Vertex Pharmaceuticals

Balance sheet strength is outstanding. Cash, cash equivalents and marketable securities were approximately 11.4 billion dollars at March 31, 2025 and 11.2 billion dollars at year‑end 2024, with no material debt drawn.

Despite a reported 2024 operating cash outflow driven by the Alpine AIPR&D cash classification, underlying cash generation remains robust.

For the six months ended June 30, 2025, operating cash flow was 1.892 billion dollars and property and equipment purchases were 186 million dollars; combined with positive Q3 and Q4 2024 operating cash flow, we estimate TTM FCF at roughly 3.5 billion dollars. Liquidity comfortably covers R&D, capex, and launches under adverse scenarios.