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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Vertex Pharmaceuticals Inc Ma.
Vertex Pharmaceuticals Inc Ma's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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The increase in total working capital in the nine months ended September 30, 2020 was primarily related to $2.8 billion of cash provided by operations partially offset by $408.0 million of cash used to repurchase our common stock pursuant to the share repurchase program that we announced in July 2019 and expenditures for property and equipment of $212.1 million.
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.
29 Table of Contents RESULTS OF OPERATIONS Net Income Our net income increased in the third quarter of 2020 as compared to the third quarter of 2019 primarily due to increased revenues resulting from the U.S. approval of TRIKAFTA in the fourth quarter of 2019 and continued uptake of our medicines in ex-U.S. markets.
Sources of Liquidity As of September 30, 2020, we had cash, cash equivalents and marketable securities of $6.2 billion, which represented an increase of $2.3 billion from $3.8 billion as of December 31, 2019.
We do not assign our internal costs, such as salary and benefits, stock-based compensation expense, laboratory supplies and other direct expenses and infrastructure costs, to individual drugs or drug candidates, because the employees within our research and development groups typically are deployed across multiple research and development programs.
The increased operating expenses were...Read more
To provide a safe working...Read more
ExpensesOur combined R&D and SG&A...Read more
Most of these collaboration payments...Read more
The increased revenues were primarily...Read more
Development Expenses Our development expenses...Read more
Our effective tax rate for...Read more
Our research expenses decreased by...Read more
Any changes in the fair...Read more
Reimbursement Sales of our products...Read more
To obtain approval, we must,...Read more
Research We continue to invest...Read more
These items are monitored and...Read more
The increase in total net...Read more
In the 28 Table of...Read more
Pursuant to these out-licensing arrangements,...Read more
In the third quarter of...Read more
The European Medicines Agency, or...Read more
The FDA and ex-U.S. regulatory...Read more
30 Table of Contents Revenues...Read more
For equity investments without readily...Read more
Over the last several years,...Read more
Our effective tax rate for...Read more
35 Table of Contents As...Read more
False claims laws prohibit anyone...Read more
Anti-kickback laws generally make it...Read more
Our net income increased in...Read more
Financial Highlights RevenuesIn the third...Read more
We are broadening our pipeline...Read more
We plan to continue to...Read more
Starting in 2019, we began...Read more
To supplement our internal research...Read more
We released our valuation allowance...Read more
Balance Sheet 24 Table of...Read more
We are subject to laws...Read more
Therefore, accurate and meaningful estimates...Read more
Data obtained from these activities...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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Vertex Pharmaceuticals Inc Ma provided additional information to their SEC Filing as exhibits
Ticker: VRTX
CIK: 875320
Form Type: 10-Q Quarterly Report
Accession Number: 0000875320-20-000043
Submitted to the SEC: Fri Oct 30 2020 4:13:31 PM EST
Accepted by the SEC: Fri Oct 30 2020
Period: Wednesday, September 30, 2020
Industry: Pharmaceutical Preparations