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May 2022
May 2022
May 2022
January 2022
November 2021
July 2021
June 2021
April 2021
April 2021
February 2021
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. |
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The most significant items that increased total working capital in 2019 were $1.6 billion of cash provided by operations and $343.2 million of cash received from issuances of common stock under our employee benefit plans and partially offset by $1.2 billion of cash used to acquire Exonics and Semma and $192.0 million of cash used to repurchase shares of our common stock.
A summary of net loss attributable to noncontrolling interest related to our VIEs for 2018 and 2017 is as follows: In 2018, the net loss attributable to noncontrolling interest was primarily related to the $29.0 million impairment charge related to VX-210 offset by an increase in the fair value of the contingent payments payable by us to BioAxone of $17.7 million.
The increased net product revenues were partially offset by increased operating costs and expenses primarily attributable to increased cost of sales due to increased net product revenues and increased research expenses associated with our business development activities.
These internal costs are significantly greater than our external costs, such as the costs of services provided to us by clinical research organizations and other outsourced research, which we allocate by individual program.
In 2018 and 2017, the net loss attributable to noncontrolling interest recorded on our consolidated statements of operations reflects Parion (through September 30, 2017) and BioAxone's (through December 31, 2018) net loss for the reporting period, adjusted for any changes in the noncontrolling interest holders' claim to net assets, including contingent milestone, royalty and option payments.
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Ticker: VRTX
CIK: 875320
Form Type: 10-K Annual Report
Accession Number: 0000875320-20-000007
Submitted to the SEC: Thu Feb 13 2020 4:48:57 PM EST
Accepted by the SEC: Thu Feb 13 2020
Period: Tuesday, December 31, 2019
Industry: Pharmaceutical Preparations