{"slug":"vertex-pharmaceuticals","name":"버텍스 파마슈티컬스","name_en":"Vertex Pharmaceuticals Incorporated","ticker":"VRTX","updated_at":"2026-09-11T13:41:14.75722+00:00","canonical":"https://valuechain.wiki/vertex-pharmaceuticals","citable":"밸류체인 그래프 기준 버텍스 파마슈티컬스의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 7곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-09-11 기준).","citable_en":"Per the valuechain.wiki graph, Vertex Pharmaceuticals Incorporated is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 7 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-09-11).","kicker":"희귀질환 신약사","kicker_en":"Rare-disease biopharma","lead":"버텍스 파마슈티컬스는 낭포성 섬유증 치료제를 중심으로 매출을 올리고, 대형 의약품 유통사와 전문약국을 통해 제품을 공급한다. 세포·유전자 치료제 제조와 공동개발, 기술도입에 비용을 쓰며 인수로 신장질환 파이프라인을 넓혔다.","lead_en":"Vertex Pharmaceuticals earns most of its revenue from cystic fibrosis medicines distributed through major pharmaceutical wholesalers and specialty pharmacies. It spends on cell and gene therapy manufacturing, collaborations, and licenses, while using acquisitions to expand its kidney-disease pipeline.","categories":[{"key":"pharma-biotech","ko":"제약·바이오텍","en":"Pharmaceuticals & Biotechnology","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"TRIKAFTA/KAFTRIO","note":"FY2025 순제품매출 10,312,700,000 USD"},{"name":"ALYFTREK","note":"FY2025 순제품매출 837,800,000 USD"},{"name":"기타 제품","note":"FY2025 순제품매출 820,100,000 USD. CASGEVY 115,800,000 USD와 JOURNAVX 59,600,000 USD를 포함한다."},{"name":"기타 수익","note":"FY2025 30,700,000 USD. Ono와 Zai 계약 선급금을 포함한다."}],"total":"FY2025 총매출 12,001,300,000 USD (SEC 10-K, 2026-02-13)","track":"C"},"segments_en":{"parts":[{"name":"TRIKAFTA/KAFTRIO","note":"FY2025 net product revenue of USD 10,312,700,000"},{"name":"ALYFTREK","note":"FY2025 net product revenue of USD 837,800,000"},{"name":"Other products","note":"FY2025 net product revenue of USD 820,100,000, including USD 115,800,000 from CASGEVY and USD 59,600,000 from JOURNAVX."},{"name":"Other revenue","note":"USD 30,700,000 in FY2025, including upfront payments under the Ono and Zai agreements."}],"total":"FY2025 total revenue USD 12,001,300,000 (SEC Form 10-K, filed 2026-02-13)"},"returns_yearly":{"2021":-7.1,"2022":31.5,"2023":40.9,"2024":-1,"2025":12.6,"2026":20.5},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"unitedhealth-group","name":"유나이티드헬스 그룹","name_en":"UnitedHealth Group Incorporated","tier":3,"returns_yearly":{"2021":45.2,"2022":6.9,"2023":0.8,"2024":-2.4,"2025":-33.1,"2026":21.9}},{"slug":"elevance-health","name":"엘레반스 헬스","name_en":"Elevance Health, Inc.","tier":3,"returns_yearly":{"2021":46.1,"2022":11.8,"2023":-6.9,"2024":-20.7,"2025":-3.1,"2026":17.4}},{"slug":"cvs-health","name":"CVS 헬스","name_en":"CVS Health","tier":2,"returns_yearly":{"2021":54.9,"2022":-7.6,"2023":-12.5,"2024":-40.8,"2025":84.3,"2026":24.7}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}},{"slug":"mckesson","name":"맥케슨","name_en":"McKesson Corporation","tier":1,"returns_yearly":{"2021":44.2,"2022":51.8,"2023":24.1,"2024":23.7,"2025":44.5,"2026":14.8}}],"benefiting":[{"slug":"moderna","name":"모더나","name_en":"Moderna","tier":1,"returns_yearly":{"2021":143.1,"2022":-29.3,"2023":-44.6,"2024":-58.2,"2025":-29.1,"2026":393.6}},{"slug":"thermo-fisher-scientific","name":"써모 피셔 사이언티픽","name_en":"Thermo Fisher Scientific","tier":2,"returns_yearly":{"2021":43.5,"2022":-17.3,"2023":-3.4,"2024":-1.7,"2025":11.8,"2026":13.9}},{"slug":"danaher","name":"다나허","name_en":"Danaher Corporation","tier":2,"returns_yearly":{"2021":48.6,"2022":-19,"2023":-1.2,"2024":-0.3,"2025":0.4,"2026":-3.4}},{"slug":"blackstone","name":"Blackstone","name_en":"Blackstone","tier":2,"returns_yearly":{"2021":107.1,"2022":-40,"2023":82.7,"2024":35.1,"2025":-7.8,"2026":-23.5}},{"slug":"solventum","name":"솔벤텀","name_en":"Solventum","tier":3,"returns_yearly":{"2025":20,"2026":15.7}},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":3,"returns_yearly":{"2026":14.6}},{"slug":"ppl","name":"PPL 코퍼레이션","name_en":"PPL Corporation","tier":3,"returns_yearly":{"2021":12.9,"2022":0.4,"2023":-3.8,"2024":24,"2025":11.4,"2026":1.8}},{"slug":"medtronic","name":"메드트로닉","name_en":"Medtronic plc","tier":3,"returns_yearly":{"2021":-9.8,"2022":-22.6,"2023":9.6,"2024":0.3,"2025":24,"2026":-0.3}},{"slug":"eqt","name":"EQT 코퍼레이션","name_en":"EQT Corporation","tier":3,"returns_yearly":{"2021":71.6,"2022":57.6,"2023":16.2,"2024":21.4,"2025":17.6,"2026":-0.6}},{"slug":"alnylam-pharmaceuticals","name":"앨라일람","name_en":"Alnylam Pharmaceuticals","tier":3,"returns_yearly":{"2020":0,"2021":30.5,"2022":40.1,"2023":-19.5,"2024":22.9,"2025":69,"2026":-41.5}}],"analysis":"희귀질환 신약사 기업. 2026년 +20.5%다. 수요·공급 연결은 확인되지만 상장 상대 수익률 데이터는 제한적이다.","analysis_en":"Vertex Pharmaceuticals Incorporated operates across Rare-disease biopharma. It is +20.5% in 2026. Its demand and supply links are known, but listed-counterparty return data is limited. It spends on cell and gene therapy manufacturing, collaborations, and licenses, while using acquisitions to expand its kidney-disease pipeline.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"알파인 이뮨 사이언시스","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-13","basis":"알파인 이뮨 사이언시스 인수에 지급한 총 현금","value":4957500000,"period":"2024 acquisition","basis_en":"Total cash paid to acquire Alpine Immune Sciences","qualifier":null},"note":"버텍스는 2024년 알파인 이뮨 사이언시스의 모든 발행주식을 인수해 IgA 신병증 후보 포베타시셉트를 확보했다. 공시된 총 현금 지급액은 49억5,750만달러다.","note_en":"Vertex acquired all outstanding shares of Alpine Immune Sciences in 2024, gaining the IgA nephropathy candidate povetacicept. The disclosed total cash paid was USD 4.9575 billion.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/vrtx-20251231.htm","title":"VERTEX PHARMACEUTICALS INC / MA 10-K (2026-02-13)","title_en":"VERTEX PHARMACEUTICALS INC / MA 10-K (2026-02-13)","excerpt":"10-K는 알파인 인수에 지급한 총 현금을 49억5,750만달러로 공시했다.","excerpt_en":"Total cash consideration paid to Alpine 4,957.5."},{"stance":"confirms","publisher":"바이오스펙테이터","publisher_en":"BioSpectator","kind":"news","lang":"ko","published_at":"2024-04-11","url":"https://m.biospectator.com/view/news_view.php?varAtcId=21647","title":"버텍스, 알파인 49억弗 인수 '빅딜'..희귀 IgA신증 3상","title_en":"Vertex to Acquire Alpine in a $4.9 Billion Deal, Advancing Rare IgA Nephropathy to Phase 3","excerpt":"버텍스 파마슈티컬이 알파인 이뮨사이언스를 49억달러에 인수한다.","excerpt_en":"Vertex Pharmaceuticals will acquire Alpine Immune Sciences for USD 4.9 billion."}]},{"direction":"cost","counterparty":"모더나","counterparty_slug":"moderna","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-02-13","basis":"모더나가 받을 수 있는 개발·허가 마일스톤 최대액. 순매출 로열티는 별도다.","value":270000000,"period":"agreement life","basis_en":"Maximum development and regulatory milestones payable to Moderna, excluding royalties on net sales","qualifier":"contingent_maximum"},"note":"버텍스는 모더나와 낭포성 섬유증용 mRNA 치료제를 개발하는 기술도입·협업 계약을 유지한다. 모더나는 개발·허가 마일스톤 최대 2억7,000만달러와 향후 순매출 로열티를 받을 수 있다.","note_en":"Vertex maintains a license and collaboration agreement with Moderna to develop mRNA therapeutics for cystic fibrosis. Moderna is eligible for up to USD 270 million in development and regulatory milestones plus royalties on future net sales.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/vrtx-20251231.htm","title":"VERTEX PHARMACEUTICALS INC / MA 10-K (2026-02-13)","title_en":"VERTEX PHARMACEUTICALS INC / MA 10-K (2026-02-13)","excerpt":"모더나는 개발·허가 마일스톤 최대 2억7,000만달러와 관련 순매출 로열티를 받을 수 있다.","excerpt_en":"Moderna is eligible to receive up to $270.0 million in development and regulatory milestones."}]},{"direction":"cost","counterparty":"CRISPR 테라퓨틱스 AG","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-13","basis":"CASGEVY FDA 승인에 따라 버텍스가 CRISPR 테라퓨틱스에 지급한 마일스톤","value":200000000,"period":"2024-01","basis_en":"Milestone Vertex paid to CRISPR Therapeutics following FDA approval of CASGEVY","qualifier":null},"note":"버텍스는 CASGEVY를 CRISPR 테라퓨틱스와 공동개발하고 상업화한다. FDA 승인에 따라 2024년 1월 CRISPR에 2억달러 마일스톤을 지급했고, 이후 CASGEVY 순손익도 계약에 따라 배분한다.","note_en":"Vertex co-develops and commercializes CASGEVY with CRISPR Therapeutics. It paid CRISPR a USD 200 million milestone in January 2024 following FDA approval and continues to allocate CASGEVY net profit or loss under the agreement.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/vrtx-20251231.htm","title":"VERTEX PHARMACEUTICALS INC / MA 10-K (2026-02-13)","title_en":"VERTEX PHARMACEUTICALS INC / MA 10-K (2026-02-13)","excerpt":"버텍스는 2024년 1월 CRISPR 테라퓨틱스에 2억달러 마일스톤을 지급했다고 공시했다.","excerpt_en":"We made a $200.0 million milestone payment to CRISPR in January 2024."},{"stance":"confirms","publisher":"CRISPR 테라퓨틱스","publisher_en":"CRISPR Therapeutics","kind":"ir","lang":"en","published_at":"2023-12-08","url":"https://ir.crisprtx.com/news-releases/news-release-details/vertex-and-crispr-therapeutics-announce-us-fda-approval/","title":"Vertex와 CRISPR Therapeutics, 겸상적혈구병 CASGEVY 미국 FDA 승인 발표","title_en":"Vertex and CRISPR Therapeutics Announce US FDA Approval of CASGEVY for Sickle Cell Disease","excerpt":"양사는 FDA 승인에 따라 버텍스가 CRISPR에 2억달러 마일스톤을 지급한다고 발표했다.","excerpt_en":"Vertex will make a $200 million milestone payment to CRISPR."},{"stance":"mentions","publisher":"모틀리 풀","publisher_en":"The Motley Fool","kind":"analysis","lang":"en","published_at":"2021-04-20","url":"https://www.fool.com/investing/2021/04/20/vertex-pharmaceuticals-raises-bet-on-crispr-therap/","title":"버텍스 파마슈티컬스, CRISPR 테라퓨틱스에 대한 베팅 확대","title_en":"Vertex Pharmaceuticals Raises Bet on CRISPR Therapeutics","excerpt":"헬스케어 애널리스트는 개정 계약에서 버텍스의 개발비와 잠재 이익 몫이 60%로 높아지고, 승인 시 CRISPR가 2억달러를 받을 수 있다고 분석했다.","excerpt_en":"CRISPR Therapeutics could receive a $200 million milestone payment."}]},{"direction":"revenue","counterparty":"맥케슨","counterparty_slug":"mckesson","confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2026-02-13","basis":"맥케슨에서 발생한 버텍스 FY2025 총 gross product revenues 비중","value":22,"period":"FY2025","basis_en":"McKesson's share of Vertex FY2025 total gross product revenues","qualifier":null},"note":"맥케슨은 버텍스의 가장 큰 공시 고객이다. FY2025 버텍스 총 gross product revenues의 22%를 차지했다.","note_en":"McKesson is Vertex's largest disclosed customer. It accounted for 22% of Vertex's total gross product revenues in FY2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/vrtx-20251231.htm","title":"VERTEX PHARMACEUTICALS INC / MA 10-K (2026-02-13)","title_en":"VERTEX PHARMACEUTICALS INC / MA 10-K (2026-02-13)","excerpt":"10-K는 맥케슨의 FY2025 비중을 총 gross product revenues의 22%로 공시했다.","excerpt_en":"McKesson Corporation 22%."}]},{"direction":"revenue","counterparty":"아크레도 헬스 그룹","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2026-02-13","basis":"아크레도 헬스 그룹에서 발생한 버텍스 FY2025 총 gross product revenues 비중","value":12,"period":"FY2025","basis_en":"Accredo Health Group's share of Vertex FY2025 total gross product revenues","qualifier":null},"note":"아크레도 헬스 그룹은 버텍스의 전문약국 고객이다. FY2025 버텍스 총 gross product revenues의 12%를 차지했다.","note_en":"Accredo Health Group is a specialty-pharmacy customer of Vertex. It accounted for 12% of Vertex's total gross product revenues in FY2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/vrtx-20251231.htm","title":"VERTEX PHARMACEUTICALS INC / MA 10-K (2026-02-13)","title_en":"VERTEX PHARMACEUTICALS INC / MA 10-K (2026-02-13)","excerpt":"10-K는 아크레도 헬스 그룹의 FY2025 비중을 총 gross product revenues의 12%로 공시했다.","excerpt_en":"Accredo Health Group, Inc. 12%."}]},{"direction":"cost","counterparty":"론자","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-13","basis":"론자의 제1형 당뇨병 세포치료제 제조 지원에 대한 버텍스 지급액","value":null,"period":"as of 2026-02-13","basis_en":"Vertex payments to Lonza for type 1 diabetes cell therapy manufacturing support","qualifier":"confirmed_no_disclosed_value"},"note":"론자는 버텍스의 제1형 당뇨병 세포치료제 후보 생산을 지원하는 전략적 제조 파트너다. 양사는 공정개발과 생산규모 확대를 함께 수행하고 전용 시설에 공동 투자하지만, 버텍스의 지급액은 공개하지 않았다.","note_en":"Lonza is Vertex's strategic manufacturing partner for type 1 diabetes cell therapy candidates. The companies collaborate on process development and scale-up and co-invest in a dedicated facility, but Vertex's payments are not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/vrtx-20251231.htm","title":"VERTEX PHARMACEUTICALS INC / MA 10-K (2026-02-13)","title_en":"VERTEX PHARMACEUTICALS INC / MA 10-K (2026-02-13)","excerpt":"10-K는 론자와 제1형 당뇨병 세포치료제 후보 생산 지원을 위한 전략적 계약을 맺었다고 밝혔다.","excerpt_en":"We have a strategic agreement with Lonza to support the manufacture of T1D cell therapy product candidates."},{"stance":"confirms","publisher":"론자","publisher_en":"Lonza","kind":"ir","lang":"en","published_at":"2023-06-26","url":"https://www.lonza.com/news/2023-06-26-13-30","title":"Vertex와 Lonza, 제1형 당뇨병 세포치료제 전용 생산시설 구축","title_en":"Vertex and Lonza to Build Dedicated Manufacturing Facility for Type 1 Diabetes Cell Therapies","excerpt":"양사는 세포치료제 공정개발과 생산규모 확대를 함께 수행하고 미국 뉴햄프셔주 포츠머스 전용시설에 공동 투자한다고 발표했다.","excerpt_en":"Vertex and Lonza will partner in process development and scale-up for manufacturing."}]}]}