– Product revenues of $950 million, a 21% increase compared to Q3 2018 –
– Continued progression of pipeline of investigational medicines in multiple diseases –
BOSTON–(BUSINESS WIRE)–Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the third quarter ended September 30, 2019 and reiterated its full-year 2019 total product revenue guidance.
“2019 has been a year of significant progress for Vertex across all parts of our business. With the historic approval of TRIKAFTA, we are now one step closer to providing treatment for up to 90% of all people with CF. We’ve also had tremendous success bringing our CF medicines to more patients globally with reimbursement agreements recently reached in England, Spain, Australia, and Scotland, and through label expansions to younger patients,” said Jeffrey Leiden, M.D., Ph.D., Chairman, President and Chief Executive Officer of Vertex. “The company also continues to successfully execute on our strategy of creating transformative medicines for serious diseases through serial innovation. The rapid progress of our pipeline is expected to yield proof-of-concept data in multiple diseases in 2020, which will position Vertex for continued growth in the years ahead.”
Third-Quarter 2019 Financial Highlights
|
|
Three Months Ended September 30, |
|
% |
||||||||||
|
|
2019 |
|
2018 |
|
Change |
||||||||
|
|
(in millions, except per share amounts) |
||||||||||||
|
Total product revenues, net |
$ |
950 |
|
|
|
$ |
783 |
|
|
|
21% |
||
|
KALYDECO |
$ |
249 |
|
|
|
$ |
246 |
|
|
|
|
||
|
ORKAMBI |
$ |
297 |
|
|
|
$ |
282 |
|
|
|
|
||
|
SYMDEKO/SYMKEVI |
$ |
404 |
|
|
|
$ |
255 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
GAAP Operating income |
$ |
99 |
|
|
|
$ |
206 |
|
|
|
(52)% |
||
|
Non-GAAP Operating income |
$ |
403 |
|
|
|
$ |
295 |
|
|
|
37% |
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
GAAP Net income |
$ |
58 |
|
|
|
$ |
129 |
|
|
|
(55)% |
||
|
Non-GAAP Net income |
$ |
322 |
|
|
|
$ |
282 |
|
|
|
14% |
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
GAAP Net income per share – diluted |
$ |
0.22 |
|
|
|
$ |
0.50 |
|
|
|
(56)% |
||
|
Non-GAAP Net income per share – diluted |
$ |
1.23 |
|
|
|
$ |
1.09 |
|
|
|
13% |
||
|
|
|||||||||||||
Total product revenues increased 21% compared to the third quarter of 2018, primarily driven by the global uptake of SYMDEKO and SYMKEVI in patients ages 12 and older.
GAAP net income decreased compared to the third quarter of 2018, primarily driven by a $175 million upfront payment as part of Vertex’s recently expanded collaboration with CRISPR Therapeutics, and was partially offset by the strong growth in total product revenues.
Non-GAAP net income increased compared to the third quarter of 2018, driven by the strong growth in total product revenues, and was partially offset by increased operating expenses and income taxes.
Cash, cash equivalents and marketable securities as of September 30, 2019 were $4.0 billion, an increase of approximately $800 million compared to $3.2 billion as of December 31, 2018.
Third-Quarter 2019 Expenses
|
|
Three Months Ended September 30, |
||||||||||
|
|
2019 |
|
2018 |
||||||||
|
|
(in millions) |
||||||||||
|
Combined GAAP R&D and SG&A expenses |
$ |
716 |
|
|
|
$ |
468 |
|
|
||
|
Combined Non-GAAP R&D and SG&A expenses |
$ |
416 |
|
|
|
$ |
379 |
|
|
||
|
|
|
|
|
|
|
|
|
||||
|
GAAP R&D expense |
$ |
556 |
|
|
|
$ |
331 |
|
|
||
|
Non-GAAP R&D expense |
$ |
290 |
|
|
|
$ |
274 |
|
|
||
|
|
|
|
|
|
|
|
|
||||
|
GAAP SG&A expense |
$ |
160 |
|
|
|
$ |
137 |
|
|
||
|
Non-GAAP SG&A expense |
$ |
127 |
|
|
|
$ |
105 |
|
|
||
|
|
|
|
|
|
|
|
|
||||
|
GAAP income taxes |
$ |
13 |
|
|
|
$ |
8 |
|
|
||
|
Non-GAAP income taxes |
$ |
84 |
|
|
|
$ |
5 |
|
|
||
Combined GAAP R&D and SG&A expenses increased compared to the third quarter of 2018, primarily due to the $175 million upfront payment to CRISPR Therapeutics.
Combined Non-GAAP R&D and SG&A expenses increased compared to the third quarter of 2018, primarily due to the incremental investment to support the global use of Vertex’s medicines and the expansion of Vertex’s pipeline in CF and other new disease areas.
GAAP and Non-GAAP income taxes increased significantly compared to the third quarter of 2018 due to Vertex’s release of its valuation allowance on the majority of its deferred tax assets in the fourth quarter of 2018. GAAP and non-GAAP income taxes in the third quarter of 2019 include a provision for income taxes on Vertex’s pre-tax income using an estimated effective tax rate approximating statutory rates. This provision for income taxes includes a significant non-cash charge due to Vertex’s ability to offset its pre-tax income against previously benefited net operating losses. Refer to “Supplemental Income Tax Information” for discussion of the cash versus non-cash components of Vertex’s provision for income taxes.
Full-Year 2019 Financial Guidance
Vertex today reiterated its 2019 revenue guidance that was updated on October 21, 2019. A summary of the company’s current financial expectations is below:
|
|
Current FY 2019 |
|
Previous FY 2019 |
|
||||||
|
|
|
|
|
|
|
|
|
|||
|
TOTAL product revenues |
|
Unchanged |
|
|
$ |
3.70 to 3.75 billion |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Combined GAAP R&D and SG&A expenses |
$ |
2.35 to 2.45 billion |
|
|
$ |
2.25 to 2.40 billion |
|
|||
|
Combined Non-GAAP R&D and SG&A expenses |
|
Unchanged |
|
|
$ |
1.65 to 1.70 billion |
|
|||
|
Non-GAAP effective tax rate |
|
Unchanged |
|
|
|
21% to 22% |
|
|||
Clinical Development
Cystic Fibrosis (CF):
- On October 21, 2019, the company announced that the U.S. Food and Drug Administration (FDA) approved TRIKAFTA (elexacaftor/tezacaftor/ivacaftor and ivacaftor) for the treatment of CF in people ages 12 years and older who have at least one F508del mutation. TRIKAFTA is Vertex’s fourth breakthrough medicine approved to treat the underlying cause of CF.
- Enrollment is ongoing in a Phase 3 study evaluating the elexacaftor/tezacaftor/ivacaftor combination regimen in children with CF ages 6 to 11 years who have two F508del mutations and in children who have one F508del mutation and one minimal function mutation.
-
Vertex continues to make progress toward gaining approval and reimbursement for its CF medicines globally. Recent highlights include:
- Reimbursement for ORKAMBI and SYMDEKO for eligible patients in England, Spain, Australia, and Scotland.
- CHMP positive opinion for KALYDECO in the European Union (EU) for infants as early as 6 months old.
- A Marketing Authorization Application (MAA) submitted to the European Medicines Agency (EMA) for the elexacaftor/tezacaftor/ivacaftor combination regimen to treat people with CF ages 12 years and older.
Alpha-1 Antitrypsin (AAT) Program:
- VX-814: In the fourth quarter of 2019, Vertex plans to initiate a Phase 2 proof-of-concept study of its first oral small molecule corrector, VX-814, for the treatment of alpha-1 antitrypsin (AAT) deficiency. This study is expected to enroll approximately 50 patients with AAT deficiency who have two Z mutations. The study will evaluate multiple doses of VX-814 administered for 28 days compared to placebo. The primary endpoints will be the change in the level of functional AAT protein in the blood as well as safety and tolerability. Pending enrollment, Vertex expects to obtain data from this study in 2020.
- VX-864: A Phase 1 study is ongoing in healthy volunteers evaluating VX-864, the company’s second investigational small molecule corrector for the treatment of AAT deficiency.
Sickle Cell Disease and Beta Thalassemia:
- Enrollment is ongoing in the Phase 1/2 studies evaluating the novel gene-editing therapy CTX001 for the treatment of severe sickle cell disease and beta thalassemia. Vertex and its partner CRISPR Therapeutics plan to provide the first clinical data from these studies in the fourth quarter of 2019. These data will include measurements of safety and efficacy for patients with beta thalassemia and sickle cell disease treated with CTX001.
APOL1-Mediated Kidney Diseases:
- A Phase 1 study in healthy volunteers evaluating VX-147 is expected to be complete in the fourth quarter of 2019. VX-147 is the company’s first investigational oral small molecule medicine for the treatment of APOL1-mediated focal segmental glomerulosclerosis (FSGS) and other serious kidney diseases. Pending the results of the Phase 1 study, Vertex plans to initiate a Phase 2 proof-of-concept study in 2020 to evaluate the ability of VX-147 to reduce protein levels in the urine. Vertex is also advancing multiple other APOL1 inhibitors through preclinical development.
Pain:
- A Phase 1 study is ongoing in healthy volunteers evaluating the investigational NaV1.8 inhibitor VX-961 for the treatment of pain. VX-961 has been granted Fast Track Designation by the FDA.
Investments in External Innovation
Type 1 Diabetes:
-
On October 10, 2019, Vertex completed its previously announced acquisition of Semma Therapeutics, a privately held biotechnology company pioneering the use of stem cell-derived human islets as a potentially curative treatment for type 1 diabetes.
Non-GAAP Financial Measures
In this press release, Vertex’s financial results and financial guidance are provided in accordance with accounting principles generally accepted in the United States (GAAP) and using certain non-GAAP financial measures. In particular, non-GAAP financial results and guidance exclude from Vertex’s pre-tax income (i) stock-based compensation expense, (ii) revenues and expenses related to business development transactions including collaboration agreements, asset acquisitions and consolidated variable interest entities, (iii) gains or losses related to the fair value of the company’s strategic investments, (iv) acquisition-related costs and (v) other adjustments. The company’s non-GAAP financial results also exclude from its provision for or benefit from income taxes the estimated tax impact related to its non-GAAP adjustments to pre-tax income described above. These results are provided as a complement to results provided in accordance with GAAP because management believes these non-GAAP financial measures help indicate underlying trends in the company’s business, are important in comparing current results with prior period results and provide additional information regarding the company’s financial position. Management also uses these non-GAAP financial measures to establish budgets and operational goals that are communicated internally and externally and to manage the company’s business and to evaluate its performance. The company adjusts, where appropriate, for both revenues and expenses in order to reflect the company’s operations. The company provides guidance regarding product revenues in accordance with GAAP and provides guidance regarding combined research and development and sales, general, and administrative expenses on both a GAAP and non-GAAP basis. The company also provides guidance regarding its anticipated income taxes as a percentage of pre-tax income on a non-GAAP basis. The guidance regarding GAAP research and development expenses and sales, general and administrative expenses does not include estimates associated with any potential future business development activities. A reconciliation of the GAAP financial results to non-GAAP financial results is included in the attached financial information.
|
Vertex Pharmaceuticals Incorporated |
||||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|||||||||||||
|
Product revenues, net……………………………………………………………………………………… |
$ |
949,828 |
|
|
$ |
782,511 |
|
|
$ |
2,747,461 |
|
|
$ |
2,170,152 |
|
|||||
|
Collaboration and royalty revenues……………………………………………………………………………………… |
— |
|
|
2,024 |
|
|
2,095 |
|
|
7,339 |
|
|||||||||
|
Total revenues…………………………………………………………………………………… |
949,828 |
|
|
784,535 |
|
|
2,749,556 |
|
|
2,177,491 |
|
|||||||||
|
Costs and expenses: |
|
|
|
|
|
|
|
|||||||||||||
|
Cost of sales……………………………………………………………………………………… |
131,914 |
|
|
111,255 |
|
|
362,746 |
|
|
287,250 |
|
|||||||||
|
Research and development expenses……………………………………………………………………………………… |
555,948 |
|
|
330,510 |
|
|
1,274,529 |
|
|
978,595 |
|
|||||||||
|
Sales, general and administrative expenses……………………………………………………………………………………… |
159,674 |
|
|
137,295 |
|
|
463,221 |
|
|
404,406 |
|
|||||||||
|
Change in fair value of contingent consideration……………………………………………………………………………………… |
2,959 |
|
|
— |
|
|
2,959 |
|
|
— |
|
|||||||||
|
Restructuring income……………………………………………………………………………………… |
— |
|
|
(174 |
) |
|
— |
|
|
(188 |
) |
|||||||||
|
Total costs and expenses…………………………………………………………………………………… |
850,495 |
|
|
578,886 |
|
|
2,103,455 |
|
|
1,670,063 |
|
|||||||||
|
Income from operations……………………………………………………………………………………….. |
99,333 |
|
|
205,649 |
|
|
646,101 |
|
|
507,428 |
|
|||||||||
|
Interest income……………………………………………………………………………………… |
17,628 |
|
|
10,543 |
|
|
51,319 |
|
|
24,381 |
|
|||||||||
|
Interest expense……………………………………………………………………………………… |
(14,548 |
) |
|
(18,686 |
) |
|
(44,253 |
) |
|
(53,727 |
) |
|||||||||
|
Other (expense) income, net (1) |
(31,747 |
) |
|
(60,995 |
) |
|
64,802 |
|
|
89,662 |
|
|||||||||
|
Income from operations before provision for income taxes……………………………………………………………………………………. |
70,666 |
|
|
136,511 |
|
|
717,969 |
|
|
567,744 |
|
|||||||||
|
Provision for income taxes (2)……………………………………………………………………………………… |
13,148 |
|
|
8,055 |
|
|
124,393 |
|
|
5,737 |
|
|||||||||
|
Net income……………………………………………………………………………………….. |
57,518 |
|
|
128,456 |
|
|
593,576 |
|
|
562,007 |
|
|||||||||
|
Loss (income) attributable to noncontrolling interest (3)………………………………………………………………………………….. |
— |
|
|
290 |
|
|
— |
|
|
(15,638 |
) |
|||||||||
|
Net income attributable to Vertex……………………………………………………………………………………….. |
$ |
57,518 |
|
|
$ |
128,746 |
|
|
$ |
593,576 |
|
|
$ |
546,369 |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Amounts per share attributable to Vertex common shareholders: |
|
|
|
|
|
|
|
|||||||||||||
|
Net income: |
|
|
|
|
|
|
|
|||||||||||||
|
Basic……………………………………………………………………………………… |
$ |
0.22 |
|
|
$ |
0.51 |
|
|
$ |
2.32 |
|
|
$ |
2.15 |
|
|||||
|
Diluted……………………………………………………………………………………… |
$ |
0.22 |
|
|
$ |
0.50 |
|
|
$ |
2.28 |
|
|
$ |
2.11 |
|
|||||
|
Shares used in per share calculations: |
|
|
|
|
|
|
|
|||||||||||||
|
Basic……………………………………………………………………………………… |
256,946 |
|
|
254,905 |
|
|
256,289 |
|
|
254,096 |
|
|||||||||
|
Diluted……………………………………………………………………………………… |
260,473 |
|
|
259,788 |
|
|
260,182 |
|
|
258,972 |
|
|||||||||
|
|
||||||||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Net Income |
||||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||||||||||
|
GAAP net income attributable to Vertex……………………………………………………………………………………….. |
$ |
57,518 |
|
|
$ |
128,746 |
|
|
$ |
593,576 |
|
|
$ |
546,369 |
|
|||||
|
Stock-based compensation expense…………………………………………………………………………………… |
85,420 |
|
|
85,532 |
|
|
268,898 |
|
|
246,104 |
|
|||||||||
|
Decrease (increase) in fair value of strategic investments (1)……………………………………………………………………………….. |
31,216 |
|
|
61,159 |
|
|
(68,862 |
) |
|
(88,217 |
) |
|||||||||
|
Increase in fair value of contingent consideration (3)……………………………………………………………………………….. |
2,959 |
|
|
200 |
|
|
2,959 |
|
|
23,100 |
|
|||||||||
|
Collaborative revenues and expenses (4)……………………………………………………………………………….. |
203,777 |
|
|
1,779 |
|
|
262,286 |
|
|
4,777 |
|
|||||||||
|
Acquisition-related costs (5) and other adjustments……………………………………………………………………………….. |
11,459 |
|
|
1,398 |
|
|
12,690 |
|
|
3,520 |
|
|||||||||
|
Total non-GAAP adjustments to pre-tax income……………………………………………………………………………. |
334,831 |
|
|
150,068 |
|
|
477,971 |
|
|
189,284 |
|
|||||||||
|
Estimated income taxes related to non-GAAP adjustments to pre-tax income (6)……………………………………………………………………………….. |
(70,849 |
) |
|
3,114 |
|
|
(126,951 |
) |
|
(13,715 |
) |
|||||||||
|
Non-GAAP net income attributable to Vertex…………………………………………………………………………… |
$ |
321,500 |
|
|
$ |
281,928 |
|
|
$ |
944,596 |
|
|
$ |
721,938 |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Amounts per diluted share attributable to Vertex common shareholders: |
|
|
|
|
|
|
|
|||||||||||||
|
Net income: |
|
|
|
|
|
|
|
|||||||||||||
|
GAAP…………………………………………………………………………………… |
$ |
0.22 |
|
|
$ |
0.50 |
|
|
$ |
2.28 |
|
|
$ |
2.11 |
|
|||||
|
Non-GAAP…………………………………………………………………………………… |
$ |
1.23 |
|
|
$ |
1.09 |
|
|
$ |
3.63 |
|
|
$ |
2.79 |
|
|||||
|
Shares used in diluted per share calculations: |
|
|
|
|
|
|
|
|||||||||||||
|
GAAP and Non-GAAP…………………………………………………………………………………… |
260,473 |
|
|
259,788 |
|
|
260,182 |
|
|
258,972 |
|
|||||||||
|
Reconciliation of GAAP to Non-GAAP Revenues and Expenses |
||||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||||||||||
|
GAAP total revenues……………………………………………………………………………………….. |
$ |
949,828 |
|
|
$ |
784,535 |
|
|
$ |
2,749,556 |
|
|
$ |
2,177,491 |
|
|||||
|
Collaborative revenues (4)…………………………………………………………………………………… |
— |
|
|
(680 |
) |
|
(158 |
) |
|
(3,540 |
) |
|||||||||
|
Non-GAAP total revenues………………………………………………………………………………. |
$ |
949,828 |
|
|
$ |
783,855 |
|
|
$ |
2,749,398 |
|
|
$ |
2,173,951 |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||||||||||
|
GAAP cost of sales………………………………………………………………………………… |
$ |
131,914 |
|
|
$ |
111,255 |
|
|
$ |
362,746 |
|
|
$ |
287,250 |
|
|||||
|
Stock-based compensation expense…………………………………………………………………………………… |
(1,337 |
) |
|
(1,259 |
) |
|
(4,178 |
) |
|
(3,263 |
) |
|||||||||
|
Non-GAAP cost of sales…………………………………………………………………………… |
$ |
130,577 |
|
|
$ |
109,996 |
|
|
$ |
358,568 |
|
|
$ |
283,987 |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
GAAP research and development expenses……………………………………………………………………………………….. |
$ |
555,948 |
|
|
$ |
330,510 |
|
|
$ |
1,274,529 |
|
|
$ |
978,595 |
|
|||||
|
Stock-based compensation expense…………………………………………………………………………………… |
(52,504 |
) |
|
(52,918 |
) |
|
(167,851 |
) |
|
(153,018 |
) |
|||||||||
|
Collaborative expenses (4)……………………………………………………………………………….. |
(203,777 |
) |
|
(2,619 |
) |
|
(262,444 |
) |
|
(8,079 |
) |
|||||||||
|
Acquisition-related costs (5) and other adjustments……………………………………………………………………………….. |
(10,122 |
) |
|
(1,388 |
) |
|
(10,122 |
) |
|
(3,128 |
) |
|||||||||
|
Non-GAAP research and development expenses…………………………………………………………………………… |
$ |
289,545 |
|
|
$ |
273,585 |
|
|
$ |
834,112 |
|
|
$ |
814,370 |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
GAAP sales, general and administrative expenses……………………………………………………………………………………. |
$ |
159,674 |
|
|
$ |
137,295 |
|
|
$ |
463,221 |
|
|
$ |
404,406 |
|
|||||
|
Stock-based compensation expense…………………………………………………………………………………… |
(31,579 |
) |
|
(31,355 |
) |
|
(96,869 |
) |
|
(89,823 |
) |
|||||||||
|
Collaborative expenses (4)……………………………………………………………………………….. |
— |
|
|
(289 |
) |
|
— |
|
|
(1,704 |
) |
|||||||||
|
Acquisition-related costs (5) and other adjustments……………………………………………………………………………….. |
(1,337 |
) |
|
(184 |
) |
|
(2,568 |
) |
|
(580 |
) |
|||||||||
|
Non-GAAP sales, general and administrative expenses…………………………………………………………………………… |
$ |
126,758 |
|
|
$ |
105,467 |
|
|
$ |
363,784 |
|
|
$ |
312,299 |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Combined non-GAAP R&D and SG&A expenses…………………………………………………………………………… |
$ |
416,303 |
|
|
$ |
379,052 |
|
|
$ |
1,197,896 |
|
|
$ |
1,126,669 |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||||||||||
|
GAAP other (expense) income, net……………………………………………………………………………………. |
$ |
(31,747 |
) |
|
$ |
(60,995 |
) |
|
$ |
64,802 |
|
|
$ |
89,662 |
|
|||||
|
Decrease (increase) in fair value of strategic investments (1)……………………………………………………………………………….. |
31,216 |
|
|
61,159 |
|
|
(68,862 |
) |
|
(88,217 |
) |
|||||||||
|
Non-GAAP other (expense) income, net…………………………………………………………………………… |
$ |
(531 |
) |
|
$ |
164 |
|
|
$ |
(4,060 |
) |
|
$ |
1,445 |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
GAAP provision for income taxes……………………………………………………………………………………. |
$ |
13,148 |
|
|
$ |
8,055 |
|
|
$ |
124,393 |
|
|
$ |
5,737 |
|
|||||
|
Estimated income taxes related to non-GAAP adjustments to pre-tax income (6)……………………………………………………………………………….. |
70,849 |
|
|
(3,193 |
) |
|
126,951 |
|
|
7,647 |
|
|||||||||
|
Non-GAAP provision for income taxes (2)…………………………………………………………………………… |
$ |
83,997 |
|
|
$ |
4,862 |
|
|
$ |
251,344 |
|
|
$ |
13,384 |
|
|||||
|
|
||||||||||||||||||||
|
Condensed Consolidated Balance Sheets |
||||||||||
|
|
September 30, 2019 |
|
December 31, 2018 |
|||||||
|
Assets |
|
|
|
|||||||
|
Cash, cash equivalents and marketable securities…………………………………………………………………………………………………………………. |
$ |
3,996,331 |
|
|
$ |
3,168,242 |
|
|||
|
Accounts receivable, net…………………………………………………………………………………………………………………. |
443,315 |
|
|
409,688 |
|
|||||
|
Inventories…………………………………………………………………………………………………………………. |
162,306 |
|
|
124,360 |
|
|||||
|
Property and equipment, net…………………………………………………………………………………………………………………. |
733,509 |
|
|
812,005 |
|
|||||
|
Goodwill…………………………………………………………………………………………………………………. |
447,525 |
|
|
50,384 |
|
|||||
|
Deferred tax assets…………………………………………………………………………………………………………………. |
1,415,511 |
|
|
1,499,672 |
|
|||||
|
Other assets…………………………………………………………………………………………………………………. |
316,056 |
|
|
181,547 |
|
|||||
|
Total assets…………………………………………………………………………………………………………………. |
$ |
7,514,553 |
|
|
$ |
6,245,898 |
|
|||
|
|
|
|
|
|||||||
|
Liabilities and Shareholders’ Equity |
|
|
|
|||||||
|
Accounts payable and accrued expenses…………………………………………………………………………………………………………………. |
$ |
1,266,311 |
|
|
$ |
1,069,886 |
|
|||
|
Finance lease liabilities…………………………………………………………………………………………………………………. |
578,624 |
|
|
596,638 |
|
|||||
|
Contingent consideration…………………………………………………………………………………………………………………. |
175,000 |
|
|
— |
|
|||||
|
Other liabilities…………………………………………………………………………………………………………………. |
241,224 |
|
|
144,171 |
|
|||||
|
Shareholders’ equity…………………………………………………………………………………………………………………. |
5,253,394 |
|
|
4,435,203 |
|
|||||
|
Total liabilities and shareholders’ equity…………………………………………………………………………………………………………………. |
$ |
7,514,553 |
|
|
$ |
6,245,898 |
|
|||
|
|
|
|
|
|||||||
|
Common shares outstanding…………………………………………………………………………………………………………………. |
257,265 |
|
|
255,172 |
|
|||||
Contacts
Investors:
Michael Partridge, 617-341-6108
or
Zach Barber, 617-341-6470
or
Leah Gibson, 617-961-1507
Media:
617-341-6992
mediainfo@vrtx.com