0000875320-26-000056 | 10-K | XBRL Viewer | Vertex Pharmaceuticals INC MA

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Marketable Securities and Equity Investments - Available-for-Sale Debt Securities by Contractual Maturity (Details) - Total marketable available-for-sale debt securities - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Matures within one year	$ 1,506.7	$ 1,509.7
Matures after one year through five years	5,595.8	5,034.4
Matures after five years	116.5	73.5
Total	$ 7,219.0	$ 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

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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.

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+ Details

Earnings Per Share - Schedule of Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
income (loss)	$ 3,953.2	$ (535.6)	$ 3,619.6
Basic weighted-average common shares outstanding (in shares)	255.7	257.9	257.7
Effect of potentially dilutive securities:
Diluted weighted-average common shares outstanding (in shares)	258.0	257.9	260.5
Basic net income (loss) per common share (in dollars per share)	$ 15.46	$ (2.08)	$ 14.05
Diluted net income (loss) per common share (in dollars per share)	$ 15.32	$ (2.08)	$ 13.89
Restricted stock units (including PSUs)
Effect of potentially dilutive securities:
Share-based payment arrangements (in shares)	1.4	0.0	1.6
Stock options
Effect of potentially dilutive securities:
Share-based payment arrangements (in shares)	0.9	0.0	1.2

Nature of Business and Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property and Equipment

Property and equipment are recorded at cost, net of accumulated depreciation. Depreciation expense is recorded using

the straight-line method over the estimated useful life of the related asset generally as follows:


Description		Estimated Useful Life
Buildings and improvements		15 to 40 years
Laboratory equipment, other equipment and furniture		7 to 10 years
Leasehold improvements; assets under finance leases		The shorter of the useful life of the assets or the estimated remaining term of the associated lease
Computers and software		3 to 5 years

“Property and equipment, net” consisted of the following:


	As of December 31,
	2025	2024
	(in millions)
Buildings and improvements	$483.8	$461.2
Laboratory equipment, other equipment and furniture	788.1	684.5
Leasehold improvements	1,009.3	737.6
Computers and software	410.1	376.2
Land	33.1	33.1
Total property and equipment, gross	2,724.4	2,292.6
Less: accumulated depreciation	(1,204.1)	(1,064.8)
Total property and equipment, net	$1,520.3	$1,227.8

Collaboration, License and Other Arrangements - Allocation of Consideration to the Assets and Liabilities (Details) - Alpine Immune Sciences Inc - USD ($) $ in Millions		12 Months Ended
	May 20, 2024	Dec. 31, 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 expense	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

Leases - Schedule of Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating leases
Operating lease assets	$ 1,562.7	$ 1,356.8
Other current liabilities	77.3	87.1
Long-term operating lease liabilities	1,846.5	1,544.4
Total operating lease liabilities	1,923.8	1,631.5
Finance leases
Property and equipment, net	81.5	57.9
Total finance lease assets	81.5	57.9
Other current liabilities	5.5	5.2
Finance lease liabilities	106.7	112.8
Total finance lease liabilities	$ 112.2	$ 118.0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net	Property and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities

Stock-based Compensation Expense (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense by Line Item

During the three years ended December 31, 2025, we recognized the following stock-based compensation expense:


	Year ended December 31,
	2025	2024	2023
	(in millions)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs)	$672.1	$689.1	$563.7
ESPP share issuances	27.0	18.2	15.8
Stock options	1.2	1.8	4.0
Stock-based compensation expense related to inventories	(14.4)	(10.6)	(2.3)
Total stock-based compensation expense included in “Total costs and expenses”	$685.9	$698.5	$581.2

Stock-based compensation expense by line item:
Cost of sales	$11.1	$7.5	$7.5
Research and development expenses	415.4	425.8	354.9
Selling, general and administrative expenses	259.4	265.2	218.8
Total stock-based compensation expense included in “Total costs and expenses”	685.9	698.5	581.2
Income tax effect	(128.6)	(251.6)	(167.5)
Total stock-based compensation expense, net of tax	$557.3	$446.9	$413.7

Schedule of Unrecognized Stock-Based Compensation Expense

The following table sets forth our unrecognized stock-based compensation expense as of December 31, 2025, by type of

award and the weighted-average period we expect to recognize the expense:


	As of December 31, 2025
	Unrecognized Expense	Weighted-average Recognition Period
	(in millions)	(in years)
Type of award:
Restricted stock units (including PSUs)	$737.1	1.89
ESPP share issuances	5.2	0.46
Total unrecognized stock-based compensation expense	$742.3

Schedule of Assumptions Used to Estimate the Grant Date Fair Value Employee Stock Purchase Plan

The following table reflects the weighted-average assumptions used in our Black-Scholes option pricing

model:


	Year ended December 31,
	2025	2024	2023
Expected stock price volatility	31.81%	29.37%	28.52%
Risk-free interest rate	4.02%	4.63%	5.13%
Expected term (in years)	0.74	0.73	0.71
Expected annual dividends	—	—	—

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized holding gains (losses) on marketable securities, tax	$ (7.6)	$ 0.6	$ (2.7)
Unrealized (losses) gains on foreign currency forward contracts, tax	$ 56.0	$ (38.2)	$ 14.0

Earnings Per Share

12 Months Ended

Dec. 31, 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:


	Year ended December 31,
	2025	2024	2023

	(in millions, except per share amounts)
Net income (loss)	$3,953.2	$(535.6)	$3,619.6

Basic weighted-average common shares outstanding	255.7	257.9	257.7
Effect of potentially dilutive securities:
Restricted stock units (including PSUs)	1.4	—	1.6
Stock options	0.9	—	1.2
Diluted weighted-average common shares outstanding	258.0	257.9	260.5

Basic net income (loss) per common share	$15.46	$(2.08)	$14.05
Diluted net income (loss) per common share	$15.32	$(2.08)	$13.89

During the three years ended December 31, 2025, the number of anti-dilutive securities that were excluded from the

computation of our diluted net income (loss) per common share were as follows:


	Year ended December 31,
	2025	2024	2023
	(in millions)
Unvested restricted stock units (including PSUs)	0.2	0.8	0.1
Stock options	—	0.4	—

Nature of Business and Accounting Policies - Goodwill, Hedging Activities and Foreign Currency Gain (Loss) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Number of operating segments \| segment	1
Number Of Reportable Segments Not Disclosed Flag	operating segment
Net foreign currency exchange transaction losses \| $	$ 13.7	$ 27.3	$ 24.6

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 183.2	$ 113.5	$ 62.8
Operating cash flows from finance leases	5.6	25.7	38.4
Financing cash flows from finance leases	5.4	33.6	44.9
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$ 311.0	$ 1,120.9	$ 2.4

Income Taxes - Schedule of Effective Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Income before provision for income taxes	$ 4,643.2	$ 248.5	$ 4,379.8
Amount
Federal statutory tax rate	975.1
State and local income taxes, net of federal income tax effect	(1.9)
Deferred charges related to intra-entity transfers	(61.5)
Foreign-derived deduction eligible income	(58.5)
Subpart F income, net of credits	(97.4)
Other	0.8
Research and development tax credits	(154.4)
Stock compensation (benefit), shortfalls and cancellations	(61.9)
Other	25.4
Changes in unrecognized tax benefits	64.3
Provision for income taxes	$ 690.0	$ 784.1	$ 760.2
Percentage
Federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	0.00%	29.50%	0.30%
Statutory tax rate difference		21.30%	(0.60%)
Other		27.90%	1.10%
Deferred charges related to intra-entity transfers	(1.30%)
Foreign-derived deduction eligible income	(1.30%)	(28.30%)	(1.70%)
Subpart F income, net of credits	(2.10%)
Stock compensation (benefit), shortfalls and cancellations	(1.30%)	(25.50%)	(0.80%)
Other	0.00%
Research and development tax credits	(3.30%)
Other	0.50%
Changes in unrecognized tax benefits	1.40%	11.30%	3.40%
U.S. tax on foreign earnings, net of credits		(12.60%)	0.70%
Tax credits		(102.90%)	(6.00%)
Non-deductible AIPR&D		373.80%	0.00%
Provision for income taxes and effective tax rate	14.90%	315.50%	17.40%
United Kingdom
Amount
Statutory tax rate difference	$ 64.7
Other	$ 8.3
Percentage
Statutory tax rate difference	1.40%
Other	0.20%
Other foreign jurisdictions
Amount
Statutory tax rate difference	$ 10.5
Percentage
Statutory tax rate difference	0.20%
United States
Amount
Other	$ (23.5)
Percentage
Other	(0.50%)

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
income (loss)	$ 3,953.2	$ (535.6)	$ 3,619.6
Other comprehensive (loss) income:
Unrealized holding gains (losses) on available-for-sale debt securities, net of tax of $(7.6), $0.6 and $(2.7), respectively	26.9	(2.5)	9.7
Unrealized (losses) gains on foreign currency forward contracts, net of tax of $56.0, $(38.2) and $14.0, respectively	(198.1)	136.0	(50.9)
Foreign currency translation adjustment	27.5	8.6	26.1
Total other comprehensive (loss) income	(143.7)	142.1	(15.1)
Comprehensive income (loss)	$ 3,809.5	$ (393.5)	$ 3,604.5

- 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.

+ References + Details

- 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

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Expense

We recognize share-based payments to employees as compensation expense using the fair value method. The fair value

of restricted stock units, including PSUs, is based on the intrinsic value on the date of grant. The fair value of shares

purchased pursuant to the ESPP and stock options is calculated using the Black-Scholes option pricing model. Stock-based

compensation expense, measured at the grant date based on the fair value of the award, is typically recognized ratably over

the requisite service period.

During the three years ended December 31, 2025, we recognized the following stock-based compensation expense:


	Year ended December 31,
	2025	2024	2023
	(in millions)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs)	$672.1	$689.1	$563.7
ESPP share issuances	27.0	18.2	15.8
Stock options	1.2	1.8	4.0
Stock-based compensation expense related to inventories	(14.4)	(10.6)	(2.3)
Total stock-based compensation expense included in “Total costs and expenses”	$685.9	$698.5	$581.2

Stock-based compensation expense by line item:
Cost of sales	$11.1	$7.5	$7.5
Research and development expenses	415.4	425.8	354.9
Selling, general and administrative expenses	259.4	265.2	218.8
Total stock-based compensation expense included in “Total costs and expenses”	685.9	698.5	581.2
Income tax effect	(128.6)	(251.6)	(167.5)
Total stock-based compensation expense, net of tax	$557.3	$446.9	$413.7

We capitalize a portion of our stock-based compensation expense to inventories, all of which is attributable to employees

who support the manufacturing of our products.

The following table sets forth our unrecognized stock-based compensation expense as of December 31, 2025, by type of

award and the weighted-average period we expect to recognize the expense:


	As of December 31, 2025
	Unrecognized Expense	Weighted-average Recognition Period
	(in millions)	(in years)
Type of award:
Restricted stock units (including PSUs)	$737.1	1.89
ESPP share issuances	5.2	0.46
Total unrecognized stock-based compensation expense	$742.3

Restricted Stock Units and Performance-based Restricted Stock Units

We award restricted stock units with service conditions, which are generally the vesting periods of the awards.

Our PSUs granted to certain members of senior management are described in Note M, “Common Stock, Preferred Stock

and Equity Plans.” The financial-based PSUs, with a one-year performance period, are expensed ratably over their three-year

vesting period. During the performance period, they are expensed based upon an assessment of the likely level of

achievement. The non-financial based PSUs cliff vest at the end of their performance period, which is approximately three

years. They are expensed on a straight-line basis over the same period based upon an assessment of the likely level of

achievement.

Employee Stock Purchase Plan

The weighted-average fair value of each purchase right granted during 2025, 2024 and 2023 was $113.26, $117.89 and

$90.91, respectively. The following table reflects the weighted-average assumptions used in our Black-Scholes option pricing

model:


	Year ended December 31,
	2025	2024	2023
Expected stock price volatility	31.81%	29.37%	28.52%
Risk-free interest rate	4.02%	4.63%	5.13%
Expected term (in years)	0.74	0.73	0.71
Expected annual dividends	—	—	—

Stock Options

We issued stock options to our non-employee directors with total grant date fair values of $2.0 million or less in each of

the three years ended December 31, 2025.

Consolidated Statements of Shareholders’ Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		257,000,000.0
Beginning balance at Dec. 31, 2022	$ 13,912.7	$ 2.6	$ 7,386.5	$ 0.8	$ 6,522.8
Increase (Decrease) in Stockholders' Equity
Other comprehensive (loss) income, net of tax	(15.1)			(15.1)
Net income (loss)	$ 3,619.6				3,619.6
Repurchases of common stock (in shares)	(1,300,000)	(1,300,000)
Repurchases of common stock	$ (427.6)		(427.6)
Common stock withheld for employee tax obligations (in shares)		(700,000)
Common stock withheld for employee tax obligations	(226.1)		(226.1)
Issuance of common stock under benefit plans (in shares)		2,700,000
Issuance of common stock under benefit plans	133.4		133.4
Stock-based compensation expense	583.5		583.5
Ending balance (in shares) at Dec. 31, 2023		257,700,000
Ending balance at Dec. 31, 2023	17,580.4	$ 2.6	7,449.7	(14.3)	10,142.4
Increase (Decrease) in Stockholders' Equity
Other comprehensive (loss) income, net of tax	142.1			142.1
Net income (loss)	$ (535.6)				(535.6)
Repurchases of common stock (in shares)	(2,700,000)	(2,700,000)
Repurchases of common stock	$ (1,194.9)		(1,194.9)
Common stock withheld for employee tax obligations (in shares)		(900,000)
Common stock withheld for employee tax obligations	(405.0)		(405.0)
Issuance of common stock under benefit plans (in shares)		2,800,000
Issuance of common stock under benefit plans	113.5		113.5
Stock-based compensation expense	$ 709.1		709.1
Ending balance (in shares) at Dec. 31, 2024	256,940,382	256,900,000
Ending 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 (loss) income, net of tax	(143.7)			(143.7)
Net income (loss)	$ 3,953.2				3,953.2
Repurchases of common stock (in shares)	(4,800,000)	(4,800,000)
Repurchases of common stock	$ (2,011.6)	$ (0.1)	(2,011.5)
Common stock withheld for employee tax obligations (in shares)		(700,000)
Common stock withheld for employee tax obligations	(369.9)		(369.9)
Issuance of common stock under benefit plans (in shares)		2,600,000
Issuance of common stock under benefit plans	127.9		127.9
Stock-based compensation expense	$ 700.3		700.3
Ending balance (in shares) at Dec. 31, 2025	253,991,224	254,000,000.0
Ending balance at Dec. 31, 2025	$ 18,665.8	$ 2.5	$ 5,119.2	$ (15.9)	$ 13,560.0

Segment Information - Schedule of Revenue by Geographic Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 12,001.3	$ 11,020.1	$ 9,869.2
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	7,548.6	6,684.9	6,040.4
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	3,460.3	3,453.9	3,109.0
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	992.4	881.3	719.8
Total revenues outside of the United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 4,452.7	$ 4,335.2	$ 3,828.8

- 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.

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+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 5,084.8	$ 4,569.6
Marketable securities	1,523.3	1,546.3
Accounts receivable, net	2,052.8	1,609.4
Inventories	1,686.8	1,205.4
Prepaid expenses and other current assets	853.3	665.7
Total current assets	11,201.0	9,596.4
Property and equipment, net	1,520.3	1,227.8
Goodwill	1,088.0	1,088.0
Other intangible assets, net	424.2	825.9
Deferred tax assets	2,897.9	2,331.1
Operating lease assets	1,562.7	1,356.8
Long-term marketable securities	5,712.3	5,107.9
Other assets	1,236.6	999.3
Total assets	25,643.0	22,533.2
Current liabilities:
Accounts payable	461.7	413.0
Accrued expenses	2,971.2	2,788.6
Other current liabilities	428.3	363.0
Total current liabilities	3,861.2	3,564.6
Long-term operating lease liabilities	1,846.5	1,544.4
Other long-term liabilities	1,269.5	1,014.6
Total liabilities	6,977.2	6,123.6
Shareholders’ equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued and outstanding	0.0	0.0
Common stock, $0.01 par value; 500,000,000 shares authorized, 253,991,224 and 256,940,382 shares issued and outstanding, respectively	2.5	2.6
Additional paid-in capital	5,119.2	6,672.4
Accumulated other comprehensive (loss) income	(15.9)	127.8
Retained earnings	13,560.0	9,606.8
Total shareholders’ equity	18,665.8	16,409.6
Total liabilities and shareholders’ equity	$ 25,643.0	$ 22,533.2

Additional Balance Sheet & Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Cash Equivalents

The cash, cash equivalents and restricted cash balances at the beginning and ending of each period presented in our

consolidated statements of cash flows consisted of the following:


	As of December 31,
	2025	2024	2023	2022
	(in millions)
Cash and cash equivalents	$5,084.8	$4,569.6	$10,369.1	$10,504.0
Prepaid expenses and other current assets	3.0	2.6	3.2	8.0
Cash, cash equivalents and restricted cash per consolidated statements of cash flows	$5,087.8	$4,572.2	$10,372.3	$10,512.0

Schedule of Restrictions on Cash and Cash Equivalents

The cash, cash equivalents and restricted cash balances at the beginning and ending of each period presented in our

consolidated statements of cash flows consisted of the following:


	As of December 31,
	2025	2024	2023	2022
	(in millions)
Cash and cash equivalents	$5,084.8	$4,569.6	$10,369.1	$10,504.0
Prepaid expenses and other current assets	3.0	2.6	3.2	8.0
Cash, cash equivalents and restricted cash per consolidated statements of cash flows	$5,087.8	$4,572.2	$10,372.3	$10,512.0

Schedule of Prepaid, and Other Assets

Prepaid expenses and other current assets” consisted of the following:


	As of December 31,
	2025	2024
	(in millions)
Tax-related prepaid and receivables	$634.5	$357.0
Prepaid expenses	101.7	102.2
Fair value of cash flow hedges	6.2	130.1
Other	110.9	76.4
Total	$853.3	$665.7

Schedule of Accrued Expenses

“Accrued expenses” consisted of the following:


	As of December 31,
	2025	2024
	(in millions)
Product revenue accruals	$1,814.1	$1,618.9
Payroll and benefits	397.7	352.1
Research, development and commercial contract costs	246.9	272.7
Royalty payable	276.7	271.0
Tax related accruals	103.1	161.1
Capital related accruals	86.0	43.5
Other	46.7	69.3
Total	$2,971.2	$2,788.6

Schedule of Other Current Liabilities

“Other current liabilities” consisted of the following:


	As of December 31,
	2025	2024
	(in millions)
Contract liabilities	$171.8	$206.8
Operating lease liabilities	77.3	87.1
Foreign currency forward contracts	79.4	—
Upfront and milestones payable	51.5	32.5
Other	48.3	36.6
Total	$428.3	$363.0

Schedule of Other Long Term Liabilities

“Other long-term liabilities” consisted of the following:


	As of December 31,
	2025	2024
	(in millions)
Tax-related liabilities	$895.4	$698.6
Finance lease liabilities	106.7	112.8
Contingent consideration	79.0	76.9
Other	188.4	126.3
Total	$1,269.5	$1,014.6

Hedging - Schedule of Notional Amount (Details) - Foreign currency forward contracts - Designated as hedging instruments - Cash Flow Hedging - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Notional amount of foreign currency forward contract	$ 6,080.1	$ 2,860.0
Euro
Derivative [Line Items]
Notional amount of foreign currency forward contract	4,677.9	1,977.4
Canadian dollar
Derivative [Line Items]
Notional amount of foreign currency forward contract	516.1	322.0
British pound sterling
Derivative [Line Items]
Notional amount of foreign currency forward contract	492.6	301.7
Australian dollar
Derivative [Line Items]
Notional amount of foreign currency forward contract	267.5	179.2
Swiss franc
Derivative [Line Items]
Notional amount of foreign currency forward contract	$ 126.0	$ 79.7

Nature of Business and Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements, which have been prepared in accordance with accounting

principles generally accepted in the U.S. (“U.S. GAAP”), 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.

Use of Estimates

The preparation of 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 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.

Revenue Recognition

We recognize revenue when a customer obtains control of promised goods or services. We record the amount of revenue

that reflects the consideration that we expect to receive in exchange for those goods or services. We apply the following five-

step model to determine this amount: (i) identification of the promised goods or services in the contract; (ii) determination of

whether the promised goods or services are performance obligations, including whether they are distinct in the context of the

contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the

transaction price to the performance obligations; and (v) recognition of revenue when (or as) we satisfy each performance

obligation.

We only apply the five-step model to contracts when it is probable that we will collect the consideration to which we are

entitled in exchange for the goods or services that we transfer to the customer. Once a contract is determined to be within the

scope of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers at contract inception, we

review the contract to determine which performance obligations we must deliver and which of these performance obligations

are distinct. We recognize as revenue the amount of the transaction price that is allocated to each performance obligation

when that performance obligation is satisfied or as it is satisfied. Generally, our performance obligations are transferred to

customers at a point in time, typically upon delivery.

Product Revenues, Net

We sell our products primarily to a limited number of specialty pharmacy and specialty distributors globally, as well as

to certain major wholesalers in the U.S. and to retail pharmacies, hospitals and clinics internationally. Many of the

international hospitals and clinics are government-owned or supported. Our customers in the U.S. subsequently resell our

products to patients, health care providers, retail pharmacies, hospitals, or authorized treatment centers (“ATCs”). In certain

markets, we may sell CASGEVY directly to ATCs. Revenue recognition typically occurs upon delivery of our small

molecule products, including our CF medicines and JOURNAVX, and upon infusion of our gene-therapy products, including

CASGEVY.

Revenues from product sales are recorded at the net sales price, or “transaction price,” which includes estimates of

variable consideration that result from (a) invoice discounts for prompt payment and distribution fees, (b) government and

private payor rebates, chargebacks, discounts and fees, (c) product returns, and (d) other adjustments for certain indirect

customers, including costs of co-pay assistance programs for patients. Reserves are established for the estimates of variable

consideration based on the amounts earned or to be claimed on the related sales. The reserves are classified as reductions to

“Accounts receivable, net” if payable to a customer or “Accrued expenses” if payable to a third-party. Where appropriate, we

utilize the expected value method to determine the appropriate amount for estimates of variable consideration based on

factors such as our historical experience, current contractual and statutory requirements, specific known market events and

trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is

included in the transaction price may be constrained and is included in our net product revenues only to the extent that it is

probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future

period. Actual amounts of consideration ultimately received may differ from our estimates. If actual results vary from our

estimates, we adjust these estimates, which would affect net product revenue and earnings in the period such variances

become known.

Invoice Discounts and Distribution Fees: In the U.S., we may provide invoice discounts on product sales to our

customers for prompt payment and pay distribution and administrative fees, such as fees for certain data that customers

provide to us. These fees are based on a fixed percentage of sales. We estimate that, based on our experience, our customers

will earn these discounts and fees, and deduct the full amount of these discounts and fees from our gross product revenues

and accounts receivable at the time such revenues are recognized.

Rebates, Chargebacks, Discounts and Fees: We contract with government agencies and commercial payors (our “Third-

party Payors”) so that products will be eligible for purchase by, or partial or full reimbursement from, such Third-party

Payors. We estimate the rebates, chargebacks, discounts and fees we will provide to Third-party Payors and deduct these

estimated amounts from our gross product revenues at the time the revenues are recognized. For each product, we estimate

the aggregate rebates, chargebacks and discounts that we will provide to Third-party Payors based upon (i) our contracts with

these Third-party Payors, (ii) the government-mandated discounts and fees applicable to government-funded programs,

(iii) information obtained from our customers and other third-party data regarding the payor mix for such product and (iv)

historical experience.

Product Returns: Return policies vary by product and market. We typically permit returns if our product is damaged,

defective, or otherwise cannot be used by our customer. In specific cases, we will allow returns for expired product as defined

within specific customer agreements. We record deductions from our gross product revenues for estimated sales returns in the

period the related revenue is recognized and base our estimate for returns on historical experience and known or expected

changes in the marketplace specific to each product.

Other Adjustments: We offer patient support programs to eligible patients, such as co-pay assistance programs, which

require us to establish accruals based on an estimated cost per claim that we expect to receive.

We make significant estimates and judgments that materially affect our recognition of net product revenues. Our most

significant estimate relates to determining amounts due pursuant to the Medicaid Drug Rebate Program, including estimating

the level of expected utilization of the rebates based on the amount of product sold to eligible patients. We adjust our

estimated rebates, chargebacks and discounts based on new information, including information regarding actual rebates,

chargebacks and discounts for our products, as it becomes available. Claims by Third-party Payors for rebates, chargebacks

and discounts frequently are submitted to us significantly after the related sales, potentially resulting in adjustments in the

period in which the new information becomes known. Our credits to product revenue related to prior period sales have not

been significant and primarily related to rebates and discounts.

Our payment terms, which typically range from 30 to 150 days depending on the product and market, are consistent with

prevailing market practice. We do not adjust our net product revenues for the effects of a significant financing component for

transactions where we expect, at contract inception, the period between our customer obtaining control of our product and

when we receive payment to be one year or less.

We exclude taxes collected from customers relating to product sales and remitted to governmental authorities from

revenues.

Contract Liabilities

We had contract liabilities of $171.8 million and $206.8 million as of December 31, 2025 and 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 deliver 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.

During the years ended December 31, 2025, 2024 and 2023, we recorded $206.8 million, $170.3 million and $159.6 million,

respectively, of CF product revenues that were recorded as contract liabilities at the beginning of the year.

Other Revenues

We have not recognized significant revenues other than our product revenues during the three years ended December 31,

2025. In 2025, our “Other revenues” were primarily related to $20.6 million and $10.0 million associated with upfront

payments, for licenses that we concluded were distinct, received from our agreements with Ono Pharmaceuticals Co., Ltd.

(“Ono”) and Zai Lab Limited (“Zai”), respectively. Please refer to Note B, “Collaboration, License and Other

Arrangements,” for further information about these agreements. In future periods, we may recognize additional other

revenues generated through collaborative research, development and/or commercialization agreements related to one or more

of the following: nonrefundable upfront license fees; development and commercial milestones; funding of research and

development activities; and royalties on net sales of licensed products. Revenue is recognized upon satisfaction of a

performance obligation by transferring control of a good or service to our collaborator.

For each agreement that results in revenue, we identify all material performance obligations and determine the

transaction price by estimating the amount of variable consideration at the outset of the contract. We constrain (reduce) the

estimate of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not

occur throughout the life of the contract. We utilize the sales- and usage-based royalty exception in arrangements that

resulted from the license of intellectual property, recognizing revenues generated from royalties as the underlying sales occur.

Once the estimated transaction price is established, amounts are allocated to each separate performance obligation that

has been identified on a relative standalone selling price basis. The consideration allocated to each distinct performance

obligation is recognized as revenue when control of the related goods or services is transferred.

Cost of Sales

Our cost of sales primarily includes royalty expenses, cost of product sales, intangible asset amortization expenses, and

other items related to our manufacturing processes, adjusted by CRISPR Therapeutics AG’s (“CRISPR”) share of the net

commercial profits or losses for CASGEVY. Please refer to Note B, “Collaboration, License and Other Arrangements,” for

further information on our royalties related to our CF products and our agreements with CRISPR related to the treatment of

net commercial profits or losses for CASGEVY.

Shipping and handling costs incurred for inventory purchases are capitalized and recorded upon sale in “Cost of sales” in

our consolidated statements of income (loss). Shipping and handling costs incurred for product shipments are recorded as

incurred in “Cost of sales” in our consolidated statements of income (loss).

Research and Development Expenses

Research and development expenses are comprised of costs we incur in performing research and development activities,

including salary and benefits; stock-based compensation expense; outsourced services and other direct expenses, including

clinical trial, pharmaceutical development and drug supply costs; and infrastructure costs, including facilities costs and

depreciation expense. We recognize research and development expenses as incurred. We capitalize nonrefundable advance

payments we make for research and development activities and expense the payments as the related goods are delivered or

the related services are performed.

Acquired In-process Research and Development Expenses

Our research and development activities include upfront, contingent milestone, and other payments pursuant to our

business development transactions, including collaborations, licenses of third-party technologies, and asset acquisitions. In-

process research and development that is acquired in a transaction that does not qualify as a business combination under U.S.

GAAP and that does not have an alternative future use is recorded to “Acquired in-process research and development

expenses” (“AIPR&D”) in our consolidated statements of income (loss) in the period in which it is acquired.

In transactions that do not qualify as a business combination, we present the cost to acquire AIPR&D within our "Cash

flows from operating activities" in our consolidated statements of cash flows.

Stock-based Compensation Expense

We expense the fair value of employee restricted stock units and other forms of stock-based employee compensation

over the associated employee service period on a straight-line basis. Stock-based compensation expense is determined based

on the fair value of the award at the grant date and is adjusted each period to reflect actual forfeitures and the outcomes of

certain performance conditions.

For awards with performance conditions in which the award does not vest unless the performance condition is met, we

recognize expense if, and to the extent that, we estimate that achievement of the performance condition is probable. If we

conclude that vesting is probable, we recognize expense from the date we reach this conclusion through the estimated vesting

date.

We provide to employees who have rendered a certain number of years of service to Vertex and meet certain age

requirements, partial or full acceleration of vesting of these equity awards, subject to certain conditions including a

notification period, upon a termination of employment other than for cause. A low percentage of our employees were eligible

for partial or full acceleration of any of their equity awards as of December 31, 2025. We recognize stock-based

compensation expense related to these awards over a service period reflecting qualified employees’ eligibility for partial or

full acceleration of vesting.

Advertising Costs

Advertising costs, including promotional expenses were $202.8 million, $85.7 million and $45.8 million in 2025, 2024

and 2023, respectively. Our advertising costs are expensed as incurred and recorded to “Selling, general and administrative

expenses,” in our consolidated statements of income (loss).

Fair Value of Contingent Consideration

We base our estimates of the probability of achieving the milestones relevant to the fair value of contingent payments on

industry data and our knowledge of the programs and viability of the programs. Estimates included in the discounted cash

flow models pertaining to contingent payments also include: (i) estimates regarding the timing of the relevant development

and commercial milestones and royalties, and (ii) and appropriate discount rates. We record any increases or decreases in the

fair value of our contingent payments to “Change in fair value of contingent consideration” in our consolidated statements of

income (loss). We record our contingent consideration liabilities at fair value on our consolidated balance sheets as “Other

current liabilities” or “Other long-term liabilities” depending on when we estimate we will pay them.

Income Taxes

Our provision for income taxes is accounted for under the asset and liability method and includes federal, state, local and

foreign taxes.

Deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences

between the financial statement carrying amounts and the income tax bases of assets and liabilities. Deferred tax assets and

liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary

differences are expected to be recovered or settled. A valuation allowance is applied against any net deferred tax asset if,

based on the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. On a

periodic basis, we reassess the valuation allowance on our deferred income tax assets weighing positive and negative

evidence to assess the recoverability of our deferred tax assets. We include, among other things, our recent financial

performance and our future projections in this periodic assessment.

We record liabilities related to uncertain tax positions by prescribing a minimum recognition threshold and measurement

attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax

return. We evaluate our uncertain tax positions on a quarterly basis and consider various factors, including, but not limited to,

changes in tax law, the measurement of tax positions taken or expected to be taken in our tax returns, and changes in facts or

circumstances related to a tax position. We adjust our liabilities to reflect any subsequent changes in the relevant facts and

circumstances surrounding the uncertain positions. We accrue interest and penalties related to unrecognized tax benefits as a

component of our “Provision for income taxes.”

As part of the U.S. Tax Cut and Jobs Act of 2017, we are subject to a territorial tax system, under which we must

establish an accounting policy to provide for tax on Net Controlled Foreign Corporation Tested Income (“NCTI”) (formerly

Global Intangible Low Taxed Income) earned by certain foreign subsidiaries. We have elected to treat the impact of NCTI as

a current tax expense in our “Provision for income taxes.”

Net Income (Loss) Per Common Share

Basic net income (loss) per common share is based upon the weighted-average number of common shares outstanding

during the period. Diluted net income (loss) per common share utilizing the treasury-stock method is based upon the

weighted-average number of common shares outstanding during the period plus additional weighted-average common

equivalent shares outstanding during the period when the effect is dilutive. Potentially dilutive shares result from the assumed

(i) vesting of restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”), and (ii) exercise of

outstanding stock options. The proceeds of such vestings or exercises are assumed to have been used to repurchase

outstanding stock using the treasury-stock method.

Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income (loss) and other comprehensive (loss) income, which includes

foreign currency translation adjustments and unrealized gains and losses on foreign currency forward contracts and our

available-for-sale debt securities. For purposes of comprehensive income disclosures, we record provisions for or benefits

from income taxes related to the unrealized gains and losses on foreign currency forward contracts and our available-for-sale

debt securities. We record provisions for or benefits from income taxes related to our cumulative translation adjustment only

for those undistributed earnings in our foreign subsidiaries that we do not intend to permanently reinvest.

Cash and Cash Equivalents

We consider all highly liquid investments with original maturities of three months or less at the date of purchase to be

cash equivalents.

Marketable Securities

As of December 31, 2025, our marketable securities consisted of investments in available-for-sale debt securities and

corporate equity securities with readily determinable fair values. We classify marketable securities with current maturities of

less than one year as current assets on our consolidated balance sheets. The remainder of our marketable securities are

classified as long-term assets within “Long-term marketable securities” on our consolidated balance sheets. The fair value of

these securities is based on quoted prices for identical or similar assets.

We record unrealized gains (losses) on available-for-sale debt securities as a component of “Accumulated other

comprehensive (loss) income,” which is a separate component of shareholders’ equity on our consolidated balance sheets,

until such gains and losses are realized. Realized gains and losses, if any, are determined using the specific identification

method.

For available-for-sale debt securities in unrealized loss positions, we are required to assess whether to record an

allowance for credit losses using an expected loss model. A credit loss is limited to the amount by which the amortized cost

of an investment exceeds its fair value. A previously recognized credit loss may be decreased in subsequent periods if our

estimate of fair value for the investment increases. To determine whether to record a credit loss, we consider issuer specific

credit ratings and historical losses as well as current economic conditions and our expectations for future economic

conditions.

We record changes in the fair value of our investments in corporate equity securities to “Other expense, net” in our

consolidated statements of income (loss). Realized gains and losses, which are also included in “Other expense, net,” are

determined on an original weighted-average cost basis.

Accounts Receivable

We deduct invoice discounts for prompt payment and fees for distribution services from our accounts receivable based

on our experience that our customers will earn these discounts and fees. Our estimates for our allowance for credit losses,

which has not been significant to date, is determined based on existing contractual payment terms, historical payment

patterns, current economic conditions and our expectation for future economic conditions.

Concentration of Credit Risk

Financial instruments that potentially subject us to concentration of credit risk consist principally of cash equivalents and

marketable securities. We place these investments with highly rated financial institutions, and, by policy, limit the amount of

credit exposure to any one financial institution. We also maintain a foreign currency hedging program that includes foreign

currency forward contracts with several counterparties. We have not experienced any credit losses related to these financial

instruments and do not believe we are exposed to any significant credit risk related to these instruments.

We are also subject to credit risk from our accounts receivable related to our product sales and collaborators. We

evaluate the creditworthiness of each of our customers and have determined that all our material customers are creditworthy.

To date, we have not experienced significant losses with respect to the collection of our accounts receivable. We believe that

our allowances, which are not significant to our consolidated financial statements, are adequate at December 31, 2025

Inventories

We value our inventories at the lower-of-cost or net realizable value. We determine the cost of our inventories, which

include amounts related to materials and manufacturing overhead, on a first-in, first-out basis. We perform an assessment of

the recoverability of our capitalized inventory during each reporting period and write down any excess and obsolete

inventories to their net realizable value in the period in which the impairment is first identified.

We capitalize inventories prior to regulatory approval when we consider the related product candidate to have a high

likelihood of regulatory approval and expect to recover the related costs. In making this determination, we evaluate, among

other factors, the status of regulatory submissions and communications with regulatory authorities, information regarding the

product candidate’s safety and efficacy, and the outlook for commercial sales, including the existence of any competition.

Property and Equipment

Property and equipment are recorded at cost, net of accumulated depreciation. Depreciation expense is recorded using

the straight-line method over the estimated useful life of the related asset generally as follows:


Description		Estimated Useful Life
Buildings and improvements		15 to 40 years
Laboratory equipment, other equipment and furniture		7 to 10 years
Leasehold improvements; assets under finance leases		The shorter of the useful life of the assets or the estimated remaining term of the associated lease
Computers and software		3 to 5 years

Maintenance and repairs to an asset that do not improve or extend its life are expensed as incurred. When assets are

retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and any

resulting gain or loss is reflected in our consolidated statements of income (loss). We perform an assessment of the fair value

of the assets if indicators of impairment are identified during a reporting period and record the assets at the lower of the net

book value or the fair value of the assets.

We capitalize costs incurred to develop software for internal use during the application development stage, which are

depreciated over the useful life of the related asset.

Goodwill

The difference between the purchase price and the fair value of assets acquired and liabilities assumed in a business

combination is allocated to goodwill. Goodwill is evaluated for impairment by reporting unit on an annual basis as of

October 1, and more frequently if indicators are present or changes in circumstances suggest that impairment may exist.

In-process Research and Development Assets and Finite-lived Intangible Assets

In-process Research and Development Assets

We record the fair value of in-process research and development assets as of the transaction date of a business

combination on our consolidated balance sheets as “Other intangible assets, net.” These assets are used in research and

development activities but have not yet reached technological feasibility, which occurs when we complete the research and

development efforts by obtaining regulatory approval to market an underlying product candidate. We characterize in-process

research and development assets on our consolidated balance sheets as indefinite-lived intangible assets until either they

achieve regulatory approval and become finite-lived intangible assets, or the assets are impaired. Upon completion of the

associated research and development efforts, we will determine the remaining estimated life of the marketed product and

begin amortizing the carrying value of the assets over this period. If the assets become impaired or are abandoned, the

carrying value is written down to fair value, and we record an impairment charge in the period in which the impairment

occurs. We test in-process research and development assets for impairment on an annual basis as of October 1, and more

frequently if indicators are present or changes in circumstances suggest that impairment may exist.

The fair value of our in-process research and development assets is determined using either the multi-period excess

earnings or the relief from royalty methods of the income approach. Each method requires us to make: (i) assumptions

regarding the probability of obtaining marketing approval for a product candidate; (ii) estimates of future cash flows from

potential product sales with respect to a product candidate; and (iii) appropriate discount and tax rates. The multi-period

excess earnings method also requires us to estimate the timing of and the expected costs to develop and commercialize a

product candidate. The relief from royalty method also requires us to estimate the after-tax royalty savings expected from

ownership of a product candidate that we acquired.

Finite-lived Intangible Assets

We record finite-lived intangible assets at cost, net of accumulated amortization, on our consolidated balance sheets as

“Other intangible assets, net.” Most of these assets relate to our marketed products and may include, among other things,

completed research and development projects that were previously reflected on our consolidated balance sheets as in-process

research and development assets, or rights to developed technology associated with in-licenses, regulatory approval

milestones due to our collaborators, or other payments. We amortize our finite-lived intangible assets related to our marketed

products using the straight-line method within “Cost of sales” over the remaining estimated life of the assets beginning in the

period in which regulatory approval is achieved or the assets are acquired and continuing through the period that we no

longer have either exclusive rights to market the products associated with the assets or in-license rights to the intellectual

property underlying the assets.

We test our finite-lived intangible assets for impairment if indicators are present or changes in circumstances suggest that

the carrying value of the assets may not be recoverable. If we determine that the carrying value of a finite-lived intangible

asset may not be recoverable, we compare the carrying value of the asset’s group to the undiscounted cash flows that we

expect the asset group to generate. When we determine that a finite-lived intangible asset has become impaired, we write

down the carrying value of the asset to its fair value and record an impairment charge in the period in which the impairment

occurs.

Leases

We determine whether an arrangement contains a lease at inception. If a lease is identified in an arrangement, we

recognize a right-of-use asset and liability on our consolidated balance sheet and determine whether the lease should be

classified as a finance or operating lease. We do not recognize assets or liabilities for leases with lease terms of less than 12

months.

A lease qualifies as a finance lease if any of the following criteria are met at the inception of the lease: (i) there is a

transfer of ownership of the leased asset to Vertex by the end of the lease term, (ii) we hold an option to purchase the leased

asset that we are reasonably certain to exercise, (iii) the lease term is for a major part of the remaining economic life of the

leased asset, (iv) the present value of the sum of lease payments equals or exceeds substantially all of the fair value of the

leased asset, or (v) the nature of the leased asset is specialized to the point that it is expected to provide the lessor no

alternative use at the end of the lease term. All other leases are recorded as operating leases.

Finance and operating lease assets and liabilities are recognized at the lease commencement date based on the present

value of the lease payments over the lease term using the discount rate implicit in the lease. If the rate implicit is not readily

determinable, we utilize our incremental borrowing rate at the lease commencement date. Operating lease assets are further

adjusted for prepaid or accrued lease payments. Operating lease payments are expensed using the straight-line method as an

operating expense over the lease term. Finance lease assets are amortized to depreciation expense using the straight-line

method over the shorter of the useful life of the related asset or the lease term. Finance lease payments are bifurcated into (i) a

portion that is recorded as imputed interest expense and (ii) a portion that reduces the finance liability associated with the

lease.

For our real estate leases, we account for lease and fixed non-lease components together as a single lease component. For

our embedded leases with contract manufacturing organizations, we account for the lease component separately from the

non-lease components. Variable lease payments are expensed as incurred. If a lease includes an option to extend or terminate

the lease, we reflect the option in the lease term if it is reasonably certain we will exercise the option.

Finance leases are recorded in “Property and equipment, net,” “Other current liabilities” and “Other long-term

liabilities,” and operating leases are recorded in “Operating lease assets,” “Other current liabilities” and “Long-term operating

lease liabilities” on our consolidated balance sheets.

Cloud Computing Service Contracts

We classify costs incurred to implement cloud computing service contracts as “Other assets” on our consolidated balance

sheets. Amortization is recorded over the noncancellable term of the cloud computing service contract, plus any optional

renewal periods that are reasonably certain to be exercised.

Hedging Activities

We recognize the fair value of our foreign currency forward contracts that are designated and qualify as hedging

instruments pursuant to U.S. GAAP as either assets or liabilities on our consolidated balance sheets. Changes in the fair value

of these instruments are recorded each period in “Accumulated other comprehensive (loss) income” as unrealized gains and

losses until the forecasted underlying transaction occurs. Unrealized gains and losses on these foreign currency forward

contracts are included in “Prepaid expenses and other current assets” or “Other assets,” and “Other current liabilities” or

“Other long-term liabilities,” respectively, on our consolidated balance sheets depending on the remaining period until their

contractual maturity. Realized gains and losses for the effective portion of such contracts are recognized in “Product

revenues, net” in our consolidated statement of income in the same period that we recognize the product revenues that were

impacted by the hedged foreign exchange rate changes. We classify the cash flows from hedging instruments in the same

category as the cash flows from the hedged items.

Certain of our hedging instruments are subject to master netting arrangements to reduce the risk arising from such

transactions with our counterparties. We present unrealized gains and losses on our foreign currency forward contracts on a

gross basis within our consolidated balance sheets.

We also enter into foreign currency forward contracts designed to mitigate the effect of changes in foreign exchange

rates on monetary assets and liabilities. Realized gains and losses for these contracts are recognized in “Other expense, net”

in our consolidated statements of income (loss) each period because they are not designated as hedge instruments pursuant to

U.S. GAAP.

Legal Matters

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.

Foreign Currency Translation and Transactions

The majority of our operations occur in entities that have the U.S. dollar denominated as their functional currency. The

assets and liabilities of our entities with functional currencies other than the U.S. dollar are translated into U.S. dollars at

exchange rates in effect at the end of the year. Revenue and expense amounts for these entities are translated using the

average exchange rates for the period. Changes resulting from foreign currency translation are included in “Accumulated

other comprehensive (loss) income.”

Share Repurchase Programs

Repurchases of our common stock are recorded as reductions to “Common Stock” and “Additional paid-in capital”

pursuant to our established accounting policy. Repurchases in excess of the par value will be recorded as reductions to

“Retained earnings” in the event that “Additional paid-in capital” is reduced to zero.

Recently Adopted and Issued Accounting Standards

Recently Adopted Accounting Standards

Segment Reporting

In 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07,

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public

entities to disclose significant segment expenses and other segment items. ASU 2023-07 also requires public entities to

provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required

annually. ASU 2023-07 became effective for the annual period starting on January 1, 2024, and for the interim periods

starting on January 1, 2025. We have disclosed significant segment expenses, other segment items, and our measure of

segment profit or loss in Note Q, “Segment Information.”

Income Tax Disclosures

In 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU

2023-09”), which requires public entities to disclose in their rate reconciliation table additional categories of information

about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if

items meet a quantitative threshold. ASU 2023-09 became effective for the annual period starting on January 1, 2025. The

adoption of ASU 2023-09, on a prospective basis, resulted in expansion of our income tax footnote disclosures in Note O,

“Income Taxes,” including a more detailed effective tax rate reconciliation.

Recently Issued Accounting Standards

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.

Internal-Use Software

In 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which eliminates consideration of the

software project development stages and replaces them with modernized recognition and measurement guidance designed to

reflect current internal-use software development practices. ASU 2025-06 becomes effective for the annual and interim

periods starting on January 1, 2028. We are in the process of analyzing the impact that the adoption of ASU 2025-06 will

have on our consolidated financial statements and related disclosures.

Stock-based Compensation Expense - Schedule of weighted-average Assumptions (Details) - ESPP share issuances - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	31.81%	29.37%	28.52%
Risk-free interest rate	4.02%	4.63%	5.13%
Expected term (in years)	22 days	8 months 23 days	21 days
Expected annual dividends	$ 0	$ 0	$ 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.

+ References

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Marketable Securities and Equity Investments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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	$2,779.1	$—	$—	$2,779.1	$1,687.1	$—	$—	$1,687.1
Marketable securities:
U.S. Treasury securities	$1,852.9	$12.1	$(0.1)	$1,864.9	$1,603.9	$3.6	$(5.5)	$1,602.0
U.S. government agency securities	261.2	1.2	—	262.4	240.5	0.5	(0.5)	240.5
Asset-backed securities	1,351.1	6.0	(0.1)	1,357.0	1,239.6	5.1	(0.5)	1,244.2
Certificates of deposit	26.2	—	—	26.2	—	—	—	—
Corporate debt securities	3,669.3	25.0	(0.4)	3,693.9	3,519.4	10.6	(4.1)	3,525.9
Commercial paper	14.6	—	—	14.6	5.0	—	—	5.0
Total marketable available-for- sale debt securities	7,175.3	44.3	(0.6)	7,219.0	6,608.4	19.8	(10.6)	6,617.6
Corporate equity securities	25.0	—	(8.4)	16.6	72.1	3.0	(38.5)	36.6
Total marketable securities	7,200.3	44.3	(9.0)	7,235.6	6,680.5	22.8	(49.1)	6,654.2
Total cash equivalents and marketable securities	$9,979.4	$44.3	$(9.0)	$10,014.7	$8,367.6	$22.8	$(49.1)	$8,341.3

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


	December 31,
	2025	2024
	(in millions)
Cash and cash equivalents	$2,779.1	$1,687.1
Marketable securities	1,523.3	1,546.3
Long-term marketable securities	5,712.3	5,107.9
Total	$10,014.7	$8,341.3

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


	December 31,
	2025	2024
	(in millions)
Matures within one year	$1,506.7	$1,509.7
Matures after one year through five years	5,595.8	5,034.4
Matures after five years	116.5	73.5
Total	$7,219.0	$6,617.6

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

During the three years ended December 31, 2025, our net unrealized losses on

corporate equity securities with readily determinable fair values held at the conclusion of each period were as follows:


	Year ended December 31,
	2025	2024	2023

	(in millions)
Net unrealized losses	$(11.3)	$(9.5)	$(7.5)

Common Stock, Preferred Stock and Equity Plans - Restricted Stock and Restricted Stock Units (Details) - Restricted Stock Units (excluding PSUs) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Beginning of the period (in shares)	2,688
Granted (in shares)	1,469
Vested (in shares)	(1,393)
Cancelled (in shares)	(218)
End of the period (in shares)	2,546	2,688
Weighted-average Grant-date Fair Value
Beginning of the period (in dollars per share)	$ 372.54
Granted (in dollars per share)	456.01
Vested (in dollars per share)	345.20
Cancelled (in dollars per share)	425.63
End of the period (in dollars per share)	$ 431.34	$ 372.54
Restricted stock vested in period, total fair value	$ 654.6	$ 666.0	$ 433.4

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Feb. 06, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-19319
Entity Registrant Name	VERTEX PHARMACEUTICALS INC / MA
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-3039129
Entity Address, Address Line One	50 Northern Avenue
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	617
Local Phone Number	341-6100
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	VRTX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 113.4
Entity Common Stock, Shares Outstanding		254,034,190
Documents Incorporated by Reference	Portions of the definitive proxy statement for the 2026 Annual Meeting of Shareholders, which we expect to hold on May 13, 2026, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0000875320
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 2,724.4	$ 2,292.6
Less: accumulated depreciation	(1,204.1)	(1,064.8)
Total property and equipment, net	1,520.3	1,227.8
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	483.8	461.2
Laboratory equipment, other equipment and furniture
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	788.1	684.5
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,009.3	737.6
Computers and software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	410.1	376.2
Land
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 33.1	$ 33.1

Earnings Per Share - Schedule of Anti-dilutive Securities (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unvested restricted stock units (including PSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0.2	0.8	0.1
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0.0	0.4	0.0

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

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

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

ended:


	Year ended December 31,
	2025	2024	2023

	(in millions, except per share amounts)
Net income (loss)	$3,953.2	$(535.6)	$3,619.6

Basic weighted-average common shares outstanding	255.7	257.9	257.7
Effect of potentially dilutive securities:
Restricted stock units (including PSUs)	1.4	—	1.6
Stock options	0.9	—	1.2
Diluted weighted-average common shares outstanding	258.0	257.9	260.5

Basic net income (loss) per common share	$15.46	$(2.08)	$14.05
Diluted net income (loss) per common share	$15.32	$(2.08)	$13.89

Schedule of Potential Gross Common Equivalent Shares

During the three years ended December 31, 2025, the number of anti-dilutive securities that were excluded from the

computation of our diluted net income (loss) per common share were as follows:


	Year ended December 31,
	2025	2024	2023
	(in millions)
Unvested restricted stock units (including PSUs)	0.2	0.8	0.1
Stock options	—	0.4	—

Fair Value Measurements

12 Months Ended

Dec. 31, 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 December 31, 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	$2,779.1	$1,770.7	$1,008.4	$—	$1,687.1	$613.3	$1,073.8	$—
Marketable securities:
Corporate equity securities	16.6	16.6	—	—	36.6	36.6	—	—
U.S. Treasury securities	1,864.9	1,864.9	—	—	1,602.0	1,566.8	35.2	—
U.S. government agency securities	262.4	—	262.4	—	240.5	—	240.5	—
Asset-backed securities	1,357.0	—	1,357.0	—	1,244.2	—	1,244.2	—
Certificates of deposit	26.2	—	26.2	—	—	—	—	—
Corporate debt securities	3,693.9	—	3,693.9	—	3,525.9	—	3,525.9	—
Commercial paper	14.6	—	14.6	—	5.0	—	5.0	—
Prepaid expenses and other current assets:
Foreign currency forward contracts	6.2	—	6.2	—	130.1	—	130.1	—
Other assets:
Foreign currency forward contracts	12.7	—	12.7	—	12.4	—	12.4	—
Total financial assets	$10,033.6	$3,652.2	$6,381.4	$—	$8,483.8	$2,216.7	$6,267.1	$—

Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$(79.4)	$—	$(79.4)	$—	$—	$—	$—	$—
Other long-term liabilities:
Foreign currency forward contracts	(51.0)	—	(51.0)	—	—	—	—	—
Contingent consideration	(79.0)	—	—	(79.0)	(76.9)	—	—	(76.9)
Total financial liabilities	$(209.4)	$—	$(130.4)	$(79.0)	$(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 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.

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

4.1% and 4.5% as of December 31, 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:


	Year Ended December 31, 2025
	(in millions)
Balance at December 31, 2024	$76.9
Increase in fair value of contingent payments	2.1
Balance at December 31, 2025	$79.0

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Intangible Assets

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


		As of December 31, 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	(42.1)	195.9	238.0	(21.9)	216.1
Finite-lived intangible assets - assembled workforce	3 years	7.7	(4.0)	3.7	7.7	(1.5)	$6.2
Total other intangible assets, net		$470.3	$(46.1)	$424.2	$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

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

December 31, 2025, our remaining indefinite-lived in-process research and development assets were associated with our T1D

program.

In 2023, we recorded a total of $238.0 million of finite-lived intangible assets following the regulatory approval of

CASGEVY in several markets, which we are amortizing on a straight-line basis over the longer of the last underlying patents

to expire or the period that we have exclusive rights to market CASGEVY. We recorded intangible asset amortization

expense of $20.2 million, $20.2 million and $1.7 million to “Cost of sales” related to these assets in in 2025, 2024 and 2023,

respectively.

As of December 31, 2025, the estimated future amortization of our finite-lived intangible assets was as follows:


Year		Estimated Amortization Expense
		(in millions)
2026		$22.7
2027		$21.3
2028		$20.2
2029		$20.2
2030		$20.2

Goodwill

As of December 31, 2025 and 2024, we had goodwill of $1.1 billion on our consolidated balance sheets.

Fair Value Measurements - Additional Information (Details) - Level 3 $ in Millions	Dec. 31, 2025	Dec. 31, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining milestone payment		$ 678.3
Discount Rate \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, measurement input (percent)	0.041
Discount Rate \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, measurement input (percent)	0.045

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of the period	$ 706.2	$ 615.9	$ 459.6
Increases related to current period tax positions	119.5	119.2	116.0
Increases related to prior period tax positions	5.2	4.6	62.5
Decreases related to prior period tax positions	(5.7)	(1.9)	(14.4)
Statute of limitations expiration	(10.7)	(16.6)	(8.1)
Settlement with tax authorities	(6.3)	(14.5)	0.0
Changes in foreign exchange rates	43.9		0.3
Changes in foreign exchange rates		(0.5)
Balance at end of period	$ 852.1	$ 706.2	$ 615.9

Goodwill and Other Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
Intangible assets, gross (excluding goodwill)	$ 470.3	$ 849.3
Accumulated Amortization	(46.1)	(23.4)
Intangible assets, net (excluding goodwill), total	424.2	825.9
Marketed Products
Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	238.0	238.0	$ 238.0
Accumulated Amortization	(42.1)	(21.9)
Finite-lived intangible assets, net, total	$ 195.9	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	(4.0)	(1.5)
Finite-lived intangible assets, net, total	$ 3.7	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 (excluding goodwill)	$ 224.6	$ 603.6

Leases - Schedule of Weighted-Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2025	Dec. 31, 2024
Weighted-average remaining lease term (in years)
Operating leases	15 years 2 months 1 day	15 years 6 months 29 days
Finance leases	21 years 11 months 8 days	22 years 2 months 1 day
Weighted-average discount rate
Operating leases	4.75%	4.61%
Finance leases	4.51%	4.58%

Segment Information - Schedule of Significant Customers (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Product Concentration Risk \| Percentage of Total Gross Product Revenues \| McKesson Corporation
Concentration Risk [Line Items]
Concentration risk percentage	22.00%	26.00%	26.00%
Product Concentration Risk \| Percentage of Total Gross Product Revenues \| Accredo Health Group, Inc.
Concentration Risk [Line Items]
Concentration risk percentage	12.00%	11.00%	11.00%
Product Concentration Risk \| Percentage of Total Gross Product Revenues \| Lloyds Pharmacy
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%
Credit Concentration Risk \| Percentage of Accounts Receivable \| McKesson Corporation
Concentration Risk [Line Items]
Concentration risk percentage	19.00%	17.00%
Credit Concentration Risk \| Percentage of Accounts Receivable \| Accredo Health Group, Inc.
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	10.00%
Credit Concentration Risk \| Percentage of Accounts Receivable \| Lloyds Pharmacy
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	13.00%

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Cost

The components of lease cost recorded in our consolidated statements of income (loss) were as follows:


	Year ended December 31,
	2025	2024	2023
	(in millions)
Operating lease cost	$194.7	$103.9	$47.8
Finance lease cost
Amortization of leased assets	7.2	30.9	42.7
Interest on lease liabilities	5.7	25.2	38.8
Variable lease cost	50.1	43.6	44.6
Sublease income	(0.2)	(1.6)	(2.7)
Net lease cost	$257.5	$202.0	$171.2

Schedule of Components of Lease in Balance Sheets

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


	As of December 31,
	2025	2024
	(in millions)
Operating leases
Operating lease assets	$1,562.7	$1,356.8
Total operating lease assets	$1,562.7	$1,356.8

Other current liabilities	$77.3	$87.1
Long-term operating lease liabilities	1,846.5	1,544.4
Total operating lease liabilities	$1,923.8	$1,631.5

Finance leases
Property and equipment, net	$81.5	$57.9
Total finance lease assets	$81.5	$57.9

Other current liabilities	$5.5	$5.2
Other long-term liabilities	106.7	112.8
Total finance lease liabilities	$112.2	$118.0

Schedule of Finance Lease, Liability, Maturity

Maturities of our finance and operating lease liabilities as of December 31, 2025 were as follows:


Year	Operating Leases	Finance Leases	Total
	(in millions)
2026	$155.2	$10.5	$165.7
2027	196.9	11.8	208.7
2028	193.3	12.2	205.5
2029	139.9	12.5	152.4
2030	197.8	12.8	210.6
Thereafter	2,316.4	118.3	2,434.7
Total lease payments	3,199.5	178.1	3,377.6
Less: tenant allowance	(220.8)	—	(220.8)
Less: amount representing interest	(1,054.9)	(65.9)	(1,120.8)
Present value of lease liabilities	$1,923.8	$112.2	$2,036.0

Schedule of Operating Lease, Liability, Maturity

Maturities of our finance and operating lease liabilities as of December 31, 2025 were as follows:


Year	Operating Leases	Finance Leases	Total
	(in millions)
2026	$155.2	$10.5	$165.7
2027	196.9	11.8	208.7
2028	193.3	12.2	205.5
2029	139.9	12.5	152.4
2030	197.8	12.8	210.6
Thereafter	2,316.4	118.3	2,434.7
Total lease payments	3,199.5	178.1	3,377.6
Less: tenant allowance	(220.8)	—	(220.8)
Less: amount representing interest	(1,054.9)	(65.9)	(1,120.8)
Present value of lease liabilities	$1,923.8	$112.2	$2,036.0

Schedule of Weighted-Average Remaining Lease Terms and Discount Rates

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


	As of December 31,
	2025	2024
Weighted-average remaining lease term (in years)
Operating leases	15.17	15.58
Finance leases	21.94	22.17

Weighted-average discount rate
Operating leases	4.75%	4.61%
Finance leases	4.51%	4.58%

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information related to our leases was as follows:


	Year ended December 31,
	2025	2024	2023
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$183.2	$113.5	$62.8
Operating cash flows from finance leases	$5.6	$25.7	$38.4
Financing cash flows from finance leases	$5.4	$33.6	$44.9

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$311.0	$1,120.9	$2.4

Segment Information - Schedule of Property and Equipment, Net by Location (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 3,083.0	$ 2,584.6
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	2,888.4	2,392.4
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	167.6	176.6
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	27.0	15.6
Total long-lived assets outside of the United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 194.6	$ 192.2

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to maintain the security, confidentiality, integrity, and availability of our business systems and confidential information, including personal information and intellectual property. Our cybersecurity program includes systems and processes for assessing, identifying and managing material risks from cybersecurity threats and include maintenance and monitoring of information security policies aligned with global regulatory controls and aligned with National Institute of Standards and Technology Cybersecurity Framework and System and Organization Controls 2. The program includes user and employee awareness of cyber policies and practices; information systems configuration management; third-party risk management systems; identity and information asset protection; infrastructure security systems; and cyber threat operations with continuous monitoring and threat hunting. This program also includes processes to oversee and identify material risks from cybersecurity threats associated with our use of third-party service providers. We engage a range of third-party experts in connection with various development, implementation, and maintenance activities related to our cybersecurity program, including audit and compliance, threat hunting, monitoring, and end-user support. Our cybersecurity program is integrated into our overall risk management systems, including our annual enterprise risk management program, internal audit program, business continuity and crisis management programs, third-party risk management program, insurance risk management program, and employee compliance programs. As part of our overall risk management program, we maintain a global insurance portfolio with comprehensive cyber coverage. Our Chief Information Security Officer (“CISO”) and the Information Security function advises, consults with, or provides input to each of these programs to ensure that material risks from cybersecurity threats are appropriately assessed, identified, and managed. As of the date of this report, there have been no cybersecurity threats that have materially affected or are reasonably likely to materially affect our business, operations, or financial condition. Similar to other companies, we have experienced cybersecurity incidents, including temporary service interruptions of third-party suppliers. As of the date of this report, however, known cybersecurity incidents, individually or in aggregate, have not had a material impact on our company. Over the last three years, net expenses incurred from any information security breaches, including any penalties and settlements, are not material relative to our total revenue. For additional discussion on cybersecurity risks we face, see Item 1.A, Risk Factors – “A breakdown or breach of our information technology systems, or unauthorized access to confidential information could adversely affect our business.” of this Annual Report on Form 10-K
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity program includes systems and processes for assessing, identifying and managing material risks from cybersecurity threats and include maintenance and monitoring of information security policies aligned with global regulatory controls and aligned with National Institute of Standards and Technology Cybersecurity Framework and System and Organization Controls 2. The program includes user and employee awareness of cyber policies and practices; information systems configuration management; third-party risk management systems; identity and information asset protection; infrastructure security systems; and cyber threat operations with continuous monitoring and threat hunting.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	While our board of directors has oversight responsibility for risk management generally, the Audit and Finance Committee (“Audit Committee”) is specifically responsible for overseeing our cybersecurity risk management program to ensure that cybersecurity risks are identified, assessed, managed, and monitored.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	While our board of directors has oversight responsibility for risk management generally, the Audit and Finance Committee (“Audit Committee”) is specifically responsible for overseeing our cybersecurity risk management program to ensure that cybersecurity risks are identified, assessed, managed, and monitored.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO provides quarterly updates to the Audit Committee in this regard, and covers the state of our cybersecurity program, supported by key performance indicators across the range of cybersecurity functions related to risk management and governance, identity and information asset protection, core security and endpoint security, and cyber threat operations.
Cybersecurity Risk Role of Management [Text Block]	At the same time, primary responsibility for assessing, monitoring, and managing our cybersecurity risks lies with our CISO. Our CISO has more than 35 years of experience in security and information systems and spent 25 years with Raytheon Technologies, most recently as Chief Technology Officer of Cybersecurity, Special Missions, Training & Services. Our CISO supported the U.S. President's National Security Telecommunications Advisory Committee for more than 20 years, is a member of the Massachusetts Cybersecurity Strategy Council, and previously served as Chair of the Kogod Cybersecurity Governance Center at American University. He also served on the Rhode Island Homeland Security Advisory Board and was a member of various commercial cyber product councils. Our CISO oversees a team of skilled cybersecurity professionals who have Certified Information Systems Security Professional credentials, Global Information Assurance Certification from the SANS Institute, and other security and network certifications. The cybersecurity team monitors and evaluates our cybersecurity posture and performance on an ongoing basis, including through regular vulnerability scans, penetration tests, and threat intelligence feeds. The cybersecurity team uses various tools and methodologies to manage cybersecurity risk that are tested on a regular cadence, and assesses and evaluates cybersecurity incidents, escalating certain cybersecurity incidents to the CISO according to protocol. The CISO is continually informed regarding the performance of the cybersecurity program, as well as the latest developments in cybersecurity, including potential threats and innovative risk management techniques aligned with industry standards. The CISO reports to our Chief Digital and Information Officer, who is a Senior Vice President of the Company and reports directly to our Chief Operating and Financial Officer (“COFO”). Our COFO is an Executive Vice President and an executive officer of the Company, and reports directly to our CEO.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	CISO. Our CISO
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	At the same time, primary responsibility for assessing, monitoring, and managing our cybersecurity risks lies with our CISO. Our CISO has more than 35 years of experience in security and information systems and spent 25 years with Raytheon Technologies, most recently as Chief Technology Officer of Cybersecurity, Special Missions, Training & Services. Our CISO supported the U.S. President's National Security Telecommunications Advisory Committee for more than 20 years, is a member of the Massachusetts Cybersecurity Strategy Council, and previously served as Chair of the Kogod Cybersecurity Governance Center at American University. He also served on the Rhode Island Homeland Security Advisory Board and was a member of various commercial cyber product councils.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISO provides quarterly updates to the Audit Committee in this regard, and covers the state of our cybersecurity program, supported by key performance indicators across the range of cybersecurity functions related to risk management and governance, identity and information asset protection, core security and endpoint security, and cyber threat operations.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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 December 31, 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 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 $837.8 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 December 31, 2025 or 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 December 31, 2025 or 2024.

Common Stock, Preferred Stock and Equity Plans - Performance-based RSUs (PSUs) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential awards, percent of target shares, minimum	0.00%
Potential awards, percent of target shares, maximum	200.00%
Number of Units
Beginning of the period (in shares)	862
Granted (in shares)	481
Vested (in shares)	(584)
Cancelled (in shares)	(31)
End of the period (in shares)	728	862
Weighted-average Grant-date Fair Value
Beginning of the period (in dollars per share)	$ 346.01
Granted (in dollars per share)	450.83
Vested (in dollars per share)	288.14
Cancelled (in dollars per share)	392.20
End of the period (in dollars per share)	$ 412.52	$ 346.01
Restricted stock vested in period, total fair value	$ 276.6	$ 347.1	$ 160.4
Financial performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	1 year
Vesting period	3 years
Tranche one \| Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of awards in tranche	50.00%
Performance period	1 year
Tranche one \| Financial performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Vesting percentage	33.30%
Tranche two \| Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of awards in tranche	50.00%
Tranche two \| Financial performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.30%
Tranche three \| Financial performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.30%

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revenue from External Customer [Line Items]
Number of operating segments \| segment	1
Total product revenues, net	$ 12,001,300,000	$ 11,020,100,000	$ 9,869,200,000
CASGEVY
Revenue from External Customer [Line Items]
Total product revenues, net	115,800,000	10,000,000.0
JOURNAVX
Revenue from External Customer [Line Items]
Total product revenues, net	59,600,000	0
Other revenues
Revenue from External Customer [Line Items]
Total product revenues, net	$ 30,700,000	$ 0	$ 0

- Definition

+ References

+ Details

Income Taxes - Schedule of Components of Income and Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Components of income (loss) before provision for (benefit from) income taxes
United States	$ 2,821.2	$ (1,369.7)	$ 3,089.1
Foreign	1,822.0	1,618.2	1,290.7
Income before provision for income taxes	4,643.2	248.5	4,379.8
Current taxes:
Federal	679.1	704.9	900.4
State	35.9	118.2	46.2
Foreign	485.8	309.8	350.1
Total current taxes	1,200.8	1,132.9	1,296.7
Deferred taxes:
Federal	(527.0)	(438.7)	(569.9)
State	(22.1)	(48.7)	(21.9)
Foreign	38.3	138.6	55.3
Total deferred taxes	(510.8)	(348.8)	(536.5)
Provision for income taxes	$ 690.0	$ 784.1	$ 760.2

Leases -Schedule of Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 155.2
2027	196.9
2028	193.3
2029	139.9
2030	197.8
Thereafter	2,316.4
Total lease payments	3,199.5
Less: tenant allowance	(220.8)
Less: amount representing interest	(1,054.9)
Present value of lease liabilities	1,923.8	$ 1,631.5
Finance Leases
2026	10.5
2027	11.8
2028	12.2
2029	12.5
2030	12.8
Thereafter	118.3
Total lease payments	178.1
Less: amount representing interest	(65.9)
Finance lease liabilities	112.2	$ 118.0
Total
2026	165.7
2027	208.7
2028	205.5
2029	152.4
2030	210.6
Thereafter	2,434.7
Total lease payments	3,377.6
Less: tenant allowance	(220.8)
Less: amount representing interest	(1,120.8)
Present value of lease liabilities	$ 2,036.0

Common Stock, Preferred Stock and Equity Plans - Outstanding and Exercisable Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock Options
Outstanding at beginning of period (in shares)	1,594
Granted (in shares)	7
Exercised (in shares)	(447)
Outstanding at end of period (in shares)	1,154	1,594
Exercisable (in shares)	1,154
Weighted-average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 156.36
Granted (in dollars per share)	502.97
Exercised (in dollars per share)	125.30
Outstanding at end of period (in dollars per share)	170.54	$ 156.36
Exercisable (in dollars per share)	$ 170.54
Weighted-average Remaining Contractual Life
Outstanding (in years)	2 years 7 months 17 days
Exercisable (in years)	2 years 7 months 17 days
Aggregate Intrinsic Value
Outstanding	$ 326.7
Exercisable	$ 326.7
Market share price (in dollars per share)	$ 453.36
Total intrinsic value of stock options exercised	$ 147.8	$ 112.8	$ 128.4
Total cash received from employees as a result of employee stock option exercises	$ 55.6	$ 50.0	$ 80.8
Maximum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years

Nature of Business and Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Nature of Business and Accounting Policies

Business

Vertex Pharmaceuticals Incorporated (“Vertex,” “we,” “us” or “our”) is a global biotechnology company that invests in

scientific innovation to create transformative medicines for people with serious diseases, with a focus on specialty markets.

We have approved medicines for cystic fibrosis (“CF”), sickle cell disease (“SCD”), transfusion dependent beta thalassemia

(“TDT”), and acute pain, and we continue to serially innovate and advance next-generation clinical and research programs in

these areas. Our mid- and late-stage clinical pipeline includes programs across a range of modalities in additional serious

diseases, including IgA nephropathy (“IgAN”), APOL1-mediated kidney disease, neuropathic pain, type 1 diabetes (“T1D”),

primary membranous nephropathy (“pMN”), autosomal dominant polycystic kidney disease, and myotonic dystrophy type 1

(“DM1”).

Our marketed CF medicines are ALYFTREK (vanzacaftor/tezacaftor/deutivacaftor), which was approved by the U.S.

Food and Drug Administration (“FDA”) in December 2024, TRIKAFTA/KAFTRIO (elexacaftor/tezacaftor/ivacaftor and

ivacaftor), SYMDEKO/SYMKEVI (tezacaftor/ivacaftor and ivacaftor), ORKAMBI (lumacaftor/ivacaftor) and KALYDECO

(ivacaftor).

CASGEVY (exagamglogene autotemcel), our ex-vivo, non-viral CRISPR/Cas9-based gene-editing therapy for severe

SCD and TDT, is approved in the United States (“U.S.”) and across multiple geographies including Europe, Canada, and the

Middle East. CASGEVY was initially approved by the FDA in December 2023.

In January 2025, the FDA approved JOURNAVX (suzetrigine), our first-in-class, oral pain signal inhibitor that is highly

selective for voltage-gated sodium channel NaV1.8, for the treatment of moderate-to-severe acute pain in adults.

Basis of Presentation

The accompanying consolidated financial statements, which have been prepared in accordance with accounting

principles generally accepted in the U.S. (“U.S. GAAP”), 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.

Please refer to Note Q, “Segment Information,” for enterprise-wide disclosures regarding our revenues, major customers,

significant segment expenses, and long-lived assets by geographic area.