Vertex Reports Full-Year and Fourth-Quarter 2019 Financial Results
- Full-year 2019 total GAAP product revenues of $4.16 billion -
- Full-year 2019 total non-GAAP product revenues of $4.00 billion, a 32% increase compared to the full-year 2018 -
- Company provides full-year 2020 total product revenue guidance of $5.1 billion to $5.3 billion -
BOSTON -- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the full year and fourth quarter ended December 31, 2019 and provided full-year 2020 financial guidance.
"In 2019, our differentiated strategy of investing in serial scientific innovation to create transformative medicines delivered remarkable performance. This was marked by the early approval of TRIKAFTA, the rapid progression of our pipeline in additional diseases and continued financial growth as we continued to treat more patients with our medicines worldwide," said Jeffrey Leiden, M.D., Ph.D., Chairman, President and Chief Executive Officer of Vertex. "This success is the culmination of many years of hard work to build a team, a pipeline and a company that we believe will discover, develop and commercialize transformative medicines for years to come."
Fourth-Quarter and Full-Year 2019 Financial Highlights
 
Three Months Ended December 31,
 
%
 
Twelve Months Ended December 31,
 
%
 
2019
 
2018
 
Change
 
2019
 
2018
 
Change
 
(in millions, except per share amounts)
 
(in millions, except per share amounts)
GAAP Product revenues, net
$
1,413

 
 
$
868

 
 
63%
 
$
4,161

 
 
$
3,038

 
 
37%
Non-GAAP Product revenues, net^
$
1,257

 
 
$
868

 
 
45%
 
$
4,005

 
 
$
3,038

 
 
32%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP Operating income
$
551

 
 
$
128

 
 
332%
 
$
1,198

 
 
$
635

 
 
89%
Non-GAAP Operating income
$
593

 
 
$
348

 
 
70%
 
$
1,786

 
 
$
1,112

 
 
61%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP Net income ^^
$
583

 
 
$
1,551

 
 
 
 
$
1,177

 
 
$
2,097

 
 
 
Non-GAAP Net income
$
444

 
 
$
337

 
 
32%
 
$
1,389

 
 
$
1,059

 
 
31%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP Net income per share - diluted ^^
$
2.23

 
 
$
5.97

 
 
 
 
$
4.51

 
 
$
8.09

 
 
 
Non-GAAP Net income per share - diluted
$
1.70

 
 
$
1.30

 
 
31%
 
$
5.33

 
 
$
4.08

 
 
31%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
^Non-GAAP product revenues exclude $155.8 million related to ORKAMBI in the fourth quarter and full year ended December 31, 2019. Please refer to Note 4 for further information.
^^ GAAP Net income and GAAP Net income per share - diluted included 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 Thursday, January 30, 2020 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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