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.

View differences made from one year to another to evaluate Vertex Pharmaceuticals Inc Ma's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Vertex Pharmaceuticals Inc Ma.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account