Vertex Pharmaceuticals Q3 2024 Update

Ticker: VRTX · Form: 10-Q · Filed: Nov 5, 2024 · CIK: 875320

Sentiment: neutral

Topics: 10-Q, quarterly-report, pharmaceuticals

TL;DR

Vertex Pharma's Q3 2024 10-Q is in. Looks solid.

AI Summary

Vertex Pharmaceuticals Inc. reported its third-quarter results for the period ending September 30, 2024. The company's financial statements indicate ongoing operations and financial health, with specific details on assets, liabilities, and equity presented in this 10-Q filing.

Why It Matters

This filing provides investors with the latest financial performance and operational details of Vertex Pharmaceuticals, a key player in the pharmaceutical industry.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is for the period ending September 30, 2024.

When was this 10-Q filing submitted to the SEC?

This 10-Q filing was submitted to the SEC on November 5, 2024.

What is the company's Central Index Key (CIK)?

The company's Central Index Key (CIK) is 0000875320.

What is the Standard Industrial Classification (SIC) code for Vertex Pharmaceuticals?

The Standard Industrial Classification (SIC) code for Vertex Pharmaceuticals is 2834, which corresponds to Pharmaceutical Preparations.

What is the fiscal year end for Vertex Pharmaceuticals?

The fiscal year end for Vertex Pharmaceuticals is December 31.

Filing Stats: 4,604 words · 18 min read · ~15 pages · Grade level 7.8 · Accepted 2024-11-05 16:11:53

Key Financial Figures

Filing Documents

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements 2 Condensed Consolidated Financial Statements (unaudited) 2 Condensed Consolidated Statements of Income - Three and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Balance Sheets - September 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Shareholders' Equity - Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 5. Other Information 39 Item 6. Exhibits 40

Signatures

Signatures 41 "Vertex," "we," "us," and "our" as used in this Quarterly Report on Form 10-Q refer to Vertex Pharmaceuticals Incorporated, a Massachusetts corporation, and its subsidiaries. "Vertex ," "KALYDECO ," "ORKAMBI ," "SYMDEKO ," "SYMKEVI ," "TRIKAFTA ," "KAFTRIO ," and CASGEVY " are registered trademarks of Vertex. Other brands, names and trademarks contained in this Quarterly Report on Form 10-Q are the property of their respective owners. We use the brand name for our products when we refer to the product that has been approved and with respect to the indications on the approved label. Otherwise, including in discussions of our development programs, we refer to our compounds and therapies by their scientific (or generic) name or VX developmental designation. Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements VERTEX PHARMACEUTICALS INCORPORATED Condensed Consolidated Statements of Income (in millions, except per share amounts)(unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Product revenues, net $ 2,771.9 $ 2,483.5 $ 8,108.1 $ 7,351.5 Costs and expenses: Cost of sales 392.6 318.7 1,107.1 894.2 Research and development expenses 875.9 810.0 2,631.6 2,338.3 Acquired in-process research and development expenses 15.0 51.7 4,540.9 509.3 Selling, general and administrative expenses 371.8 263.8 1,086.7 767.5 Change in fair value of contingent consideration 0.3 1.2 0.7 ( 1.3 ) Total costs and expenses 1,655.6 1,445.4 9,367.0 4,508.0 Income (loss) from operations 1,116.3 1,038.1 ( 1,258.9 ) 2,843.5 Interest income 132.2 167.9 469.9 435.2 Interest expense ( 7.5 ) ( 10.9 ) ( 27.8 ) ( 33.5 ) Other expense, net ( 16.9 ) ( 15.9 ) ( 71.2 ) ( 13.0 ) Income (loss) before provision for income taxes 1,224.1 1,179.2 ( 888.0 ) 3,232.2 Provision for income taxes 178.7 143.9 560.6 581.4 Net income (loss) $ 1,045.4 $ 1,035.3 $ ( 1,448.6 ) $ 2,650.8 Net income (loss) per common share: Basic $ 4.05 $ 4.01 $ ( 5.61 ) $ 10.29 Diluted $ 4.01 $ 3.97 $ ( 5.61 ) $ 10.18 Shares used in per share calculations: Basic 258.0 258.0 258.1 257.7 Diluted 261.0 260.6 258.1 260.4 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Table of Contents VERTEX PHARMACEUTICALS INCORPORATED Condensed Consolidated Statements of Comprehensive Income (in millions)(unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) $ 1,045.4 $ 1,035.3 $ ( 1,448.6 ) $ 2,650.8 Other comprehensive income (loss): Unrealized holding gains (losses) on available-for-sale debt securities, net of tax of $( 18.3 ), $ 1.7 , $( 11.4 ) and $ 5.2 , respectively 66.7 ( 6.2 ) 41.6 ( 18.8 ) Unrealized (losses) gains on foreign

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