VRTX · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
VERTEX PHARMACEUTICALS INC / MA · 2026-08-04 · Importance 59 · Surprise 40 · No source text
Cash, cash equivalents, and marketable securities increased 11% to $13,641.5 million as of June 30, 2026, from $12,320.4 million at December 31, 2025. Working capital increased 17% to $8,605.8 million, supported by continued CF therapy performance. First-half operating cash flow increased to $2,553.5 million from $1,892.0 million, primarily due to higher product revenues, income-tax payment timing, and reduced inventory purchases. Vertex entered into a $4.5 billion term loan and a $500.0 million revolver in July 2026 to support the Crinetics acquisition; the revolver may be expanded to $1.0 billion subject to conditions.
Key facts
- Company expects cash, cash equivalents and current marketable securities together with operating profitability will be sufficient to fund operations for at least the next twelve months source
- If amounts are borrowed under the 2026 Term Loan, required to repay a portion of any outstanding principal on each of the first three anniversaries including $1.0 billion on the first anniversary source
- Total cash, cash equivalents and marketable securities as of June 30, 2026: $13.6 billion, as compared to $12.3 billion as of December 31, 2025 source
- Net cash provided by operating activities in the first half of 2026: $2,553.5 million, compared to $1,892.0 million in the first half of 2025 source
- As of June 30, 2026, cash and cash equivalents: $6,143.5 million; marketable securities: $1,708.9 million; long-term marketable securities: $5,789.1 million; total cash, cash equivalents and marketable securities: $13,641.5 million source
- Total working capital as of June 30, 2026: $8.6 billion, an increase of $1.3 billion or 17% compared to December 31, 2025 source
- Other income (expense), net was income of $24.3 million in Q2 2026 and $13.2 million in Q2 2025; other income (expense), net was income of $24.3 million in first half 2026 and net expenses of $4.4 million in first half 2025 source
- May borrow up to $500.0 million pursuant to a revolving credit facility entered in July 2026 (the 2026 Revolver) and could request increase by an additional $500.0 million to total $1.0 billion source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +4.7% | Total cash, cash equivalents and marketable securities as of June 30, 2026: $13.6 billion, as compared to $12.3 billion as of December 31,… |
| assets | positive | realized | +4.7% | Total working capital as of June 30, 2026: $8.6 billion, an increase of $1.3 billion or 17% compared to December 31, 2025 |
| cash | positive | realized | +2.4% | Net cash provided by operating activities in the first half of 2026: $2,553.5 million, compared to $1,892.0 million in the first half of… |
| net_income | positive | realized | +0.9% | Other income (expense), net was income of $24.3 million in Q2 2026 and $13.2 million in Q2 2025; other income (expense), net was income of… |
| liability | negative | contingent | -0.6% | If amounts are borrowed under the 2026 Term Loan, required to repay a portion of any outstanding principal on each of the first three… |
| cash | negative | contingent | -0.6% | If amounts are borrowed under the 2026 Term Loan, required to repay a portion of any outstanding principal on each of the first three… |
| net_income | positive | realized | +0.3% | Other income (expense), net was income of $24.3 million in Q2 2026 and $13.2 million in Q2 2025; other income (expense), net was income of… |
| cash | positive | realized | — | As of June 30, 2026, cash and cash equivalents: $6,143.5 million; marketable securities: $1,708.9 million; long-term marketable… |