Vertex Reports Full-Year and Fourth-Quarter 2018 Financial Results

- Full-year 2018 CF product revenues of $3.04 billion, a 40% increase compared to $2.17 billion in 2017; fourth-quarter 2018 CF product revenues of $868 million -

- Full-year 2018 GAAP operating income increased 415% to $635 million; non-GAAP operating income increased 97% to $1.11 billion -

- Company provides full-year 2019 financial guidance for total CF product revenues of $3.45 billion to $3.55 billion -

BOSTON -- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the full year and fourth quarter ended December 31, 2018 and provided full-year 2019 financial guidance.

Fourth-Quarter and Full-Year 2018 Financial Highlights
 
Three Months Ended December 31,
 
%
 
Twelve Months Ended December 31,
 
%
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
 
(in millions, except per share and percentage data)
TOTAL CF product revenues, net
$
868

 
 
$
621

 
 
40%
 
$
3,038

 
 
$
2,165

 
 
40%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income
$
128

 
 
$
126

 
 
2%
 
$
635

 
 
$
123

 
 
415%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit from (provision for) income taxes ^
$
1,493

 
 
$
(10
)
 
 
 
 
$
1,487

 
 
$
107

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
1,551

 
 
$
101

 
 

 
$
2,097

 
 
$
263

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per share - diluted
$
5.97

 
 
$
0.39

 
 
 
 
$
8.09

 
 
$
1.04

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income
$
348

 
 
$
184

 
 
90%
 
$
1,112

 
 
$
564

 
 
97%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provision for income taxes
$
(3
)
 
 
$
(13
)
 
 
 
 
$
(16
)
 
 
$
(7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
337

 
 
$
158

 
 
113%
 
$
1,059

 
 
$
495

 
 
114%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per share - diluted
$
1.30

 
 
$
0.61

 
 
113%
 
$
4.08

 
 
$
1.95

 
 
109%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
^ GAAP net income includes a benefit from income taxes of approximately $1.5 billion in the fourth quarter and full year ended December 31, 2018 due to the release of Vertex's valuation allowance on the majority of its net operating losses and other deferred tax assets.


1

The following information was filed by Vertex Pharmaceuticals Inc Ma (VRTX) on Tuesday, February 5, 2019 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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