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Vertex Pharmaceuticals Inc Ma (VRTX) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

Vertex Pharmaceuticals Inc Ma

CIK: 875320 Ticker: VRTX

Vertex Reports Fourth Quarter 2021 and Full Year Financial Results
-Full year product revenues of $7.57 billion, a 22% increase compared to full year 2020-
-Company provides full year 2022 product revenue guidance of $8.4 to $8.6 billion-
- Advancing broad clinical pipeline across six disease areas; multiple programs in mid- and late-stage development with clinical readouts expected in 2022-

BOSTON -- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the fourth quarter and full year ended December 31, 2021 and provided full year 2022 financial guidance.
"In 2021, Vertex delivered exceptional financial performance, including 22% revenue growth, coupled with important progress across our business. We expanded our leadership in cystic fibrosis-- treating more patients than ever before and advancing our next-in-class triple regimen into pivotal studies. In addition, our pipeline beyond CF accelerated and delivered important clinical data in new disease areas,” said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. “As we move into 2022, with multiple programs in mid- and late-stage development, there are important milestones ahead. With continued innovation in CF and progress across our pipeline, we are poised to serve many more patients and drive revenue and earnings growth in 2022 and many years into the future.”

Fourth Quarter and Full Year 2021 Financial Highlights
Three Months Ended December 31,%Twelve Months Ended December 31,%
20212020Change20212020Change
(in millions, except per share amounts)
Product revenues, net$2,073 $1,627 27%$7,573 $6,203 22%
TRIKAFTA/KAFTRIO$1,693 $1,091 $5,697 $3,864 
SYMDEKO/SYMKEVI$80 $128 $420 $629 
ORKAMBI$147 $215 $772 $908 
KALYDECO$152 $193 $684 $803 
GAAP operating income$878 $746 18%$2,782 $2,856 (3)%
Non-GAAP operating income$1,124 $887 27%$4,344 $3,491 24%
GAAP net income$770 $604 27%$2,342 $2,712 (14)%
Non-GAAP net income$866 $661 31%$3,384 $2,719 24%
GAAP net income per share - diluted$3.00 $2.30 30%$9.01 $10.29 (12)%
Non-GAAP net income per share - diluted$3.37 $2.51 34%$13.02 $10.32 26%

1

The following information was filed by Vertex Pharmaceuticals Inc Ma (VRTX) on Wednesday, January 26, 2022 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

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders??? Equity
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Additional Balance Sheet Detail
Additional Balance Sheet Detail (Tables)
Additional Balance Sheet Detail - Accrued Expenses And Other Current Liabilities (Details)
Additional Balance Sheet Detail - Additional Cash Flow (Details)
Additional Balance Sheet Detail - Prepaid Expenses And Other Current Assets (Details)
Collaborative And Other Arrangements
Collaborative And Other Arrangements (Tables)
Collaborative And Other Arrangements - Additional Information (Details)
Collaborative And Other Arrangements - Crispr Therapeutics Ag (Details)
Collaborative And Other Arrangements - Kymera, Moderna And Other In-License Agreements (Details)
Collaborative And Other Arrangements - Merck Kgaa (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 (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 (Tables)
Earnings Per Share - Anti-Dilutive Securities (Details)
Earnings Per Share - Schedule Of Computation (Details)
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 - Cash Flow Hedging Instruments (Details)
Hedging - Derivative Fair Value (Details)
Hedging - Narrative (Details)
Hedging - Notional Amount (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 - Components Of Lease Expense (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 At Fair Value (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 - Goodwill Hedging Activities Foreign Currency Gain (Loss) (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 - Revenue Recognition (Details)
Nature Of Business And Accounting Policies - Stock-Based Compensation Expense (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Property And Equipment - Property And Equipment, Net (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 (Details)
Stock-Based Compensation Expense (Tables)
Ticker: VRTX
CIK: 875320
Form Type: 10-K Annual Report
Accession Number: 0000875320-22-000007
Submitted to the SEC: Wed Feb 09 2022 4:37:44 PM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Pharmaceutical Preparations

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