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Vertex Pharmaceuticals Inc Ma (VRTX) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Vertex Pharmaceuticals Inc Ma

CIK: 875320 Ticker: VRTX


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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Inside Vertex Pharmaceuticals Inc Ma's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity And Noncontrolling Interest
- Cash Flow Hedging Instruments (Details)
- Notional Amount (Details)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquisitions
Acquisitions (Tables)
Acquisitions - Concert Pharmaceuticals (Details)
Acquisitions - Exonics Therapeutics (Details)
Acquisitions - Exonics Therapeutics - Additional Information (Details)
Acquisitions - Semma Therapeutics (Details)
Acquisitions - Semma Therapeutics - Additional Information (Details)
Additional Balance Sheet Detail
Additional Balance Sheet Detail (Details)
Additional Balance Sheet Detail (Tables)
Collaborative Arrangements
Collaborative Arrangements (Tables)
Collaborative Arrangements - Aggregate Vie Financial Information (Details)
Collaborative Arrangements - Bioaxone Biosciences, Inc. (Details)
Collaborative Arrangements - Crispr Therapeutics Ag (Details)
Collaborative Arrangements - Cystic Fibrosis Foundation Therapeutics Incorporated (Details)
Collaborative Arrangements - Janssen Pharmaceuticals, Inc. (Details)
Collaborative Arrangements - Kymera And Other In-License Agreements (Details)
Collaborative Arrangements - Merck Kgaa (Details)
Collaborative Arrangements - Parion Sciences, Inc. (Details)
Commitments And Contingencies
Commitments And Contingencies - Contingencies (Details)
Commitments And Contingencies - Revolving Credit Facility (Details)
Common Stock, Preferred Stock And Equity Plans
Common Stock, Preferred Stock And Equity Plans (Tables)
Common Stock, Preferred Stock And Equity Plans - Common Stock And Preferred Stock (Details)
Common Stock, Preferred Stock And Equity Plans - Employee Benefits (Details)
Common Stock, Preferred Stock And Equity Plans - Employee Stock Purchase Plan (Details)
Common Stock, Preferred Stock And Equity Plans - Outstanding And Vested Stock Options (Details)
Common Stock, Preferred Stock And Equity Plans - Performance-Based Rsus (Psus) (Details)
Common Stock, Preferred Stock And Equity Plans - Restricted Stock And Restricted Stock Units And Psus (Details)
Common Stock, Preferred Stock And Equity Plans - Share Repurchase Program (Details)
Common Stock, Preferred Stock And Equity Plans - Stock And Option Plans (Details)
Common Stock, Preferred Stock And Equity Plans - Stock Options Outstanding And Exercisable (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Fair Value Of Contingent Consideration Liabilities (Details)
Fair Value Measurements - Financial Assets And Liabilities Subject To Fair Value Measurements (Details)
Hedging
Hedging (Tables)
Hedging - Derivative Fair Value (Details)
Hedging - Narrative (Details)
Hedging - Offsetting Derivatives (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income And Provision For (Benefit From) Income Taxes (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Effective Income Tax Reconciliation (Details)
Income Taxes - Narrative (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Balance Sheet Classification Of Lease Assets And Liabilities (Details)
Leases - Capital Leases (Details)
Leases - Components Of Lease Expense (Details)
Leases - Future Minimum Commitments Under Real Estate Leases (Details)
Leases - Maturities Of Operating And Financing Lease Liabilities (Details)
Leases - Supplemental Cash Flow Information (Details)
Leases - Weighted-Average Remaining Lease Terms And Discount Rates (Details)
Marketable Securities And Equity Investments
Marketable Securities And Equity Investments (Tables)
Marketable Securities And Equity Investments - Additional Information (Details)
Marketable Securities And Equity Investments - Available-For-Sale Debt Securities By Contractual Maturity (Details)
Marketable Securities And Equity Investments - Summary Of Cash Equivalents And Marketable Securities (Details)
Nature Of Business And Accounting Policies
Nature Of Business And Accounting Policies (Policies)
Nature Of Business And Accounting Policies (Tables)
Nature Of Business And Accounting Policies - Business Narrative (Details)
Nature Of Business And Accounting Policies - Equity Investments (Details)
Nature Of Business And Accounting Policies - Foreign Currency Gain (Loss) (Details)
Nature Of Business And Accounting Policies - Impact Of Adopted To The Condensed Consolidated Statement Of Operations (Details)
Nature Of Business And Accounting Policies - Intra-Equity Transfers (Details)
Nature Of Business And Accounting Policies - Leases (Details)
Nature Of Business And Accounting Policies - Property And Equipment (Details)
Nature Of Business And Accounting Policies - Restructuring Expenses (Details)
Nature Of Business And Accounting Policies - Revenue Recognition (Details)
Nature Of Business And Accounting Policies - Schedule Of Cash, Cash Equivalents, And Restricted Cash (Details)
Nature Of Business And Accounting Policies - Share-Based Compensation (Details)
Nature Of Business And Accounting Policies - Stock-Based Compensation - Improvement (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Property And Equipment - Property And Equipment, Net (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Tables)
Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Details)
Quarterly Financial Data (Unaudited) - Additional Information (Details)
Segment Information
Segment Information (Tables)
Segment Information - Property And Equipment, Net By Location (Details)
Segment Information - Revenue By Geographic Location (Details)
Segment Information - Revenues By Product (Details)
Segment Information - Significant Customers (Details)
Stock-Based Compensation Expense
Stock-Based Compensation Expense (Tables)
Stock-Based Compensation Expense - (Details)
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

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