Vertex Pharmaceuticals reported revenue of $941.29 million in the second quarter, a YoY (year-over-year) rise of 25.15% and $56.63 million higher than the consensus estimate. Change. 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. 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 - Vertex Pharmaceuticals Incorporated View source version on businesswire.com: https://www.businesswire.com/news/home/20200130005796/en/, Source: Vertex Pharmaceuticals Incorporated, Investors: The company had previously recognized a portion of net product revenues related to ORKAMBI distributed through the early access program in France. 3: During the three and nine months ended September 30, 2018, the company consolidated the financial statements of a variable interest entity, or VIE, because Vertex had licensed the rights to develop the VIE's most significant intellectual property asset. Vertex is a leading global biotechnology company, generating more than $4 billion in revenue in 2019. Three Months Ended . 5: "Collaborative revenues and expenses" in the three and twelve months ended December 31, 2019 and 2018 primarily related to collaborative upfront and milestone payments. Vertex (VRTX) delivered earnings and revenue surprises of 23.81% and 6.27%, respectively, for the quarter ended December 2018. Combined GAAP R&D and SG&A expenses also increased compared to 2018 due to Vertex's business development activities. This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, Dr. Leiden's statements in this press release, Dr. Kewalramani's statements in this press release, the information provided regarding future financial performance, the section captioned "Full Year 2020 Financial Guidance" and statements regarding (i) regulatory filings and (ii) the development plan and timelines for our drug candidates. 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. BOSTON -- (BUSINESS WIRE)--Oct. 30, 2019-- 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. The company continues to advance a portfolio of NaV1.8 inhibitors into the clinic. The company also provides guidance regarding its anticipated income taxes as a percentage of pre-tax income on a non-GAAP basis. BOSTON--(BUSINESS WIRE)--Jan. 30, 2020-- 2019 Revenue Guidance Vertex maintained its 2019 outlook for CF products and the combined operating costs. 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. The provision includes a significant non-cash charge due to the company's ability to offset its pre-tax income against previously benefited net operating losses. A summary of the company's current financial expectations is below: Do the numbers hold clues to what lies ahead for the stock? Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases. Starting in the first quarter of 2019, the company began recording a provision for income taxes on its pre-tax income using an estimated effective tax rate that approximates statutory rates. Vertex today reiterated its 2019 revenue guidance that was updated on October 21, 2019. 7: In the three and twelve months ended December 31, 2019, "Estimated income taxes related to non-GAAP adjustments to pre-tax income" primarily related to (i) stock-based compensation (including an adjustment for excess tax benefits related to stock-based compensation), (ii) increases or decreases in the fair value of the company's strategic investments and (iii) collaborative upfront payments. The company deconsolidated the VIE as of December 31, 2018; therefore, there were no comparable amounts during the three and nine months ended September 30, 2019. BOSTON--(BUSINESS WIRE)-- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the second quarter ended June 30, 2019 and increased its full-year 2019 total product revenue guidance. 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. During the nine months ended September 30, 2018, the fair value of the contingent payments payable by Vertex to the VIE increased by $23.1 million. - 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 -. Vertex plans to advance its cell therapy program for the treatment of type 1 diabetes into clinical development in late 2020 or early 2021. Estimated income taxes attributable to Vertex related to non-GAAP adjustments to pre-tax income (5)........................................................................................... Non-GAAP provision for income taxes (2)...................................................................................... GAAP effective tax rate............................................................................................... Impact of GAAP to Non-GAAP adjustments............................................................................................... Non-GAAP effective tax rate.......................................................................................... 1: The company records gains and losses related to changes in the fair value of its strategic investments to "Other income, net.". Beyond CF, Vertex has a robust pipeline of investigational small molecule medicines in other serious diseases where it has deep insight into causal human biology, including pain, alpha-1 antitrypsin deficiency, and APOL1-mediated kidney disease. GAAP net income attributable to Vertex $ 267,427 $ 207,360 $ 536,058 $ 417,623 An archived webcast will be available on the company's website. The company also provides guidance regarding its anticipated income taxes as a percentage of pre-tax income on a non-GAAP basis. (in thousands) In 2019, Vertex’s net product revenues increased by $1.12 billion as compared to 2018, primarily driven by the increased number of patients being treated with Symdeko/Symkevi; label expansions for Kalydeco and Orkambi; the early approval and launch of Trikafta in the US; and … Vertex today provided its full-year 2020 financial guidance. 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. Additionally, the company has research and development sites and commercial offices in North America, Europe, Australia and Latin America. 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. 2019 is off to a strong start. Revenues: Software subscriptions $ 83,919 4: "ORKAMBI adjustment" in the three and twelve months ended December 31, 2019 includes an adjustment to net product revenues and cost of sales related to the conclusion of the early access program for ORKAMBI in France in the fourth quarter of 2019. "2019 has been a year of significant progress for Vertex across all parts of our business. 49 % Non-GAAP Product revenues, net (1) $ … As part of this strategy, Vertex plans to advance an additional molecule into clinical development in the first half of 2020. 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. Non-GAAP net income increased compared to the fourth quarter of 2018, driven by the strong growth in total product revenues. Refer to "Supplemental Income Tax Information" for discussion of the cash versus non-cash components of Vertex's provision for income taxes. Vertex continues to advance a portfolio of molecules for the treatment of APOL1-mediated focal segmental glomerulosclerosis (FSGS) and other serious kidney diseases. Minimum 15 minutes delayed. Amounts per diluted share attributable to Vertex common shareholders: GAAP................................................................................................ Non-GAAP................................................................................................ Shares used in diluted per share calculations: GAAP and Non-GAAP................................................................................................ Reconciliation of GAAP to Non-GAAP Revenues and Expenses A summary of the company's current financial expectations is below: "Entering 2020, Vertex has never been stronger," said Reshma Kewalramani, M.D., Executive Vice President and Chief Medical Officer. BOSTON –(BUSINESS WIRE)–Feb. Annual Recurring Revenue (“ARR”) of $294.6 million, up 16.4% year-over-year. Refer to "Supplemental Income Tax Information" for discussion of the cash versus non-cash components of Vertex's provision for income taxes. To ensure a timely connection, it is recommended that users register at least 15 minutes prior to the scheduled webcast. Combined GAAP and Non-GAAP R&D and SG&A expenses increased compared to the fourth 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. Conference Call and Webcast 2019. HIGHLIGHTS FOR THE THREE MONTHS ENDING MARCH 31, 2019. Total GAAP and Non-GAAP product revenues increased 37% and 32%, respectively, compared to 2018, primarily driven by the global uptake of SYMDEKO and SYMKEVI in patients ages 12 and older, label expansions for the company's CF medicines globally, and the early approval and launch of TRIKAFTA in the U.S. GAAP net income decreased compared to 2018, largely driven by the release of Vertex's tax valuation allowance in 2018. (unaudited). (unaudited). GAAP and non-GAAP income taxes in 2019 include a provision for income taxes on Vertex's pre-tax income using an estimated effective tax rate approximating statutory rates. Michael Partridge, 617-341-6108 Change (in millions, except per share amounts) GAAP Product revenues, net $ 1,627 $ 1,413. 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. With the historic approval of TRIKAFTA, we are now one step closer to providing treatment for up to 90% of all people with CF. ^^ 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. This increase was attributable to noncontrolling interest and resulted in a decrease in net income attributable to Vertex on a dollar-for-dollar basis. We first began electronic delivery of tax rules in the early 1980s and we first sold transaction tax processing software in 1982. Founded in 1989 in Cambridge, Mass., Vertex's global headquarters is now located in Boston'sInnovation District and its international headquarters is in London, UK. 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. Vertex is consistently recognized as one of the industry's top places to work, including 10 consecutive years on Science magazine's Top Employers list and top five on the 2019 Best Employers for Diversity list by Forbes. 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. Refer to "Supplemental Income Tax Information" for discussion of the cash versus non-cash components of Vertex's provision for income taxes. Vertex and its partner. For company updates and to learn more about Vertex's history of innovation, visit www.vrtx.com or follow us on Facebook, Twitter, LinkedIn, YouTube and Instagram. Shares were up 1.7% in after-market hours on Tuesday. 4: "Collaborative revenues and expenses" in the three and nine months ended September 30, 2019 and 2018 primarily related to collaborative upfront and milestone payments. Vertex is consistently recognized as one of the industry's top places to work, including 10 consecutive years on Science magazine's Top Employers list and top five on the 2019 Best Employers for Diversity list by Forbes. (unaudited). In particular, non-GAAP financial results and guidance exclude from Vertex's pre-tax income (i) stock-based compensation expense, (ii) an adjustment to revenues and related cost of sales to reflect the conclusion of the early access program for ORKAMBI in France, (iii) revenues and expenses related to business development transactions including collaboration agreements, asset acquisitions and consolidated variable interest entities, (iv) gains or losses related to the fair value of the company's strategic investments, (v) acquisition-related costs and (vi) other adjustments. 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. 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. Total product revenue grew 34% year-over-year to $857 million, mainly due to the uptake of SYMDEKO in the US since launch. Vertex has pioneered tax technology for over 40 years. (in thousands) Vertex continues to make progress toward gaining approval and reimbursement for its CF medicines globally. While Vertex believes the forward-looking statements contained in this press release are accurate, these forward-looking statements represent the company's beliefs only as of the date of this press release and there are a number of risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. 2020. 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. Vertex today reiterated its 2019 revenue guidance that was updated on October 21, 2019. (unaudited). -Full-year 2020 non-GAAP product revenues of $6.20 billion, a 55% increase compared to full-year 2019- -Company provides full-year 2021 product revenue guidance of $6.7 to $6.9 billion- Leah Gibson, 617-961-1507, https://www.businesswire.com/news/home/20200130005796/en/, Enrollment is ongoing in a Phase 3 study evaluating the elexacaftor, tezacaftor and ivacaftor triple combination regimen in children with CF ages 6 to 11 years who have two. Founded in 1989 in Cambridge, Mass., Vertex's global headquarters is now located in Boston'sInnovation District and its international headquarters is in London, UK. Special Note Regarding Forward-Looking Statements A reconciliation of the GAAP financial results to non-GAAP financial results is included in the attached financial information. Going forward, our financial strength will enable us to continue to significantly invest in internal R&D and external innovation, which will provide access to new technologies, programs and expertise that will lead to further growth in the years ahead.". ", Fourth-Quarter and Full-Year 2019 Financial Highlights. In the three and nine months ended September 30, 2018, "Estimated income taxes related to non-GAAP adjustments to pre-tax income" were related to a provision for income taxes attributable to the company's VIE and excess tax benefits related to stock-based compensation. 15 % $ 6,203 $ 4,161. The conference call will be webcast live and a link to the webcast can be accessed through Vertex's website at www.vrtx.com in the "Investors" section under "Events and Presentations." "2019 has been a year of significant progress for Vertex across all parts of our business. The company expects the majority of its tax provision to represent a non-cash expense until its net operating losses have been fully utilized. Vertex disclaims any obligation to update the information contained in this press release as new information becomes available. 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. Third-Quarter Results In the three and twelve months ended December 31, 2018, "Estimated income taxes related to non-GAAP adjustments to pre-tax income" were related to a provision for income taxes attributable to the company's VIE and excess tax benefits related to stock-based compensation. The company expects total revenues for CF products in the range of $3.45-$3.55 billion. "We are well-positioned for both near- and long-term growth based on treating more people with our CF medicines and from other future medicines in diseases aligned with our strategy, including alpha-1 antitrypsin deficiency, APOL1-mediated kidney diseases, pain and severe hemoglobinopathies. Data Provided by Refinitiv. 2019. 2019. A Phase 1 study in healthy volunteers evaluating VX-147 is expected to be complete in the fourth quarter of 2019. 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. Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases. In the fourth quarter of 2019, Vertex completed a Phase 1 study of its first investigational oral small molecule VX-147 in healthy volunteers. 2: In the fourth quarter of 2018, the company recorded a non-cash benefit from income taxes of approximately $1.5 billion related to the release of its valuation allowance on the majority of its net operating losses and other deferred tax assets. The company has excluded the adjustment to net product revenues and cost of sales from its Non-GAAP measures for the three and twelve months ended December 31, 2019. Vertex Energy has 225 employees across 2 locations and $163.37 M in annual revenue in FY 2019. Zach Barber, 617-341-6470 ET. To access the call, please dial (866) 501-1537 (U.S.) or +1 (720) 545-0001 (International). 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. Full-Year 2019 Financial Guidance. VX-961 has been granted Fast Track Designation by the. Product revenues of $857 million represent an increase of 34% compared to the first quarter of 2018. Starting in the first quarter of 2019, the company began recording a provision for income taxes on its pre-tax income using an estimated effective tax rate that approximates statutory rates. Vertex disclaims any obligation to update the information contained in this press release as new information becomes available. (in thousands, except percentages) Beyond CF, Vertex has a robust pipeline of investigational medicines in other serious diseases where it has deep insight into causal human biology, such as sickle cell disease, beta thalassemia, pain, alpha-1 antitrypsin deficiency, Duchenne muscular dystrophy and APOL1-mediated kidney diseases. Vertex Pharmaceuticals revenue for the quarter ending December 31, 2020 was $1.628B, … About Vertex As of December 31, 2018, the company's federal net operating losses and credits that were available to offset future pre-tax income were approximately $4.5 billion. or 2019 2018 2019 2018. (in thousands, except per share amounts) Third-Quarter Results Conference Call and Webcast The company has multiple approved medicines that treat the underlying cause of cystic fibrosis (CF) - a rare, life-threatening genetic disease - and has several ongoing clinical and research programs in CF. There were no comparable amounts during the three and twelve months ended December 31, 2018. SAP Financials is the premier conference for organizations looking to spur financial transformation, implement and optimize SAP S/4HANA Finance, and drive accounting, controlling, planning, reporting, and compliance excellence. 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. 6: In the three and nine months ended September 30, 2019, "Estimated income taxes related to non-GAAP adjustments to pre-tax income" primarily related to (i) stock-based compensation (including an adjustment for excess tax benefits related to stock-based compensation), (ii) increases or decreases in the fair value of the company's strategic investments and (iii) collaborative upfront payments. Third-Quarter Results In addition, Vertex has a rapidly expanding pipeline of genetic and cell therapies for diseases such as sickle cell disease, beta thalassemia, Duchenne muscular dystrophy and type 1 diabetes mellitus. Sales, general and administrative expenses, Change in fair value of contingent consideration, Income from operations before provision for (benefit from) income taxes, Provision for (benefit from) income taxes (2), Loss attributable to noncontrolling interest (3). A Phase 1 study is ongoing in healthy volunteers evaluating the investigational NaV1.8 inhibitor VX-961 for the treatment of pain. Vertex is proud to be a Silver Sponsor of SAP Financials taking place on March 19th – 21st, 2019 at The Bellagio in Las Vegas, Nevada. 2: In the fourth quarter of 2018, the company recorded a non-cash benefit from income taxes of approximately $1.5 billion related to the release of its valuation allowance on the majority of its net operating losses and other deferred tax assets. Software subscription revenue of $77.3 million, up 14.9% year-over-year. As a result, the company recorded deferred tax assets of $1.5 billion on its consolidated balance sheet as of December 31, 2018, which were previously subject to its valuation allowance. This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, Dr. Leiden's statements in this press release, the information provided regarding future financial performance, including in the section captioned "Full Year 2019 Financial Guidance" and statements regarding (i) the timing and expected outcome of regulatory applications and reimbursement for CF medicines globally and (ii) the development plan and timelines for our product development candidates, including our next-generation triple combination regimen, CTX001, VX-814, VX-864, VX-147 and VX-961. Amounts per diluted share attributable to Vertex common shareholders: Shares used in diluted per share calculations: Reconciliation of GAAP to Non-GAAP Revenues and Expenses, Non-GAAP research and development expenses, GAAP sales, general and administrative expenses, Non-GAAP sales, general and administrative expenses, GAAP provision for (benefit from) income taxes, Cash, cash equivalents and marketable securities, Total liabilities and shareholders' equity.
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