$VRTX
VERTEX PHARMACEUTICALS INC / MA

2022 Q3 Form 10-Q Financial Statement

#000087532022000030 Filed on August 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $2.334B $2.196B $2.098B
YoY Change 17.65% 22.46% 21.64%
Cost Of Revenue $289.4M $261.8M $245.8M
YoY Change 22.36% 14.82% 27.82%
Gross Profit $2.045B $1.934B $1.852B
YoY Change 17.01% 23.57% 20.87%
Gross Profit Margin 87.6% 88.08% 88.28%
Selling, General & Admin $246.8M $215.3M $215.2M
YoY Change 24.53% 10.64% 12.02%
% of Gross Profit 12.07% 11.13% 11.62%
Research & Development $645.0M $600.1M $603.1M
YoY Change 30.63% -57.35% 32.26%
% of Gross Profit 31.54% 31.02% 32.57%
Depreciation & Amortization $36.70M $37.30M $35.90M
YoY Change 15.79% 19.28% 24.65%
% of Gross Profit 1.79% 1.93% 1.94%
Operating Expenses $891.8M $815.4M $818.3M
YoY Change 28.88% -49.09% 26.26%
Operating Profit $1.127B $1.106B $1.041B
YoY Change 6.85% -3019.0% 17.24%
Interest Expense $32.50M -$88.00M -$88.90M
YoY Change -0.12% 2255.46% 51.97%
% of Operating Profit 2.88% -7.95% -8.54%
Other Income/Expense, Net $17.20M -$78.10M -$72.80M
YoY Change -59.4% -1064.2% 38.14%
Pretax Income $1.176B $1.024B $954.8M
YoY Change 8.65% -2417.65% 16.31%
Income Tax $245.9M $213.9M $192.7M
% Of Pretax Income 20.9% 20.88% 20.18%
Net Earnings $930.5M $810.5M $762.1M
YoY Change 9.22% 1109.7% 16.69%
Net Earnings / Revenue 39.86% 36.9% 36.33%
Basic Earnings Per Share $3.63 $3.17 $2.99
Diluted Earnings Per Share $3.59 $3.13 $2.96
COMMON SHARES
Basic Shares Outstanding 256.5M shares 255.9M shares 255.1M shares
Diluted Shares Outstanding 259.5M shares 258.7M shares 257.9M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.771B $9.253B $8.238B
YoY Change 40.37% 37.95% 18.98%
Cash & Equivalents $9.172B $8.702B $7.600B
Short-Term Investments $599.2M $551.2M $638.0M
Other Short-Term Assets $726.9M $549.5M $491.5M
YoY Change 58.77% 10.17% 44.99%
Inventory $388.2M $367.7M $338.9M
Prepaid Expenses
Receivables $1.385B $1.333B $1.293B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.27B $11.50B $10.36B
YoY Change 38.62% 36.02% 21.34%
LONG-TERM ASSETS
Property, Plant & Equipment $1.119B $1.418B $1.436B
YoY Change -17.42% 6.0% 9.82%
Goodwill $1.075B $1.002B $1.002B
YoY Change 7.29% 0.0% 0.0%
Intangibles $603.6M $387.0M $400.0M
YoY Change 50.9% -3.25% 0.0%
Long-Term Investments $98.60M $95.80M $85.80M
YoY Change 174.65% 360.58% 308.57%
Other Assets $132.5M $127.3M $110.7M
YoY Change 75.45% 79.05% 124.72%
Total Long-Term Assets $4.435B $4.079B $3.895B
YoY Change 17.77% 8.36% 8.92%
TOTAL ASSETS
Total Short-Term Assets $12.27B $11.50B $10.36B
Total Long-Term Assets $4.435B $4.079B $3.895B
Total Assets $16.71B $15.58B $14.26B
YoY Change 32.39% 27.5% 17.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $126.9M $198.0M $173.6M
YoY Change -0.75% 55.25% 35.8%
Accrued Expenses $2.264B $2.120B $1.721B
YoY Change 42.87% 42.96% 12.3%
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 $2.609B $2.556B $2.180B
YoY Change 36.31% 39.19% 12.15%
LONG-TERM LIABILITIES
Long-Term Debt $482.0M $482.3M $495.5M
YoY Change -6.09% -8.12% -6.51%
Other Long-Term Liabilities $115.7M $115.4M $117.4M
YoY Change 6.66% 7.16% 10.49%
Total Long-Term Liabilities $115.7M $115.4M $117.4M
YoY Change 6.66% 7.16% 10.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.609B $2.556B $2.180B
Total Long-Term Liabilities $115.7M $115.4M $117.4M
Total Liabilities $3.677B $3.649B $3.349B
YoY Change 19.07% 20.61% 6.84%
SHAREHOLDERS EQUITY
Retained Earnings $5.704B $4.773B $3.963B
YoY Change 134.66% 202.36% 162.13%
Common Stock $7.228B $7.103B $6.933B
YoY Change 1.97% -7.07% -7.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.03B $11.93B $10.91B
YoY Change
Total Liabilities & Shareholders Equity $16.71B $15.58B $14.26B
YoY Change 32.39% 27.5% 17.67%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $930.5M $810.5M $762.1M
YoY Change 9.22% 1109.7% 16.69%
Depreciation, Depletion And Amortization $36.70M $37.30M $35.90M
YoY Change 15.79% 19.28% 24.65%
Cash From Operating Activities $955.5M $1.140B $956.2M
YoY Change 3.05% -670.44% 3.82%
INVESTING ACTIVITIES
Capital Expenditures -$54.20M -$53.30M $63.60M
YoY Change 3.19% 6.89% -10.3%
Acquisitions
YoY Change
Other Investing Activities -$330.0M -$8.200M $12.60M
YoY Change 76644.19% -72.47% -470.59%
Cash From Investing Activities -$384.2M -$61.50M -$51.00M
YoY Change 625.56% -22.79% -31.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -60.20M 47.70M -$95.40M
YoY Change -90.83% 41.98% -81.61%
NET CHANGE
Cash From Operating Activities 955.5M 1.140B $956.2M
Cash From Investing Activities -384.2M -61.50M -$51.00M
Cash From Financing Activities -60.20M 47.70M -$95.40M
Net Change In Cash 511.1M 1.126B $803.9M
YoY Change 134.87% -557.97% 148.12%
FREE CASH FLOW
Cash From Operating Activities $955.5M $1.140B $956.2M
Capital Expenditures -$54.20M -$53.30M $63.60M
Free Cash Flow $1.010B $1.193B $892.6M
YoY Change 3.06% -895.67% 5.0%

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
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
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dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Entity Filer Category
EntityFilerCategory
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dei Document Period End Date
DocumentPeriodEndDate
2022-06-30
dei Document Transition Report
DocumentTransitionReport
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dei Entity File Number
EntityFileNumber
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dei Entity Small Business
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dei Amendment Flag
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dei Document Type
DocumentType
10-Q
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
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dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
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dei City Area Code
CityAreaCode
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dei Local Phone Number
LocalPhoneNumber
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dei Security12b Title
Security12bTitle
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dei Trading Symbol
TradingSymbol
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dei Security Exchange Name
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224000000.0 usd
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
100700000 usd
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
86700000 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
367700000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
353100000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
-300000 usd
CY2021Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1300000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
-100000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
3200000 usd
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
113900000 usd
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
104600000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
244200000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
219800000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
113900000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
104600000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
244200000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
219800000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
26500000 usd
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
20900000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
62500000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
52100000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
87400000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
83700000 usd
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
181700000 usd
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
167700000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1024400000 usd
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-44200000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1979200000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
776700000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
213900000 usd
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-111200000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
406600000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
56600000 usd
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
2.51
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.07
us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-99700000 usd
CY2021Q2 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-99700000 usd
CY2022Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
145200000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
129500000 usd
CY2022Q2 vrtx Indemnification Claims
IndemnificationClaims
0 usd
CY2022Q2 vrtx Contingent Liabilities
ContingentLiabilities
0 usd
CY2021Q4 vrtx Contingent Liabilities
ContingentLiabilities
0 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6795000000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8702200000 usd
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5988200000 usd
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6063700000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6800100000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8704100000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5988900000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6071100000 usd

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