Pharmaceuticals & Biotech: Leases (ASC 842)

Year ended December 31,
2025	2024	2023
(in millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 183.2	$ 113.5	$ 62.8
Operating cash flows from finance leases	$ 5.6	$ 25.7	$ 38.4
Financing cash flows from finance leases	$ 5.4	$ 33.6	$ 44.9
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$ 311.0	$ 1,120.9	$ 2.4

The majority of right-of-use assets obtained in exchange for lease obligations in 2025 and 2024 are described above.

M. Common Stock, Preferred Stock and Equity Plans

Common Stock and Preferred Stock

We are authorized to issue 500.0 million shares of common stock. Holders of common stock are entitled to one vote per

share. Holders of common stock are entitled to receive dividends, if and when declared by our Board of Directors, and to

share ratably in our assets legally available for distribution to our shareholders in the event of liquidation. Holders of common

stock have no preemptive, subscription, redemption or conversion rights. The holders of common stock do not have

cumulative voting rights.

We are authorized to issue 1.0 million shares of preferred stock in one or more series and to fix the powers, designations,

preferences and relative participating, option or other rights thereof, including dividend rights, conversion rights, voting

rights, redemption terms, liquidation preferences and the number of shares constituting any series, without any further vote or

action by our shareholders. As of December 31, 2025 and 2024 , we had no shares of preferred stock issued or outstanding.

Share Repurchase Programs

In February 2023, our Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”),

pursuant to which we were authorized to repurchase up to $ 3.0 billion of our common stock. As of December 31, 2025, we

had repurchased the full amount authorized under the 2023 Share Repurchase Program. In May 2025, our Board of Directors

approved an additional share repurchase program (the “2025 Share Repurchase Program”), pursuant to which we are

authorized to repurchase up to $ 4.0 billion of our common stock.

F-36

VERTEX PHARMACEUTICALS INCORPORATED

Notes to Consolidated Financial Statements (Continued)

In 2025 , 2024 and 2023 , we repurchased 4.8 million , 2.7 million and 1.3 million shares of our common stock,