$VRTX
VERTEX PHARMACEUTICALS INC / MA

2016 Q2 Form 10-Q Financial Statement

#000087532016000091 Filed on August 01, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $431.6M $166.1M
YoY Change 159.89% 19.98%
Cost Of Revenue $44.15M $15.41M
YoY Change 186.55% 59.6%
Gross Profit $387.5M $150.7M
YoY Change 157.16% 17.01%
Gross Profit Margin 89.77% 90.72%
Selling, General & Admin $111.7M $94.39M
YoY Change 18.28% 21.88%
% of Gross Profit 28.82% 62.65%
Research & Development $271.0M $223.9M
YoY Change 21.06% -0.28%
% of Gross Profit 69.95% 148.58%
Depreciation & Amortization $15.00M $14.00M
YoY Change 7.14% -1.41%
% of Gross Profit 3.87% 9.29%
Operating Expenses $382.7M $318.3M
YoY Change 20.24% 5.4%
Operating Profit $3.353M -$171.2M
YoY Change -101.96% -5.19%
Interest Expense -$20.16M -$21.11M
YoY Change -4.53% 35.46%
% of Operating Profit -601.1%
Other Income/Expense, Net -$1.219M $1.414M
YoY Change -186.21% -96.25%
Pretax Income -$18.02M -$190.9M
YoY Change -90.56% 20.5%
Income Tax $18.13M $30.13M
% Of Pretax Income
Net Earnings -$64.53M -$188.8M
YoY Change -65.83% 18.49%
Net Earnings / Revenue -14.95% -113.71%
Basic Earnings Per Share -$0.26 -$0.78
Diluted Earnings Per Share -$0.26 -$0.78
COMMON SHARES
Basic Shares Outstanding 244.5M shares 240.8M shares
Diluted Shares Outstanding 244.5M shares 240.8M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.071B $1.016B
YoY Change 5.41% -16.65%
Cash & Equivalents $605.9M $870.5M
Short-Term Investments $466.0M $146.0M
Other Short-Term Assets $127.0M $141.0M
YoY Change -9.93% 314.71%
Inventory $66.59M $42.11M
Prepaid Expenses
Receivables $189.4M $94.52M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.454B $1.295B
YoY Change 12.32% -3.91%
LONG-TERM ASSETS
Property, Plant & Equipment $690.6M $713.4M
YoY Change -3.19% -2.28%
Goodwill $50.38M $50.38M
YoY Change 0.0% 62.57%
Intangibles
YoY Change
Long-Term Investments $33.00M
YoY Change
Other Assets $14.20M $9.136M
YoY Change 55.46% -1.92%
Total Long-Term Assets $1.095B $1.079B
YoY Change 1.43% 40.1%
TOTAL ASSETS
Total Short-Term Assets $1.454B $1.295B
Total Long-Term Assets $1.095B $1.079B
Total Assets $2.549B $2.374B
YoY Change 7.37% 12.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.30M $72.70M
YoY Change -29.44% 31.32%
Accrued Expenses $275.2M $206.0M
YoY Change 33.56% -13.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $239.0M $57.00M
YoY Change 319.3% 185.0%
Total Short-Term Liabilities $622.9M $373.8M
YoY Change 66.62% 2.99%
LONG-TERM LIABILITIES
Long-Term Debt $582.0M $768.0M
YoY Change -24.22% 48.26%
Other Long-Term Liabilities $30.65M $41.25M
YoY Change -25.71% 163.32%
Total Long-Term Liabilities $30.65M $41.25M
YoY Change -25.71% 163.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $622.9M $373.8M
Total Long-Term Liabilities $30.65M $41.25M
Total Liabilities $1.380B $1.326B
YoY Change 4.09% 40.22%
SHAREHOLDERS EQUITY
Retained Earnings -$5.368B -$5.093B
YoY Change 5.4% 16.84%
Common Stock $6.353B $5.990B
YoY Change 6.06% 8.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $981.4M $895.0M
YoY Change
Total Liabilities & Shareholders Equity $2.549B $2.374B
YoY Change 7.37% 12.1%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$64.53M -$188.8M
YoY Change -65.83% 18.49%
Depreciation, Depletion And Amortization $15.00M $14.00M
YoY Change 7.14% -1.41%
Cash From Operating Activities $40.80M -$110.3M
YoY Change -136.99% -13.76%
INVESTING ACTIVITIES
Capital Expenditures -$15.90M -$13.40M
YoY Change 18.66% 14.53%
Acquisitions
YoY Change
Other Investing Activities -$41.90M $291.9M
YoY Change -114.35% 187.3%
Cash From Investing Activities -$57.80M $278.5M
YoY Change -120.75% 209.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.30M 36.20M
YoY Change -41.16% 8.38%
NET CHANGE
Cash From Operating Activities 40.80M -110.3M
Cash From Investing Activities -57.80M 278.5M
Cash From Financing Activities 21.30M 36.20M
Net Change In Cash 4.300M 204.4M
YoY Change -97.9% -4543.48%
FREE CASH FLOW
Cash From Operating Activities $40.80M -$110.3M
Capital Expenditures -$15.90M -$13.40M
Free Cash Flow $56.70M -$96.90M
YoY Change -158.51% -16.61%

Facts In Submission

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vrtx Paymentto Acquire Preferred Stock
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us-gaap Use Of Estimates
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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, goodwill, contingent consideration, noncontrolling interest, the consolidation of VIEs, leases, the fair value of cash flow hedges and the provision for or benefit from income taxes. 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>

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