VRTX · 10-Q · 2026Q3 · Full report

Liquidity and Debt Position

VERTEX PHARMACEUTICALS INC / MA · 2026-11-03 · Importance 73 · Surprise 66 · Contradicted

Cash, cash equivalents and marketable securities totaled $9,821.2 million at September 30, 2026, down 20% from $12,320.4 million at December 31, 2025, primarily following the Crinetics acquisition and share repurchases.,Working capital decreased 9% to $6,686.0 million, reflecting $1.0 billion of short-term debt and lower cash and short-term securities, partly offset by acquired inventory.,Vertex borrowed the full $4.5 billion under its 2026 Term Loan in September; repayment is scheduled as $1.0 billion in August 2027, $1.0 billion in September 2028 and $2.5 billion in August 2029.,Operating cash flow was $3,196.6 million in the first nine months of 2026, while investing cash flow used $6,578.3 million and financing cash flow provided $3,331.4 million; Vertex said available funds and operating cash flows are expected to fund operations for at least 12 months.

Key facts

• Vertex’s cash, cash equivalents and marketable securities decreased to $9.8 billion at September 30, 2026 from $12.3 billion at December 31, 2025, primarily due to $9.0 billion net cash used to acquire Crinetics and share repurchases, partly offset by $4.5 billion borrowed under the 2026 Term Loan and operating cash flows. source
• Vertex had $9,821.2 million of cash, cash equivalents and marketable securities at September 30, 2026, down 20% from $12,320.4 million at December 31, 2025. source
• Vertex’s interest expense was $36.0 million in the third quarter and $42.3 million in the first nine months, compared with $3.3 million and $10.0 million, respectively, in the corresponding prior-year periods, due to the $4.5 billion 2026 Term Loan and debt commitment letter fees. source
• Vertex may borrow up to $500.0 million under its July 2026 revolving credit facility, with an option, subject to conditions, to increase capacity by $500.0 million to a total of $1.0 billion. source
• Vertex’s working capital was $6.7 billion at September 30, 2026, down $653.8 million, or 9%, from December 31, 2025, primarily due to $1.0 billion of short-term debt and lower cash and short-term securities after the Crinetics acquisition, partly offset by acquired inventories. source
• Vertex generated $3.2 billion of operating cash in the first nine months of 2026, compared with $3.1 billion in the corresponding 2025 period, primarily due to lower cash used for income taxes and inventory purchases, partly offset by higher cash used to satisfy product revenue accruals. source
• Vertex generated $3.3 billion of financing cash in the first nine months of 2026, primarily from $4.5 billion borrowed under the 2026 Term Loan, partly offset by common stock repurchases. source
• Vertex expects cash flows from product sales, cash, cash equivalents and current marketable securities to be sufficient to fund operations for at least the next twelve months. source

Impact estimates