$VRTX
VERTEX PHARMACEUTICALS INC / MA

2014 Q2 Form 10-Q Financial Statement

#000087532014000058 Filed on July 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $138.4M $310.8M
YoY Change -55.46% -25.71%
Cost Of Revenue $9.655M $24.70M
YoY Change -60.9% -76.38%
Gross Profit $128.8M $286.1M
YoY Change -54.99% -8.83%
Gross Profit Margin 93.02% 92.05%
Selling, General & Admin $77.45M $105.1M
YoY Change -26.3% -10.58%
% of Gross Profit 60.14% 36.73%
Research & Development $224.5M $214.0M
YoY Change 4.9% 8.88%
% of Gross Profit 174.34% 74.81%
Depreciation & Amortization $14.20M $10.50M
YoY Change 35.24% 22.09%
% of Gross Profit 11.03% 3.67%
Operating Expenses $301.9M $319.1M
YoY Change -5.37% 1.6%
Operating Profit -$180.5M -$47.03M
YoY Change 283.87% 336.69%
Interest Expense -$15.59M -$6.727M
YoY Change 131.68% 3658.1%
% of Operating Profit
Other Income/Expense, Net $37.73M -$34.00K
YoY Change -111073.53% -99.06%
Pretax Income -$158.4M -$53.79M
YoY Change 194.45% 273.43%
Income Tax $693.0K $558.0K
% Of Pretax Income
Net Earnings -$159.4M -$57.17M
YoY Change 178.81% -11.96%
Net Earnings / Revenue -115.14% -18.4%
Basic Earnings Per Share -$0.68 -$0.26
Diluted Earnings Per Share -$0.68 -$0.26
COMMON SHARES
Basic Shares Outstanding 233.8M shares 222.1M shares
Diluted Shares Outstanding 233.8M shares 222.1M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.219B $1.431B
YoY Change -14.81% 17.01%
Cash & Equivalents $420.6M $531.2M
Short-Term Investments $799.0M $899.0M
Other Short-Term Assets $34.00M $101.0M
YoY Change -66.34% 4.12%
Inventory $11.98M $19.51M
Prepaid Expenses
Receivables $81.84M $164.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.347B $1.717B
YoY Change -21.51% 7.74%
LONG-TERM ASSETS
Property, Plant & Equipment $730.0M $581.7M
YoY Change 25.49% 113.43%
Goodwill $30.99M $31.00M
YoY Change -0.03% 0.03%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.315M $4.287M
YoY Change 117.28% -58.81%
Total Long-Term Assets $770.4M $867.7M
YoY Change -11.21% -14.23%
TOTAL ASSETS
Total Short-Term Assets $1.347B $1.717B
Total Long-Term Assets $770.4M $867.7M
Total Assets $2.118B $2.584B
YoY Change -18.05% -0.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.36M $48.57M
YoY Change 13.99% -18.17%
Accrued Expenses $237.8M $260.8M
YoY Change -8.84% -3.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $20.00M $11.00M
YoY Change 81.82%
Total Short-Term Liabilities $363.0M $381.7M
YoY Change -4.89% 0.51%
LONG-TERM LIABILITIES
Long-Term Debt $518.0M $387.0M
YoY Change 33.85% -3.25%
Other Long-Term Liabilities $15.67M $16.05M
YoY Change -2.39% -42.7%
Total Long-Term Liabilities $15.67M $16.05M
YoY Change -2.39% -42.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $363.0M $381.7M
Total Long-Term Liabilities $15.67M $16.05M
Total Liabilities $945.6M $1.036B
YoY Change -8.7% 154.01%
SHAREHOLDERS EQUITY
Retained Earnings -$4.359B -$3.887B
YoY Change 12.13%
Common Stock $5.531B $5.211B
YoY Change 6.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.172B $1.322B
YoY Change
Total Liabilities & Shareholders Equity $2.118B $2.584B
YoY Change -18.05% -0.79%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$159.4M -$57.17M
YoY Change 178.81% -11.96%
Depreciation, Depletion And Amortization $14.20M $10.50M
YoY Change 35.24% 22.09%
Cash From Operating Activities -$127.9M -$900.0K
YoY Change 14111.11% -100.76%
INVESTING ACTIVITIES
Capital Expenditures -$11.70M -$1.800M
YoY Change 550.0% -88.39%
Acquisitions
YoY Change
Other Investing Activities $101.6M -$2.900M
YoY Change -3603.45% -94.68%
Cash From Investing Activities $89.90M -$4.700M
YoY Change -2012.77% -93.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.40M 157.5M
YoY Change -78.79% 14.38%
NET CHANGE
Cash From Operating Activities -127.9M -900.0K
Cash From Investing Activities 89.90M -4.700M
Cash From Financing Activities 33.40M 157.5M
Net Change In Cash -4.600M 151.9M
YoY Change -103.03% -18.38%
FREE CASH FLOW
Cash From Operating Activities -$127.9M -$900.0K
Capital Expenditures -$11.70M -$1.800M
Free Cash Flow -$116.2M $900.0K
YoY Change -13011.11% -99.33%

Facts In Submission

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us-gaap Loss Contingency Disclosures
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;padding-left:24px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingencies</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a reserve for contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. There were </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">no</font><font style="font-family:inherit;font-size:10pt;"> material contingent liabilities accrued as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates and Summary of Significant Accounting Policies</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. Significant estimates in these condensed consolidated financial statements have been made in connection with the calculation of revenues, inventories, research and development expenses, stock-based compensation expense, restructuring expense, the fair value of intangible assets, noncontrolling interest (Alios), the consolidation and deconsolidation of a VIE, leases and the income tax provision. The Company bases its estimates on historical experience and various other assumptions, including in certain circumstances future projections, that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's significant accounting policies are described in Note&#160;A, "Nature of Business and Accounting Policies," in the </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;"> Annual Report on Form&#160;10-K.</font></div></div>
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vrtx Amounts Reclassified From Accumulated Other Comprehensive Income Loss
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vrtx Collaborative Revenues
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vrtx Debt Conversion Or Exchange Converted Or Exchanged Instrument Amount
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vrtx Debt Conversion Or Exchange Converted Or Exchanged Instrument Amount
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CY2014Q2 vrtx Deferred Revenue Royalty Purchase Agreement
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CY2011 vrtx Lease Agreement Number Of Leases
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CY2011 vrtx Optional Term Of Lease Agreement
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P10Y
vrtx Other Comprehensive Income Loss Before Reclassifications
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vrtx Other Comprehensive Income Loss Before Reclassifications
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CY2008 vrtx Proceeds From Sale Of Royalty Rights
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dei Entity Central Index Key
EntityCentralIndexKey
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CY2014Q3 dei Entity Common Stock Shares Outstanding
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dei Entity Filer Category
EntityFilerCategory
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dei Entity Registrant Name
EntityRegistrantName
VERTEX PHARMACEUTICALS INC / MA
CY2011 vrtx Square Footage Of Leased Property
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vrtx Valuation Allowances And Reserves Provision
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vrtx Valuation Allowances And Reserves Sales Credits Or Payments Current
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dei Amendment Flag
AmendmentFlag
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dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q

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