VRTX Stock — Vertex Pharmaceuticals Incorporated: Cash, EV, Pipeline

What they do

We are 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.

Source: 10-K FY2025 via SEC EDGAR

Share price

$547.09

Market cap

$138,707.9M

Cash

$9,821.2M

Enterprise value

$133,383.3M

Balance sheet

Cash	$9,821.2M
Debt	$4,496.6M
Net cash	$5,324.6M
Enterprise value	$133,383.3M
Basic shares	253.5M shares
Fully diluted shares	258.8M shares
Fully diluted market cap	$141,580.8M
Cash per share	$38.74
Quarterly burn	+$1,125.4M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

253.5M

Pre-funded warrants

0.0M

Options

1.2M

RSUs

3.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

—

ESPP reserve

0.9M

FDSO

258.8M

Cap table as of 2025-12-31.

Price history

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Next catalyst

povetacicept · Nov 30, 2026 · guided in 23d

Recently reported

inaxaplin Phase 2 Positive · 2026-09-21

AMPLIFIED

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDNov 30, 2026 in 23d	povetacicept BLA for povetacicept in IgA nephropathy: PDUFA target action date	Not disclosed	povetacicept	2026-11-30
Dec 8, 2026 - Jan 19, 2027 in 4 wks	VX-581	Phase 1	Cystic Fibrosis	—
Dec 31, 2026 - Feb 11, 2027 in 8 wks	VX-581	Phase 1	Cystic Fibrosis	—
GUIDEDEst. Mar 1, 2027 in 8 wks guidance midpoint	inaxaplin Phase 2/3 AMPLITUDE trial of inaxaplin in APOL1-mediated kidney disease: pre-planned interim analysis	Phase 2/3	APOL1-mediated kidney disease: pre-planned	early 2027
Mar 8 - Apr 19 in 4 mo	Suzetrigine	Phase 3	Diabetic Peripheral Neuropathic Pain	—
Mar 16 - Apr 27 in 4 mo	VX-670	Phase 2	Myotonic Dystrophy Type 1 (DM1)	—
Apr 16 - May 28 in 5 mo	VX-433	Phase 1	Narcolepsy Type 1 (NT1)	—
Apr 22 - Jun 3 in 6 mo	VX-407	Phase 1	Autosomal Dominant Polycystic Kidney Disease (ADPKD)	—
Apr 23 - Jun 4 in 6 mo	VX-264	Phase 2	Type 1 Diabetes	—
May 4 - Jun 15 in 6 mo	VX-272	Phase 1	Cystic Fibrosis	—
May 6 - Jun 17 in 6 mo	VX-993	Phase 2	Diabetic Peripheral Neuropathic Pain	—
May 18 - Jun 29 in 6 mo	IVA	Phase 3	Cystic Fibrosis	—
May 18 - Jun 29 in 6 mo	Suzetrigine	Phase 3	Diabetic Peripheral Neuropathic Pain	—
Jul 12 - Aug 23 in 8 mo	Suzetrigine	Phase 3	Diabetic Peripheral Neuropathic Pain	—
Jul 18 - Aug 29 in 8 mo	CTX001	Phase 3	Sickle Cell Disease; Hydroxyurea Failure; Hydroxyurea Intolerance	—
Jul 21 - Sep 1 in 9 mo	CTX001	Phase 3	Beta-Thalassemia; Thalassemia; Hematologic Diseases	—
Sep 2 - Oct 14 in 10 mo	VX-407	Phase 2	Autosomal Dominant Polycystic Kidney Disease (ADPKD)	—
Nov 11 - Dec 23 in 12 mo	IVA	Phase 3	Cystic Fibrosis	—
Dec 26, 2027 - Feb 6, 2028 in 14 mo	CTX001	Phase 3	Beta-Thalassemia; Thalassemia; Genetic Diseases, Inborn	—
Feb 11 - Mar 24 in 15 mo	VX-880	Phase 3	Diabetes Mellitus, Type 1; Impaired Hypoglycemic Awareness; Severe Hypoglycemia	—
Jul 14 - Aug 25 in 20 mo	VX-147	Phase 3	Proteinuric Kidney Disease	—
Feb 9 - Mar 23 in 28 mo	Povetacicept	Phase 3	Primary Membranous Nephropathy	—
Mar 13 - Apr 24 in 29 mo	VX-670	Phase 2	Myotonic Dystrophy Type 1 (DM1)	—
Apr 13 - May 25 in 30 mo	Povetacicept	Phase 2	Myasthenia Gravis, Generalized	—
Feb 8 - Mar 22 in 40 mo	Povetacicept	Phase 3	Immunoglobulin A Nephropathy	—
Nov 11 - Dec 23 in 158 mo	CTX001	Phase 3	Beta-Thalassemia; Thalassemia; Sickle Cell Disease	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

CFTR modulator portfolio

Approved · Active Modality: small molecule CFTR modulators

Target CFTR

Indications

cystic fibrosis (Approved)

Status note Approved CF franchise (incl. ALYFTREK and TRIKAFTA/KAFTRIO); Phase 3 TRIKAFTA/KAFTRIO in children 1-2 years completed. Developing next-generation modulators, mRNA and gene-editing approaches for CF.

Suzetrigine

Approved · Active Modality: small molecule (selective non-opioid NaV1.8 pain signal inhibitor)

Aliases suzetrigine, JOURNAVX

Target NaV1.8

Indications

moderate-to-severe acute pain (Approved)
diabetic peripheral neuropathy (peripheral neuropathic pain) (Phase 3)

Catalysts

— end of 2026

Status note First-generation NaV1.8 inhibitor. Commercialized as JOURNAVX ($49.6M product revenue Q2 2026; ~260M individuals with reimbursed access). Phase 3 acute pain completed August 2025; two Phase 3 trials in DPN enrolling (FDA Breakthrough Therapy Designation). Health Canada NDS accepted Q2 2026 for acute pain.

VX-522

Phase 1 · Active Modality: mRNA therapeutic (nebulized)

Target CFTR

Partnerships Moderna: collaboration on mRNA therapeutic for CF

Indications

cystic fibrosis lung disease (Phase 1)

Catalysts

— second half of 2026

Status note Nebulized mRNA designed to enable lung cells to produce functional CFTR protein, for people not benefiting from modulators; Phase 1/2 multiple-ascending-dose portion ongoing.

CASGEVY

Approved · Active Modality: gene-editing (CRISPR/Cas9) cell therapy

Target BCL11A

Partnerships CRISPR Therapeutics: development/commercialization collaboration

Indications

sickle cell disease (Approved)
transfusion-dependent beta thalassemia (Approved)

Catalysts

— first half of 2026

Status note Approved in US and other markets for SCD and TDT; Commissioner’s National Priority Voucher received in US for younger age group; global submissions for that age group expected H1 2026.

Inaxaplin

Phase 2/3 · Active Modality: small molecule

Target APOL1

Indications

APOL1-mediated kidney disease (AMKD) (Phase 3)

Catalysts

— late 2026 or early 2027

Status note Small-molecule APOL1 inhibitor; single adaptive Phase 2/3 (AMPLITUDE) in people with AMKD; full enrollment expected H2 2026; interim analysis for potential US accelerated approval after interim cohort reaches 48 weeks.

Povetacicept

Phase 3 · Active Modality: protein therapeutic (dual inhibitor)

Target BAFF and APRIL

Partnerships Alpine Immune Sciences (acquired): origin of program

Indications

IgA nephropathy (IgAN) (Phase 3)
primary membranous nephropathy (pMN, OLYMPUS trial) (Phase 3)
generalized myasthenia gravis (gMG) (Stage not disclosed)

Catalysts

— first half of 2026

Status note Dual BAFF/APRIL pathway inhibitor. Accelerated approval submission for IgAN in US expected H1 2026 (Saudi Arabia submission completed; Saudi Breakthrough Designation granted). OLYMPUS Phase 2/3 in pMN: Phase 3 portion underway. Also in development for gMG.

Zimislecel

Phase 2 · Active Modality: cell therapy (stem cell-derived islet cells, allogeneic)

Indications

type 1 diabetes (Phase 2)

Catalysts

— 2026

Status note Allogeneic, stem cell-derived, fully differentiated insulin-producing islet cell replacement therapy (with standard immunosuppression); Phase 1/2/3 trial enrolling and dosing. VX-017 (next-gen islet cell therapy, IND cleared, Phase 1/2 planned) is a distinct earlier candidate but undescribed in detail in these excerpts.

VX-670

Phase 1 · Active Modality: oligonucleotide (cyclic peptide conjugate)

Partnerships Entrada: collaboration for intracellular DM1 therapeutic

Indications

myotonic dystrophy type 1 (DM1) (Phase 1)

Catalysts

— mid-2026

Status note Oligonucleotide connected to a cyclic peptide for cell delivery; GALILEO Phase 1/2 enrolling and dosing. Additional small-molecule DM1 program in preclinical development.

VX-264

Phase 1 · Terminated

Indications

type 1 diabetes (VX-264 program) (Phase 1)

Status note March 2025: based on Phase 1/2 results, Vertex concluded VX-264 will not advance further in clinical development; intangible asset impairment recorded. VX-993 also not advanced as monotherapy in acute pain (suzetrigine chosen instead) — no distinct active row.

Per-asset detail extracted from the 10-Q filed 2026-08-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Suzetrigine
Lead indication	Pain
Lead phase	Phase 4
Active trials	31
Collaborator trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06832410	Phase 3	Recruiting	Sponsor	VRTX	—	Type 1 Diabetes; Kidney Transplant	—
NCT05444257	Phase 3	Active, not recruiting	Sponsor	VRTX	—	Cystic Fibrosis	—
NCT06696443	Phase 3	Active, not recruiting	Sponsor	VRTX	—	Diabetic Peripheral Neuropathic Pain	—
NCT05331183	Phase 3	Active, not recruiting	Sponsor	VRTX	—	Cystic Fibrosis	—
NCT07231419	Phase 3	Recruiting	Sponsor	VRTX	—	Diabetic Peripheral Neuropathic Pain	—
NCT06628908	Phase 3	Recruiting	Sponsor	VRTX	—	Diabetic Peripheral Neuropathic Pain	—
NCT05329649	Phase 3	Active, not recruiting	Sponsor	VRTX	—	Sickle Cell Disease; Hydroxyurea Failure; Hydroxyurea Intolerance	—
NCT05477563	Phase 3	Recruiting	Sponsor	VRTX	—	Beta-Thalassemia; Thalassemia; Hematologic Diseases	—
NCT06460506	Phase 3	Active, not recruiting	Sponsor	VRTX	—	Cystic Fibrosis	—
NCT05356195	Phase 3	Active, not recruiting	Sponsor	VRTX	—	Beta-Thalassemia; Thalassemia; Genetic Diseases, Inborn	—
NCT04786262	Phase 3	Recruiting	Sponsor	VRTX	—	Diabetes Mellitus, Type 1; Impaired Hypoglycemic Awareness; Severe Hypoglycemia	—
NCT05312879	Phase 3	Recruiting	Sponsor	VRTX	—	Proteinuric Kidney Disease	—

Sponsor-matched active trials from ClinicalTrials.gov (31 as sponsor, 5 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 36 active trials for Vertex Pharmaceuticals Incorporated on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
ADAR1 Capital Management	0	-15,075	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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VRTX — Vertex Pharmaceuticals Incorporated ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

VRTX — Vertex Pharmaceuticals Incorporated