VRTX · 10-K filed 13 Feb 2026 · year to 31 Dec 2025

Vertex Pharmaceuticals

27 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Specialty pharmacies and specialty distributors

earns from

We sell our medicines primarily to a limited number of specialty pharmacy and specialty distributors globally, as well as to certain major wholesalers in the U.S.Business (Item 1)

Suppliers

Lonza

depends on

To further expand our ability to supply clinical and potentially commercial quantities of our cell therapies, we have a strategic agreement with Lonza to support the manufacture of T1D cell therapy product candidates.Business (Item 1)

Partners and platforms

Cystic Fibrosis Foundation

tiered royalties ranging from single digits to sub-teensnamed as a risk

Pursuant to the CFF Agreement, as amended, we have agreed to pay tiered royalties ranging from single digits to sub-teens on covered compounds first synthesized and/or tested during a research term on or before February 28, 2014, including ivacaftor, lumacaftor and tezacaftor, and royalties ranging from low-single digits to mid-single digits on net sales of certain compounds first synthesized and/or tested between March 1, 2014 and August 31, 2016, including elexacaftor.Business (Item 1)

CRISPR Therapeutics AG

depends on · allocated 60% to us and 40% to CRISPR

The net profits and net losses incurred pursuant to the A&R JDCA with respect to CASGEVY are allocated 60% to us and 40% to CRISPR, subject to certain adjustments, while all other product candidates and products under the A&R JDCA have net profits and net losses shared equally between the parties.Business (Item 1)

Moderna, Inc.

depends on

In 2016, we entered into a collaboration with Moderna for the identification and development of mRNA therapeutics encoding CFTR for the treatment of CF.Business (Item 1)

Also named by MRK

Zai Lab Limited

earns from

Zai licensed povetacicept for mainland China, Hong Kong SAR, Macau SAR, Taiwan region, and Singapore, while Ono licensed povetacicept for Japan and South Korea.Business (Item 1)

Ono Pharmaceutical Co., Ltd.

earns from

Zai and Ono will help advance povetacicept clinical trials and will be responsible for obtaining marketing authorizations and commercialization activities in the licensed territories, if povetacicept becomes an approved product.Business (Item 1)

Entrada Therapeutics, Inc.

depends on

In 2022, we established a collaboration with Entrada focused on enabling efficient intracellular delivery of an oligonucleotide for DM1.Business (Item 1)

Editas Medicine, Inc.

depends on

In December 2023, we entered into an agreement with Editas Medicine, Inc. (“Editas”), providing us a non-exclusive sublicense to certain patents relating to CRISPR/Cas9 technology, owned by Broad and Harvard, which are licensed to Editas.Business (Item 1)

Other companies

Cystic fibrosis medicines (TRIKAFTA/KAFTRIO, ALYFTREK, SYMDEKO, ORKAMBI, KALYDECO)

concentrated in · Substantially all our net product revenuesnamed as a risk

Substantially all our net product revenues have been derived from the sale of our CF medicines.Risk factors (Item 1A)

ToolGen, Inc.

named as a risk

We and our CASGEVY manufacturing partners are engaged in patent litigation against ToolGen in the U.S., the U.K., and the Netherlands.Business (Item 1)

Places

China

depends onnamed as a risk

For example, we depend on China-based suppliers for portions of our supply chain.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Russia

named as a risk

For example, we have experienced a violation of our intellectual property rights in Russia, where a copy product that infringes our patents has been made available.Risk factors (Item 1A)

Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more

Boston, Massachusetts

operates in

We have established our own small molecule manufacturing capabilities in Boston, which we use for clinical trial and commercial supplies, including certain manufacturing steps related to our commercial supply of TRIKAFTA/KAFTRIO.Business (Item 1)

Also named by DOC, HAS, KVYO

Hazards

Massachusetts coast flooding

concentrated innamed as a risk

For example, our corporate headquarters, as well as additional leased space that we use for certain logistical and laboratory operations and manufacturing, are located in a flood zone along the Massachusetts coast.Risk factors (Item 1A)

Commodities and inputs

Euro

exposed to its price · $6.1 billionnamed as a risk

As a result of our foreign operations, we face significant exposure to movements in foreign currency exchange rates between the U.S. dollar and various foreign currencies, the most significant of which is the Euro.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Cas9 protein and guide RNA

depends on

We rely on third-party manufacturers to produce or process cell culture reagents and gene-editing components, such as Cas9 protein and guide RNA molecules, for clinical trials and commercial supply of CASGEVY, and to generate gene-edited cells to supply CASGEVY.Business (Item 1)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

For example, in December 2024, the FDA required us to modify the TRIKAFTA label by revising information regarding liver injury and liver failure and moving that information from the “warnings and precautions” section to a “boxed warning” section; the FDA required similar language in the ALYFTREK label.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Colorado Prescription Drug Affordability Board

subject tonamed as a risk

For example, in August 2023, the Colorado PDAB selected five drugs for an affordability review, including TRIKAFTA.Risk factors (Item 1A)

Also named by AMGN

Laws and programs

Medicaid

earns from · 21 states

In addition, 21 states provide coverage via Medicaid.Business (Item 1)

Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more

Inflation Reduction Act (IRA)

subject tonamed as a risk

Nevertheless, other elements of the IRA may have a material impact on our business, including the redesign of the Part D benefit and the Manufacturer Discount Program, which requires manufacturers to take on more of the beneficiary cost previously subsidized by the federal government through the application of increased drug discounts.Business (Item 1)

Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more

U.S. legislation restricting Chinese biotechnology companies (BIOSECURE)

subject tonamed as a risk

For example, U.S. legislation has been introduced to limit certain U.S. biotechnology companies from using equipment or services from select Chinese biotechnology companies, and others in Congress have advocated for limitations on those Chinese service providers’ ability to engage in business in the U.S.Risk factors (Item 1A)

CMS GUARD Model

subject tonamed as a risk

While there is significant uncertainty around the potential implementation of GUARD and related executive orders and rulemaking, implementation of mandatory initiatives could result in reduced pricing and reimbursement for our products.Business (Item 1)

E.U. pharmaceutical legislation reform

subject tonamed as a risk

Once approved, certain provisions of the reform could potentially have an adverse impact on our business.Business (Item 1)

340B Drug Pricing Program

subject to

Any company that participates in the Medicaid Drug Rebate Program also must participate in the 340B drug pricing program (the “340B program”), and the Federal Supply Schedule (“FSS”) pricing program.Business (Item 1)

Also named by ABBV, BAX, BIIB, BMY, CAH, COR, CVS, EXEL and 13 more

Medicaid Drug Rebate Program

subject to

Under the Medicaid Drug Rebate program, we are required to pay a rebate to each state Medicaid program for our covered outpatient drugs, which includes select inpatient drugs for which there is “direct reimbursement.”Business (Item 1)

Also named by BIIB, BMY, EXEL, HROW, PFE, REGN

Technology

KALYDECO U.S. basic product patent expiration

2028named as a risk

In some cases, however, such patents may not protect our drug from generic competition after the expiration of the basic patent.Business (Item 1)