2018 Q4 Form 10-K Financial Statement

#000087532019000006 Filed on February 13, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q1 2018
Revenue $870.1M $640.8M $3.048B
YoY Change 33.53% -10.34% 22.46%
Cost Of Revenue $122.3M $71.61M $409.5M
YoY Change 45.49% 52.41% 48.86%
Gross Profit $747.8M $569.2M $2.638B
YoY Change 31.75% -14.76% 19.18%
Gross Profit Margin 85.95% 88.82% 86.56%
Selling, General & Admin $153.2M $129.8M $557.6M
YoY Change 13.66% 14.54% 12.4%
% of Gross Profit 20.49% 22.81% 21.14%
Research & Development $437.9M $310.6M $1.416B
YoY Change 42.79% 13.52% 6.93%
% of Gross Profit 58.55% 54.56% 53.69%
Depreciation & Amortization $18.80M $16.34M $72.42M
YoY Change 14.63% 10.05% 17.95%
% of Gross Profit 2.51% 2.87% 2.75%
Operating Expenses $591.1M $440.4M $1.974B
YoY Change 33.9% 13.82% 8.42%
Operating Profit $127.7M $128.9M $635.2M
YoY Change 1.58% -52.41% 415.36%
Interest Expense $18.74M $16.89M $72.47M
YoY Change -249.39% -200.72% 4.58%
% of Operating Profit 14.68% 13.1% 11.41%
Other Income/Expense, Net -$90.45M $96.84M -$790.0K
YoY Change 11992.51% -17901.1% -99.03%
Pretax Income $32.50M $214.6M $812.1M
YoY Change -71.1% -15.34% 145.83%
Income Tax -$1.493B -$12.66M -$1.487B
% Of Pretax Income -4593.04% -5.9% -183.09%
Net Earnings $1.551B $210.3M $2.097B
YoY Change 1439.99% -15.13% 695.83%
Net Earnings / Revenue 178.2% 32.81% 68.8%
Basic Earnings Per Share $6.08 $0.83 $8.24
Diluted Earnings Per Share $5.97 $0.81 $8.09
COMMON SHARES
Basic Shares Outstanding 254.9M shares 253.2M shares 254.3M shares
Diluted Shares Outstanding 259.8M shares 258.5M shares 259.2M shares

Balance Sheet

Concept 2018 Q4 2018 Q1 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.168B $2.477B $3.168B
YoY Change 51.65% 75.8% 51.65%
Cash & Equivalents $2.650B $1.996B $2.650B
Short-Term Investments $518.0M $481.0M $518.0M
Other Short-Term Assets $61.59M $119.0M $136.0M
YoY Change -18.68% -31.21% -1.45%
Inventory $124.4M $111.7M $124.0M
Prepaid Expenses $74.05M
Receivables $409.7M $311.2M $410.0M
Other Receivables $0.00 $0.00 $5.000M
Total Short-Term Assets $3.843B $3.041B $3.843B
YoY Change 45.08% 62.47% 45.07%
LONG-TERM ASSETS
Property, Plant & Equipment $812.0M $800.7M $812.0M
YoY Change 2.86% 13.03% 2.92%
Goodwill $50.40M $50.40M
YoY Change 0.0% 0.03%
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.73M $31.80M $1.540B
YoY Change 48.66% 176.7% 19150.0%
Total Long-Term Assets $2.403B $517.5M $2.403B
YoY Change 167.85% -51.85% 167.89%
TOTAL ASSETS
Total Short-Term Assets $3.843B $3.041B $3.843B
Total Long-Term Assets $2.403B $517.5M $2.403B
Total Assets $6.246B $3.559B $6.246B
YoY Change 76.14% 20.77% 76.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $111.0M $74.06M $111.0M
YoY Change 49.99% 17.29% 50.0%
Accrued Expenses $958.9M $452.5M $604.0M
YoY Change 115.99% 62.81% 35.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00M $17.00M $10.00M
YoY Change -56.52% -10.53% -56.52%
Total Short-Term Liabilities $1.120B $827.3M $1.120B
YoY Change 38.78% 68.91% 38.79%
LONG-TERM LIABILITIES
Long-Term Debt $582.0M $578.0M $582.0M
YoY Change -0.34% 9.26% -0.34%
Other Long-Term Liabilities $108.9M $27.46M $109.0M
YoY Change 291.92% -3.53% 2.83%
Total Long-Term Liabilities $108.9M $27.46M $691.0M
YoY Change 291.92% -3.53% 0.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.120B $827.3M $1.120B
Total Long-Term Liabilities $108.9M $27.46M $691.0M
Total Liabilities $1.811B $1.522B $1.811B
YoY Change 20.42% 20.43% 19.38%
SHAREHOLDERS EQUITY
Retained Earnings -$2.989B -$5.111B
YoY Change -41.61% -0.47%
Common Stock $7.424B $7.317B
YoY Change 3.69% 10.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.435B $2.401B $4.435B
YoY Change
Total Liabilities & Shareholders Equity $6.246B $3.559B $6.246B
YoY Change 76.14% 20.77% 76.14%

Cashflow Statement

Concept 2018 Q4 2018 Q1 2018
OPERATING ACTIVITIES
Net Income $1.551B $210.3M $2.097B
YoY Change 1439.99% -15.13% 695.83%
Depreciation, Depletion And Amortization $18.80M $16.34M $72.42M
YoY Change 14.63% 10.05% 17.95%
Cash From Operating Activities $314.6M $252.7M $1.270B
YoY Change 38.29% -4.91% 50.34%
INVESTING ACTIVITIES
Capital Expenditures -$15.70M $29.28M $95.45M
YoY Change -63.49% 163.8% -4.0%
Acquisitions $0.00
YoY Change
Other Investing Activities -$25.10M $34.20M -$75.00K
YoY Change -213.06% -57100.0% -92.93%
Cash From Investing Activities -$40.90M $4.933M -$202.2M
YoY Change 96.63% -103.06% -58.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.00M $350.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -101.0M $78.96M -$71.22M
YoY Change -237.98% -127.27% -204.12%
NET CHANGE
Cash From Operating Activities 314.6M $252.7M $1.270B
Cash From Investing Activities -40.90M $4.933M -$202.2M
Cash From Financing Activities -101.0M $78.96M -$71.22M
Net Change In Cash 172.7M $338.2M $990.7M
YoY Change -38.3% -284.34% 127.33%
FREE CASH FLOW
Cash From Operating Activities $314.6M $252.7M $1.270B
Capital Expenditures -$15.70M $29.28M $95.45M
Free Cash Flow $330.3M $223.4M $1.175B
YoY Change 22.11% -12.26% 57.59%

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0 USD
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0 USD
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0 USD
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0 USD
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248000 USD
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4050000 USD
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15292000 USD
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20413000 USD
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51238000 USD
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P6Y11M1D
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0 USD
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0 USD
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0 USD
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0 USD
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6031000 USD
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425000 USD
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0 USD
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0 USD
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14800000 USD
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251635000 shares
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250268000 shares
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256804000 shares
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250268000 shares
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251557000 shares
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254905000 shares
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254868000 shares
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254292000 shares
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98411000 USD
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115300000 USD
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78431000 USD
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82573000 USD
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3200000000 USD
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28907000 USD
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5182000 USD
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563406000 USD
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561892000 USD
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0 USD
CY2018Q4 vrtx Contingent Liabilities
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0 USD
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484473000 USD
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40646000 USD
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7011000 USD
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17808000 USD
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17795000 USD
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54091000 USD
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241775000 USD
CY2017Q4 vrtx Deferred Tax Assets Lease Obligation
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109354000 USD
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130849000 USD
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0 USD
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126183000 USD
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9390000 USD
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9947000 USD
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0 USD
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0 USD
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0 USD
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0 USD
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15431000 USD
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-1560000000 USD
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0 shares
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28000 shares
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17000 shares
CY2018Q4 vrtx Indemnification Claims
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0 USD
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300000000.0 USD
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0.6
CY2017 vrtx Noncontrolling Interest Increase From Deconsolidation Variable Interest Entity
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3910000 USD
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-3540000 USD
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432000 USD
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541000 USD
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5462000 USD
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13075000 USD
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0 USD
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83471000 USD
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0.05
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75000000 USD
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12500000 USD
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7500000 USD
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119919000 USD
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195598000 USD
CY2016 vrtx Repaymentsof Collaborative Funding
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0 USD
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4266000 USD
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5027000 USD
CY2018Q4 vrtx Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Outstanding Number
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12506101 shares
CY2018 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</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 consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) 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 consolidated financial statements, and the amounts of revenues and expenses during the reported periods. Significant estimates in these consolidated financial statements have been made in connection with the calculation of revenues, research and development expenses, the fair value of intangible assets, goodwill, noncontrolling interest, the consolidation and deconsolidation of VIEs, 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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