nine months ended September 30, 2024 and 2023, we recognized the following related to foreign currency forward contracts in our condensed consolidated statements of income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net	$	(3.1)	$	2.8	$	11.2	$	33.0
Not designated as hedging instruments
Other expense, net	$	0.1	$	(22.0)	$	(15.7)	$	(17.8)

Total reported in the Condensed Consolidated Statements of Income
Product revenues, net	$	2,771.9	$	2,483.5	$	8,108.1	$	7,351.5
Other expense, net	$	(16.9)	$	(15.9)	$	(71.2)	$	(13.0)


As of September 30, 2024
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value

(in millions)
Prepaid expenses and other current assets	$	1.6	Other current liabilities	$	(38.4)
Other assets	0.5		Other long-term liabilities	(4.1)
Total assets	$	2.1	Total liabilities	$	(42.5)

As of December 31, 2023

Assets

Liabilities

Classification

Fair Value

Classification

Fair Value

(in millions)

Prepaid expenses and other current assets

1.8

Other current liabilities

(33.7)

As of September 30, 2024, we expect the amounts that are related to foreign exchange forward contracts designated as cash flow hedges under U.S. GAAP recorded in “Prepaid expenses and other current assets” and “Other current liabilities” to be reclassified to earnings within twelve months.

We present the fair value of our foreign currency forward contracts on a gross basis within our condensed consolidated balance sheets. The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under U.S. GAAP on our condensed consolidated balance sheets:


	As of September 30, 2024
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$	2.1	$	—	$	2.1	$	(2.1)	$	—
Total liabilities	(42.5)		—		(42.5)		2.1		(40.4)


	As of December 31, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$	1.8	$	—	$	1.8	$	(1.8)	$	—
Total liabilities	(33.7)		—		(33.7)		1.8		(31.9)

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 1,045.4	$ 1,035.3	$ (1,448.6)	$ 2,650.8

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Hedging - Cash Flow Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Product revenues, net	$ 2,771.9	$ 2,483.5	$ 8,108.1	$ 7,351.5
Other expense, net	(16.9)	(15.9)	(71.2)	(13.0)
Foreign Currency Forward Contract \| Reclassification out of Accumulated Other Comprehensive Income \| Foreign currency forward contracts \| Designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Product revenues, net	(3.1)	2.8	11.2	33.0
Foreign Currency Forward Contract \| Reclassification out of Accumulated Other Comprehensive Income \| Foreign currency forward contracts \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Other expense, net	$ 0.1	$ (22.0)	$ (15.7)	$ (17.8)

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Leases - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finance Leases
Remainder of 2024	$ 1.9
2025	11.0
2026	11.3
2027	11.7
2028	12.1
Thereafter	143.6
Total lease payments	191.6
Less: tenant allowance	0.0
Less: amount representing interest	(72.5)
Present value of lease liabilities	119.1	$ 426.7
Operating Leases
Remainder of 2024	20.6
2025	167.0
2026	168.3
2027	167.6
2028	164.4
Thereafter	2,106.9
Total lease payments	2,794.8
Less: tenant allowance	(206.4)
Less: amount representing interest	(933.4)
Present value of lease liabilities	1,655.0	$ 381.7
Total
Remainder of 2024	22.5
2025	178.0
2026	179.6
2027	179.3
2028	176.5
Thereafter	2,250.5
Total lease payments	2,986.4
Less: tenant allowance	(206.4)
Less: amount representing interest	(1,005.9)
Present value of lease liabilities	$ 1,774.1

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		257,000,000.0
Beginning balance at Dec. 31, 2022	$ 13,912.7	$ 2.6	$ 7,386.5	$ 0.8	$ 6,522.8
Increase (Decrease) in Stockholders' Equity
Other comprehensive (loss) income, net of tax	(3.8)			(3.8)
Net income (loss)	$ 2,650.8				2,650.8
Repurchase of common stock (in shares)	(900,000)	(900,000)
Repurchases of common stock	$ (284.1)	$ (0.0)	(284.1)
Common stock withheld for employee tax obligations (in shares)		(700,000)
Common stock withheld for employee tax obligations	(222.9)	$ (0.0)	(222.9)
Issuance of common stock under benefit plans (in shares)		2,400,000
Issuance of common stock under benefit plans	85.7	$ 0.0	85.7
Stock-based compensation expense	374.4		374.4
Ending balance (in shares) at Sep. 30, 2023		257,800,000
Ending balance at Sep. 30, 2023	16,512.8	$ 2.6	7,339.6	(3.0)	9,173.6
Beginning balance (in shares) at Jun. 30, 2023		257,800,000
Beginning balance at Jun. 30, 2023	15,470.2	$ 2.6	7,369.1	(39.8)	8,138.3
Increase (Decrease) in Stockholders' Equity
Other comprehensive (loss) income, net of tax	36.8			36.8
Net income (loss)	1,035.3				1,035.3
Repurchase of common stock (in shares)		(400,000)
Repurchases of common stock	(123.0)	$ (0.0)	(123.0)
Common stock withheld for employee tax obligations (in shares)		(100,000)
Common stock withheld for employee tax obligations	(53.2)	$ (0.0)	(53.2)
Issuance of common stock under benefit plans (in shares)		500,000
Issuance of common stock under benefit plans	15.0	$ 0.0	15.0
Stock-based compensation expense	131.7		131.7
Ending balance (in shares) at Sep. 30, 2023		257,800,000
Ending balance at Sep. 30, 2023	$ 16,512.8	$ 2.6	7,339.6	(3.0)	9,173.6
Beginning balance (in shares) at Dec. 31, 2023	257,695,221	257,700,000
Beginning balance at Dec. 31, 2023	$ 17,580.4	$ 2.6	7,449.7	(14.3)	10,142.4
Increase (Decrease) in Stockholders' Equity
Other comprehensive (loss) income, net of tax	43.1			43.1
Net income (loss)	$ (1,448.6)				(1,448.6)
Repurchase of common stock (in shares)	(1,700,000)	(1,700,000)
Repurchases of common stock	$ (763.8)	$ (0.0)	(763.8)
Common stock withheld for employee tax obligations (in shares)		(900,000)
Common stock withheld for employee tax obligations	(397.7)	$ (0.0)	(397.7)
Issuance of common stock under benefit plans (in shares)		2,600,000
Issuance of common stock under benefit plans	79.3	$ 0.0	79.3
Stock-based compensation expense	$ 538.2		538.2
Ending balance (in shares) at Sep. 30, 2024	257,739,599	257,700,000
Ending balance at Sep. 30, 2024	$ 15,630.9	$ 2.6	6,905.7	28.8	8,693.8
Beginning balance (in shares) at Jun. 30, 2024		258,000,000.0
Beginning balance at Jun. 30, 2024	14,774.7	$ 2.6	7,101.2	22.5	7,648.4
Increase (Decrease) in Stockholders' Equity
Other comprehensive (loss) income, net of tax	6.3			6.3
Net income (loss)	1,045.4				1,045.4
Repurchase of common stock (in shares)		(600,000)
Repurchases of common stock	(307.6)	$ (0.0)	(307.6)
Common stock withheld for employee tax obligations (in shares)		(200,000)
Common stock withheld for employee tax obligations	(83.7)	$ (0.0)	(83.7)
Issuance of common stock under benefit plans (in shares)		500,000
Issuance of common stock under benefit plans	7.6	$ 0.0	7.6
Stock-based compensation expense	$ 188.2		188.2
Ending balance (in shares) at Sep. 30, 2024	257,739,599	257,700,000
Ending balance at Sep. 30, 2024	$ 15,630.9	$ 2.6	$ 6,905.7	$ 28.8	$ 8,693.8

Marketable Securities and Equity Investments - Available-for-Sale Debt Securities at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Total cash equivalents and marketable securities, Fair Value	$ 8,147.9	$ 10,380.9
Cash and cash equivalents
Debt Securities, Available-for-sale [Line Items]
Total cash equivalents and marketable securities, Fair Value	2,159.1	7,033.9
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Total cash equivalents and marketable securities, Fair Value	1,285.3	849.2
Long-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total cash equivalents and marketable securities, Fair Value	$ 4,703.5	$ 2,497.8

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Balance Sheet Classification of Lease Assets and Liabilities

Hedging - Derivative Fair Value (Details) - Designated as Hedging Instruments - Foreign currency forward contracts - Cash Flow Hedging - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Total assets	$ 2.1	$ 1.8
Total liabilities	(42.5)	(33.7)
Prepaid expenses and other current assets
Derivative [Line Items]
Total assets	1.6	1.8
Other assets
Derivative [Line Items]
Total assets	0.5
Other current liabilities
Derivative [Line Items]
Total liabilities	(38.4)	$ (33.7)
Other long-term liabilities
Derivative [Line Items]
Total liabilities	$ (4.1)

Fair Value Measurements - Financial Assets and Liabilities Subject to Fair Value Measurements (Details) - Recurring Basis - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financial instruments carried at fair value (asset positions):
Cash equivalents	$ 2,159.1	$ 7,033.9
Prepaid expenses and other current assets, Foreign currency forward contracts	1.6	1.8
Other assets, Foreign currency forward contracts	0.5	0.0
Total financial assets	8,150.0	10,382.7
Financial instruments carried at fair value (liability positions):
Other current liabilities, Foreign currency forward contracts	(38.4)	(33.7)
Foreign currency forward contracts	(4.1)	0.0
Contingent consideration	(78.1)	(77.4)
Total financial liabilities	(120.6)	(111.1)
Level 1
Financial instruments carried at fair value (asset positions):
Cash equivalents	1,544.7	5,397.3
Prepaid expenses and other current assets, Foreign currency forward contracts	0.0	0.0
Other assets, Foreign currency forward contracts	0.0	0.0
Total financial assets	3,073.5	5,989.8
Financial instruments carried at fair value (liability positions):
Other current liabilities, Foreign currency forward contracts	0.0	0.0
Foreign currency forward contracts	0.0	0.0
Contingent consideration	0.0	0.0
Total financial liabilities	0.0	0.0
Level 2
Financial instruments carried at fair value (asset positions):
Cash equivalents	614.4	1,636.6
Prepaid expenses and other current assets, Foreign currency forward contracts	1.6	1.8
Other assets, Foreign currency forward contracts	0.5	0.0
Total financial assets	5,076.5	4,392.9
Financial instruments carried at fair value (liability positions):
Other current liabilities, Foreign currency forward contracts	(38.4)	(33.7)
Foreign currency forward contracts	(4.1)	0.0
Contingent consideration	0.0	0.0
Total financial liabilities	(42.5)	(33.7)
Level 3
Financial instruments carried at fair value (asset positions):
Cash equivalents	0.0	0.0
Prepaid expenses and other current assets, Foreign currency forward contracts	0.0	0.0
Other assets, Foreign currency forward contracts	0.0	0.0
Total financial assets	0.0	0.0
Financial instruments carried at fair value (liability positions):
Other current liabilities, Foreign currency forward contracts	0.0	0.0
Foreign currency forward contracts	0.0	0.0
Contingent consideration	(78.1)	(77.4)
Total financial liabilities	(78.1)	(77.4)
Corporate equity securities
Financial instruments carried at fair value (asset positions):
Marketable securities:	33.4	46.0
Corporate equity securities \| Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities:	33.4	46.0
Corporate equity securities \| Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities:	0.0	0.0
Corporate equity securities \| Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities:	0.0	0.0
U.S. Treasury securities
Financial instruments carried at fair value (asset positions):
Marketable securities:	1,536.8	546.5
U.S. Treasury securities \| Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities:	1,495.4	546.5
U.S. Treasury securities \| Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities:	41.4	0.0
U.S. Treasury securities \| Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities:	0.0	0.0
U.S. government agency securities
Financial instruments carried at fair value (asset positions):
Marketable securities:	253.7	425.2
U.S. government agency securities \| Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities:	0.0	0.0
U.S. government agency securities \| Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities:	253.7	425.2
U.S. government agency securities \| Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities:	0.0	0.0
Asset-backed securities
Financial instruments carried at fair value (asset positions):
Marketable securities:	1,052.3	306.0
Asset-backed securities \| Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities:	0.0	0.0
Asset-backed securities \| Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities:	1,052.3	306.0
Asset-backed securities \| Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities:	0.0	0.0
Certificates of deposit
Financial instruments carried at fair value (asset positions):
Marketable securities:	2.5	33.7
Certificates of deposit \| Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities:	0.0	0.0
Certificates of deposit \| Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities:	2.5	33.7
Certificates of deposit \| Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities:	0.0	0.0
Corporate debt securities
Financial instruments carried at fair value (asset positions):
Marketable securities:	3,042.1	1,802.8
Corporate debt securities \| Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities:	0.0	0.0
Corporate debt securities \| Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities:	3,042.1	1,802.8
Corporate debt securities \| Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities:	0.0	0.0
Commercial paper
Financial instruments carried at fair value (asset positions):
Marketable securities:	68.0	186.8
Commercial paper \| Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities:	0.0	0.0
Commercial paper \| Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities:	68.0	186.8
Commercial paper \| Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities:	$ 0.0	$ 0.0

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Our leases are included on our consolidated balance sheets as follows:


	As of September 30, 2024		As of December 31, 2023
	(in millions)
Finance leases
Property and equipment, net	$	90.3	$	272.8
Total finance lease assets	$	90.3	$	272.8

Other current liabilities	$	5.1	$	50.6
Long-term finance lease liabilities	114.0		376.1
Total finance lease liabilities	$	119.1	$	426.7

Operating leases
Operating lease assets	$	1,396.1	$	293.6
Total operating lease assets	$	1,396.1	$	293.6

Other current liabilities	$	66.1	$	33.1
Long-term operating lease liabilities	1,588.9		348.6
Total operating lease liabilities	$	1,655.0	$	381.7

Schedule of Maturities of Finance Lease Liabilities

Maturities of our finance and operating lease liabilities as of September 30, 2024 were as follows:


Year	Finance Leases		Operating Leases		Total
	(in millions)
Remainder of 2024	$	1.9	$	20.6	$	22.5
2025	11.0		167.0		178.0
2026	11.3		168.3		179.6
2027	11.7		167.6		179.3
2028	12.1		164.4		176.5
Thereafter	143.6		2,106.9		2,250.5
Total lease payments	191.6		2,794.8		2,986.4
Less: tenant allowance	—		(206.4)		(206.4)
Less: amount representing interest	(72.5)		(933.4)		(1,005.9)
Present value of lease liabilities	$	119.1	$	1,655.0	$	1,774.1

Schedule of Maturities of Operating Lease Liabilities

Maturities of our finance and operating lease liabilities as of September 30, 2024 were as follows:


Year	Finance Leases		Operating Leases		Total
	(in millions)
Remainder of 2024	$	1.9	$	20.6	$	22.5
2025	11.0		167.0		178.0
2026	11.3		168.3		179.6
2027	11.7		167.6		179.3
2028	12.1		164.4		176.5
Thereafter	143.6		2,106.9		2,250.5
Total lease payments	191.6		2,794.8		2,986.4
Less: tenant allowance	—		(206.4)		(206.4)
Less: amount representing interest	(72.5)		(933.4)		(1,005.9)
Present value of lease liabilities	$	119.1	$	1,655.0	$	1,774.1

Schedule of Weighted-Average Remaining Lease Terms and Discount Rates

The weighted-average remaining lease terms and discount rates related to our leases were as follows:


	As of September 30, 2024		As of December 31, 2023
Weighted-average remaining lease term (in years)
Finance leases	22.29		10.06
Operating leases	15.60		11.24

Weighted-average discount rate
Finance leases	4.59	%	8.20	%
Operating leases	4.63	%	2.42	%

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories by Type

Inventories consisted of the following:


	As of September 30, 2024		As of December 31, 2023

	(in millions)
Raw materials	$	141.1	$	78.7
Work-in-process	750.1		525.1
Finished goods	188.6		135.0
Total	$	1,079.8	$	738.8

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Product revenues, net	$ 2,771.9	$ 2,483.5	$ 8,108.1	$ 7,351.5
Costs and expenses:
Cost of sales	392.6	318.7	1,107.1	894.2
Research and development expenses	875.9	810.0	2,631.6	2,338.3
Acquired in-process research and development expenses	15.0	51.7	4,540.9	509.3
Selling, general and administrative expenses	371.8	263.8	1,086.7	767.5
Change in fair value of contingent consideration	0.3	1.2	0.7	(1.3)
Total costs and expenses	1,655.6	1,445.4	9,367.0	4,508.0
Income (loss) from operations	1,116.3	1,038.1	(1,258.9)	2,843.5
Interest income	132.2	167.9	469.9	435.2
Interest expense	(7.5)	(10.9)	(27.8)	(33.5)
Other expense, net	(16.9)	(15.9)	(71.2)	(13.0)
Income (loss) before provision for income taxes	1,224.1	1,179.2	(888.0)	3,232.2
Provision for income taxes	178.7	143.9	560.6	581.4
Net income (loss)	$ 1,045.4	$ 1,035.3	$ (1,448.6)	$ 2,650.8
Net income (loss) per common share:
Basic (in dollars per share)	$ 4.05	$ 4.01	$ (5.61)	$ 10.29
Diluted (in dollars per share)	$ 4.01	$ 3.97	$ (5.61)	$ 10.18
Shares used in per share calculations:
Basic (in shares)	258.0	258.0	258.1	257.7
Diluted (in shares)	261.0	260.6	258.1	260.4

Earnings Per Share - Schedule of Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
Net income (loss)	$ 1,045.4	$ 1,035.3	$ (1,448.6)	$ 2,650.8
Basic weighted-average common shares outstanding (in shares)	258.0	258.0	258.1	257.7
Effect of potentially dilutive securities:
Employee stock purchase program (in shares)	0.0	0.0	0.0	0.0
Diluted weighted-average common shares outstanding (in shares)	261.0	260.6	258.1	260.4
Basic net income (loss) per common share (in dollars per share)	$ 4.05	$ 4.01	$ (5.61)	$ 10.29
Diluted net income (loss) per common share (in dollars per share)	$ 4.01	$ 3.97	$ (5.61)	$ 10.18
Restricted stock units (including performance-based restricted stock units (“PSUs”))
Effect of potentially dilutive securities:
Share-based payment arrangements (in shares)	1.9	1.4	0.0	1.5
Stock options
Effect of potentially dilutive securities:
Share-based payment arrangements (in shares)	1.1	1.2	0.0	1.2

Basis of Presentation and Accounting Policies (Details)	9 Months Ended
Basis of Presentation and Accounting Policies (Details)	Sep. 30, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	1

Leases - Weighted-Average Remaining Lease Terms and Discount Rates (Details)	Sep. 30, 2024	Dec. 31, 2023
Weighted-average remaining lease term (in years)
Finance leases	22 years 3 months 14 days	10 years 21 days
Operating leases	15 years 7 months 6 days	11 years 2 months 26 days
Weighted-average discount rate
Finance leases	4.59%	8.20%
Operating leases	4.63%	2.42%

Fair Value Measurements - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2019 USD ($)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining milestone payment		$ 678.3
Level 3 \| Minimum \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, measurement input (percent)	0.043
Level 3 \| Maximum \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, measurement input (percent)	0.044
Corporate equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of equity securities	$ 13.0

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following fair value hierarchy is used to classify assets and liabilities based on observable inputs and unobservable inputs used to determine the fair value of our financial assets and liabilities:


Level 1:			Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2:			Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.
Level 3:			Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table sets forth our financial assets and liabilities subject to fair value measurements by level within the fair value hierarchy:


	As of September 30, 2024								As of December 31, 2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3

	(in millions)
Financial instruments carried at fair value (asset positions):
Cash equivalents	$	2,159.1	$	1,544.7	$	614.4	$	—	$	7,033.9	$	5,397.3	$	1,636.6	$	—
Marketable securities:
Corporate equity securities	33.4		33.4		—		—		46.0		46.0		—		—
U.S. Treasury securities	1,536.8		1,495.4		41.4		—		546.5		546.5		—		—
U.S. government agency securities	253.7		—		253.7		—		425.2		—		425.2		—
Asset-backed securities	1,052.3		—		1,052.3		—		306.0		—		306.0		—
Certificates of deposit	2.5		—		2.5		—		33.7		—		33.7		—
Corporate debt securities	3,042.1		—		3,042.1		—		1,802.8		—		1,802.8		—
Commercial paper	68.0		—		68.0		—		186.8		—		186.8		—
Prepaid expenses and other current assets:
Foreign currency forward contracts	1.6		—		1.6		—		1.8		—		1.8		—
Other assets:
Foreign currency forward contracts	0.5		—		0.5		—		—		—		—		—
Total financial assets	$	8,150.0	$	3,073.5	$	5,076.5	$	—	$	10,382.7	$	5,989.8	$	4,392.9	$	—

Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(38.4)	$	—	$	(38.4)	$	—	$	(33.7)	$	—	$	(33.7)	$	—

Other long-term liabilities:
Foreign currency forward contracts	(4.1)		—		(4.1)		—		—		—		—		—
Contingent consideration	(78.1)		—		—		(78.1)		(77.4)		—		—		(77.4)
Total financial liabilities	$	(120.6)	$	—	$	(42.5)	$	(78.1)	$	(111.1)	$	—	$	(33.7)	$	(77.4)

Please refer to Note F, “Marketable Securities and Equity Investments,” for the carrying amount and related unrealized gains (losses) by type of investment. Our cash equivalents primarily include money market funds and time deposits.

Fair Value of Corporate Equity Securities

We classify our investments in publicly traded corporate equity securities as “Marketable securities” on our condensed consolidated balance sheets. Generally, our investments in the common stock of publicly traded companies are valued based on Level 1 inputs because they have readily determinable fair values. However, certain of our investments in publicly traded companies have been or continue to be valued based on Level 2 inputs due to transfer restrictions associated with these investments.

As of September 30, 2024, one of our investments in publicly traded corporate equity securities was subject to a contractual sales restriction expiring in the first quarter of 2025 with a fair value of $13.0 million. We purchased this investment directly from the publicly traded company in the first quarter of 2023, and do not anticipate any circumstances that would cause this restriction to lapse prior to the first quarter of 2025.

Please refer to Note F, “Marketable Securities and Equity Investments,” for further information on these investments.

Fair Value of Contingent Consideration

In 2019, we acquired Exonics Therapeutics, Inc. (“Exonics”), a privately-held company focused on creating transformative gene-editing therapies to repair mutations that cause Duchenne muscular dystrophy (“DMD”) and other severe neuromuscular diseases, including DM1. Our Level 3 contingent consideration liabilities are related to $678.3 million of development and regulatory milestones potentially payable to former Exonics equity holders. We base our estimates of the probability of achieving the milestones relevant to the fair value of contingent payments on industry data attributable to gene therapies and our knowledge of the progress and viability of the programs. The discount rates used in the valuation model for contingent payments, which were between 4.3% and 4.4% as of September 30, 2024, represent a measure of credit risk and

market risk associated with settling the liabilities. Significant judgment is used in determining the appropriateness of these assumptions at each reporting period.

The following table represents a rollforward of the fair value of our contingent consideration liabilities:


	Nine Months Ended September 30, 2024
	(in millions)
Balance at December 31, 2023	$	77.4
Increase in fair value of contingent payments	0.7
Balance at September 30, 2024	$	78.1

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Revenue from Contract with Customer [Abstract]

Marketable Securities and Equity Investments - Net Unrealized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Net unrealized gains (losses)	$ 2.8	$ (6.2)	$ (12.6)	$ (7.1)

Hedging - Offsetting Derivatives (Details) - Cash Flow Hedging - Designated as Hedging Instruments - Foreign currency forward contracts - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Total assets
Gross Amounts Recognized	$ 2.1	$ 1.8
Gross Amounts Offset	0.0	0.0
Gross Amounts Presented	2.1	1.8
Gross Amounts Not Offset	(2.1)	(1.8)
Legal Offset	0.0	0.0
Total liabilities
Gross Amounts Recognized	(42.5)	(33.7)
Gross Amounts Offset	0.0	0.0
Gross Amounts Presented	(42.5)	(33.7)
Gross Amounts Not Offset	2.1	1.8
Legal Offset	$ (40.4)	$ (31.9)

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Disaggregation of Revenue

“Product revenues, net” consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions)
TRIKAFTA/KAFTRIO	$	2,585.0	$	2,274.3	$	7,517.8	$	6,611.4
Other product revenues	186.9		209.2		590.3		740.1
Total product revenues, net	$	2,771.9	$	2,483.5	$	8,108.1	$	7,351.5

“Product revenues, net” by geographic region, based on the location of the customer, consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions)
United States	$	1,713.5	$	1,554.2	$	4,847.7	$	4,465.8
Outside of the United States
Europe	847.7		766.5		2,621.9		2,373.7
Other	210.7		162.8		638.5		512.0
Total product revenues outside of the United States	1,058.4		929.3		3,260.4		2,885.7
Total product revenues, net	$	2,771.9	$	2,483.5	$	8,108.1	$	7,351.5

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Product revenues, net	$ 2,771.9	$ 2,483.5	$ 8,108.1	$ 7,351.5
United States
Disaggregation of Revenue [Line Items]
Product revenues, net	1,713.5	1,554.2	4,847.7	4,465.8
Total product revenues outside of the United States
Disaggregation of Revenue [Line Items]
Product revenues, net	1,058.4	929.3	3,260.4	2,885.7
Europe
Disaggregation of Revenue [Line Items]
Product revenues, net	847.7	766.5	2,621.9	2,373.7
Other
Disaggregation of Revenue [Line Items]
Product revenues, net	210.7	162.8	638.5	512.0
TRIKAFTA/KAFTRIO
Disaggregation of Revenue [Line Items]
Product revenues, net	2,585.0	2,274.3	7,517.8	6,611.4
Other product revenues
Disaggregation of Revenue [Line Items]
Product revenues, net	$ 186.9	$ 209.2	$ 590.3	$ 740.1

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Product revenues, net	$ 2,771.9	$ 2,483.5	$ 8,108.1	$ 7,351.5
Contract liabilities	220.0		220.0		$ 170.3
CASGEVY
Disaggregation of Revenue [Line Items]
Product revenues, net	$ 2.0		$ 2.0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (1,448.6)	$ 2,650.8
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Stock-based compensation expense	530.7	372.6
Depreciation and amortization expense	160.7	122.3
Deferred income taxes	(400.4)	(405.5)
Loss on equity securities	50.5	0.2
Increase (decrease) in fair value of contingent consideration	0.7	(1.3)
Other non-cash items, net	(16.2)	(9.6)
Changes in operating assets and liabilities:
Accounts receivable, net	(168.3)	(99.5)
Inventories	(369.8)	(252.9)
Prepaid expenses and other assets	(35.7)	(94.4)
Accounts payable	41.1	80.5
Accrued expenses	533.0	786.1
Other liabilities	45.1	153.4
Net cash (used in) provided by operating activities	(1,077.2)	3,302.7
Cash flows from investing activities:
Purchases of available-for-sale debt securities	(5,279.6)	(2,798.0)
Sales and maturities of available-for-sale debt securities	3,005.4	621.0
Acquisition of available-for-sale debt securities from Alpine Immune Sciences, Inc.	(258.0)	0.0
Purchases of property and equipment	(205.1)	(142.3)
Net payments related to finite-lived intangible assets	(187.7)	0.0
Sale of equity securities	0.0	95.1
Other investing activities	(23.1)	(31.0)
Net cash used in investing activities	(2,948.1)	(2,255.2)
Cash flows from financing activities:
Issuances of common stock under benefit plans	80.3	88.2
Repurchases of common stock	(759.2)	(278.1)
Payments in connection with common stock withheld for employee tax obligations	(397.7)	(222.9)
Payments on finance leases	(32.3)	(32.9)
Other financing activities	5.3	3.3
Net cash used in financing activities	(1,103.6)	(442.4)
Effect of changes in exchange rates on cash	4.7	(0.5)
Net (decrease) increase in cash, cash equivalents and restricted cash	(5,124.2)	604.6
Cash, cash equivalents and restricted cash—beginning of period	10,372.3	10,512.0
Cash, cash equivalents and restricted cash—end of period	5,248.1	11,116.6
Supplemental disclosure of cash flow information:
Cash paid for income taxes	810.3	919.1
Cash paid for interest	$ 27.8	$ 32.6

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income (loss) before provision for income taxes	$ 1,224.1	$ 1,179.2	$ (888.0)	$ 3,232.2
Provision for income taxes	$ 178.7	$ 143.9	$ 560.6	$ 581.4
Effective tax rate	14.60%	12.20%	(63.10%)	18.00%
Effective tax rate, non-deductible amount			$ 4,400.0
Net unrecognized tax benefits which would affect the tax rate if recognized	$ 344.5		$ 344.5		$ 288.7

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Additional Cash Flow Information - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Summary of cash, cash equivalents and marketable securities
Operating lease assets	$ 1,100.0
Operating lease cost	1,300.0
Operating lease assets	1,396.1	$ 293.6
Long-term operating lease liabilities	1,588.9	$ 348.6
Reduction to finance leases	275.3
Reduction in property, plant and equipment	107.5
Fan Pier Leases
Summary of cash, cash equivalents and marketable securities
Operating lease assets	847.9
Long-term operating lease liabilities	$ 1,000.0

Basis of Presentation and Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared by Vertex Pharmaceuticals Incorporated (“Vertex,” “we,” “us” or “our”) in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The condensed consolidated financial statements reflect the operations of Vertex and our wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated. We operate in one segment, pharmaceuticals. Certain information and footnote disclosures normally included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Annual Report on Form 10-K”) have been condensed or omitted. These interim financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial position and results of income for the interim periods ended September 30, 2024 and 2023. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full fiscal year. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2023, which are contained in our 2023 Annual Report on Form 10-K.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. We base our estimates on historical experience and various other assumptions, including in certain circumstances future projections that we believe to be reasonable under the circumstances. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.
Recently Adopted and Recently Issued Accounting Standards	Recently Adopted Accounting Standards As noted in Note A, “Nature of Business and Accounting Policies,” in our 2023 Annual Report on Form 10-K, we did not adopt any accounting standards that had a significant impact on our consolidated financial statements in the three years ended December 31, 2023. Recently Issued Accounting Standards Segment Reporting In 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose significant segment expenses and other segment items. ASU 2023-07 also requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 becomes effective for the annual period starting on January 1, 2024, and for the interim periods starting on January 1, 2025. We are in the process of analyzing the impact that the adoption of ASU 2023-07 will have on our segment disclosures. Income Tax Disclosures In 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. ASU 2023-09 becomes effective for the annual period starting on January 1, 2025. We are in the process of analyzing the impact that the adoption of ASU 2023-09 will have on our income tax disclosures.
Contract Liabilities	Upon exceeding the annual reimbursement amount provided by the customer’s contract with us, our CF products are provided free of charge, which is a material right. These contracts include upfront payments and fees. If we estimate that we will exceed the annual reimbursement amount under a contract, we defer a portion of the consideration received for shipments made up to the annual reimbursement limit as a portion of “Other current liabilities.” Once the reimbursement limit has been reached, we recognize the deferred amount as revenue when we ship the free products. Our CF product revenue contracts include performance obligations that are one year or less. Our contract liabilities at the end of each fiscal year relate to contracts with CF annual reimbursement limits in international markets in which the annual period associated with the contract is not the same as our fiscal year. In these markets, we recognize revenues related to performance obligations satisfied in previous years; however, these revenues do not relate to any performance obligations that were satisfied more than 12 months prior to the beginning of the current year.

Disclosure of accounting policy for revenue from contract with customer.

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Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

We are subject to U.S. federal, state, and foreign income taxes. During the three and nine months ended September 30, 2024 and 2023, we recorded the following provisions for income taxes and effective tax rates as compared to our income (loss) before provision for income taxes.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions, except percentages)
Income (loss) before provision for income taxes	$	1,224.1	$	1,179.2	$	(888.0)	$	3,232.2
Provision for income taxes	$	178.7	$	143.9	$	560.6	$	581.4


Effective tax rate			14.6		%				12.2		%				(63.1)		%				18.0		%

Our effective tax rates for the three months ended September 30, 2024 and 2023 and for the nine months ended September 30, 2023 were lower than the U.S. statutory rate primarily due to benefits from research and development tax

credit studies that were completed in the third quarter of each year and excess tax benefits related to stock-based compensation, partially offset by changes in uncertain tax positions.

Our effective tax rate for the nine months ended September 30, 2024 was materially different than the U.S. statutory rate primarily due to the $4.4 billion of non-deductible AIPR&D resulting from our acquisition of Alpine, which drove our pre-tax loss for the period.

We have reviewed the tax positions taken, or to be taken, in our tax returns for all tax years currently open to examination by a taxing authority. As of September 30, 2024 and December 31, 2023, we had $344.5 million and $288.7 million, respectively, of net unrecognized tax benefits, which would affect our tax rate if recognized.

We file U.S. federal income tax returns and income tax returns in various state, local and foreign jurisdictions. We have various income tax audits ongoing at any time throughout the world. Except for jurisdictions where we have net operating losses or tax credit carryforwards, we are no longer subject to any tax assessment from tax authorities for years prior to 2015 in jurisdictions that have a material impact on our consolidated financial statements. In 2023, we came to settlement with the United Kingdom’s HM Revenue & Customs (“HMRC”) with respect to our tax positions for 2015 through 2020 and subsequently received Closure Notices for those periods during the three months ended March 31, 2024. Due to the nature of the adjustments, we are asserting our rights under the U.S./U.K. Income Tax Convention pursuant to the mutual agreement procedures for the relief of double taxation for these matters.

In December 2022, European Union member states reached an agreement to implement the minimum tax component (“Pillar Two”) of the Organization for Economic Co-operation and Development’s (the “OECD’s”), global international tax reform initiative with effective dates of January 1, 2024 and 2025. In July 2023, the OECD published Administrative Guidance proposing certain safe harbors that effectively extend certain effective dates to January 1, 2027. The assessment of our potential 2024 exposure for the global per-country minimum tax of 15%, based on our forecasted 2024 results, is immaterial to our condensed consolidated financial statements as the effective tax rates in most of the jurisdictions in which we operate are above 15%.

The entire disclosure for income tax.

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Schedule of Financial Assets Subject to Fair Value Measurements

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

The following table sets forth our financial assets and liabilities subject to fair value measurements by level within the fair value hierarchy:


	As of September 30, 2024								As of December 31, 2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3

	(in millions)
Financial instruments carried at fair value (asset positions):
Cash equivalents	$	2,159.1	$	1,544.7	$	614.4	$	—	$	7,033.9	$	5,397.3	$	1,636.6	$	—
Marketable securities:
Corporate equity securities	33.4		33.4		—		—		46.0		46.0		—		—
U.S. Treasury securities	1,536.8		1,495.4		41.4		—		546.5		546.5		—		—
U.S. government agency securities	253.7		—		253.7		—		425.2		—		425.2		—
Asset-backed securities	1,052.3		—		1,052.3		—		306.0		—		306.0		—
Certificates of deposit	2.5		—		2.5		—		33.7		—		33.7		—
Corporate debt securities	3,042.1		—		3,042.1		—		1,802.8		—		1,802.8		—
Commercial paper	68.0		—		68.0		—		186.8		—		186.8		—
Prepaid expenses and other current assets:
Foreign currency forward contracts	1.6		—		1.6		—		1.8		—		1.8		—
Other assets:
Foreign currency forward contracts	0.5		—		0.5		—		—		—		—		—
Total financial assets	$	8,150.0	$	3,073.5	$	5,076.5	$	—	$	10,382.7	$	5,989.8	$	4,392.9	$	—

Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(38.4)	$	—	$	(38.4)	$	—	$	(33.7)	$	—	$	(33.7)	$	—

Other long-term liabilities:
Foreign currency forward contracts	(4.1)		—		(4.1)		—		—		—		—		—
Contingent consideration	(78.1)		—		—		(78.1)		(77.4)		—		—		(77.4)
Total financial liabilities	$	(120.6)	$	—	$	(42.5)	$	(78.1)	$	(111.1)	$	—	$	(33.7)	$	(77.4)

Schedule of Fair Value of Our Contingent Consideration Liabilities

The following table represents a rollforward of the fair value of our contingent consideration liabilities:


	Nine Months Ended September 30, 2024
	(in millions)
Balance at December 31, 2023	$	77.4
Increase in fair value of contingent payments	0.7
Balance at September 30, 2024	$	78.1

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 5,239.2	$ 10,369.1
Marketable securities	1,285.3	849.2
Accounts receivable, net	1,750.6	1,563.4
Inventories	1,079.8	738.8
Prepaid expenses and other current assets	449.2	623.7
Total current assets	9,804.1	14,144.2
Property and equipment, net	1,117.8	1,159.3
Goodwill	1,088.0	1,088.0
Other intangible assets, net	831.6	839.9
Deferred tax assets	2,308.9	1,812.1
Operating lease assets	1,396.1	293.6
Long-term marketable securities	4,703.5	2,497.8
Other assets	990.2	895.3
Total assets	22,240.2	22,730.2
Current liabilities:
Accounts payable	395.8	364.9
Accrued expenses	3,219.7	2,655.3
Other current liabilities	357.6	527.2
Total current liabilities	3,973.1	3,547.4
Long-term finance lease liabilities	114.0	376.1
Long-term operating lease liabilities	1,588.9	348.6
Other long-term liabilities	933.3	877.7
Total liabilities	6,609.3	5,149.8
Commitments and contingencies	0.0	0.0
Shareholders’ equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued and outstanding	0.0	0.0
Common stock, $0.01 par value; 500,000,000 shares authorized, 257,739,599 and 257,695,221 shares issued and outstanding, respectively	2.6	2.6
Additional paid-in capital	6,905.7	7,449.7
Accumulated other comprehensive income (loss)	28.8	(14.3)
Retained earnings	8,693.8	10,142.4
Total shareholders’ equity	15,630.9	17,580.4
Total liabilities and shareholders’ equity	$ 22,240.2	$ 22,730.2

Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

Revenues by Product

“Product revenues, net” consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions)
TRIKAFTA/KAFTRIO	$	2,585.0	$	2,274.3	$	7,517.8	$	6,611.4
Other product revenues	186.9		209.2		590.3		740.1
Total product revenues, net	$	2,771.9	$	2,483.5	$	8,108.1	$	7,351.5

In the three and nine months ended September 30, 2024, "Other product revenues" included CASGEVY product revenues of $2.0 million.

Product Revenues by Geographic Location

“Product revenues, net” by geographic region, based on the location of the customer, consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(in millions)
United States	$	1,713.5	$	1,554.2	$	4,847.7	$	4,465.8
Outside of the United States
Europe	847.7		766.5		2,621.9		2,373.7
Other	210.7		162.8		638.5		512.0
Total product revenues outside of the United States	1,058.4		929.3		3,260.4		2,885.7
Total product revenues, net	$	2,771.9	$	2,483.5	$	8,108.1	$	7,351.5

Contract Liabilities

We had contract liabilities of $220.0 million and $170.3 million as of September 30, 2024 and December 31, 2023, respectively, related to annual contracts with government-owned and supported customers in international markets that limit the amount of annual reimbursement we can receive for our cystic fibrosis (“CF”) products. Upon exceeding the annual reimbursement amount provided by the customer’s contract with us, our CF products are provided free of charge, which is a material right. These contracts include upfront payments and fees. If we estimate that we will exceed the annual reimbursement amount under a contract, we defer a portion of the consideration received for shipments made up to the annual reimbursement limit as a portion of “Other current liabilities.” Once the reimbursement limit has been reached, we recognize the deferred amount as revenue when we ship the free products. Our CF product revenue contracts include performance obligations that are one year or less.

Our contract liabilities at the end of each fiscal year relate to contracts with CF annual reimbursement limits in international markets in which the annual period associated with the contract is not the same as our fiscal year. In these markets, we recognize revenues related to performance obligations satisfied in previous years; however, these revenues do not relate to any performance obligations that were satisfied more than 12 months prior to the beginning of the current year.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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