Vertex Pharmaceuticals (VRTX)财务
NASDAQ · Healthcare · Biotechnology · 员工6,400人 · CEO Reshma Kewalramani
- 股价
- $558.88 +3.50%
- 市值
- $1420亿
- 企业价值
- $1370亿
- 最近财报
- Q2 '26 2026-08-04提交
- 下次财报
- 2026-11-02 EPS预期 $4.82
营收(TTM)$126亿+10.6% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)38.6%+4.2 百分点 对比去年同期营业利润 $48.7亿
净利润(TTM)$44.1亿+21.1% 对比去年同期税后,含营业外收益
自由现金流(TTM)$38亿+8.5% 对比去年同期资本支出 $4.97亿
稀释EPS(TTM)$17.18+22.8% 对比去年同期最近4个季度之和
净现金$58.7亿+21.0% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1420亿 EV $1370亿
- 营收
- $126亿 过去12个月
- 营收增速
- +10% FY2026年一致预期
- 净利润率
- 34.9% 净利润 / 营收,TTM
- P/E
- 32.3× 预期 29.8×(FY2026)
- P/S
- 11.2× 股价 / 营收,TTM
- EV / EBITDA
- 25.0× TTM
- 自由现金流
- $38亿 过去12个月
- 净利润
- $44.1亿 过去12个月
- 营收预期
- $133亿 FY2026年一致预期
- 盈利
- 2026-11-02 营收预期 $34.2亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-03):营收超预期3.2%,EPS 符合预期营收$33.3亿,预期$32.3亿(+3.2%);EPS $4.73,预期$4.74(-0.2%)。
- 营收增长加速:同比12.5%Q2 '26营收$33.3亿,此前四个季度的平均值为10.4%。
- 营业利润率38.6%(TTM),较去年同期+4.2 百分点营收增长10.6%,营业利润增长24.2%。
- 资本支出占营收的3.9%(去年为3.0%)最近4个季度投入$4.97亿(同比+43.3%)。自由现金流$38亿,相当于净利润的86.2%。
- 股东回报$22.4亿 = 自由现金流的59.0%回购$22.4亿(去年为$15.4亿),股息$0,股权激励$6.89亿(TTM)。
- 稀释股数一年内减少1.2%Q2 '26稀释股数2.56亿,一年前为2.59亿。
- 净现金 $58.7亿现金 + 短期投资 $78.5亿,含租赁债务 $19.8亿;一年前净现金 $48.6亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $33.3亿 | $29.6亿 | +12.5% |
| 毛利率 | 85.3% | 86.3% | -0.9 百分点 |
| 营业利润 | $12.5亿 | $11.5亿 | +8.4% |
| 营业利润率 | 37.4% | 38.8% | -1.4 百分点 |
| 净利润 | $11亿 | $10.3亿 | +6.5% |
| 稀释EPS | $4.31 | $3.99 | +8.0% |
| 经营现金流 | $11.3亿 | $10.7亿 | +4.9% |
| 资本支出 | $1.12亿 | $1.46亿 | -23.0% |
| 自由现金流 | $10.1亿 | $9.27亿 | +9.3% |
| R&D | $9.94亿 | $9.78亿 | +1.6% |
| 股权激励费用 | $1.7亿 | $1.67亿 | +1.7% |
实际 vs 一致预期
2026-08-03| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $33.3亿 | $32.3亿 | +3.2% |
| EPS(一致预期口径) | $4.73 | $4.74 | -0.2% |
来自2026-08-03发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| TRIKAFTA/KAFTRIO | $25亿 | -2.1% | 77.8% | $101亿 | -3.0% | |
| Manufactured Product, Other | $1.37亿 | -41.9% | 4.3% | $6.86亿 | -42.3% | |
| ALYFTREK | $5.74亿 | +265.8% | 17.9% | $16.3亿 | – |
按地区划分的营收
占总额比例| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Non-US | $15.8亿 | – | 34.2% | $84.9亿 | – | |
| United States | $20.6亿 | +12.5% | 44.6% | $79亿 | +12.3% | |
| Europe | $9.78亿 | +7.3% | 21.2% | $36.5亿 | +6.8% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $42.9亿
- 资本支出
- -$4.97亿
- 股票回购
- -$22.4亿
- 股息
- $0
- 收购
- $0
- 债务净发行
- -$280万
- 股权激励费用
- $6.89亿
- 自由现金流
- $38亿
- 股东回报 / FCF
- 59.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 32.3× | 26.2× 5年中的4年 | 22.3× – 29.3× |
| EV / EBITDA | 25.0× | 56.7× | 14.5× – 207.4× |
| EV / 营收 | 10.9× | 8.4× | 6.7× – 9.7× |
| 股价 / FCF | 37.3× | 27.7× 5年中的4年 | 18.8× – 36.3× |
| 股价 / 净资产 | 7.0× | 5.9× | 5.3× – 6.3× |
| FCF收益率 | 2.7% | 2.9% | -0.8% – 5.3% |
| 投入资本回报率 | 17.3% | 16.0% | 2.6% – 21.8% |
| 净资产收益率 | 23.3% | 17.1% | -3.3% – 23.9% |
分析师
一致目标价 $573.50 (+2.6%)
区间 $350.00 – $665.00 · 评级 Buy
强烈买入0
买入47
持有8
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $133亿 | +9.8% | $18.73 | +22.3% | 29.8× | 11 |
| FY2027 | $147亿 | +10.6% | $21.08 | +12.5% | 26.5× | 13 |
| FY2028 | $165亿 | +12.3% | $25.16 | +19.3% | 22.2× | 7 |
| FY2029 | $186亿 | +12.7% | $29.90 | +18.8% | 18.7× | 2 |
| FY2030 | $205亿 | +10.7% | $34.11 | +14.1% | 16.4× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Vertex Pharmaceuticals Incorporated在近期10-Q / 10-K文件中标记的全部271项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $4.3亿 | $4.42亿 | -2.9% | $4.62亿 | $4.13亿 | +11.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $21.3亿 | $18.9亿 | +12.7% | $20.5亿 | $16.1亿 | +27.6% |
| Accrued Liabilities, Current | $31.8亿 | $32.7亿 | -2.8% | $29.7亿 | $27.9亿 | +6.5% |
| Accrued Royalties, Current | $2.77亿2025-12-31 | $2.71亿 | +2.1% | $2.77亿 | $2.71亿 | +2.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $4850万 | -$1.01亿 | +148.0% | -$1590万 | $1.28亿 | -112.4% |
| Additional Paid in Capital, Common Stock | $45.1亿 | $59.9亿 | -24.8% | $51.2亿 | $66.7亿 | -23.3% |
| Advertising Expense | – | – | – | $2.03亿 | $8570万 | +136.6% |
| Amortization of Intangible Assets | – | – | – | $2020万 | $2020万 | 0.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1.74亿 | $1.71亿 | +1.6% | $7亿 | $7.09亿 | -1.2% |
| Assets | $274亿 | $240亿 | +14.1% | $256亿 | $225亿 | +13.8% |
| Assets, Current | $125亿 | $104亿 | +20.3% | $112亿 | $96亿 | +16.7% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $40万 | $90万 | -55.6% | $210万 | -$50万 | +520.0% |
| Business Combination, Contingent Consideration, Liability | $7960万 | $8000万 | -0.5% | $7900万 | $7690万 | +2.7% |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $7900万2025-12-31 | $7690万 | +2.7% | $7900万 | $7690万 | +2.7% |
| Capitalized Computer Software, Amortization | – | – | – | $3120万 | $2520万 | +23.8% |
| Capitalized Computer Software, Gross | $6660万2025-12-31 | $6260万 | +6.4% | $6660万 | $6260万 | +6.4% |
| Cash and Cash Equivalents, at Carrying Value | $61.4亿 | $49.7亿 | +23.6% | $50.8亿 | $45.7亿 | +11.3% |
| Cash Flow Hedge Derivative Instrument Assets at Fair Value | $620万2025-12-31 | $1.3亿 | -95.2% | $620万 | $1.3亿 | -95.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $61.5亿 | $49.8亿 | +23.5% | $50.9亿 | $45.7亿 | +11.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $6.49亿 | $2.97亿 | +118.9% | $5.16亿 | -$58亿 | +108.9% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 5亿 | 5亿 | 0.0% | 5亿 | 5亿 | 0.0% |
| Common Stock, Shares, Issued | 2.53亿 | 2.56亿 | -1.1% | 2.54亿 | 2.57亿 | -1.1% |
| Common Stock, Shares, Outstanding | 2.53亿 | 2.56亿 | -1.1% | 2.54亿 | 2.57亿 | -1.1% |
| Common Stock, Value, Issued | $250万 | $260万 | -3.8% | $250万 | $260万 | -3.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $11.2亿 | $8.64亿 | +30.1% | $38.1亿 | -$3.94亿 | +1,068.1% |
| Contract with Customer, Liability | $1.57亿 | $1.47亿 | +6.9% | $1.72亿 | $2.07亿 | -16.9% |
| Contract with Customer, Liability, Revenue Recognized | – | – | – | $2.07亿 | $1.7亿 | +21.4% |
| Cost of Goods and Services Sold | $4.89亿 | $4.08亿 | +20.0% | $16.5亿 | $15.3亿 | +7.9% |
| Costs and Expenses | $20.9亿 | $18.1亿 | +15.1% | $78.3亿 | $113亿 | -30.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $6.79亿 | $7.05亿 | -3.7% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4.86亿 | $3.1亿 | +56.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $12亿 | $11.3亿 | +6.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $3590万 | $1.18亿 | -69.6% |
| Debt Securities, Available-for-sale | $74.9亿 | – | – | $88.8亿2023-12-31 | $56.4亿 | +57.5% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $750万 | – | – | – | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $2620万 | $120万 | +2,083.3% | $60万 | $1060万 | -94.3% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Amortized Cost | $75亿 | – | – | – | – | – |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $10万2026-03-31 | $10万 | 0.0% | $10万 | $10万 | 0.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $840万2026-03-31 | $760万 | +10.5% | $970万 | $1910万 | -49.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $9960万 | – | – | $220万2023-12-31 | $0 | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $56.9亿 | – | – | $25亿2023-12-31 | $1.12亿 | +2,124.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $17亿 | – | – | $63.9亿2023-12-31 | $55.3亿 | +15.5% |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $48亿 | $8.16亿 | +488.2% | $6.32亿 | $22亿 | -71.3% |
| Deferred Costs | $3.18亿2025-12-31 | $2.79亿 | +14.0% | $3.18亿 | $2.79亿 | +14.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$5.27亿 | -$4.39亿 | -20.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $3830万 | $1.39亿 | -72.4% |
| Deferred Income Tax Assets, Net | $30.1亿 | $27.1亿 | +11.0% | $29亿 | $23.3亿 | +24.3% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$5.11亿 | -$3.49亿 | -46.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$2210万 | -$4870万 | +54.6% |
| Deferred Tax Assets, Gross | $37.2亿2025-12-31 | $31.6亿 | +17.8% | $37.2亿 | $31.6亿 | +17.8% |
| Deferred Tax Assets, in Process Research and Development | $19.2亿2025-12-31 | $14亿 | +36.8% | $19.2亿 | $14亿 | +36.8% |
| Deferred Tax Assets, Net | $29亿2025-12-31 | $23.3亿 | +24.3% | $29亿 | $23.3亿 | +24.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $34亿2025-12-31 | $28.9亿 | +17.6% | $34亿 | $28.9亿 | +17.6% |
| Deferred Tax Assets, Other | $2.34亿2025-12-31 | $1.92亿 | +21.6% | $2.34亿 | $1.92亿 | +21.6% |
| Deferred Tax Assets, Tax Credit Carryforwards | $3.56亿2025-12-31 | $2.98亿 | +19.3% | $3.56亿 | $2.98亿 | +19.3% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $1.72亿2025-12-31 | $1.64亿 | +4.6% | $1.72亿 | $1.64亿 | +4.6% |
| Deferred Tax Assets, Valuation Allowance | $3.26亿2025-12-31 | $2.73亿 | +19.5% | $3.26亿 | $2.73亿 | +19.5% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
数据截至 2026-11-01