$VRTX
VERTEX PHARMACEUTICALS INC / MA

2017 Q3 Form 10-Q Financial Statement

#000087532017000060 Filed on October 30, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $578.2M $413.8M
YoY Change 39.73% 33.56%
Cost Of Revenue $72.87M $53.22M
YoY Change 36.92% 75.83%
Gross Profit $505.3M $360.6M
YoY Change 40.14% 28.98%
Gross Profit Margin 87.4% 87.14%
Selling, General & Admin $120.7M $106.1M
YoY Change 13.82% 6.3%
% of Gross Profit 23.89% 29.41%
Research & Development $454.9M $272.4M
YoY Change 67.03% 10.59%
% of Gross Profit 90.04% 75.54%
Depreciation & Amortization $15.30M $14.50M
YoY Change 5.52% -10.49%
% of Gross Profit 3.03% 4.02%
Operating Expenses $575.7M $378.4M
YoY Change 52.12% 9.35%
Operating Profit -$326.0M -$18.73M
YoY Change 1641.03% -73.26%
Interest Expense -$13.57M -$20.14M
YoY Change -32.6% -4.7%
% of Operating Profit
Other Income/Expense, Net -$77.55M -$167.0K
YoY Change 46338.92% -87.41%
Pretax Income -$417.2M -$39.03M
YoY Change 968.73% -57.79%
Income Tax -$125.9M $503.0K
% Of Pretax Income
Net Earnings -$103.0M -$38.84M
YoY Change 165.06% -59.18%
Net Earnings / Revenue -17.81% -9.39%
Basic Earnings Per Share -$0.41 -$0.16
Diluted Earnings Per Share -$0.41 -$0.16
COMMON SHARES
Basic Shares Outstanding 250.3M shares 244.9M shares
Diluted Shares Outstanding 250.3M shares 244.9M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.812B $1.128B
YoY Change 60.64% 12.13%
Cash & Equivalents $1.385B $719.7M
Short-Term Investments $427.0M $409.0M
Other Short-Term Assets $154.0M $119.0M
YoY Change 29.41% -14.39%
Inventory $98.19M $71.80M
Prepaid Expenses
Receivables $263.5M $182.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.328B $1.502B
YoY Change 55.0% 10.48%
LONG-TERM ASSETS
Property, Plant & Equipment $760.0M $687.6M
YoY Change 10.52% -2.7%
Goodwill $50.38M $50.38M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $20.00M $53.00M
YoY Change -62.26%
Other Assets $10.54M $10.00M
YoY Change 5.4% -9.57%
Total Long-Term Assets $870.4M $1.108B
YoY Change -21.43% 3.09%
TOTAL ASSETS
Total Short-Term Assets $2.328B $1.502B
Total Long-Term Assets $870.4M $1.108B
Total Assets $3.198B $2.610B
YoY Change 22.56% 7.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $77.14M $50.91M
YoY Change 51.51% -35.47%
Accrued Expenses $378.6M $292.0M
YoY Change 29.64% 16.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $20.00M $316.0M
YoY Change -93.67% 2157.14%
Total Short-Term Liabilities $710.7M $722.8M
YoY Change -1.67% 92.78%
LONG-TERM LIABILITIES
Long-Term Debt $567.0M $505.0M
YoY Change 12.28% -37.42%
Other Long-Term Liabilities $26.03M $30.52M
YoY Change -14.73% -12.76%
Total Long-Term Liabilities $26.03M $30.52M
YoY Change -14.73% -12.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $710.7M $722.8M
Total Long-Term Liabilities $26.03M $30.52M
Total Liabilities $1.395B $1.401B
YoY Change -0.44% 3.24%
SHAREHOLDERS EQUITY
Retained Earnings -$5.220B -$5.407B
YoY Change -3.45% 4.22%
Common Stock $7.037B $6.432B
YoY Change 9.4% 5.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.791B $1.022B
YoY Change
Total Liabilities & Shareholders Equity $3.198B $2.610B
YoY Change 22.56% 7.22%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$103.0M -$38.84M
YoY Change 165.06% -59.18%
Depreciation, Depletion And Amortization $15.30M $14.50M
YoY Change 5.52% -10.49%
Cash From Operating Activities $170.1M $65.70M
YoY Change 158.9% -205.8%
INVESTING ACTIVITIES
Capital Expenditures -$187.9M -$13.90M
YoY Change 1251.8% 57.95%
Acquisitions
YoY Change
Other Investing Activities -$37.30M $48.70M
YoY Change -176.59% -152.82%
Cash From Investing Activities -$225.2M $34.80M
YoY Change -747.13% -134.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 152.7M 13.50M
YoY Change 1031.11% -72.84%
NET CHANGE
Cash From Operating Activities 170.1M 65.70M
Cash From Investing Activities -225.2M 34.80M
Cash From Financing Activities 152.7M 13.50M
Net Change In Cash 97.60M 114.0M
YoY Change -14.39% -200.53%
FREE CASH FLOW
Cash From Operating Activities $170.1M $65.70M
Capital Expenditures -$187.9M -$13.90M
Free Cash Flow $358.0M $79.60M
YoY Change 349.75% -249.34%

Facts In Submission

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CY2016Q4 us-gaap Minority Interest
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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91379000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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us-gaap Number Of Operating Segments
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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1936000 USD
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
400000 USD
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
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104000 USD
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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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0 USD
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0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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0 USD
CY2016Q4 us-gaap Other Indefinite Lived Intangible Assets
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OtherIndefiniteLivedIntangibleAssets
284340000 USD
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us-gaap Other Nonoperating Income Expense
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us-gaap Payments To Acquire Available For Sale Securities
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us-gaap Payments To Acquire Available For Sale Securities
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us-gaap Payments To Acquire In Process Research And Development
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us-gaap Payments To Acquire In Process Research And Development
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160000000 USD
us-gaap Payments To Acquire Investments
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23075000 USD
us-gaap Payments To Acquire Investments
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2016Q4 us-gaap Preferred Stock Shares Authorized
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CY2017Q3 us-gaap Preferred Stock Shares Authorized
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CY2016Q4 us-gaap Preferred Stock Shares Issued
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CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
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CY2017Q3 us-gaap Preferred Stock Value
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us-gaap Proceeds From Construction Loans Payable
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us-gaap Proceeds From Construction Loans Payable
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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us-gaap Proceeds From Long Term Capital Lease Obligations
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2030000 USD
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CY2016Q3 us-gaap Profit Loss
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us-gaap Profit Loss
ProfitLoss
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CY2017Q3 us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Repayments Of Construction Loans Payable
RepaymentsOfConstructionLoansPayable
356000 USD
us-gaap Repayments Of Construction Loans Payable
RepaymentsOfConstructionLoansPayable
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CY2017Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
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us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
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us-gaap Repayments Of Lines Of Credit
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us-gaap Research And Development Expense
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us-gaap Stockholders Equity Other
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UndistributedEarningsDiluted
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us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
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CY2017Q3 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
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us-gaap Restructuring Charges
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CY2016Q3 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2017Q3 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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us-gaap Royalty Revenue
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us-gaap Share Based Compensation
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SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
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us-gaap Stock Issued During Period Value Employee Benefit Plan
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CY2016Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2016Q4 us-gaap Unrecognized Tax Benefits
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0 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0 USD
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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us-gaap Valuation Allowances And Reserves Adjustments
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CY2016Q4 us-gaap Valuation Allowances And Reserves Balance
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89201000 USD
CY2017Q3 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
109895000 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
244529000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q4 vrtx Cash Cash Equivalents And Available For Sale Securities Fair Value
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1434557000 USD
CY2017Q3 vrtx Cash Cash Equivalents And Available For Sale Securities Fair Value
CashCashEquivalentsAndAvailableForSaleSecuritiesFairValue
1812248000 USD
CY2016Q4 vrtx Cash Cash Equivalents Available For Sale Securities Amortized Cost
CashCashEquivalentsAvailableForSaleSecuritiesAmortizedCost
1413220000 USD
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CY2016Q4 vrtx Cash Cash Equivalents Availableforsale Securities Gross Unrealized Gain
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21422000 USD
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CashCashEquivalentsAvailableforsaleSecuritiesGrossUnrealizedGain
13740000 USD
CY2016Q4 vrtx Cash Cash Equivalents Availableforsale Securities Unrealized Loss Gross
CashCashEquivalentsAvailableforsaleSecuritiesUnrealizedLossGross
85000 USD
CY2017Q3 vrtx Cash Cash Equivalents Availableforsale Securities Unrealized Loss Gross
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189000 USD
CY2016Q3 vrtx Collaborative Revenues
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259000 USD
vrtx Collaborative Revenues
CollaborativeRevenues
1008000 USD
CY2017Q3 vrtx Collaborative Revenues
CollaborativeRevenues
26292000 USD
vrtx Collaborative Revenues
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286123000 USD
CY2016Q4 vrtx Construction Financing Obligation Noncurrent
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486359000 USD
CY2017Q3 vrtx Construction Financing Obligation Noncurrent
ConstructionFinancingObligationNoncurrent
547051000 USD
CY2016Q4 vrtx Contingent Liabilities
ContingentLiabilities
0 USD
CY2017Q3 vrtx Contingent Liabilities
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0 USD
CY2017Q3 vrtx Deferred Revenue Royalty Purchase Agreement
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8000000 USD
CY2016Q4 vrtx Due To Collaborative Arrangement Counterparty
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73423000 USD
CY2017Q3 vrtx Due To Collaborative Arrangement Counterparty
DueToCollaborativeArrangementCounterparty
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CY2017Q3 vrtx Effective Income Tax Rate Reconciliation Sharebased Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationSharebasedCompensationExcessTaxBenefitAmount
31400000 USD
vrtx Effective Income Tax Rate Reconciliation Sharebased Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationSharebasedCompensationExcessTaxBenefitAmount
62200000 USD
vrtx Employee Benefit Plan Payable Receivable
EmployeeBenefitPlanPayableReceivable
19000 USD
vrtx Employee Benefit Plan Payable Receivable
EmployeeBenefitPlanPayableReceivable
868000 USD
CY2016Q3 vrtx Incremental Common Shares Attributableto Dilutive Effect Other
IncrementalCommonSharesAttributabletoDilutiveEffectOther
0 shares
vrtx Incremental Common Shares Attributableto Dilutive Effect Other
IncrementalCommonSharesAttributabletoDilutiveEffectOther
0 shares
CY2017Q3 vrtx Incremental Common Shares Attributableto Dilutive Effect Other
IncrementalCommonSharesAttributabletoDilutiveEffectOther
0 shares
vrtx Incremental Common Shares Attributableto Dilutive Effect Other
IncrementalCommonSharesAttributabletoDilutiveEffectOther
228000 shares
CY2017Q3 vrtx Indemnification Claims
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CY2016Q4 vrtx Line Of Credit Facility Additional Borrowing Capacity
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300000000.0 USD
vrtx Noncontrolling Interest Increase From Deconsolidation Variable Interest Entity
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3910000 USD
vrtx Proceeds From Collaborative Funding
ProceedsFromCollaborativeFunding
0 USD
vrtx Proceeds From Collaborative Funding
ProceedsFromCollaborativeFunding
10000000 USD
CY2008 vrtx Proceeds From Sale Of Royalty Rights
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160000000.0 USD
vrtx Repaymentsof Collaborative Funding
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0 USD
vrtx Repaymentsof Collaborative Funding
RepaymentsofCollaborativeFunding
3132000 USD
vrtx Valuation Allowances And Reserves Provision
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153209000 USD
vrtx Valuation Allowances And Reserves Sales Credits Or Payments Current
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127632000 USD
us-gaap Use Of Estimates
UseOfEstimates
<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 and deconsolidation 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>

Files In Submission

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vrtx-20170930.xml Edgar Link completed
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