Segment Information

Segment reporting is prepared on the same basis that our chief executive officer, who is our chief operating decision

maker (“CODM”), manages the business, makes operating decisions and assesses performance. We operate in one segment,

pharmaceuticals. We have selected net income (loss) as our reported measure of segment profit or loss because it is regularly

provided to our CODM, allows our CODM to allocate resources because it encapsulates the results of our processes that

generate revenues and expenses, and is important to the users of our financial statements. Enterprise-wide disclosures about

revenues, significant customers, significant segment expenses, and property and equipment, net by location are presented

below.

Revenues by Product

“Product revenues, net” consisted of the following:


	Year ended December 31,
	2025	2024	2023
	(in millions)
TRIKAFTA/KAFTRIO	$10,312.7	$10,238.6	$8,944.7
ALYFTREK	837.8	—	—
Other product revenues	820.1	781.5	924.5
Total product revenues, net	$11,970.6	$11,020.1	$9,869.2

In 2025, “Other product revenues” included $115.8 million from CASGEVY and $59.6 million from JOURNAVX. In

2024, “Other product revenues” included CASGEVY product revenues of $10.0 million and there were no revenues from

JOURNAVX. The remaining “Other product revenues” are related to KALYDECO, ORKAMBI, and SYMDEKO/

SYMKEVI, our other CF products.

Revenues by Geographic Location

“Product revenues, net” are allocated based on the location of the customer. “Other revenues” are allocated based on the

location of the Vertex entity associated with such revenues. Our “Total revenues” consisted of the following:


	Year ended December 31,
	2025	2024	2023
	(in millions)
United States	$7,548.6	$6,684.9	$6,040.4
Outside of the United States
Europe	3,460.3	3,453.9	3,109.0
Other	992.4	881.3	719.8
Total revenues outside of the United States	4,452.7	4,335.2	3,828.8
Total revenues	$12,001.3	$11,020.1	$9,869.2

In 2025, our “Other revenues” of $30.7 million were attributed to the U.S. We did not have any “Other revenues” in

2024 or 2023.

Significant Customers

Gross product revenues and net accounts receivable from each of our customers who individually accounted for 10% or

more of total gross product revenues and/or 10% or more of total accounts receivable consisted of the following:


	Percentage of Total Gross Product Revenues			Percentage of Accounts Receivable
	Year Ended December 31,			As of December 31,
	2025	2024	2023	2025	2024
McKesson Corporation	22%	26%	26%	19%	17%
Accredo Health Group, Inc.	12%	11%	11%	<10%	<10%
Lloyds Pharmacy	<10%	<10%	<10%	10%	13%

Significant Segment Expenses

Significant segment expenses are set forth in the following table:


	Year ended December 31,
	2025	2024	2023
	(in millions)
Total revenues	$12,001.3	$11,020.1	$9,869.2
Costs and expenses:
Cost of sales - products	601.5	516.3	349.2
Cost of sales - royalty	1,049.8	1,014.2	913.0
Research expenses	827.9	804.5	705.6
Development expenses	3,081.6	2,825.8	2,457.3
Acquired in-process research and development expenses	133.0	4,628.4	527.1
Selling and other commercial expenses	1,102.8	838.5	592.4
General and administrative expenses	650.3	625.8	544.2
Intangible asset impairment charge	379.0	—	—
Interest income	(490.9)	(598.1)	(614.7)
Other Segment items (1)	23.1	116.2	15.3
Provision for income taxes	690.0	784.1	760.2
Net income (loss)	$3,953.2	$(535.6)	$3,619.6

(1)Other segment items included in “Net income (loss)” primarily include changes in the fair value of contingent consideration,

interest expense and changes in the fair value of equity investments.

Long-lived Assets by Location

Long-lived assets by location consisted of the following:


	As of December 31,
	2025	2024
	(in millions)
United States	$2,888.4	$2,392.4
Outside of the United States
United Kingdom	167.6	176.6
Other	27.0	15.6
Total long-lived assets outside of the United States	194.6	192.2
Total long-lived assets	$3,083.0	$2,584.6

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 Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

VERTEX PHARMACEUTICALS INC / MA Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures