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Vertex Pharmaceuticals Inc Ma (VRTX) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Vertex Pharmaceuticals Inc Ma

CIK: 875320 Ticker: VRTX



Vertex Reports Full-Year and Fourth-Quarter 2016 Financial Results

-2016 total CF product revenues of $1.68 billion compared to $982 million in 2015; $980 million for ORKAMBI and $703 million for KALYDECO-
-Fourth-quarter 2016 total CF product revenues of $454 million; $277 million for ORKAMBI and $177 million for KALYDECO-
-Company reiterates 2017 financial guidance for ORKAMBI product revenues of $1.1 to $1.3 billion and KALYDECO product revenues of $690 to $710 million-

BOSTON -- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the full-year and quarter-ended December 31, 2016. On January 8, 2017, Vertex provided a comprehensive update on its ongoing research and development programs in cystic fibrosis (CF). The company today provided an update on its non-CF pipeline. Vertex also reiterated its financial guidance provided on January 8, 2017 for total 2017 ORKAMBI
® (lumacaftor/ivacaftor) and KALYDECO® (ivacaftor) revenues and combined Non-GAAP R&D and SG&A expenses. Key financial results include:

 
Three Months Ended December 31,
 
%
 
Twelve Months Ended December 31,
 
%
 
2016
 
2015
 
Change
 
2016
 
2015
 
Change
 
(in millions, except per share and percentage data)
ORKAMBI product revenues, net
$
277

 
$
220

 
 
 
$
980

 
$
351

 
 
KALYDECO product revenues, net
$
177

 
$
181

 
 
 
$
703

 
$
632

 
 
TOTAL CF product revenues, net
$
454

 
$
401

 
13%
 
$
1,683

 
$
982

 
71%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP net income (loss)
$
33

 
$
(74
)
 
 
 
$
(112
)
 
$
(556
)
 
 
GAAP net income (loss) per share - diluted
$
0.13

 
$
(0.30
)
 
 
 
$
(0.46
)
 
$
(2.31
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP net income (loss)
$
88

 
$
44

 
 
 
$
211

 
$
(267
)
 
 
Non-GAAP net income (loss) per share - diluted
$
0.35

 
$
0.18

 
 
 
$
0.85

 
$
(1.11
)
 
 

"2016 was a very important year for Vertex. It was marked by significant CF revenue growth from approximately $980 million in 2015 to approximately $1.7 billion in 2016. Additionally, our progress toward treating more people with CF continued in 2016 with the approval of ORKAMBI for children ages six to eleven in the U.S., the advancement of two next-generation correctors into Phase 2 development, and identifying two additional next-generation correctors for Phase 1 development," said Jeffrey Leiden, M.D., Ph.D., Chairman, President and Chief Executive Officer of Vertex. "As we enter 2017, we anticipate continued revenue and earnings growth and additional important progress toward our long-term goal of treating all people with CF."

1

The following information was filed by Vertex Pharmaceuticals Inc Ma (VRTX) on Wednesday, January 25, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Vertex Pharmaceuticals Inc Ma's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Operations (parenthetical)
Consolidated Statements Of Shareholders' Equity And Noncontrolling Interest
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (details)
Accumulated Other Comprehensive Income (tables)
Additional Balance Sheet Detail
Additional Balance Sheet Detail (details)
Additional Balance Sheet Detail (tables)
Collaborative Arrangements
Collaborative Arrangements (tables)
Collaborative Arrangements - Aggregate Vie Financial Information (details)
Collaborative Arrangements - Bioaxone Biosciences, Inc. (details)
Collaborative Arrangements - Crispr Therapeutics Ag (details)
Collaborative Arrangements - Cystic Fibrosis Foundation Therapeutics Incorporated (details)
Collaborative Arrangements - Janssen Pharmaceuticals, Inc. (details)
Collaborative Arrangements - Merck Kgaa (details)
Collaborative Arrangements - Moderna Therapeutics, Inc. (details)
Collaborative Arrangements - Parion Sciences, Inc. (details)
Commitments And Contingencies
Commitments And Contingencies - Capital Lease Financing Obligations (details)
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Commitments And Contingencies - Contingencies (details)
Common Stock, Preferred Stock And Equity Plans
Common Stock, Preferred Stock And Equity Plans (details 2)
Common Stock, Preferred Stock And Equity Plans (details)
Common Stock, Preferred Stock And Equity Plans (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Benefits
Employee Benefits (details)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (tables)
Hedging
Hedging (tables)
Hedging - Derivative Fair Value (details)
Hedging - Notional Amount (details)
Hedging - Offsetting Derivatives (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Deferred Tax Assets And Liabilities (details)
Income Taxes - Effective Income Tax Reconciliation (details)
Income Taxes - Narrative (details)
Income Taxes - Unrecognized Tax Benefits (details)
Income Taxes- Components Of Income And Provision For (benefit From) Income Taxes (details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (details)
Inventories
Inventories (details)
Inventories (tables)
Long Term Obligations
Long Term Obligations (convertible Senior Subordinated Notes) (details)
Long Term Obligations (fan Pier Leases) (details)
Long Term Obligations (san Diego Lease) (details)
Long Term Obligations (term Loan) (details)
Long Term Obligations - Revolving Credit Facility (details)
Marketable Securities
Marketable Securities (details)
Marketable Securities (tables)
Nature Of Business And Accounting Policies
Nature Of Business And Accounting Policies (policies)
Nature Of Business And Accounting Policies (tables)
Nature Of Business And Accounting Policies - Business (details)
Nature Of Business And Accounting Policies - Foreign Currency Gain (loss) (details)
Nature Of Business And Accounting Policies - Property And Equipment (details)
Nature Of Business And Accounting Policies - Revenue Recognition (details)
Nature Of Business And Accounting Policies - Share-based Compensation And Advertising Expense (details)
Other Arrangements
Other Arrangements (details)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (footnotes) (details)
Quarterly Financial Data (unaudited) (tables)
Restructuring Expenses
Restructuring Expenses (tables)
Restructuring Expenses - 2003 Kendall Restructuring (details)
Restructuring Expenses - 2003 Restructuring Liability (details)
Restructuring Expenses - Fan Pier Restructuring Liability (details)
Restructuring Expenses - Other Restructuring Liabilities (details)
Restructuring Expenses - Restructuring And Other Liability For 2003 (details)
Segment Information
Segment Information (tables)
Segment Information - Property And Equipment, Net By Location (details)
Segment Information - Revenue By Geographic Location (details)
Segment Information - Revenues By Product (details)
Segment Information - Significant Customers (details)
Stock-based Compensation Expense
Stock-based Compensation Expense (details)
Stock-based Compensation Expense (tables)
Subsequent Events
Subsequent Events (details)
Ticker: VRTX
CIK: 875320
Form Type: 10-K Annual Report
Accession Number: 0000875320-17-000017
Submitted to the SEC: Thu Feb 23 2017 3:18:18 PM EST
Accepted by the SEC: Thu Feb 23 2017
Period: Saturday, December 31, 2016
Industry: Pharmaceutical Preparations

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