$VRTX
VERTEX PHARMACEUTICALS INC / MA

2019 Q3 Form 10-Q Financial Statement

#000087532019000057 Filed on October 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q1 2018 Q3
Revenue $949.8M $858.4M $784.5M
YoY Change 21.07% 33.96% 35.69%
Cost Of Revenue $131.9M $95.09M $111.3M
YoY Change 18.57% 32.79% 52.67%
Gross Profit $817.9M $763.3M $673.3M
YoY Change 21.48% 34.11% 33.25%
Gross Profit Margin 86.11% 88.92% 85.82%
Selling, General & Admin $159.7M $147.0M $137.3M
YoY Change 16.3% 13.28% 13.74%
% of Gross Profit 19.52% 19.26% 20.39%
Research & Development $555.9M $339.5M $330.5M
YoY Change 68.21% 9.32% -27.35%
% of Gross Profit 67.97% 44.47% 49.09%
Depreciation & Amortization $25.90M $27.14M $19.20M
YoY Change 34.9% 66.06% 25.49%
% of Gross Profit 3.17% 3.56% 2.85%
Operating Expenses $715.6M $486.5M $467.8M
YoY Change 52.97% 10.49% -18.74%
Operating Profit $99.33M $276.8M $205.6M
YoY Change -51.7% 114.74% -163.07%
Interest Expense $14.55M $14.87M $18.69M
YoY Change -22.14% -11.95% -237.66%
% of Operating Profit 14.65% 5.37% 9.09%
Other Income/Expense, Net -$31.75M $42.61M -$61.00M
YoY Change -47.95% -56.0% -21.35%
Pretax Income $70.67M $320.2M $136.5M
YoY Change -48.23% 49.16% -132.72%
Income Tax $13.15M $51.53M $8.055M
% Of Pretax Income 18.61% 16.1% 5.9%
Net Earnings $57.52M $268.6M $128.7M
YoY Change -55.32% 27.76% -225.05%
Net Earnings / Revenue 6.06% 31.29% 16.41%
Basic Earnings Per Share $0.22 $1.05 $0.51
Diluted Earnings Per Share $0.22 $1.03 $0.50
COMMON SHARES
Basic Shares Outstanding 256.9M shares 255.7M shares 254.9M shares
Diluted Shares Outstanding 260.5M shares 260.2M shares 259.8M shares

Balance Sheet

Concept 2019 Q3 2019 Q1 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.996B $3.478B $3.056B
YoY Change 30.76% 40.41% 68.65%
Cash & Equivalents $3.398B $2.894B $2.478B
Short-Term Investments $598.0M $584.0M $578.0M
Other Short-Term Assets $175.0M $130.0M $127.0M
YoY Change 37.8% 9.24% -17.53%
Inventory $162.3M $136.7M $124.2M
Prepaid Expenses
Receivables $443.3M $438.3M $379.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.777B $4.183B $3.687B
YoY Change 29.58% 37.55% 58.36%
LONG-TERM ASSETS
Property, Plant & Equipment $733.5M $758.1M $808.4M
YoY Change -9.26% -5.32% 6.37%
Goodwill $447.5M $50.38M $50.40M
YoY Change 787.95% -0.03% 0.03%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $79.99M $39.04M $46.49M
YoY Change 72.04% 22.75% 341.03%
Total Long-Term Assets $2.737B $2.079B $934.2M
YoY Change 193.02% 301.71% 7.34%
TOTAL ASSETS
Total Short-Term Assets $4.777B $4.183B $3.687B
Total Long-Term Assets $2.737B $2.079B $934.2M
Total Assets $7.515B $6.262B $4.621B
YoY Change 62.62% 75.96% 44.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.53M $82.26M $92.15M
YoY Change 0.41% 11.07% 19.46%
Accrued Expenses $1.174B $532.7M $504.2M
YoY Change 132.78% 17.72% 33.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $37.00M $36.00M $12.00M
YoY Change 208.33% 111.76% -40.0%
Total Short-Term Liabilities $1.389B $1.106B $992.5M
YoY Change 39.94% 33.74% 39.64%
LONG-TERM LIABILITIES
Long-Term Debt $542.0M $560.0M $577.0M
YoY Change -6.07% -3.11% 1.76%
Other Long-Term Liabilities $7.642M $70.23M $26.30M
YoY Change -70.94% 155.72% 1.03%
Total Long-Term Liabilities $7.642M $70.23M $26.30M
YoY Change -70.94% 155.72% 1.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.389B $1.106B $992.5M
Total Long-Term Liabilities $7.642M $70.23M $26.30M
Total Liabilities $2.261B $1.820B $1.686B
YoY Change 34.09% 19.55% 20.88%
SHAREHOLDERS EQUITY
Retained Earnings -$2.436B -$3.030B -$4.540B
YoY Change -46.34% -40.73% -13.03%
Common Stock $7.671B $7.478B $7.446B
YoY Change 3.02% 2.21% 5.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.253B $4.723B $2.906B
YoY Change
Total Liabilities & Shareholders Equity $7.515B $6.262B $4.621B
YoY Change 62.62% 75.96% 44.48%

Cashflow Statement

Concept 2019 Q3 2019 Q1 2018 Q3
OPERATING ACTIVITIES
Net Income $57.52M $268.6M $128.7M
YoY Change -55.32% 27.76% -225.05%
Depreciation, Depletion And Amortization $25.90M $27.14M $19.20M
YoY Change 34.9% 66.06% 25.49%
Cash From Operating Activities $334.8M $324.8M $381.3M
YoY Change -12.2% 28.55% 124.16%
INVESTING ACTIVITIES
Capital Expenditures -$24.30M $18.04M -$20.90M
YoY Change 16.27% -38.38% -88.88%
Acquisitions
YoY Change
Other Investing Activities -$224.7M -$21.10M -$29.00M
YoY Change 674.83% -161.7% -22.25%
Cash From Investing Activities -$249.0M -$39.14M -$49.90M
YoY Change 399.0% -893.39% -77.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $94.01M
YoY Change 840.07%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.40M -$41.99M 2.100M
YoY Change 871.43% -153.18% -98.62%
NET CHANGE
Cash From Operating Activities 334.8M $324.8M 381.3M
Cash From Investing Activities -249.0M -$39.14M -49.90M
Cash From Financing Activities 20.40M -$41.99M 2.100M
Net Change In Cash 106.2M $243.3M 333.5M
YoY Change -68.16% -28.07% 241.7%
FREE CASH FLOW
Cash From Operating Activities $334.8M $324.8M $381.3M
Capital Expenditures -$24.30M $18.04M -$20.90M
Free Cash Flow $359.1M $306.7M $402.2M
YoY Change -10.72% 37.32% 12.35%

Facts In Submission

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29827000 USD
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<div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates </span></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><span 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, research and development expenses, goodwill, intangible assets, deferred tax asset valuation allowances, fair value of contingent consideration and the provision for 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.</span></div>
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Assets
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019Q3 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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254905000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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256289000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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254096000 shares
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0.22
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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2.15
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536000 USD
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128.89
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4690000 shares
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109.42
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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2487051000 USD
us-gaap Operating Lease Payments
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6077000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 USD

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