$VRTX
VERTEX PHARMACEUTICALS INC / MA

2018 Q3 Form 10-Q Financial Statement

#000087532018000029 Filed on October 25, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $784.5M $578.2M
YoY Change 35.69% 39.73%
Cost Of Revenue $111.3M $72.87M
YoY Change 52.67% 36.92%
Gross Profit $673.3M $505.3M
YoY Change 33.25% 40.14%
Gross Profit Margin 85.82% 87.4%
Selling, General & Admin $137.3M $120.7M
YoY Change 13.74% 13.82%
% of Gross Profit 20.39% 23.89%
Research & Development $330.5M $454.9M
YoY Change -27.35% 67.03%
% of Gross Profit 49.09% 90.04%
Depreciation & Amortization $19.20M $15.30M
YoY Change 25.49% 5.52%
% of Gross Profit 2.85% 3.03%
Operating Expenses $467.8M $575.7M
YoY Change -18.74% 52.12%
Operating Profit $205.6M -$326.0M
YoY Change -163.07% 1641.03%
Interest Expense $18.69M -$13.57M
YoY Change -237.66% -32.6%
% of Operating Profit 9.09%
Other Income/Expense, Net -$61.00M -$77.55M
YoY Change -21.35% 46338.92%
Pretax Income $136.5M -$417.2M
YoY Change -132.72% 968.73%
Income Tax $8.055M -$125.9M
% Of Pretax Income 5.9%
Net Earnings $128.7M -$103.0M
YoY Change -225.05% 165.06%
Net Earnings / Revenue 16.41% -17.81%
Basic Earnings Per Share $0.51 -$0.41
Diluted Earnings Per Share $0.50 -$0.41
COMMON SHARES
Basic Shares Outstanding 254.9M shares 250.3M shares
Diluted Shares Outstanding 259.8M shares 250.3M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.056B $1.812B
YoY Change 68.65% 60.64%
Cash & Equivalents $2.478B $1.385B
Short-Term Investments $578.0M $427.0M
Other Short-Term Assets $127.0M $154.0M
YoY Change -17.53% 29.41%
Inventory $124.2M $98.19M
Prepaid Expenses
Receivables $379.8M $263.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.687B $2.328B
YoY Change 58.36% 55.0%
LONG-TERM ASSETS
Property, Plant & Equipment $808.4M $760.0M
YoY Change 6.37% 10.52%
Goodwill $50.40M $50.38M
YoY Change 0.03% 0.0%
Intangibles
YoY Change
Long-Term Investments $20.00M
YoY Change -62.26%
Other Assets $46.49M $10.54M
YoY Change 341.03% 5.4%
Total Long-Term Assets $934.2M $870.4M
YoY Change 7.34% -21.43%
TOTAL ASSETS
Total Short-Term Assets $3.687B $2.328B
Total Long-Term Assets $934.2M $870.4M
Total Assets $4.621B $3.198B
YoY Change 44.48% 22.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.15M $77.14M
YoY Change 19.46% 51.51%
Accrued Expenses $504.2M $378.6M
YoY Change 33.2% 29.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00M $20.00M
YoY Change -40.0% -93.67%
Total Short-Term Liabilities $992.5M $710.7M
YoY Change 39.64% -1.67%
LONG-TERM LIABILITIES
Long-Term Debt $577.0M $567.0M
YoY Change 1.76% 12.28%
Other Long-Term Liabilities $26.30M $26.03M
YoY Change 1.03% -14.73%
Total Long-Term Liabilities $26.30M $26.03M
YoY Change 1.03% -14.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $992.5M $710.7M
Total Long-Term Liabilities $26.30M $26.03M
Total Liabilities $1.686B $1.395B
YoY Change 20.88% -0.44%
SHAREHOLDERS EQUITY
Retained Earnings -$4.540B -$5.220B
YoY Change -13.03% -3.45%
Common Stock $7.446B $7.037B
YoY Change 5.82% 9.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.906B $1.791B
YoY Change
Total Liabilities & Shareholders Equity $4.621B $3.198B
YoY Change 44.48% 22.56%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $128.7M -$103.0M
YoY Change -225.05% 165.06%
Depreciation, Depletion And Amortization $19.20M $15.30M
YoY Change 25.49% 5.52%
Cash From Operating Activities $381.3M $170.1M
YoY Change 124.16% 158.9%
INVESTING ACTIVITIES
Capital Expenditures -$20.90M -$187.9M
YoY Change -88.88% 1251.8%
Acquisitions
YoY Change
Other Investing Activities -$29.00M -$37.30M
YoY Change -22.25% -176.59%
Cash From Investing Activities -$49.90M -$225.2M
YoY Change -77.84% -747.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.100M 152.7M
YoY Change -98.62% 1031.11%
NET CHANGE
Cash From Operating Activities 381.3M 170.1M
Cash From Investing Activities -49.90M -225.2M
Cash From Financing Activities 2.100M 152.7M
Net Change In Cash 333.5M 97.60M
YoY Change 241.7% -14.39%
FREE CASH FLOW
Cash From Operating Activities $381.3M $170.1M
Capital Expenditures -$20.90M -$187.9M
Free Cash Flow $402.2M $358.0M
YoY Change 12.35% 349.75%

Facts In Submission

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PreferredStockSharesIssued
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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vrtx Accrued Share Repurchase Liability
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vrtx Accrued Share Repurchase Liability
AccruedShareRepurchaseLiability
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CY2018Q3 vrtx Contingent Liabilities
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vrtx Contractwith Customer Liability Additions
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vrtx Employee Benefit Plan Payable Receivable
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vrtx Employee Benefit Plan Payable Receivable
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CY2018Q3 vrtx Indemnification Claims
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CY2018Q3 vrtx Stock Repurchase Program Accrued Liabilities
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4000000 USD
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vrtx Noncontrolling Interest Increase From Deconsolidation Variable Interest Entity
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vrtx Paymentson Construction Financing Lease Obligations
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vrtx Proceeds From Collaborative Funding
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3132000 USD
vrtx Repaymentsof Collaborative Funding
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vrtx Revenue From Contract With Customer Payment Term
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StateAndForeignIncomeTaxAmount
4900000 USD
vrtx State And Foreign Income Tax Amount
StateAndForeignIncomeTaxAmount
13400000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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;">Recently Issued Accounting Standards</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Internal-Use Software</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In 2018, the FASB issued ASU 2018-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles&#8212;Goodwill and Other&#8212;Internal-Use Software (Subtopic 350-40): Customer&#8217;s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2018-15&#8221;), which clarifies the accounting for implementation costs in cloud computing arrangements.&#160; The new guidance is effective for the Company on January 1, 2020. Early adoption is permitted. The Company currently is evaluating the impact the adoption of ASU 2018-15 will have on its condensed consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fair Value Measurement</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In 2018, the FASB issued ASU 2018-13,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement</font><font style="font-family:inherit;font-size:10pt;">&#160;(&#8220;ASU 2018-13&#8221;), which modifies the disclosure requirements for fair value measurements. The new guidance is effective for the Company on January 1, 2020. Early adoption is permitted. The Company currently is evaluating the impact the adoption of ASU 2018-13 may have on its disclosures.</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Derivatives and Hedging</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In 2017, the FASB issued ASU 2017-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging (Topic 815) </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2017-12&#8221;), which helps simplify certain aspects of&#160;hedge&#160;accounting and enables entities to more accurately present their risk management activities in their financial statements. The new guidance is effective for the Company on January 1, 2019. The Company does not expect the adoption of ASU 2017-12 to have a significant effect on its condensed consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Leases </font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2016-02&#8221;), which amends a number of aspects of lease accounting and requires entities to recognize on the balance sheet right-of-use assets and liabilities for leases with lease terms of more than 12 months. ASU 2016-02 requires a modified-retrospective adoption approach. The new guidance is effective for the Company on January 1, 2019. The Company&#8217;s project team has reviewed its portfolio of existing leases and current accounting policies to identify and assess the potential differences that would result from applying the requirements of the new standard. The Company anticipates that the amended guidance will result in the recognition of additional right of use assets and corresponding liabilities on its condensed consolidated balance sheets. As discussed in Note K, &#8220;Long-term Obligations,&#8221; the Company currently applies build-to-suit accounting and is the deemed owner of its leased corporate headquarters in Boston and research site in San Diego, for which it is recognizing depreciation expense over the buildings&#8217; useful lives and imputed interest on the corresponding construction financing lease obligations. Under the amended guidance, the Company expects to account for these buildings as financing leases, resulting in increased depreciation expense over the respective lease terms, which are significantly shorter than the buildings&#8217; useful lives. The Company also expects a reduction in its imputed interest expense in the initial years of each financing lease term. The Company is in the process of quantifying the amount of financing and operating leases, corresponding liabilities and the cumulative effect adjustment to &#8220;Accumulated deficit&#8221; that will be recorded upon adoption of the amended guidance. The Company is also in the process of implementing appropriate changes to its controls to support lease accounting and related disclosures under the new standard. </font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For a discussion of other recent accounting pronouncements please refer to Note&#160;A, &#8220;Nature of Business and Accounting Policies&#8212;Recent Accounting Pronouncements,&#8221; in the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> Annual Report on Form&#160;10-K. </font></div></div>
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 </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, 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, deferred tax asset valuation allowances 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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