VERTEX PHARMACEUTICALS INC / MA Earnings Per Share Disclosure
Year ended December 31, | |||||
2025 | 2024 | 2023 | |||
(in millions, except per share amounts) | |||||
Net income (loss) | $3,953.2 | $(535.6) | $3,619.6 | ||
Basic weighted-average common shares outstanding | 255.7 | 257.9 | 257.7 | ||
Effect of potentially dilutive securities: | |||||
Restricted stock units (including PSUs) | 1.4 | — | 1.6 | ||
Stock options | 0.9 | — | 1.2 | ||
Diluted weighted-average common shares outstanding | 258.0 | 257.9 | 260.5 | ||
Basic net income (loss) per common share | $15.46 | $(2.08) | $14.05 | ||
Diluted net income (loss) per common share | $15.32 | $(2.08) | $13.89 | ||
Year ended December 31, | |||||
2025 | 2024 | 2023 | |||
(in millions) | |||||
Unvested restricted stock units (including PSUs) | 0.2 | 0.8 | 0.1 | ||
Stock options | — | 0.4 | — | ||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 9, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 13, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 16, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.