Vertex Pharmaceuticals

Vertex historically compounded through internal R&D with selective BD. The 2024 Alpine acquisition was a sizable swing to secure povetacicept and immunology optionality, creating a one‑time AIPR&D charge and temporary cash flow optics. Ongoing repurchases reduced diluted share count modestly.

SBC is meaningful but manageable relative to cash generation and guidance. Overall discipline remains solid, with most capital directed to high‑return R&D and manufacturing scale, and buybacks used opportunistically.