$VRTX
VERTEX PHARMACEUTICALS INC / MA

2017 Q2 Form 10-Q Financial Statement

#000087532017000047 Filed on July 28, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $544.1M $431.6M
YoY Change 26.07% 159.89%
Cost Of Revenue $71.21M $44.15M
YoY Change 61.27% 186.55%
Gross Profit $472.9M $387.5M
YoY Change 22.06% 157.16%
Gross Profit Margin 86.91% 89.77%
Selling, General & Admin $127.2M $111.7M
YoY Change 13.97% 18.28%
% of Gross Profit 26.91% 28.82%
Research & Development $289.5M $271.0M
YoY Change 6.81% 21.06%
% of Gross Profit 61.2% 69.95%
Depreciation & Amortization $14.80M $15.00M
YoY Change -1.33% 7.14%
% of Gross Profit 3.13% 3.87%
Operating Expenses $416.7M $382.7M
YoY Change 8.9% 20.24%
Operating Profit $52.71M $3.353M
YoY Change 1471.94% -101.96%
Interest Expense -$14.66M -$20.16M
YoY Change -27.24% -4.53%
% of Operating Profit -27.82% -601.1%
Other Income/Expense, Net -$2.537M -$1.219M
YoY Change 108.12% -186.21%
Pretax Income $35.51M -$18.02M
YoY Change -297.03% -90.56%
Income Tax $4.337M $18.13M
% Of Pretax Income 12.21%
Net Earnings $18.00M -$64.53M
YoY Change -127.89% -65.83%
Net Earnings / Revenue 3.31% -14.95%
Basic Earnings Per Share $0.07 -$0.26
Diluted Earnings Per Share $0.07 -$0.26
COMMON SHARES
Basic Shares Outstanding 247.5M shares 244.5M shares
Diluted Shares Outstanding 251.6M shares 244.5M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.669B $1.071B
YoY Change 55.84% 5.41%
Cash & Equivalents $1.223B $605.9M
Short-Term Investments $446.0M $466.0M
Other Short-Term Assets $172.0M $127.0M
YoY Change 35.43% -9.93%
Inventory $92.26M $66.59M
Prepaid Expenses
Receivables $247.9M $189.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.181B $1.454B
YoY Change 49.96% 12.32%
LONG-TERM ASSETS
Property, Plant & Equipment $740.1M $690.6M
YoY Change 7.17% -3.19%
Goodwill $50.40M $50.38M
YoY Change 0.03% 0.0%
Intangibles
YoY Change
Long-Term Investments $20.00M $33.00M
YoY Change -39.39%
Other Assets $9.943M $14.20M
YoY Change -29.99% 55.46%
Total Long-Term Assets $1.105B $1.095B
YoY Change 0.93% 1.43%
TOTAL ASSETS
Total Short-Term Assets $2.181B $1.454B
Total Long-Term Assets $1.105B $1.095B
Total Assets $3.286B $2.549B
YoY Change 28.9% 7.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $75.94M $51.30M
YoY Change 48.03% -29.44%
Accrued Expenses $345.1M $275.2M
YoY Change 25.4% 33.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $18.00M $239.0M
YoY Change -92.47% 319.3%
Total Short-Term Liabilities $625.4M $622.9M
YoY Change 0.41% 66.62%
LONG-TERM LIABILITIES
Long-Term Debt $550.0M $582.0M
YoY Change -5.5% -24.22%
Other Long-Term Liabilities $25.22M $30.65M
YoY Change -17.71% -25.71%
Total Long-Term Liabilities $25.22M $30.65M
YoY Change -17.71% -25.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $625.4M $622.9M
Total Long-Term Liabilities $25.22M $30.65M
Total Liabilities $1.418B $1.380B
YoY Change 2.77% 4.09%
SHAREHOLDERS EQUITY
Retained Earnings -$5.117B -$5.368B
YoY Change -4.67% 5.4%
Common Stock $6.810B $6.353B
YoY Change 7.21% 6.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.671B $981.4M
YoY Change
Total Liabilities & Shareholders Equity $3.286B $2.549B
YoY Change 28.9% 7.37%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $18.00M -$64.53M
YoY Change -127.89% -65.83%
Depreciation, Depletion And Amortization $14.80M $15.00M
YoY Change -1.33% 7.14%
Cash From Operating Activities $181.6M $40.80M
YoY Change 345.1% -136.99%
INVESTING ACTIVITIES
Capital Expenditures -$17.40M -$15.90M
YoY Change 9.43% 18.66%
Acquisitions
YoY Change
Other Investing Activities -$58.90M -$41.90M
YoY Change 40.57% -114.35%
Cash From Investing Activities -$76.30M -$57.80M
YoY Change 32.01% -120.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 132.1M 21.30M
YoY Change 520.19% -41.16%
NET CHANGE
Cash From Operating Activities 181.6M 40.80M
Cash From Investing Activities -76.30M -57.80M
Cash From Financing Activities 132.1M 21.30M
Net Change In Cash 237.4M 4.300M
YoY Change 5420.93% -97.9%
FREE CASH FLOW
Cash From Operating Activities $181.6M $40.80M
Capital Expenditures -$17.40M -$15.90M
Free Cash Flow $199.0M $56.70M
YoY Change 250.97% -158.51%

Facts In Submission

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vrtx Employee Benefit Plan Payable Receivable
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vrtx Proceeds From Collaborative Funding
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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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