Vertex Pharmaceuticals Incorporated stock research
FY2025 Q4
Vertex Pharmaceuticals (VRTX) Gross Margin — Quarter Ended Dec 31, 2025
Revenue increased compared to both the prior quarter and the same quarter one year earlier. Gross profit was higher than the year-ago quarter and stable relative to the prior quarter, while cost of revenue was higher than both periods, leading to a gross margin that weakened slightly from the prior quarter and was slightly lower than the year-ago quarter.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue increased compared to both the prior quarter and the same quarter one year earlier. Gross profit was higher than the year-ago quarter and stable relative to the prior quarter, while cost of revenue was higher than both periods, leading to a gross margin that weakened slightly from the prior quarter and was slightly lower than the year-ago quarter.
- The most observable margin driver was the increase in cost of revenue, which grew more than revenue, resulting in a slight compression of gross margin.
- Compared with the immediately preceding quarter, revenue was higher while gross margin was lower. Compared with the same quarter one year earlier, both revenue and gross profit were higher, but gross margin was slightly lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
85.4%
Gross profit
$2.7B
Revenue
$3.2B
Cost of revenue
$466.0M
Quarter-over-quarter change
-1.1 pts
Year-over-year change
-0.1 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2025 | $2.8B | $2.4B | $363.0M | 86.9% |
| Jun 30, 2025 | $3.0B | $2.6B | $407.5M | 86.3% |
| Sep 30, 2025 | $3.1B | $2.7B | $414.8M | 86.5% |
| Dec 31, 2025 | $3.2B | $2.7B | $466.0M | 85.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
-1.1 pts
Year-over-year change
Dec 31, 2024
-0.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable margin driver was the increase in cost of revenue, which grew more than revenue, resulting in a slight compression of gross margin.
Compared with the immediately preceding quarter, revenue was higher while gross margin was lower. Compared with the same quarter one year earlier, both revenue and gross profit were higher, but gross margin was slightly lower.
Monitor the trend in cost of revenue, especially given the filing's mention of increased inventories to support recent commercial launches.