0000875320-25-000232 | 10-Q | XBRL Viewer | Vertex Pharmaceuticals INC MA

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Marketable Securities and Equity Investments - Schedule of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Cash equivalents
Amortized Cost	$ 1,216.6	$ 1,687.1
Fair Value	1,216.6	1,687.1
Total marketable available-for-sale debt securities
Gross  Unrealized  Losses	(0.8)
Corporate equity securities
Amortized Cost	25.0	72.1
Gross  Unrealized  Gains	0.0	3.0
Gross  Unrealized  Losses	(15.6)	(38.5)
Fair Value	9.4	36.6
Amortized Cost	7,041.5	6,680.5
Gross  Unrealized  Gains	45.1	22.8
Gross  Unrealized  Losses	(16.4)	(49.1)
Fair Value	7,070.2	6,654.2
Total cash equivalents and marketable securities, Amortized Cost	8,258.1	8,367.6
Total cash equivalents and marketable securities, Gross Unrealized Gains	45.1	22.8
Total cash equivalents and marketable securities, Gross Unrealized Losses	(16.4)	(49.1)
Total cash equivalents and marketable securities, Fair Value	8,286.8	8,341.3
U.S. Treasury securities
Total marketable available-for-sale debt securities
Amortized Cost	1,926.0	1,603.9
Gross  Unrealized  Gains	11.9	3.6
Gross  Unrealized  Losses	(0.2)	(5.5)
Fair Value	1,937.7	1,602.0
U.S. government agency securities
Total marketable available-for-sale debt securities
Amortized Cost	189.6	240.5
Gross  Unrealized  Gains	1.1	0.5
Gross  Unrealized  Losses	(0.1)	(0.5)
Fair Value	190.6	240.5
Asset-backed securities
Total marketable available-for-sale debt securities
Amortized Cost	1,354.6	1,239.6
Gross  Unrealized  Gains	6.6	5.1
Gross  Unrealized  Losses	(0.2)	(0.5)
Fair Value	1,361.0	1,244.2
Certificates of deposit
Total marketable available-for-sale debt securities
Amortized Cost	24.4	0.0
Gross  Unrealized  Gains	0.0	0.0
Gross  Unrealized  Losses	0.0	0.0
Fair Value	24.4	0.0
Corporate debt securities
Total marketable available-for-sale debt securities
Amortized Cost	3,513.2	3,519.4
Gross  Unrealized  Gains	25.5	10.6
Gross  Unrealized  Losses	(0.3)	(4.1)
Fair Value	3,538.4	3,525.9
Commercial paper
Total marketable available-for-sale debt securities
Amortized Cost	8.7	5.0
Gross  Unrealized  Gains	0.0	0.0
Gross  Unrealized  Losses	0.0	0.0
Fair Value	8.7	5.0
Total marketable available-for-sale debt securities
Total marketable available-for-sale debt securities
Amortized Cost	7,016.5	6,608.4
Gross  Unrealized  Gains	45.1	19.8
Gross  Unrealized  Losses	(0.8)	(10.6)
Fair Value	$ 7,060.8	$ 6,617.6

Inventories

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventories

“Inventories” consisted of the following:


	As of September 30, 2025		As of December 31, 2024

	(in millions)
Raw materials	$	278.6	$	252.0
Work-in-process	1,096.2		768.8
Finished goods	252.0		184.6
Total	$	1,626.8	$	1,205.4

Condensed Consolidated Statements of Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Total revenues	$ 3,076.4	$ 2,771.9	$ 8,811.3	$ 8,108.1
Costs and expenses:
Cost of sales	414.8	392.6	1,185.3	1,107.1
Research and development expenses	977.7	875.9	2,935.8	2,631.6
Acquired in-process research and development expenses	54.5	15.0	76.5	4,540.9
Selling, general and administrative expenses	445.1	371.8	1,266.1	1,086.7
Intangible asset impairment charge	0.0	0.0	379.0	0.0
Change in fair value of contingent consideration	(1.9)	0.3	1.2	0.7
Total costs and expenses	1,890.2	1,655.6	5,843.9	9,367.0
Income (loss) from operations	1,186.2	1,116.3	2,967.4	(1,258.9)
Interest income	125.7	132.2	369.0	469.9
Interest expense	(3.3)	(7.5)	(10.0)	(27.8)
Other expense, net	(9.8)	(16.9)	(14.2)	(71.2)
Income (loss) before provision for income taxes	1,298.8	1,224.1	3,312.2	(888.0)
Provision for income taxes	215.9	178.7	550.1	560.6
Net income (loss)	$ 1,082.9	$ 1,045.4	$ 2,762.1	$ (1,448.6)
Net income (loss) per common share:
Basic (in dollars per share)	$ 4.24	$ 4.05	$ 10.77	$ (5.61)
Diluted (in dollars per share)	$ 4.20	$ 4.01	$ 10.68	$ (5.61)
Shares used in per share calculations:
Basic (in shares)	255.6	258.0	256.4	258.1
Diluted (in shares)	257.6	261.0	258.6	258.1
Product revenues, net
Total revenues	$ 3,076.4	$ 2,771.9	$ 8,780.6	$ 8,108.1
Other revenues
Total revenues	$ 0.0	$ 0.0	$ 30.7	$ 0.0

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 17,175.4	$ 14,774.7	$ 16,409.6	$ 17,580.4
Other comprehensive income (loss) before reclassifications			(215.0)	49.5
Amounts reclassified from accumulated other comprehensive income (loss)			22.7	(6.4)
Total other comprehensive income (loss)	36.6	6.3	(192.3)	43.1
Ending balance	17,318.8	15,630.9	17,318.8	15,630.9
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(101.1)	22.5	127.8	(14.3)
Total other comprehensive income (loss)	36.6	6.3	(192.3)	43.1
Ending balance	(64.5)	28.8	(64.5)	28.8
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			9.7	1.1
Other comprehensive income (loss) before reclassifications			29.0	8.2
Amounts reclassified from accumulated other comprehensive income (loss)			0.0	0.0
Total other comprehensive income (loss)			29.0	8.2
Ending balance	38.7	9.3	38.7	9.3
On Available-For-Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			7.1	9.6
Other comprehensive income (loss) before reclassifications			32.9	39.2
Amounts reclassified from accumulated other comprehensive income (loss)			(5.5)	2.4
Total other comprehensive income (loss)			27.4	41.6
Ending balance	34.5	51.2	34.5	51.2
On Foreign Currency Forward Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			111.0	(25.0)
Other comprehensive income (loss) before reclassifications			(276.9)	2.1
Amounts reclassified from accumulated other comprehensive income (loss)			28.2	(8.8)
Total other comprehensive income (loss)			(248.7)	(6.7)
Ending balance	$ (137.7)	$ (31.7)	$ (137.7)	$ (31.7)

- Definition

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

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,082.9	$ 1,045.4	$ 2,762.1	$ (1,448.6)
Other comprehensive income (loss):
Unrealized holding gains on available-for-sale debt securities, net of tax of $(1.0), $(18.3), $(7.7) and $(11.4), respectively	3.5	66.7	27.4	41.6
Unrealized gains (losses) on foreign currency forward contracts, net of tax of $(9.4), $17.3, $70.3 and $1.8, respectively	33.5	(63.0)	(248.7)	(6.7)
Foreign currency translation adjustment	(0.4)	2.6	29.0	8.2
Total other comprehensive income (loss)	36.6	6.3	(192.3)	43.1
Comprehensive income (loss)	$ 1,119.5	$ 1,051.7	$ 2,569.8	$ (1,405.5)

- Definition

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.

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- Definition

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

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+ Details

Stock-based Compensation Expense and Share Repurchase Programs - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	$ 194.9	$ 184.6	$ 528.3	$ 530.7
Stock-based compensation expense related to inventories	(4.4)	(3.6)	(11.2)	(7.5)
Total stock-based compensation expense included in “Total costs and expenses”	194.9	184.6	528.3	530.7
Income tax effect	(47.5)	(64.6)	(159.2)	(224.3)
Total stock-based compensation expense, net of tax	147.4	120.0	369.1	306.4
Cost of sales
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	2.8	1.9	7.9	5.5
Research and development expenses
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	116.0	111.0	315.7	327.5
Selling, general and administrative expenses
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	76.1	71.7	204.7	197.7
Restricted stock units (including PSUs)
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	190.8	184.8	517.1	522.7
ESPP share issuances
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	8.5	3.4	21.2	13.7
Stock options
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	$ 0.0	$ 0.0	$ 1.2	$ 1.8

Marketable Securities and Equity Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

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, 2025								As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

	(in millions)
Cash equivalents	$	1,216.6	$	—	$	—	$	1,216.6	$	1,687.1	$	—	$	—	$	1,687.1
Marketable securities:
U.S. Treasury securities	1,926.0		11.9		(0.2)		1,937.7		1,603.9		3.6		(5.5)		1,602.0
U.S. government agency securities	189.6		1.1		(0.1)		190.6		240.5		0.5		(0.5)		240.5
Asset-backed securities	1,354.6		6.6		(0.2)		1,361.0		1,239.6		5.1		(0.5)		1,244.2
Certificates of deposit	24.4		—		—		24.4		—		—		—		—
Corporate debt securities	3,513.2		25.5		(0.3)		3,538.4		3,519.4		10.6		(4.1)		3,525.9
Commercial paper	8.7		—		—		8.7		5.0		—		—		5.0
Total marketable available-for-sale debt securities	7,016.5		45.1		(0.8)		7,060.8		6,608.4		19.8		(10.6)		6,617.6
Corporate equity securities	25.0		—		(15.6)		9.4		72.1		3.0		(38.5)		36.6
Total marketable securities	7,041.5		45.1		(16.4)		7,070.2		6,680.5		22.8		(49.1)		6,654.2
Total cash equivalents and marketable securities	$	8,258.1	$	45.1	$	(16.4)	$	8,286.8	$	8,367.6	$	22.8	$	(49.1)	$	8,341.3

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


	As of September 30, 2025		As of December 31, 2024

	(in millions)
Cash and cash equivalents	$	1,216.6	$	1,687.1
Marketable securities	1,347.4		1,546.3
Long-term marketable securities	5,722.8		5,107.9
Total	$	8,286.8	$	8,341.3

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


	As of September 30, 2025		As of December 31, 2024

	(in millions)
Matures within one year	$	1,338.0	$	1,509.7
Matures after one year through five years	5,633.2		5,034.4
Matures after five years	89.6		73.5
Total	$	7,060.8	$	6,617.6

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

During the three and nine months ended September 30, 2025 and 2024, our net unrealized (losses) gains 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,
	2025		2024		2025		2024

	(in millions)
Net unrealized (losses) gains	$	(1.5)	$	2.8	$	(18.6)	$	(12.6)

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, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	May 31, 2025	Feb. 28, 2023
Share Repurchase Program [Line Items]
Value of shares repurchased	$ 1,092.5	$ 307.6	$ 1,906.7	$ 763.8
Stock repurchase program, remaining amount	$ 3,500.0		$ 3,500.0
February 2023 Share Repurchase Program
Share Repurchase Program [Line Items]
Number of shares authorized to be repurchased						$ 3,000.0
Shares repurchased (in shares)			4.5	1.7
Value of shares repurchased			$ 1,900.0	$ 763.8
May 2025 Share Repurchase Program
Share Repurchase Program [Line Items]
Number of shares authorized to be repurchased					$ 4,000.0

- Definition

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.

+ References + Details

- Definition

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.

+ References + Details

Commitments and Contingencies - Legal Matters and Other Contingencies (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Oct. 10, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Product revenues		$ 3,076.4	$ 2,771.9	$ 8,811.3	$ 8,108.1
Loss contingencies		0.0		0.0		$ 0.0
Contingent liabilities		0.0		0.0		$ 0.0
ALYFTREK
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Product revenues		$ 247.0	$ 0.0	$ 457.7	$ 0.0
Royalty burden (as a percent)				4.00%
Subsequent Event \| ALYFTREK
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty burden (as a percent)	8.00%

- Definition

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.

+ References

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+ Details

Additional Balance Sheet & Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2025

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,
	2025				2024
	Beginning of period		End of period		Beginning of period		End of period

	(in millions)
Cash and cash equivalents	$	4,569.6	$	4,939.6	$	10,369.1	$	5,239.2
Prepaid expenses and other current assets	2.6		8.2		3.2		8.9

Cash, cash equivalents and restricted cash per condensed consolidated statement of cash flows	$	4,572.2	$	4,947.8	$	10,372.3	$	5,248.1

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,
	2025				2024
	Beginning of period		End of period		Beginning of period		End of period

	(in millions)
Cash and cash equivalents	$	4,569.6	$	4,939.6	$	10,369.1	$	5,239.2
Prepaid expenses and other current assets	2.6		8.2		3.2		8.9

Cash, cash equivalents and restricted cash per condensed consolidated statement of cash flows	$	4,572.2	$	4,947.8	$	10,372.3	$	5,248.1

Hedging - Offsetting Derivatives (Details) - Cash Flow Hedging - Designated as Hedging Instruments - Foreign currency forward contracts - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Total assets
Gross Amounts Recognized	$ 16.1	$ 142.5
Gross Amounts Offset	0.0	0.0
Gross Amounts Presented	16.1	142.5
Gross Amounts Not Offset	(16.1)	0.0
Legal Offset	0.0	142.5
Total liabilities
Gross Amounts Recognized	(192.6)	0.0
Gross Amounts Offset	0.0	0.0
Gross Amounts Presented	(192.6)	0.0
Gross Amounts Not Offset	16.1	0.0
Legal Offset	$ (176.5)	$ 0.0

Fair Value Measurements - Financial Assets and Liabilities Subject to Fair Value Measurements (Details) - Recurring Basis - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Financial instruments carried at fair value (asset positions):
Cash equivalents	$ 1,216.6	$ 1,687.1
Prepaid expenses and other current assets, Foreign currency forward contracts	6.7	130.1
Other assets, Foreign currency forward contracts	9.4	12.4
Total financial assets	8,302.9	8,483.8
Financial instruments carried at fair value (liability positions):
Other current liabilities, Foreign currency forward contracts	(114.3)	0.0
Foreign currency forward contracts	(78.3)	0.0
Contingent consideration	(78.1)	(76.9)
Total financial liabilities	(270.7)	(76.9)
Level 1
Financial instruments carried at fair value (asset positions):
Cash equivalents	505.5	613.3
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	2,452.6	2,216.7
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	711.1	1,073.8
Prepaid expenses and other current assets, Foreign currency forward contracts	6.7	130.1
Other assets, Foreign currency forward contracts	9.4	12.4
Total financial assets	5,850.3	6,267.1
Financial instruments carried at fair value (liability positions):
Other current liabilities, Foreign currency forward contracts	(114.3)	0.0
Foreign currency forward contracts	(78.3)	0.0
Contingent consideration	0.0	0.0
Total financial liabilities	(192.6)	0.0
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)	(76.9)
Total financial liabilities	(78.1)	(76.9)
Corporate equity securities
Financial instruments carried at fair value (asset positions):
Marketable securities:	9.4	36.6
Corporate equity securities \| Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities:	9.4	36.6
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:	1,937.7	1,602.0
U.S. Treasury securities \| Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities:	1,937.7	1,566.8
U.S. Treasury securities \| Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities:	0.0	35.2
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:	190.6	240.5
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:	190.6	240.5
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:	1,361.0	1,244.2
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:	1,361.0	1,244.2
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:	24.4	0.0
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:	24.4	0.0
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:	3,538.4	3,525.9
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:	3,538.4	3,525.9
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:	8.7	5.0
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:	8.7	5.0
Commercial paper \| Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities:	$ 0.0	$ 0.0

Collaboration, License and Other Arrangements

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration, License and Other Arrangements

Acquired In-Process Research and Development

We have entered into numerous business development agreements with third parties to collaborate on research, development and commercialization programs, license technologies, or acquire assets. Our “Acquired in-process research and development expenses” (“AIPR&D”) included $54.5 million and $76.5 million in the three and nine months ended September 30, 2025, respectively, related to upfront, contingent milestone, or other payments pursuant to our business development transactions. Our AIPR&D included $15.0 million and $4.5 billion in the three and nine months ended September 30, 2024, respectively. Our AIPR&D in the nine months ended September 30, 2024, primarily included $4.4 billion associated with our acquisition of Alpine Immune Sciences, Inc. (“Alpine”) as discussed below.

Our collaboration, licensing and asset acquisition agreements that had a significant impact on our financial statements for the three and nine months ended September 30, 2025 and 2024 or were new or materially revised during the three and nine months ended September 30, 2025, are described below. Additional agreements are described in Note B, “Collaboration, License and Other Arrangements,” of our 2024 Annual Report on Form 10-K.

Asset Acquisition

Alpine Immune Sciences, Inc. - povetacicept

On May 20, 2024, we acquired all of the issued and outstanding shares of common stock of Alpine, a publicly traded biotechnology company focused on discovering and developing innovative, protein-based immunotherapies for approximately $5.0 billion. We funded the Alpine acquisition with our cash and cash equivalents.

Alpine’s lead molecule, povetacicept, is a highly potent and effective dual inhibitor of B cell activating factor (“BAFF”) and a proliferation inducing ligand (“APRIL”). As of the acquisition date, povetacicept was in Phase 2 development and had shown potential best-in-class efficacy in IgA nephropathy (“IgAN”), a serious, progressive, autoimmune disease of the kidney that can lead to end-stage-renal disease. Due to its mechanism of action as a dual BAFF/APRIL inhibitor, povetacicept also holds the potential to benefit patients with other serious autoimmune diseases of the kidney, such as primary membranous nephropathy and lupus nephritis. We accounted for the Alpine transaction as an asset acquisition because povetacicept represented substantially all of the fair value of the gross assets that we acquired. As a result, $4.4 billion of fair value attributed to povetacicept was expensed to AIPR&D in the nine months ended September 30, 2024.

We paid total cash of $5.0 billion at the acquisition date, which included $4.8 billion to acquire Alpine and $197.6 million for cash-settled unvested Alpine equity awards. The $197.6 million represented post-acquisition expense, which was recorded as $165.0 million of “Research and development expenses” and $32.6 million of “Selling, general and administrative expenses” in the nine months ended September 30, 2024.

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

In-license Agreements

CRISPR Therapeutics AG

CRISPR-Cas9 Gene-editing Therapies Agreements

In 2015, we entered into a strategic collaboration, option, and license agreement (the “CRISPR Agreement”) with CRISPR Therapeutics AG and its affiliates (“CRISPR”) to collaborate on the discovery and development of potential new treatments aimed at the underlying genetic causes of human diseases using CRISPR-Cas9 gene-editing technology. We had the exclusive right to license certain targets. In 2019, we elected to exclusively license three targets, including cystic fibrosis (“CF”), pursuant to the CRISPR Agreement. For each of the three targets that we elected to license, CRISPR has the potential to receive up to an additional $410.0 million in development, regulatory and commercial milestones as well as royalties on resulting net product sales.

In 2017, we entered into a joint development and commercialization agreement with CRISPR (the “CRISPR JDCA”), which we amended and restated in 2021, pursuant to the terms of the CRISPR Agreement. Under the CRISPR JDCA, we and CRISPR were co-developing and preparing to co-commercialize CASGEVY for the treatment of hemoglobinopathies, including treatments for severe sickle cell disease (“SCD”) and transfusion-dependent beta thalassemia.

Pursuant to the CRISPR JDCA, we lead global development, manufacturing and commercialization of CASGEVY, with support from CRISPR. We also conduct all research, development, manufacturing, and commercialization activities relating to other product candidates and products under the CRISPR JDCA throughout the world subject to CRISPR’s reserved right to conduct certain activities.

CASGEVY was approved by the U.S. Food and Drug Administration in December 2023 for the treatment of SCD. In connection with this approval, we made a $200.0 million milestone payment to CRISPR in January 2024. Subsequent to receiving marketing approval for CASGEVY, we continue to lead the research and development activities under the CRISPR JDCA, subject to CRISPR’s reserved right to conduct certain activities. We are reimbursed by CRISPR for its 40% share of these research and development activities, subject to certain adjustments, and we record this reimbursement from CRISPR as a credit within “Research and development expenses.” We also share with CRISPR 40% of the net commercial profits or losses incurred with respect to CASGEVY, subject to certain adjustments, which is recorded to “Cost of sales.” The net commercial profits or losses equal the sum of the product revenues, cost of sales and selling, general and administrative expenses that we have recognized related to the CRISPR JDCA.

During the first quarter of 2025, we received $12.5 million from CRISPR, pursuant to the CRISPR JDCA, for its share of our upfront payment paid to Orna Therapeutics in December 2024, which we recorded as a credit to AIPR&D in the nine months ended September 30, 2025.

During the three and nine months ended September 30, 2025 and 2024, the credits recognized in our condensed consolidated statements of income (loss) for CRISPR’s share of CRISPR JDCA activities were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(in millions)
Cost of sales	$	43.3	$	15.8	$	109.6	$	47.5
Research and development expenses	$	14.3	$	11.7	$	45.4	$	35.0
Acquired in-process research and development expenses	$	—	$	—	$	12.5	$	—

Entrada Therapeutics, Inc.

In 2023, we entered into a strategic collaboration and license agreement (the “Entrada Agreement”) with Entrada Therapeutics, Inc. (“Entrada”) focused on discovering and developing intracellular therapeutics for myotonic dystrophy type 1 (“DM1”). In the first quarter of 2024, Entrada earned a $75.0 million milestone, which we recorded to AIPR&D in the nine months ended September 30, 2024 because we determined that substantially all the fair value of the milestone payment was attributable to in-process research and development, for which there is no alternative future use. Entrada is eligible to receive up to an additional $335.0 million in development, regulatory and commercial milestones for any products that may result from the Entrada Agreement, as well as royalties on resulting net product sales.

Out-license Agreements

Zai Lab Limited

In January 2025, we entered into an agreement with Zai Lab Limited (“Zai”) for the development and commercialization of povetacicept in mainland China, Hong Kong SAR, Macau SAR, Taiwan region and Singapore. Under the agreement, Zai is responsible for the povetacicept clinical trials and regulatory submissions in the licensed territories. Zai will also be responsible for commercialization activities in the licensed territories, if povetacicept becomes an approved product. Under the terms of the agreement, we received a $10.0 million upfront payment in the first quarter of 2025, which was recorded as “Other revenues” in the nine months ended September 30, 2025. We are eligible to receive from Zai certain regulatory milestone payments and tiered royalties on future net sales of povetacicept in the region of focus.

Ono Pharmaceuticals Co., Ltd.

In June 2025, we entered into an agreement with Ono Pharmaceuticals Co., Ltd. (“Ono”) for the development and commercialization of povetacicept in Japan and South Korea. Under the agreement, Ono is responsible for the povetacicept clinical trials and regulatory submissions in Japan and South Korea. Ono will also be responsible for commercialization activities in Japan and South Korea, if povetacicept becomes an approved product. Under the terms of the agreement, we received a $20.6 million upfront payment in the second quarter of 2025, which was recorded as “Other revenues” in the nine months ended September 30, 2025. We are eligible to receive from Ono certain regulatory milestone payments and tiered royalties on future net sales of povetacicept in Japan and South Korea.

Cystic Fibrosis Foundation

In 2004, we entered into an agreement with the Cystic Fibrosis Foundation (the “CFF”), as successor in interest to the Cystic Fibrosis Foundation Therapeutics, Inc., to support research and development activities. Pursuant to the agreement, as amended, we have agreed to pay tiered royalties ranging from single digits to sub-teens on covered compounds first synthesized and/or tested during a research term on or before February 28, 2014, including ivacaftor, lumacaftor and tezacaftor, and royalties ranging from low-single digits to mid-single digits on net sales of certain compounds first synthesized and/or tested between March 1, 2014 and August 31, 2016, including elexacaftor. We do not have any royalty obligations on compounds first synthesized and tested on or after September 1, 2016. For combination products, such as ORKAMBI, SYMDEKO/SYMKEVI, TRIKAFTA/KAFTRIO, and ALYFTREK, sales are allocated equally to each of the active pharmaceutical ingredients in the combination product, and royalties are then paid for any royalty-bearing components included in the combination. We record expenses related to these royalty obligations to “Cost of sales.”

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

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense by Line Item

During the three and nine months ended September 30, 2025 and 2024, we recognized the following stock-based compensation expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(in millions)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs)	$	190.8	$	184.8	$	517.1	$	522.7
ESPP share issuances	8.5		3.4		21.2		13.7
Stock options	—		—		1.2		1.8
Stock-based compensation expense related to inventories	(4.4)		(3.6)		(11.2)		(7.5)
Total stock-based compensation expense included in “Total costs and expenses”	$	194.9	$	184.6	$	528.3	$	530.7

Stock-based compensation expense by line item:
Cost of sales	$	2.8	$	1.9	$	7.9	$	5.5
Research and development expenses	116.0		111.0		315.7		327.5
Selling, general and administrative expenses	76.1		71.7		204.7		197.7
Total stock-based compensation expense included in “Total costs and expenses”	194.9		184.6		528.3		530.7
Income tax effect	(47.5)		(64.6)		(159.2)		(224.3)
Total stock-based compensation expense, net of tax	$	147.4	$	120.0	$	369.1	$	306.4

Income Taxes

9 Months Ended

Sep. 30, 2025

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, 2025 and 2024, 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,
	2025		2024		2025		2024

	(in millions, except percentages)
Income (loss) before provision for income taxes	$	1,298.8	$	1,224.1	$	3,312.2	$	(888.0)
Provision for income taxes	$	215.9	$	178.7	$	550.1	$	560.6


Effective tax rate			16.6		%				14.6		%				16.6		%				(63.1)		%

Our effective tax rates for the three and nine months ended September 30, 2025 were lower than the U.S. statutory rate primarily due to a benefit from a research and development tax credit study that was completed in the third quarter of 2025, excess tax benefits related to stock-based compensation, and increased utilization of foreign tax credits, partially offset by changes in uncertain tax positions.

Our effective tax rate for the three months ended September 30, 2024 was lower than the U.S. statutory rate primarily due to a benefit from a research and development tax credit study that was completed in the third quarter of 2024 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 nine months ended September 30, 2024.

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, 2025 and December 31, 2024, we had $421.6 million and $341.4 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 2014 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 2025 exposure for the global per-country minimum tax of 15%, based on our forecasted 2025 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%.

In July 2025, the U.S. enacted H.R.1, which includes significant provisions modifying the U.S. tax framework, including the ability for companies to immediately deduct research and development expenditures for 2025 and provisions for deducting previously capitalized amounts. We continue to assess the impact that H.R.1. has on us and will review guidance as it becomes available. These legislative changes could have an impact on our future effective tax rates, tax liabilities, and cash taxes.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

“Other intangible assets, net” consisted of the following:


		As of September 30, 2025						As of December 31, 2024
	Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
		(in millions, except useful lives)
In-process research and development	Indefinite	$	224.6	$	—	$	224.6	$	603.6	$	—	$	603.6
Finite-lived intangible assets - marketed products	10 to 12 years	238.0		(37.0)		201.0		238.0		(21.9)		216.1
Finite-lived intangible assets - assembled workforce	3 years	7.7		(3.5)		4.2		7.7		(1.5)		6.2
Total other intangible assets, net		$	470.3	$	(40.5)	$	429.8	$	849.3	$	(23.4)	$	825.9

In March 2025, based on results from a Phase 1/2 clinical trial evaluating our VX-264 clinical program in patients with type 1 diabetes (“T1D”), we concluded that VX-264 will not be advancing further in clinical development. Based on this event, we performed an interim impairment test on the fair value of our VX-264 indefinite-lived in-process research and development asset that we acquired from Semma Therapeutics, Inc. in 2019. As a result, using the multi period earnings method of the income approach, we recorded a full intangible asset impairment charge of $379.0 million in the first quarter of 2025. As of September 30, 2025, our remaining indefinite-lived in-process research and development assets were associated with our T1D program.

Hedging - Cash Flow Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Total revenues	$ 3,076.4	$ 2,771.9	$ 8,811.3	$ 8,108.1
Other expense, net	(9.8)	(16.9)	(14.2)	(71.2)
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	(22.9)	0.1	(27.2)	(15.7)
Product revenues, net
Derivative Instruments, Gain (Loss) [Line Items]
Total revenues	3,076.4	2,771.9	8,780.6	8,108.1
Product revenues, net \| 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]
Total revenues	$ (39.0)	$ (3.1)	$ (36.2)	$ 11.2

- Definition

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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-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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-Topic 815
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Marketable Securities and Equity Investments - Net Unrealized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Net unrealized (losses) gains	$ (1.5)	$ 2.8	$ (18.6)	$ (12.6)

Segment Information - Schedule of Significant Segment Expenses (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Total revenues	$ 3,076.4		$ 2,771.9	$ 8,811.3	$ 8,108.1
Cost of sales	414.8		392.6	1,185.3	1,107.1
Acquired in-process research and development expenses	54.5		15.0	76.5	4,540.9
Intangible asset impairment charge	0.0	$ 379.0	0.0	379.0	0.0
Interest income	(125.7)		(132.2)	(369.0)	(469.9)
Provision for income taxes	215.9		178.7	550.1	560.6
Net income (loss)	1,082.9		1,045.4	2,762.1	(1,448.6)
Pharmaceuticals
Segment Reporting Information [Line Items]
Total revenues	3,076.4		2,771.9	8,811.3	8,108.1
Research expenses	210.0		193.8	625.4	597.2
Development expenses	767.7		682.1	2,310.4	2,034.4
Acquired in-process research and development expenses	54.5		15.0	76.5	4,540.9
Selling and other commercial expenses	278.3		216.9	784.0	604.9
General and administrative expenses	166.8		154.9	482.1	481.8
Intangible asset impairment charge	0.0		0.0	379.0	0.0
Interest income	(125.7)		(132.2)	(369.0)	(469.9)
Other segment items	11.2		24.7	25.4	99.7
Provision for income taxes	215.9		178.7	550.1	560.6
Net income (loss)	1,082.9		1,045.4	2,762.1	(1,448.6)
Products
Segment Reporting Information [Line Items]
Total revenues	3,076.4		2,771.9	8,780.6	8,108.1
Products \| Pharmaceuticals
Segment Reporting Information [Line Items]
Cost of sales	139.6		131.6	410.7	363.9
Royalty \| Pharmaceuticals
Segment Reporting Information [Line Items]
Cost of sales	$ 275.2		$ 261.0	$ 774.6	$ 743.2

Collaboration, License and Other Arrangements -Additional Information (Details)		1 Months Ended	3 Months Ended					9 Months Ended		12 Months Ended
	May 20, 2024 USD ($)	Jan. 31, 2024 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2019 USD ($) target
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development expenses			$ 54,500,000			$ 15,000,000.0		$ 76,500,000	$ 4,540,900,000
Selling, general and administrative expenses			$ 445,100,000			371,800,000		$ 1,266,100,000	1,086,700,000
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]
Acquired in-process research and development expenses			$ 0			$ 0		$ 12,500,000	0
Milestone payment		$ 200,000,000
Proceeds from upfront payment					$ 12,500,000
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
Zai Lab Limited
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from upfront payment					$ 10,000,000
Ono Pharmaceuticals Co., Ltd.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from upfront payment				$ 20,600,000
Alpine Immune Sciences Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development expenses	$ 4,423,200,000								4,400,000,000
Payments for asset acquisitions	4,957,500,000
Total consideration allocated	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

Fair Value Measurements - Additional Information (Details) - Level 3 $ in Millions	Sep. 30, 2025	Dec. 31, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining milestone payment		$ 678.3
Minimum \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, measurement input (percent)	0.042
Maximum \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, measurement input (percent)	0.045

Basis of Presentation and Accounting Policies (Details)	9 Months Ended
Basis of Presentation and Accounting Policies (Details)	Sep. 30, 2025 segment
Accounting Policies [Abstract]
Number of operating segments	1

Inventories (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories by Type

“Inventories” consisted of the following:


	As of September 30, 2025		As of December 31, 2024

	(in millions)
Raw materials	$	278.6	$	252.0
Work-in-process	1,096.2		768.8
Finished goods	252.0		184.6
Total	$	1,626.8	$	1,205.4

Hedging - Additional Information (Details) - Foreign currency forward contracts - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
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	$ 619.3	$ 367.0
Cash Flow Hedging \| Minimum
Derivative [Line Items]
Derivative term	1 month
Cash Flow Hedging \| Maximum
Derivative [Line Items]
Derivative term	36 months

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
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
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)	253,951,475	256,940,382
Common stock, shares outstanding (in shares)	253,951,475	256,940,382

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ 2,762.1	$ (1,448.6)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation expense	528.3	530.7
Depreciation and amortization expense	154.1	160.7
Intangible asset impairment charge	379.0	0.0
Deferred income taxes	(541.3)	(400.4)
Losses on equity securities	12.2	50.5
Other non-cash items, net	90.3	(15.5)
Changes in operating assets and liabilities:
Accounts receivable	(247.9)	(168.3)
Inventories	(446.8)	(369.8)
Prepaid expenses and other assets	(145.4)	(35.7)
Accounts payable	(1.5)	41.1
Accrued expenses	547.6	533.0
Other liabilities	42.7	45.1
Net cash provided by (used in) operating activities	3,133.4	(1,077.2)
Cash flows from investing activities:
Purchases of available-for-sale debt securities	(5,165.9)	(5,279.6)
Sales and maturities of available-for-sale debt securities	4,805.6	3,005.4
Acquisition of available-for-sale debt securities from Alpine Immune Sciences, Inc.	0.0	(258.0)
Purchases of property and equipment	(288.2)	(205.1)
Net payments related to finite-lived intangible assets	0.0	(187.7)
Other investing activities	(8.8)	(23.1)
Net cash used in investing activities	(657.3)	(2,948.1)
Cash flows from financing activities:
Issuances of common stock under benefit plans	73.7	80.3
Repurchases of common stock	(1,889.0)	(759.2)
Payments in connection with common stock withheld for employee tax obligations	(367.4)	(397.7)
Payments on finance leases	(4.0)	(32.3)
Other financing activities	2.6	5.3
Net cash used in financing activities	(2,184.1)	(1,103.6)
Effect of changes in exchange rates on cash	83.6	4.7
Net increase (decrease) in cash, cash equivalents and restricted cash	375.6	(5,124.2)
Cash, cash equivalents and restricted cash—beginning of period	4,572.2	10,372.3
Cash, cash equivalents and restricted cash—end of period	4,947.8	5,248.1
Supplemental disclosure of cash flow information:
Cash paid for income taxes	1,177.3	810.3
Cash paid for interest	$ 9.4	$ 27.8

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2025

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, 2024	$	9.7	$	7.1	$	111.0	$	127.8
Other comprehensive income (loss) before reclassifications	29.0		32.9		(276.9)		(215.0)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(5.5)		28.2		22.7
Net current period other comprehensive income (loss)	29.0		27.4		(248.7)		(192.3)
Balance at September 30, 2025	$	38.7	$	34.5	$	(137.7)	$	(64.5)

Balance at December 31, 2023	$	1.1	$	9.6	$	(25.0)	$	(14.3)
Other comprehensive income 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

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes and Effective Tax rates

During the three and nine months ended September 30, 2025 and 2024, 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,
	2025		2024		2025		2024

	(in millions, except percentages)
Income (loss) before provision for income taxes	$	1,298.8	$	1,224.1	$	3,312.2	$	(888.0)
Provision for income taxes	$	215.9	$	178.7	$	550.1	$	560.6


Effective tax rate			16.6		%				14.6		%				16.6		%				(63.1)		%

Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

Revenues by Product

“Product revenues, net” consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(in millions)
TRIKAFTA/KAFTRIO	$	2,653.6	$	2,585.0	$	7,740.2	$	7,517.8
ALYFTREK	247.0		—		457.7		—
Other product revenues	175.8		186.9		582.7		590.3
Total product revenues, net	$	3,076.4	$	2,771.9	$	8,780.6	$	8,108.1

In the three and nine months ended September 30, 2025, "Other product revenues" included $16.9 million and $61.5 million, respectively, from CASGEVY, and $19.6 million and $32.9 million, respectively, from JOURNAVX. In the three and nine months ended September 30, 2024, “Other product revenues” were $2.0 million from CASGEVY and there were no revenues from JOURNAVX. The remaining “Other product revenues” are related to KALYDECO, ORKAMBI, and SYMDEKO/SYMKEVI, our other CF products.

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,
	2025		2024		2025		2024

	(in millions)
United States	$	1,976.3	$	1,713.5	$	5,457.3	$	4,847.7
Outside of the United States
Europe	836.9		847.7		2,574.4		2,621.9
Other	263.2		210.7		748.9		638.5
Total product revenues outside of the United States	1,100.1		1,058.4		3,323.3		3,260.4
Total product revenues, net	$	3,076.4	$	2,771.9	$	8,780.6	$	8,108.1

Significant Segment Expenses

Significant segment expenses are set forth in the following table:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(in millions)
Total revenues	$	3,076.4	$	2,771.9	$	8,811.3	$	8,108.1
Costs and expenses:
Cost of sales - products	139.6		131.6		410.7		363.9
Cost of sales - royalty	275.2		261.0		774.6		743.2
Research expenses	210.0		193.8		625.4		597.2
Development expenses	767.7		682.1		2,310.4		2,034.4
Acquired in-process research and development expenses	54.5		15.0		76.5		4,540.9
Selling and other commercial expenses	278.3		216.9		784.0		604.9
General and administrative expenses	166.8		154.9		482.1		481.8
Intangible asset impairment charge	—		—		379.0		—
Interest income	(125.7)		(132.2)		(369.0)		(469.9)
Other segment items (1)	11.2		24.7		25.4		99.7
Provision for income taxes	215.9		178.7		550.1		560.6
Net income (loss)	$	1,082.9	$	1,045.4	$	2,762.1	$	(1,448.6)

(1)Other segment items included in “Net income (loss)” primarily include changes in the fair value of contingent consideration, interest expense and changes in the fair value of equity investments.

Additional Segment Information

During the three and nine months ended September 30, 2025, we recorded total depreciation and amortization expense of $54.0 million and $154.1 million, respectively. During the three and nine months ended September 30, 2024, we recorded total depreciation and amortization expense of $53.2 million and $160.7 million, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 26
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+ Details

Intangible Assets - Schedule of Other Intangible Assets, Net (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Indefinite-Lived Intangible Assets [Line Items]
Intangible assets, gross (excluding goodwill)	$ 470.3	$ 849.3
Accumulated Amortization	(40.5)	(23.4)
Intangible assets, net (excluding goodwill), total	429.8	825.9
Marketed Products
Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	238.0	238.0
Accumulated Amortization	(37.0)	(21.9)
Finite-lived intangible assets, net, total	$ 201.0	216.1
Assembled Workforce
Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years
Finite-lived intangible assets, gross	$ 7.7	7.7
Accumulated Amortization	(3.5)	(1.5)
Finite-lived intangible assets, net, total	$ 4.2	6.2
Minimum \| Marketed Products
Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	10 years
Maximum \| Marketed Products
Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	12 years
In-process research and development
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 224.6	$ 603.6

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended
	Jul. 31, 2022	Sep. 30, 2025
Line of Credit Facility [Line Items]
Indemnification claims		$ 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

Hedging

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 36 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 (loss) 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. Using regression analysis, we 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. As of September 30, 2025, 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, 2025 and December 31, 2024, 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, 2025		As of December 31, 2024

Foreign Currency	(in millions)
Euro	$	5,249.4	$	1,977.4
Canadian dollar	570.4		322.0
British pound sterling	545.2		301.7
Australian dollar	296.1		179.2
Swiss franc	139.5		79.7
Total foreign currency forward contracts	$	6,800.6	$	2,860.0

Foreign currency forward contracts - Not designated as hedging instruments

We enter into foreign currency forward contracts, typically with contractual maturities of approximately 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 (loss) each period. As of September 30, 2025 and December 31, 2024, the notional amount of our outstanding foreign currency forward contracts where hedge accounting under U.S. GAAP was not applied was $619.3 million and $367.0 million, respectively.

During the three and nine months ended September 30, 2025 and 2024, we recognized the following related to foreign currency forward contracts in our condensed consolidated statements of income (loss):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(in millions)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net	$	(39.0)	$	(3.1)	$	(36.2)	$	11.2
Not designated as hedging instruments
Other expense, net	$	(22.9)	$	0.1	$	(27.2)	$	(15.7)

Total reported in the Condensed Consolidated Statements of Income (Loss)
Product revenues, net	$	3,076.4	$	2,771.9	$	8,780.6	$	8,108.1
Other expense, net	$	(9.8)	$	(16.9)	$	(14.2)	$	(71.2)

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, 2025
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value

(in millions)
Prepaid expenses and other current assets	$	6.7	Other current liabilities	$	(114.3)
Other assets	9.4		Other long-term liabilities	(78.3)
Total assets	$	16.1	Total liabilities	$	(192.6)


As of December 31, 2024
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value

(in millions)
Prepaid expenses and other current assets	$	130.1	Other current liabilities	$	—
Other assets	12.4		Other long-term liabilities	—
Total assets	$	142.5	Total liabilities	$	—

As of September 30, 2025, we expect the amounts that are related to foreign currency 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, 2025
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$	16.1	$	—	$	16.1	$	(16.1)	$	—
Total liabilities	(192.6)		—		(192.6)		16.1		(176.5)


	As of December 31, 2024
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$	142.5	$	—	$	142.5	$	—	$	142.5
Total liabilities	—		—		—		—		—

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Collaboration, License and Other Arrangements (Tables)

9 Months Ended

Sep. 30, 2025

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

Schedule of Credits Recognized in Condensed Consolidated Statements of Income (Loss)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(in millions)
Cost of sales	$	43.3	$	15.8	$	109.6	$	47.5
Research and development expenses	$	14.3	$	11.7	$	45.4	$	35.0
Acquired in-process research and development expenses	$	—	$	—	$	12.5	$	—

Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
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)	0.7	0.0	0.2	1.1
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	0.0	0.6

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income 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,
	2025		2024		2025		2024

	(in millions, except per share amounts)
Net income (loss)	$	1,082.9	$	1,045.4	$	2,762.1	$	(1,448.6)

Basic weighted-average common shares outstanding	255.6		258.0		256.4		258.1
Effect of potentially dilutive securities:
Restricted stock units (including performance-based restricted stock units (“PSUs”))	1.1		1.9		1.3		—
Stock options	0.9		1.1		0.9		—

Diluted weighted-average common shares outstanding	257.6		261.0		258.6		258.1

Basic net income (loss) per common share	$	4.24	$	4.05	$	10.77	$	(5.61)
Diluted net income (loss) per common share	$	4.20	$	4.01	$	10.68	$	(5.61)

Schedule of Potential Gross Common Equivalent Shares

During the three and nine months ended September 30, 2025 and 2024, the number of anti-dilutive securities that were excluded from the computation of our diluted net income per common share were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024

	(in millions)
Unvested restricted stock units (including PSUs)	0.7	—	0.2	1.1
Stock options	—	—	—	0.6

Segment Information - Schedule of Revenues by Product (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue from External Customer [Line Items]
Total product revenues, net	$ 3,076.4	$ 2,771.9	$ 8,811.3	$ 8,108.1
Product revenues, net
Revenue from External Customer [Line Items]
Total product revenues, net	3,076.4	2,771.9	8,780.6	8,108.1
TRIKAFTA/KAFTRIO
Revenue from External Customer [Line Items]
Total product revenues, net	2,653.6	2,585.0	7,740.2	7,517.8
ALYFTREK
Revenue from External Customer [Line Items]
Total product revenues, net	247.0	0.0	457.7	0.0
Other product revenues
Revenue from External Customer [Line Items]
Total product revenues, net	$ 175.8	$ 186.9	$ 582.7	$ 590.3

- Definition

+ References

+ Details

Marketable Securities and Equity Investments - Available-for-Sale Debt Securities at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Total cash equivalents and marketable securities, Fair Value	$ 8,286.8	$ 8,341.3
Cash and cash equivalents
Debt Securities, Available-for-sale [Line Items]
Total cash equivalents and marketable securities, Fair Value	1,216.6	1,687.1
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Total cash equivalents and marketable securities, Fair Value	1,347.4	1,546.3
Long-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total cash equivalents and marketable securities, Fair Value	$ 5,722.8	$ 5,107.9

- Definition

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.

+ References

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+ Details

Hedging (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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, 2025		As of December 31, 2024

Foreign Currency	(in millions)
Euro	$	5,249.4	$	1,977.4
Canadian dollar	570.4		322.0
British pound sterling	545.2		301.7
Australian dollar	296.1		179.2
Swiss franc	139.5		79.7
Total foreign currency forward contracts	$	6,800.6	$	2,860.0

Schedule of Foreign Exchange Contracts, Condensed Consolidated Statements of Operations


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(in millions)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net	$	(39.0)	$	(3.1)	$	(36.2)	$	11.2
Not designated as hedging instruments
Other expense, net	$	(22.9)	$	0.1	$	(27.2)	$	(15.7)

Total reported in the Condensed Consolidated Statements of Income (Loss)
Product revenues, net	$	3,076.4	$	2,771.9	$	8,780.6	$	8,108.1
Other expense, net	$	(9.8)	$	(16.9)	$	(14.2)	$	(71.2)

Schedule of Foreign Exchange Contracts


As of September 30, 2025
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value

(in millions)
Prepaid expenses and other current assets	$	6.7	Other current liabilities	$	(114.3)
Other assets	9.4		Other long-term liabilities	(78.3)
Total assets	$	16.1	Total liabilities	$	(192.6)


As of December 31, 2024
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value

(in millions)
Prepaid expenses and other current assets	$	130.1	Other current liabilities	$	—
Other assets	12.4		Other long-term liabilities	—
Total assets	$	142.5	Total liabilities	$	—

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, 2025
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$	16.1	$	—	$	16.1	$	(16.1)	$	—
Total liabilities	(192.6)		—		(192.6)		16.1		(176.5)


	As of December 31, 2024
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$	142.5	$	—	$	142.5	$	—	$	142.5
Total liabilities	—		—		—		—		—

Schedule of Offsetting Liabilities


	As of September 30, 2025
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$	16.1	$	—	$	16.1	$	(16.1)	$	—
Total liabilities	(192.6)		—		(192.6)		16.1		(176.5)


	As of December 31, 2024
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$	142.5	$	—	$	142.5	$	—	$	142.5
Total liabilities	—		—		—		—		—

Additional Balance Sheet & Cash Flow Information

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Balance Sheet & Cash Flow Information

Contract Liabilities

We had contract liabilities of $182.0 million and $206.8 million as of September 30, 2025 and December 31, 2024, respectively, primarily 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 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.

Operating Lease Assets and Liabilities

In 2024, we entered into a lease agreement for a second building (“Leiden II”) at our Jeffrey Leiden Center for Biologics, Cell and Genetic Therapies Campus (“Leiden Campus”) near our corporate headquarters in Boston, Massachusetts. The

Leiden II lease includes approximately 348,000 square feet of office and laboratory space for a term of approximately 16 years. We anticipate that base rent payments will commence in the first quarter of 2027 and expect them to continue through the first quarter of 2042. We have an option to extend the Leiden II term for up to two additional ten-year periods.

In the third quarter of 2025, we were given access to begin construction of leasehold improvements in Leiden II, which resulted in lease commencement for accounting purposes. We classified the Leiden II lease as an operating lease because none of the finance lease criteria were met. On the Leiden II lease commencement date, a right-of-use asset and corresponding lease liability, net of tenant allowances, of $296.7 million was recorded within each of “Operating lease assets” and “Long-term operating lease liabilities” on our condensed consolidated balance sheet. We utilize the initial approximate 16-year period as our Leiden II lease term.

Cash, Cash Equivalents and Restricted Cash Presented in Condensed Consolidated Statements of Cash Flows

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,
	2025				2024
	Beginning of period		End of period		Beginning of period		End of period

	(in millions)
Cash and cash equivalents	$	4,569.6	$	4,939.6	$	10,369.1	$	5,239.2
Prepaid expenses and other current assets	2.6		8.2		3.2		8.9

Cash, cash equivalents and restricted cash per condensed consolidated statement of cash flows	$	4,572.2	$	4,947.8	$	10,372.3	$	5,248.1

Supplemental Cash Flow Information

We obtained $310.8 million and $1.1 billion of right-of-use operating lease assets in exchange for lease obligations during the nine months ended September 30, 2025 and 2024, respectively, which represent non-cash operating activities associated with our condensed consolidated statement of cash flows. These amounts primarily relate to the Leiden II lease for the nine months ended September 30, 2025, and an amendment to our corporate headquarters leases for the nine months ended September 30, 2024.

Hedging - Notional Amount (Details) - Foreign currency forward contracts - Designated as Hedging Instruments - Cash Flow Hedging - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Derivative [Line Items]
Notional amount of foreign currency forward contract	$ 6,800.6	$ 2,860.0
Euro
Derivative [Line Items]
Notional amount of foreign currency forward contract	5,249.4	1,977.4
Canadian dollar
Derivative [Line Items]
Notional amount of foreign currency forward contract	570.4	322.0
British pound sterling
Derivative [Line Items]
Notional amount of foreign currency forward contract	545.2	301.7
Australian dollar
Derivative [Line Items]
Notional amount of foreign currency forward contract	296.1	179.2
Swiss franc
Derivative [Line Items]
Notional amount of foreign currency forward contract	$ 139.5	$ 79.7

Earnings Per Share

9 Months Ended

Sep. 30, 2025

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,
	2025		2024		2025		2024

	(in millions, except per share amounts)
Net income (loss)	$	1,082.9	$	1,045.4	$	2,762.1	$	(1,448.6)

Basic weighted-average common shares outstanding	255.6		258.0		256.4		258.1
Effect of potentially dilutive securities:
Restricted stock units (including performance-based restricted stock units (“PSUs”))	1.1		1.9		1.3		—
Stock options	0.9		1.1		0.9		—

Diluted weighted-average common shares outstanding	257.6		261.0		258.6		258.1

Basic net income (loss) per common share	$	4.24	$	4.05	$	10.77	$	(5.61)
Diluted net income (loss) per common share	$	4.20	$	4.01	$	10.68	$	(5.61)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024

	(in millions)
Unvested restricted stock units (including PSUs)	0.7	—	0.2	1.1
Stock options	—	—	—	0.6

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 278.6	$ 252.0
Work-in-process	1,096.2	768.8
Finished goods	252.0	184.6
Total	$ 1,626.8	$ 1,205.4

Income Taxes - Schedule of Provision for Income Taxes and Effective Tax rates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income (loss) before provision for income taxes	$ 1,298.8	$ 1,224.1	$ 3,312.2	$ (888.0)
Provision for income taxes	$ 215.9	$ 178.7	$ 550.1	$ 560.6
Effective tax rate	16.60%	14.60%	16.60%	(63.10%)

- Definition

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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+ Details

Basis of Presentation and Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2025
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, 2024 (the “2024 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, 2025 and 2024. The results of operations for the interim period 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, 2024, which are contained in our 2024 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 Segment Reporting As noted in Note A, “Nature of Business and Accounting Policies,” in our 2024 Annual Report on Form 10-K, we adopted Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) for our annual period ended December 31, 2024. ASU 2023-07 requires public entities to disclose significant segment expenses and other segment items for both interim and annual periods. For interim periods, ASU 2023-07 also requires all disclosures about a reportable segment’s profit or loss and assets that were previously required annually. These disclosures are included in Note M, “Segment Information.” Recently Issued Accounting Standards Income Tax Disclosures In 2023, the Financial Accounting Standards Board (“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 anticipate that the adoption of ASU 2023-09 will expand our income tax footnote disclosures, including a more detailed effective tax rate reconciliation. Disaggregation of Income Statement Expenses In 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public entities, among other items, to disclose in a tabular format, on an annual and interim basis, purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion for each income statement line item that contains those expenses. ASU 2024-03 becomes effective for the annual period starting on January 1, 2027 and interim periods starting on January 1, 2028. We are in the process of analyzing the impact that the adoption of ASU 2024-03 will have on our disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Earnings Per Share - Schedule of Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share
Net income (loss)	$ 1,082.9	$ 1,045.4	$ 2,762.1	$ (1,448.6)
Basic weighted-average common shares outstanding (in shares)	255.6	258.0	256.4	258.1
Effect of potentially dilutive securities:
Diluted weighted-average common shares outstanding (in shares)	257.6	261.0	258.6	258.1
Basic net income (loss) per common share (in dollars per share)	$ 4.24	$ 4.05	$ 10.77	$ (5.61)
Diluted net income (loss) per common share (in dollars per share)	$ 4.20	$ 4.01	$ 10.68	$ (5.61)
Restricted stock units (including performance-based restricted stock units (“PSUs”))
Effect of potentially dilutive securities:
Share-based payment arrangements (in shares)	1.1	1.9	1.3	0.0
Stock options
Effect of potentially dilutive securities:
Share-based payment arrangements (in shares)	0.9	1.1	0.9	0.0

Marketable Securities and Equity Investments

9 Months Ended

Sep. 30, 2025

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, 2025								As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

	(in millions)
Cash equivalents	$	1,216.6	$	—	$	—	$	1,216.6	$	1,687.1	$	—	$	—	$	1,687.1
Marketable securities:
U.S. Treasury securities	1,926.0		11.9		(0.2)		1,937.7		1,603.9		3.6		(5.5)		1,602.0
U.S. government agency securities	189.6		1.1		(0.1)		190.6		240.5		0.5		(0.5)		240.5
Asset-backed securities	1,354.6		6.6		(0.2)		1,361.0		1,239.6		5.1		(0.5)		1,244.2
Certificates of deposit	24.4		—		—		24.4		—		—		—		—
Corporate debt securities	3,513.2		25.5		(0.3)		3,538.4		3,519.4		10.6		(4.1)		3,525.9
Commercial paper	8.7		—		—		8.7		5.0		—		—		5.0
Total marketable available-for-sale debt securities	7,016.5		45.1		(0.8)		7,060.8		6,608.4		19.8		(10.6)		6,617.6
Corporate equity securities	25.0		—		(15.6)		9.4		72.1		3.0		(38.5)		36.6
Total marketable securities	7,041.5		45.1		(16.4)		7,070.2		6,680.5		22.8		(49.1)		6,654.2
Total cash equivalents and marketable securities	$	8,258.1	$	45.1	$	(16.4)	$	8,286.8	$	8,367.6	$	22.8	$	(49.1)	$	8,341.3

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


	As of September 30, 2025		As of December 31, 2024

	(in millions)
Cash and cash equivalents	$	1,216.6	$	1,687.1
Marketable securities	1,347.4		1,546.3
Long-term marketable securities	5,722.8		5,107.9
Total	$	8,286.8	$	8,341.3

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


	As of September 30, 2025		As of December 31, 2024

	(in millions)
Matures within one year	$	1,338.0	$	1,509.7
Matures after one year through five years	5,633.2		5,034.4
Matures after five years	89.6		73.5
Total	$	7,060.8	$	6,617.6

We did not record any allowances for credit losses to adjust the fair value of our marketable available-for-sale debt securities during the three and nine months ended September 30, 2025 and 2024. Additionally, we did not record any realized gains or losses that were material to our condensed consolidated statements of income (loss) during the three and nine months ended September 30, 2025 and 2024. As of September 30, 2025, we held marketable available-for-sale debt securities with a total fair value of $463.1 million that were in unrealized loss positions totaling $0.8 million. Included in this amount were marketable available-for sale debt securities with a total fair value of $9.9 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 (loss). During the three and nine months ended September 30, 2025 and 2024, our net unrealized (losses) gains 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,
	2025		2024		2025		2024

	(in millions)
Net unrealized (losses) gains	$	(1.5)	$	2.8	$	(18.6)	$	(12.6)

As of September 30, 2025, 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 $81.5 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.

Collaboration, License and Other Arrangements - Schedule of Credits Recognized in Condensed Consolidated Statements of Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost of sales	$ 414.8	$ 392.6	$ 1,185.3	$ 1,107.1
Research and development expenses	977.7	875.9	2,935.8	2,631.6
Acquired in-process research and development expenses	54.5	15.0	76.5	4,540.9
CRISPR JDCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost of sales	43.3	15.8	109.6	47.5
Research and development expenses	14.3	11.7	45.4	35.0
Acquired in-process research and development expenses	$ 0.0	$ 0.0	$ 12.5	$ 0.0

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

Marketable Securities and Equity Investments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
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	463,100,000		463,100,000
Unrealized loss	800,000		800,000
Available for sale debt securities with fair value	9,900,000		9,900,000
Fair value of available-for-sale debt securities in unrealized loss positions for greater than 12 months	100,000		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	$ 81,500,000		$ 81,500,000

Segment Information - Schedule of Revenue by Geographic Location (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total product revenues, net	$ 3,076.4	$ 2,771.9	$ 8,811.3	$ 8,108.1
Product revenues, net
Revenues from External Customers and Long-Lived Assets [Line Items]
Total product revenues, net	3,076.4	2,771.9	8,780.6	8,108.1
Product revenues, net \| United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total product revenues, net	1,976.3	1,713.5	5,457.3	4,847.7
Product revenues, net \| Total product revenues outside of the United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total product revenues, net	1,100.1	1,058.4	3,323.3	3,260.4
Product revenues, net \| Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total product revenues, net	836.9	847.7	2,574.4	2,621.9
Product revenues, net \| Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total product revenues, net	$ 263.2	$ 210.7	$ 748.9	$ 638.5

- Definition

+ References

+ Details

Collaboration, License and Other Arrangements - Allocation of Consideration to the Assets and Liabilities (Details) - Alpine Immune Sciences Inc - USD ($) $ in Millions		9 Months Ended
	May 20, 2024	Sep. 30, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
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 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

Fair Value Measurements - Schedule of Fair Value of Our Contingent Consideration Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance			$ 76.9
Increase in fair value of contingent payments	$ (1.9)	$ 0.3	1.2	$ 0.7
Ending balance	$ 78.1		$ 78.1

Hedging - Derivative Fair Value (Details) - Designated as Hedging Instruments - Foreign currency forward contracts - Cash Flow Hedging - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Derivative [Line Items]
Total assets	$ 16.1	$ 142.5
Total liabilities	(192.6)	0.0
Prepaid expenses and other current assets
Derivative [Line Items]
Total assets	6.7	130.1
Other assets
Derivative [Line Items]
Total assets	9.4	12.4
Other current liabilities
Derivative [Line Items]
Total liabilities	(114.3)	0.0
Other long-term liabilities
Derivative [Line Items]
Total liabilities	$ (78.3)	$ 0.0

Income Taxes - Additional Information (Details) - USD ($) $ in Millions		9 Months Ended
	May 20, 2024	Sep. 30, 2024	Sep. 30, 2025	Dec. 31, 2024
Business Combination [Line Items]
Net unrecognized tax benefits which would affect the tax rate if recognized			$ 421.6	$ 341.4
Alpine Immune Sciences Inc
Business Combination [Line Items]
Acquired in-process research and development expenses	$ 4,423.2	$ 4,400.0

- Definition

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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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

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, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Matures within one year	$ 1,338.0	$ 1,509.7
Matures after one year through five years	5,633.2	5,034.4
Matures after five years	89.6	73.5
Total	$ 7,060.8	$ 6,617.6

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

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.

+ References

+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
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, 2025, 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 are 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. Legal Matters and Other Contingencies We are and may become subject to claims and legal proceedings in the ordinary course of our business activities. If we determine that it is probable that future expenditures will be made for a particular matter and such expenditures can be reasonably estimated, we accrue a loss contingency based on our best estimate of the probable range of loss. We accrue the minimum amount within the probable range of loss if no amount within the range is more likely than another. If we determine that future expenditures are not probable, or probable but not reasonably estimated, we do not accrue a loss contingency. If we determine that a material loss is reasonably possible and the range of loss can be estimated, we disclose the possible range of loss. As described in Note B, “Collaboration, License and Other Arrangements,” we have an agreement with the CFF (the “CFF Agreement”) pursuant to which we owe third party royalties payable on net sales of certain CF products, including ALYFTREK. Since inception, our ALYFTREK net product revenues total $457.7 million. Based on the CFF Agreement, our position is that the royalty burden associated with ALYFTREK is 4%. On October 10, 2025, Royalty Pharma plc (“RP”), the third party to whom the CFF assigned its rights (and the CFF, which remains a party to the CFF Agreement), initiated a confidential arbitration alleging the royalty burden on ALYFTREK is approximately 8%. RP is seeking a declaratory judgment regarding the royalty burden on ALYFTREK as well as alleged unpaid royalties and other alleged damages available under the CFF Agreement or applicable law, costs, expenses, attorneys’ fees, and interest. We believe RP’s position is contrary to the plain terms of the CFF Agreement and intend to vigorously defend our position under the CFF Agreement. On a quarterly basis, we evaluate developments with claims, whether asserted or unasserted, and legal proceedings that could result in a loss contingency accrual, or an increase or decrease to a previously accrued loss contingency. There were no material loss contingencies accrued as of September 30, 2025 or December 31, 2024. We also 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 D, “Fair Value Measurements,” there were no significant contingent liabilities accrued as of September 30, 2025 or December 31, 2024.

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 4,939.6	$ 4,569.6
Marketable securities	1,347.4	1,546.3
Accounts receivable, net	1,946.4	1,609.4
Inventories	1,626.8	1,205.4
Prepaid expenses and other current assets	709.4	665.7
Total current assets	10,569.6	9,596.4
Property and equipment, net	1,425.1	1,227.8
Goodwill	1,088.0	1,088.0
Other intangible assets, net	429.8	825.9
Deferred tax assets	2,937.2	2,331.1
Operating lease assets	1,591.8	1,356.8
Long-term marketable securities	5,722.8	5,107.9
Other assets	1,098.0	999.3
Total assets	24,862.3	22,533.2
Current liabilities:
Accounts payable	420.3	413.0
Accrued expenses	3,613.5	2,788.6
Other current liabilities	441.5	363.0
Total current liabilities	4,475.3	3,564.6
Long-term operating lease liabilities	1,834.8	1,544.4
Other long-term liabilities	1,233.4	1,014.6
Total liabilities	7,543.5	6,123.6
Commitments and contingencies (Note L)
Shareholders’ equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued	0.0	0.0
Common stock, $0.01 par value; 500,000,000 shares authorized, 253,951,475 and 256,940,382 shares issued and outstanding, respectively	2.5	2.6
Additional paid-in capital	5,011.9	6,672.4
Accumulated other comprehensive (loss) income	(64.5)	127.8
Retained earnings	12,368.9	9,606.8
Total shareholders’ equity	17,318.8	16,409.6
Total liabilities and shareholders’ equity	$ 24,862.3	$ 22,533.2

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite-Lived Intangible Assets

“Other intangible assets, net” consisted of the following:


		As of September 30, 2025						As of December 31, 2024
	Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
		(in millions, except useful lives)
In-process research and development	Indefinite	$	224.6	$	—	$	224.6	$	603.6	$	—	$	603.6
Finite-lived intangible assets - marketed products	10 to 12 years	238.0		(37.0)		201.0		238.0		(21.9)		216.1
Finite-lived intangible assets - assembled workforce	3 years	7.7		(3.5)		4.2		7.7		(1.5)		6.2
Total other intangible assets, net		$	470.3	$	(40.5)	$	429.8	$	849.3	$	(23.4)	$	825.9

Schedule of Finite-Lived Intangible Assets

“Other intangible assets, net” consisted of the following:


		As of September 30, 2025						As of December 31, 2024
	Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
		(in millions, except useful lives)
In-process research and development	Indefinite	$	224.6	$	—	$	224.6	$	603.6	$	—	$	603.6
Finite-lived intangible assets - marketed products	10 to 12 years	238.0		(37.0)		201.0		238.0		(21.9)		216.1
Finite-lived intangible assets - assembled workforce	3 years	7.7		(3.5)		4.2		7.7		(1.5)		6.2
Total other intangible assets, net		$	470.3	$	(40.5)	$	429.8	$	849.3	$	(23.4)	$	825.9

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, 2023		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 income (loss), net of tax	43.1			43.1
Net (loss) income	(1,448.6)				(1,448.6)
Repurchase of common stock (in shares)		(1,700,000)
Repurchases of common stock	(763.8)		(763.8)
Common stock withheld for employee tax obligations (in shares)		(900,000)
Common stock withheld for employee tax obligations	(397.7)		(397.7)
Issuance of common stock under benefit plans (in shares)		2,600,000
Issuance of common stock under benefit plans	79.3		79.3
Stock-based compensation expense	538.2		538.2
Ending balance (in shares) at Sep. 30, 2024		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 income (loss), net of tax	6.3			6.3
Net (loss) income	1,045.4				1,045.4
Repurchase of common stock (in shares)		(600,000)
Repurchases of common stock	(307.6)		(307.6)
Common stock withheld for employee tax obligations (in shares)		(200,000)
Common stock withheld for employee tax obligations	(83.7)		(83.7)
Issuance of common stock under benefit plans (in shares)		500,000
Issuance of common stock under benefit plans	7.6		7.6
Stock-based compensation expense	188.2		188.2
Ending balance (in shares) at Sep. 30, 2024		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 Dec. 31, 2024	256,940,382	256,900,000
Beginning balance at Dec. 31, 2024	$ 16,409.6	$ 2.6	6,672.4	127.8	9,606.8
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss), net of tax	(192.3)			(192.3)
Net (loss) income	2,762.1				2,762.1
Repurchase of common stock (in shares)		(4,500,000)
Repurchases of common stock	(1,906.7)	$ (0.1)	(1,906.6)
Common stock withheld for employee tax obligations (in shares)		(800,000)
Common stock withheld for employee tax obligations	(367.4)		(367.4)
Issuance of common stock under benefit plans (in shares)		2,400,000
Issuance of common stock under benefit plans	74.0		74.0
Stock-based compensation expense	$ 539.5		539.5
Ending balance (in shares) at Sep. 30, 2025	253,951,475	254,000,000.0
Ending balance at Sep. 30, 2025	$ 17,318.8	$ 2.5	5,011.9	(64.5)	12,368.9
Beginning balance (in shares) at Jun. 30, 2025		256,300,000
Beginning balance at Jun. 30, 2025	17,175.4	$ 2.6	5,987.9	(101.1)	11,286.0
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss), net of tax	36.6			36.6
Net (loss) income	1,082.9				1,082.9
Repurchase of common stock (in shares)		(2,700,000)
Repurchases of common stock	(1,092.5)	$ (0.1)	(1,092.4)
Common stock withheld for employee tax obligations (in shares)		(200,000)
Common stock withheld for employee tax obligations	(91.0)		(91.0)
Issuance of common stock under benefit plans (in shares)		600,000
Issuance of common stock under benefit plans	8.1		8.1
Stock-based compensation expense	$ 199.3		199.3
Ending balance (in shares) at Sep. 30, 2025	253,951,475	254,000,000.0
Ending balance at Sep. 30, 2025	$ 17,318.8	$ 2.5	$ 5,011.9	$ (64.5)	$ 12,368.9

Stock-based Compensation Expense and Share Repurchase Programs

9 Months Ended

Sep. 30, 2025

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, 2025 and 2024, we recognized the following stock-based compensation expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(in millions)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs)	$	190.8	$	184.8	$	517.1	$	522.7
ESPP share issuances	8.5		3.4		21.2		13.7
Stock options	—		—		1.2		1.8
Stock-based compensation expense related to inventories	(4.4)		(3.6)		(11.2)		(7.5)
Total stock-based compensation expense included in “Total costs and expenses”	$	194.9	$	184.6	$	528.3	$	530.7

Stock-based compensation expense by line item:
Cost of sales	$	2.8	$	1.9	$	7.9	$	5.5
Research and development expenses	116.0		111.0		315.7		327.5
Selling, general and administrative expenses	76.1		71.7		204.7		197.7
Total stock-based compensation expense included in “Total costs and expenses”	194.9		184.6		528.3		530.7
Income tax effect	(47.5)		(64.6)		(159.2)		(224.3)
Total stock-based compensation expense, net of tax	$	147.4	$	120.0	$	369.1	$	306.4

Share repurchase program

In February 2023, our Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”), pursuant to which we were authorized to repurchase up to $3.0 billion of our common stock. As of September 30, 2025, we had repurchased the full amount authorized under the 2023 Share Repurchase Program.

In May 2025, our Board of Directors approved an additional share repurchase program (the “2025 Share Repurchase Program”), pursuant to which we are authorized to repurchase up to $4.0 billion of our common stock. The 2025 Share Repurchase Program does not have an expiration date and can be discontinued at any time.

During the nine months ended September 30, 2025 and 2024, we repurchased 4.5 million and 1.7 million shares of our common stock under our share repurchase programs, respectively, for aggregate repurchases of $1.9 billion and $763.8 million, respectively. As of September 30, 2025, we had remaining authorization of $3.5 billion under the 2025 Share Repurchase Program.

Additional Balance Sheet & Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 4,939.6	$ 4,569.6	$ 5,239.2	$ 10,369.1
Prepaid expenses and other current assets	8.2	2.6	8.9	3.2
Cash, cash equivalents and restricted cash per condensed consolidated statement of cash flows	$ 4,947.8	$ 4,572.2	$ 5,248.1	$ 10,372.3

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset impairment charge	$ 0.0	$ 379.0	$ 0.0	$ 379.0	$ 0.0

Basis of Presentation and Accounting Policies	9 Months Ended
Basis of Presentation and Accounting Policies	Sep. 30, 2025
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, 2024 (the “2024 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, 2025 and 2024. The results of operations for the interim period 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, 2024, which are contained in our 2024 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 Segment Reporting As noted in Note A, “Nature of Business and Accounting Policies,” in our 2024 Annual Report on Form 10-K, we adopted Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) for our annual period ended December 31, 2024. ASU 2023-07 requires public entities to disclose significant segment expenses and other segment items for both interim and annual periods. For interim periods, ASU 2023-07 also requires all disclosures about a reportable segment’s profit or loss and assets that were previously required annually. These disclosures are included in Note M, “Segment Information.” Recently Issued Accounting Standards Income Tax Disclosures In 2023, the Financial Accounting Standards Board (“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 anticipate that the adoption of ASU 2023-09 will expand our income tax footnote disclosures, including a more detailed effective tax rate reconciliation. Disaggregation of Income Statement Expenses In 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public entities, among other items, to disclose in a tabular format, on an annual and interim basis, purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion for each income statement line item that contains those expenses. ASU 2024-03 becomes effective for the annual period starting on January 1, 2027 and interim periods starting on January 1, 2028. We are in the process of analyzing the impact that the adoption of ASU 2024-03 will have on our disclosures. Summary of Significant Accounting Policies Our significant accounting policies are described in Note A, “Nature of Business and Accounting Policies,” in our 2024 Annual Report on Form 10-K.

Segment Information - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Product revenues	$ 3,076,400,000	$ 2,771,900,000	$ 8,811,300,000	$ 8,108,100,000
Depreciation and amortization expense	54,000,000.0	53,200,000	154,100,000	160,700,000
CASGEVY
Disaggregation of Revenue [Line Items]
Product revenues	16,900,000	2,000,000.0	61,500,000	2,000,000.0
JOURNAVX
Disaggregation of Revenue [Line Items]
Product revenues	$ 19,600,000	$ 0	$ 32,900,000	$ 0

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

- Definition

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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Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Revenues by Product

“Product revenues, net” consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(in millions)
TRIKAFTA/KAFTRIO	$	2,653.6	$	2,585.0	$	7,740.2	$	7,517.8
ALYFTREK	247.0		—		457.7		—
Other product revenues	175.8		186.9		582.7		590.3
Total product revenues, net	$	3,076.4	$	2,771.9	$	8,780.6	$	8,108.1

Schedule of 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,
	2025		2024		2025		2024

	(in millions)
United States	$	1,976.3	$	1,713.5	$	5,457.3	$	4,847.7
Outside of the United States
Europe	836.9		847.7		2,574.4		2,621.9
Other	263.2		210.7		748.9		638.5
Total product revenues outside of the United States	1,100.1		1,058.4		3,323.3		3,260.4
Total product revenues, net	$	3,076.4	$	2,771.9	$	8,780.6	$	8,108.1

Schedule of Significant Segment Expenses

Significant segment expenses are set forth in the following table:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(in millions)
Total revenues	$	3,076.4	$	2,771.9	$	8,811.3	$	8,108.1
Costs and expenses:
Cost of sales - products	139.6		131.6		410.7		363.9
Cost of sales - royalty	275.2		261.0		774.6		743.2
Research expenses	210.0		193.8		625.4		597.2
Development expenses	767.7		682.1		2,310.4		2,034.4
Acquired in-process research and development expenses	54.5		15.0		76.5		4,540.9
Selling and other commercial expenses	278.3		216.9		784.0		604.9
General and administrative expenses	166.8		154.9		482.1		481.8
Intangible asset impairment charge	—		—		379.0		—
Interest income	(125.7)		(132.2)		(369.0)		(469.9)
Other segment items (1)	11.2		24.7		25.4		99.7
Provision for income taxes	215.9		178.7		550.1		560.6
Net income (loss)	$	1,082.9	$	1,045.4	$	2,762.1	$	(1,448.6)

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Unrealized holding gains (losses) on marketable securities, tax	$ (1.0)	$ (18.3)	$ (7.7)	$ (11.4)
Unrealized (losses) gains on foreign currency forward contracts, tax	$ (9.4)	$ 17.3	$ 70.3	$ 1.8

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2025

Trading Arrangements, by Individual

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 2025, and one from the second quarter of 2025 that was previously not disclosed, 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

Carmen Bozic

EVP, Global Medicines Development and Medical Affairs, Chief Medical Officer

5/30/2025

11/21/2025

19,404

Kristen Ambrose

SVP, Chief Accounting Officer

8/08/2025

8/03/2026

7,539(2)

Jeffrey Leiden

Executive Chairman

8/06/2025

1/21/2026

144,644

E. Morrow "Morrey" Atkinson, III

EVP, Chief Technical Operations Officer, Head of Biopharmaceuitcal Sciences and Manufacturing Operations

8/11/2025

4/30/2026

12,709(2)

Ourania "Nia" Tatsis

EVP, Chief Regulatory and Quality Officer

8/21/2025

7/31/2026

24,301(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

Carmen Bozic [Member]

Trading Arrangements, by Individual

Name

Carmen Bozic

Title

EVP, Global Medicines Development and Medical Affairs, Chief Medical Officer

Rule 10b5-1 Arrangement Adopted

true

5/30/2025

11/21/2025

175 days

19,404

Kristen Ambrose [Member]

Trading Arrangements, by Individual

Name

Kristen Ambrose

Title

SVP, Chief Accounting Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

8/08/2025

Expiration Date

8/03/2026

Aggregate Available

7,539

Jeffrey Leiden [Member]

Trading Arrangements, by Individual

Name

Jeffrey Leiden

Title

Executive Chairman

Rule 10b5-1 Arrangement Adopted

true

8/06/2025

1/21/2026

168 days

144,644

E. Morrow "Morrey" Atkinson, III [Member]

Trading Arrangements, by Individual

Name

E. Morrow "Morrey" Atkinson, III

Title

EVP, Chief Technical Operations Officer, Head of Biopharmaceuitcal Sciences and Manufacturing Operations

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

8/11/2025

Expiration Date

4/30/2026

Aggregate Available

12,709

Ourania "Nia" Tatsis [Member]

Trading Arrangements, by Individual

Name

Ourania "Nia" Tatsis

Title

EVP, Chief Regulatory and Quality Officer

Rule 10b5-1 Arrangement Adopted

true

8/21/2025

7/31/2026

344 days

24,301

Kristen Ambrose SVP [Member]

Trading Arrangements, by Individual

Arrangement Duration

360 days

E. Morrow "Morrey" Atkinson [Member]

Trading Arrangements, by Individual

Arrangement Duration

262 days

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	000-19319
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		253,718,831
Entity Central Index Key	0000875320
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

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, 2025								As of December 31, 2024
			Fair Value Hierarchy								Fair Value Hierarchy
	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	$	1,216.6	$	505.5	$	711.1	$	—	$	1,687.1	$	613.3	$	1,073.8	$	—
Marketable securities:
Corporate equity securities	9.4		9.4		—		—		36.6		36.6		—		—
U.S. Treasury securities	1,937.7		1,937.7		—		—		1,602.0		1,566.8		35.2		—
U.S. government agency securities	190.6		—		190.6		—		240.5		—		240.5		—
Asset-backed securities	1,361.0		—		1,361.0		—		1,244.2		—		1,244.2		—
Certificates of deposit	24.4		—		24.4		—		—		—		—		—
Corporate debt securities	3,538.4		—		3,538.4		—		3,525.9		—		3,525.9		—
Commercial paper	8.7		—		8.7		—		5.0		—		5.0		—
Prepaid expenses and other current assets:
Foreign currency forward contracts	6.7		—		6.7		—		130.1		—		130.1		—
Other assets:
Foreign currency forward contracts	9.4		—		9.4		—		12.4		—		12.4		—
Total financial assets	$	8,302.9	$	2,452.6	$	5,850.3	$	—	$	8,483.8	$	2,216.7	$	6,267.1	$	—

Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(114.3)	$	—	$	(114.3)	$	—	$	—	$	—	$	—	$	—

Other long-term liabilities:
Foreign currency forward contracts	(78.3)		—		(78.3)		—		—		—		—		—
Contingent consideration	(78.1)		—		—		(78.1)		(76.9)		—		—		(76.9)
Total financial liabilities	$	(270.7)	$	—	$	(192.6)	$	(78.1)	$	(76.9)	$	—	$	—	$	(76.9)

Please refer to Note E, “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.

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

Fair Value of Contingent Consideration

Our Level 3 contingent consideration liabilities are related to $678.3 million of development and regulatory milestones potentially payable to former equity holders of Exonics Therapeutics, Inc., a privately-held company we acquired in 2019. 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 associated Duchenne muscular dystrophy programs. The discount rates used in the valuation model for contingent payments, which were between 4.2% and 4.5% as of September 30, 2025, 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, 2025
	(in millions)
Balance at December 31, 2024	$	76.9
Increase in fair value of contingent payments	1.2
Balance at September 30, 2025	$	78.1

- Definition

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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+ Details

Additional Balance Sheet & Cash Flow Information - Additional Information (Details) ft² in Thousands, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) ft² renewal_option
Lessee, Lease, Description [Line Items]
Contract liabilities	$ 182.0		$ 206.8
Operating lease assets	1,591.8		1,356.8
Long-term operating lease liabilities	1,834.8		$ 1,544.4
Right-of-use operating lease assets	$ 310.8	$ 1,100.0
Leiden II
Lessee, Lease, Description [Line Items]
Area of real estate property (in square feet) \| ft²			348
Lease agreement initial term	16 years		16 years
Number of optional renewal terms \| renewal_option			2
Optional renewal term length			10 years
Operating lease assets	$ 296.7
Long-term operating lease liabilities	$ 296.7

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Subject to Fair Value Measurements

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, 2025								As of December 31, 2024
			Fair Value Hierarchy								Fair Value Hierarchy
	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	$	1,216.6	$	505.5	$	711.1	$	—	$	1,687.1	$	613.3	$	1,073.8	$	—
Marketable securities:
Corporate equity securities	9.4		9.4		—		—		36.6		36.6		—		—
U.S. Treasury securities	1,937.7		1,937.7		—		—		1,602.0		1,566.8		35.2		—
U.S. government agency securities	190.6		—		190.6		—		240.5		—		240.5		—
Asset-backed securities	1,361.0		—		1,361.0		—		1,244.2		—		1,244.2		—
Certificates of deposit	24.4		—		24.4		—		—		—		—		—
Corporate debt securities	3,538.4		—		3,538.4		—		3,525.9		—		3,525.9		—
Commercial paper	8.7		—		8.7		—		5.0		—		5.0		—
Prepaid expenses and other current assets:
Foreign currency forward contracts	6.7		—		6.7		—		130.1		—		130.1		—
Other assets:
Foreign currency forward contracts	9.4		—		9.4		—		12.4		—		12.4		—
Total financial assets	$	8,302.9	$	2,452.6	$	5,850.3	$	—	$	8,483.8	$	2,216.7	$	6,267.1	$	—

Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(114.3)	$	—	$	(114.3)	$	—	$	—	$	—	$	—	$	—

Other long-term liabilities:
Foreign currency forward contracts	(78.3)		—		(78.3)		—		—		—		—		—
Contingent consideration	(78.1)		—		—		(78.1)		(76.9)		—		—		(76.9)
Total financial liabilities	$	(270.7)	$	—	$	(192.6)	$	(78.1)	$	(76.9)	$	—	$	—	$	(76.9)

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, 2025
	(in millions)
Balance at December 31, 2024	$	76.9
Increase in fair value of contingent payments	1.2
Balance at September 30, 2025	$	78.1

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

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, 2024	$	9.7	$	7.1	$	111.0	$	127.8
Other comprehensive income (loss) before reclassifications	29.0		32.9		(276.9)		(215.0)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(5.5)		28.2		22.7
Net current period other comprehensive income (loss)	29.0		27.4		(248.7)		(192.3)
Balance at September 30, 2025	$	38.7	$	34.5	$	(137.7)	$	(64.5)

Balance at December 31, 2023	$	1.1	$	9.6	$	(25.0)	$	(14.3)
Other comprehensive income 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