Vertex Pharmaceuticals Inc Ma (VRTX) 10-Q Quarterly Report October 2018

-Company reiterates full-year 2018 total CF product revenue guidance of $2.9 to $3.0 billion; reiterates full-year 2018 combined non-GAAP R&D and SG&A expense guidance of $1.50 to $1.55 billion-

BOSTON -- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the third quarter ended September 30, 2018 and reviewed recent progress with its approved and investigational medicines. Vertex also reiterated its guidance for full-year 2018 total CF product revenues and guidance for combined GAAP and non-GAAP R&D and SG&A expenses.

Third-Quarter 2018 Financial Highlights



	Three Months Ended September 30,
	2018		2017			% Change
	(in millions, except per share and percentage data)
TOTAL CF product revenues, net	$	783	$	550		42%

GAAP net income (loss)	$	129	$	(103	)
GAAP net income (loss) per share - diluted	$	0.50	$	(0.41	)

Non-GAAP net income	$	282	$	136		107%
Non-GAAP net income per share - diluted	$	1.09	$	0.53		106%

“We continue to make significant progress toward our goal of developing medicines for all people with CF as marked by the recent approvals of KALYDECO and ORKAMBI in younger children, the launch of SYMDEKO in the U.S. and the rapid progress we have made with our triple combination pivotal studies," said Jeffrey Leiden, M.D., Ph.D., Chairman, President and Chief Executive Officer of Vertex. "In our development pipeline, we are advancing potential medicines for pain, sickle cell disease and beta thalassemia and are also beginning to advance additional compounds from research into early clinical development that could fundamentally change the treatment of other serious diseases in the future."

Dr. Leiden continued, "Our ability to treat more and more people with CF is driving revenue and earnings growth and significant cash flow generation, which enables the company to invest to discover and develop transformative future medicines for the treatment of CF and other life-threatening diseases."

The following information was filed by Vertex Pharmaceuticals Inc Ma (VRTX) on Wednesday, October 24, 2018 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-Q Quarterly 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-Q Quarterly Report:

Revenue - Product Highlight
In the nine months ended September 30, 2018, our cash, cash equivalents and marketable securities balance increased due to cash receipts from product sales, an $85.3 million increase in the fair value of our investment in CRISPR based on an increase in the price of CRISPRs common stock and $245.8 million of cash received from issuances of common stock under our employee benefit plans partially offset by cash expenditures to fund our operations and $207.0 million of cash used to repurchase shares of our common stock.

Financial - Shares Highlight
ended September 30, 2018 were $955.7 million of cash provided by operations, an $85.3 million increase in the fair value of our investment in CRISPR based on an increase in the price of CRISPRs common stock and $245.8 million of cash received from issuances of common stock under our employee benefit plans partially offset by $207.0 million of cash used to repurchase shares of our common stock and expenditures for property and equipment of $79.8 million as well as other expenditures.
Financial - Earnings Highlight
Changes in the fair value of these contingent future payments affect net income attributable to Vertex on a dollar-for-dollar basis, with increases in the fair value of contingent payments payable by us to a VIE resulting in a decrease in net income attributable to Vertex or an increase in net loss attributable to Vertex and decreases in the fair value of contingent payments payable by us to a VIE resulting in an increase in net income attributable to Vertex or decrease in net loss attributable to Vertex.
Financial - Expense Highlight
The decrease in operating costs and expenses in the third quarter of 2018 as compared to the third quarter of 2017 primarily reflected a one-time $255.3 million impairment charge related to Parions pulmonary ENaC platform recorded in the third quarter of 2017 and a one-time $160.0 million payment to Concert in the third quarter of 2017 in connection with our acquisition of VX-561.
Financial - Expense Highlight
The decrease in operating costs and expenses in the nine months ended September 30, 2018 as compared to the nine months ended September 30, 2017 primarily reflected a one-time $255.3 million impairment charge related to Parions pulmonary ENaC platform recorded in the third quarter of 2017 and a one-time $160.0 million payment to Concert in the third quarter of 2017 in connection with our acquisition of VX-561.
Financial - Expense
These internal costs are significantly...Read more
Revenue - Product
our revenue growth, the progress...Read more
Revenue - Product
KALYDECO net product revenues increased...Read more
Revenue - Product
We believe that our total...Read more
Financial - Shares
Our board of directors also...Read more
Financial - Expense
We expect our imputed interest...Read more
Other - Other
As of September 30, 2018,...Read more
Financial - Expense
We do not assign our...Read more
Other - Other
In the nine months ended...Read more
Financial - Expense
Other expense, net in the...Read more
Financial - Shares
In prior periods, changes in...Read more
Revenue - Product
Pursuant to revenue recognition guidance...Read more
Other - Other
Parion and BioAxone have historically...Read more
Financial - Income
In the third quarter of...Read more
Financial - Shares
As a result of new...Read more
Revenue - Product
We determined the amount of...Read more
Financial - Income
Other income, net in the...Read more
Revenue - Product
Our total revenues increased in...Read more
Revenue - Product
Sales, general and administrative expenses...Read more
Revenue - Product
Sales of our products depend,...Read more
Other - Other
To obtain approval, we must,...Read more
Revenue - Product
In the third quarter and...Read more
Other - Other
These items are monitored and...Read more
Revenue - Product
As of September 30, 2018...Read more
Financial - Expense
Other expense, net in the...Read more
Other - Other
We plan to continue investing...Read more
Financial - Expense
Pursuant to these out-licensing arrangements,...Read more
Financial - Earnings
Net income attributable to Vertex...Read more
Financial - Earnings
Diluted net income per share...Read more
Other - Other
The FDA and ex-U.S. regulatory...Read more
Revenue - Product
The preparation of these financial...Read more
Revenue - Product
Parion was deconsolidated as a...Read more
Financial - Earnings
Net income attributable to Vertex...Read more
Financial - Shares
For equity investments without readily...Read more
Financial - Earnings
We may release all or...Read more
Revenue - Product
The decrease in our collaborative...Read more
Financial - Earnings
The net income attributable to...Read more
Financial - Shares
As of September 30, 2018,...Read more
Legal - Other
False claims laws prohibit anyone...Read more
Other - Other
Other items, net, in the...Read more
Financial - Shares
Accounting guidance, which became effective...Read more
Financial - Earnings
Due to the high volatility...Read more
Financial - Income
As discussed in Note M,...Read more
Financial - Expense
Our research expenses increased by...Read more
Legal - Other
We are subject to laws...Read more
Financial - Expense
Therefore, accurate and meaningful estimates...Read more
Other - Other
Data obtained from these activities...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Vertex Pharmaceuticals Inc Ma provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: VRTX
CIK: 875320
Form Type: 10-Q Quarterly Report
Accession Number: 0000875320-18-000029
Submitted to the SEC: Thu Oct 25 2018 4:10:19 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Pharmaceutical Preparations

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Vertex Pharmaceuticals Inc Ma (VRTX) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

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