$VRTX
VERTEX PHARMACEUTICALS INC / MA

2021 Q2 Form 10-Q Financial Statement

#000087532021000027 Filed on July 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $1.793B $1.524B $1.515B
YoY Change 17.64% 61.96% 76.5%
Cost Of Revenue $228.0M $184.5M $162.5M
YoY Change 23.56% 35.94% 70.88%
Gross Profit $1.565B $1.340B $1.353B
YoY Change 16.82% 66.34% 77.2%
Gross Profit Margin 87.29% 87.9% 89.27%
Selling, General & Admin $194.6M $191.8M $182.3M
YoY Change 1.46% 22.56% 23.95%
% of Gross Profit 12.43% 14.31% 13.47%
Research & Development $1.407B $420.9M $448.5M
YoY Change 234.28% 11.04% 32.12%
% of Gross Profit 89.89% 31.41% 33.16%
Depreciation & Amortization $31.27M $26.70M $26.82M
YoY Change 17.12% -3.61% -1.18%
% of Gross Profit 2.0% 1.99% 1.98%
Operating Expenses $1.602B $612.7M $630.8M
YoY Change 161.4% 14.4% 29.65%
Operating Profit -$37.90M $718.0M $720.2M
YoY Change -105.28% 165.98% 160.19%
Interest Expense -$3.736M $13.87M $14.14M
YoY Change -126.93% -6.51% -4.92%
% of Operating Profit 1.93% 1.96%
Other Income/Expense, Net $8.100M $116.4M -$61.13M
YoY Change -93.04% 115.73% -243.46%
Pretax Income -$44.20M $824.8M $657.5M
YoY Change -105.36% 152.12% 105.37%
Income Tax -$111.2M -$12.50M $54.80M
% Of Pretax Income -1.52% 8.33%
Net Earnings $67.00M $837.3M $602.8M
YoY Change -92.0% 213.08% 124.38%
Net Earnings / Revenue 3.74% 54.92% 39.78%
Basic Earnings Per Share $0.26 $3.22 $2.32
Diluted Earnings Per Share $0.26 $3.18 $2.29
COMMON SHARES
Basic Shares Outstanding 259.0M shares 259.6M shares 259.8M shares
Diluted Shares Outstanding 261.0M shares 263.4M shares 263.5M shares

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.708B $5.451B $4.190B
YoY Change 23.06% 37.97% 20.47%
Cash & Equivalents $6.064B $4.831B $3.593B
Short-Term Investments $644.3M $619.0M $597.0M
Other Short-Term Assets $498.8M $233.0M $223.0M
YoY Change 114.06% 53.29% 71.54%
Inventory $321.6M $219.2M $187.1M
Prepaid Expenses
Receivables $929.1M $791.8M $845.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.458B $6.694B $5.446B
YoY Change 26.34% 42.1% 30.2%
LONG-TERM ASSETS
Property, Plant & Equipment $1.338B $728.4M $736.3M
YoY Change 83.72% -0.38% -2.87%
Goodwill $1.002B $1.002B $1.002B
YoY Change 0.0% 1889.04% 1889.04%
Intangibles $400.0M $400.0M $400.0M
YoY Change 0.0%
Long-Term Investments $20.80M $47.00M $47.00M
YoY Change -55.74%
Other Assets $71.10M $176.6M $160.6M
YoY Change -59.73% 205.65% 311.45%
Total Long-Term Assets $3.764B $3.522B $3.447B
YoY Change 6.87% 51.65% 65.8%
TOTAL ASSETS
Total Short-Term Assets $8.458B $6.694B $5.446B
Total Long-Term Assets $3.764B $3.522B $3.447B
Total Assets $12.22B $10.22B $8.893B
YoY Change 19.63% 45.25% 42.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $127.5M $101.5M $100.7M
YoY Change 25.71% 31.68% 22.42%
Accrued Expenses $1.483B $1.545B $1.258B
YoY Change -4.07% 44.56% 136.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.836B $1.799B $1.539B
YoY Change 2.1% 42.84% 39.07%
LONG-TERM LIABILITIES
Long-Term Debt $524.9M $522.0M $533.0M
YoY Change 0.56% -5.43% -4.82%
Other Long-Term Liabilities $107.7M $189.1M $181.7M
YoY Change -43.06% 2259.85% 158.8%
Total Long-Term Liabilities $107.7M $189.1M $181.7M
YoY Change -43.06% 2259.85% 158.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.836B $1.799B $1.539B
Total Long-Term Liabilities $107.7M $189.1M $181.7M
Total Liabilities $3.025B $2.697B $2.432B
YoY Change 12.17% 37.36% 33.62%
SHAREHOLDERS EQUITY
Retained Earnings $1.579B -$413.0M -$1.250B
YoY Change -482.3% -83.44% -58.74%
Common Stock $7.643B $7.946B $7.698B
YoY Change -3.82% 5.01% 2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.196B $7.519B $6.462B
YoY Change
Total Liabilities & Shareholders Equity $12.22B $10.22B $8.893B
YoY Change 19.63% 45.25% 42.02%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $67.00M $837.3M $602.8M
YoY Change -92.0% 213.08% 124.38%
Depreciation, Depletion And Amortization $31.27M $26.70M $26.82M
YoY Change 17.12% -3.61% -1.18%
Cash From Operating Activities -$199.8M $1.039B $815.7M
YoY Change -119.24% 123.96% 151.15%
INVESTING ACTIVITIES
Capital Expenditures -$49.86M -$17.80M $19.45M
YoY Change 180.13% 8.54% 7.81%
Acquisitions
YoY Change
Other Investing Activities -$29.79M $89.80M $51.10M
YoY Change -133.17% -365.68% -342.18%
Cash From Investing Activities -$79.65M $71.90M $31.67M
YoY Change -210.78% -243.23% -180.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $300.0M
YoY Change 219.15%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.60M 120.0M -$359.4M
YoY Change -72.0% -1023.08% 756.01%
NET CHANGE
Cash From Operating Activities -199.8M 1.039B $815.7M
Cash From Investing Activities -79.65M 71.90M $31.67M
Cash From Financing Activities 33.60M 120.0M -$359.4M
Net Change In Cash -245.9M 1.230B $481.3M
YoY Change -119.98% 207.22% 97.83%
FREE CASH FLOW
Cash From Operating Activities -$199.8M $1.039B $815.7M
Capital Expenditures -$49.86M -$17.80M $19.45M
Free Cash Flow -$149.9M $1.056B $796.2M
YoY Change -114.2% 120.02% 159.58%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Registrant Name
EntityRegistrantName
VERTEX PHARMACEUTICALS INC / MA
dei Entity Central Index Key
EntityCentralIndexKey
0000875320
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Amendment Flag
AmendmentFlag
false
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2021-06-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
000-19319
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
MA
dei Entity Address Address Line1
EntityAddressAddressLine1
50 Northern Avenue
dei Entity Address City Or Town
EntityAddressCityOrTown
Boston
dei Entity Address State Or Province
EntityAddressStateOrProvince
MA
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
04-3039129
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
02210
dei City Area Code
CityAreaCode
617
dei Local Phone Number
LocalPhoneNumber
341-6100
dei Security12b Title
Security12bTitle
Common Stock, $0.01 Par Value Per Share
dei Trading Symbol
TradingSymbol
VRTX
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Current Reporting Status
EntityCurrentReportingStatus
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dei Entity Interactive Data Current
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dei Entity Filer Category
EntityFilerCategory
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3080000 USD
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CY2021Q2 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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us-gaap Share Based Compensation
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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10800000 USD
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us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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164139000 USD
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47492000 USD
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64386000 USD
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92187000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
28923000 USD
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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369851000 USD
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721288000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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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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37314000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments For Repurchase Of Common Stock
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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates </span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in accordance with U.S. 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. 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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vrtx Collaborative Arrangement Research And Development Expenses
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CY2020Q2 vrtx Collaborative Arrangement Up Front License Fee
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vrtx Collaborative Arrangement Up Front License Fee
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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263403000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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261468000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
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us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
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5000 shares
us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
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0.26
CY2020Q2 us-gaap Earnings Per Share Basic
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3.22
us-gaap Earnings Per Share Basic
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2.78
us-gaap Earnings Per Share Basic
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5.54
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CY2020Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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2.75
us-gaap Earnings Per Share Diluted
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CY2021Q2 us-gaap Cash
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us-gaap Equity Securities Fv Ni Unrealized Loss
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CY2021Q2 vrtx Debtand Equity Securities Cost
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541586000 USD
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102776000 USD
CY2021Q2 vrtx Debtand Equity Securities Unrealized Loss
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CY2021Q2 vrtx Debtand Equity Securities Fair Value
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644315000 USD
CY2020Q4 vrtx Debtand Equity Securities Cost
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526022000 USD
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144767000 USD
CY2020Q4 vrtx Debtand Equity Securities Unrealized Loss
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CY2020Q4 vrtx Debtand Equity Securities Fair Value
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670710000 USD
CY2021Q2 us-gaap Available For Sale Securities Debt Securities
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CY2021Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2020Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2021Q2 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
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CY2020Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
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CY2021Q2 us-gaap Available For Sale Securities Debt Securities
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us-gaap Impairment Of Investments
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us-gaap Impairment Of Investments
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CY2021Q2 us-gaap Impairment Of Investments
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us-gaap Unrealized Gain Loss On Investments
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us-gaap Unrealized Gain Loss On Investments
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35191000 USD
CY2020Q2 us-gaap Equity Securities Fv Ni Cost
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46800000 USD
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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16579000 USD
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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43321000 USD
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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11977000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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CY2021Q2 us-gaap Inventory Raw Materials Net Of Reserves
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CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
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46232000 USD
CY2021Q2 us-gaap Inventory Work In Process Net Of Reserves
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CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
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161324000 USD
CY2021Q2 us-gaap Inventory Finished Goods Net Of Reserves
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91225000 USD
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2021Q2 us-gaap Inventory Net
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CY2020Q4 us-gaap Inventory Net
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280777000 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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1293000 USD
CY2020Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
932000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
3156000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2126000 USD
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
104622000 USD
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
117189000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
219796000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
232895000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
104622000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
117189000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
219796000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
232895000 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
20856000 USD
CY2020Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
31151000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
52107000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
95397000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
83766000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
86038000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
167689000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
137498000 USD
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-44255000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
824770000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
776705000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1482304000 USD
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-111179000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-12500000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
56643000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
42281000 USD
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
2.51
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.02
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.07
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.03
vrtx Effective Income Tax Rate Reconciliation Inter Entity Transfer Of Intellectual Property Rights Amount
EffectiveIncomeTaxRateReconciliationInterEntityTransferOfIntellectualPropertyRightsAmount
-187000000.0 USD
CY2020Q2 vrtx Effective Income Tax Rate Reconciliation Inter Entity Transfer Of Intellectual Property Rights Amount
EffectiveIncomeTaxRateReconciliationInterEntityTransferOfIntellectualPropertyRightsAmount
-187000000.0 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
213800000 USD
CY2021Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
84500000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
75800000 USD
vrtx Number Of Credit Agreements
NumberOfCreditAgreements
2 credit_agreement
CY2021Q2 vrtx Indemnification Claims
IndemnificationClaims
0 USD
CY2020Q4 vrtx Contingent Liabilities
ContingentLiabilities
0 USD
CY2021Q2 vrtx Contingent Liabilities
ContingentLiabilities
0 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5988187000 USD
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6063678000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3109322000 USD
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4831332000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5988845000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6071068000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3120681000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4835700000 USD

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