Vertex Pharmaceuticals Files 2024 10-K

Ticker: VRTX · Form: 10-K · Filed: Feb 13, 2025 · CIK: 875320

Sentiment: neutral

Topics: 10-K, annual-report, pharmaceuticals

TL;DR

Vertex Pharma dropped its 2024 10-K. Full financials out now.

AI Summary

Vertex Pharmaceuticals Inc. filed its 2024 10-K on February 13, 2025, reporting on its fiscal year ending December 31, 2024. The company, headquartered in Boston, MA, operates in the pharmaceutical preparations sector. Key financial details and operational highlights from the filing are expected to be detailed within the full report.

Why It Matters

This filing provides a comprehensive overview of Vertex Pharmaceuticals' financial performance and strategic direction for the past fiscal year, offering insights for investors and stakeholders.

Risk Assessment

Risk Level: low — This is a standard annual financial filing (10-K) and does not inherently present new risks.

Key Numbers

Key Players & Entities

FAQ

What is Vertex Pharmaceuticals' primary business activity?

Vertex Pharmaceuticals Inc. operates in the Pharmaceutical Preparations sector, as indicated by its SIC code 2834.

When did Vertex Pharmaceuticals file its 2024 10-K?

Vertex Pharmaceuticals filed its 2024 10-K on February 13, 2025.

What is the fiscal year end date for the reported period?

The conformed period of report for this 10-K filing is December 31, 2024.

Where is Vertex Pharmaceuticals headquartered?

Vertex Pharmaceuticals is headquartered in Boston, MA.

What is the SEC file number for Vertex Pharmaceuticals?

The SEC file number for Vertex Pharmaceuticals is 000-19319.

Filing Stats: 4,481 words · 18 min read · ~15 pages · Grade level 13.9 · Accepted 2025-02-13 16:01:52

Key Financial Figures

Filing Documents

Business

Business 1 Information about our Executive Officers 30 Item 1A.

Risk Factors

Risk Factors 33 Item 1B. Unresolved Staff Comments 65 Item 1C . Cybersecurity 65 Item 2.

Properties

Properties 66 Item 3.

Legal Proceedings

Legal Proceedings 67 Item 4. Mine Safety Disclosures 67 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 68 Item 6. [Reserved] 69 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 70 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 89 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 90 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90 Item 9A.

Controls and Procedures

Controls and Procedures 90 Item 9B. Other Information 93 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 93 PART III Item 10. Directors, Executive Officers and Corporate Governance 94 Item 11.

Executive Compensation

Executive Compensation 94 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 94 Item 13. Certain Relationships and Related Transactions, and Director Independence 94 Item 14. Principal Accountant Fees and Services 94 PART IV Item 15. Exhibits and Financial Statement Schedules 95 Item 16. Form 10-K Summary 98

Signatures

Signatures 99 "Vertex," "we," "us" and "our" as used in this Annual Report on Form 10-K refer to Vertex Pharmaceuticals Incorporated, a Massachusetts corporation, and its subsidiaries. "VERTEX ," "KALYDECO ," "ORKAMBI ," "SYMDEKO ," "SYMKEVI ," "TRIKAFTA ," "KAFTRIO ," "CASGEVY ," "ALYFTREK," and "JOURNAVX" are registered trademarks of Vertex. Other brands, names and trademarks contained in this Annual Report on Form 10-K 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 cystic fibrosis, sickle cell disease, beta thalassemia, and pain development programs, we refer to our product candidates by their scientific (or generic) name or VX developmental designation. This Annual Report on Form 10-K contains forward-looking statements. Words such as "anticipates," "may," "forecasts," "expects," "intends," "plans," "potentially," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Please refer to "Special Note Regarding Forward-Looking Statements" set forth in Part I, Item 1A, for a discussion of our forward-looking statements and the related risks and uncertainties of such statements. PART I

BUSINESS

ITEM 1. BUSINESS OVERVIEW We are a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases, with a focus on specialty markets. We have seven approved medicines: five that treat the underlying cause of cystic fibrosis ("CF"), a life-threatening genetic disease, one that treats severe sickle cell disease ("SCD") and transfusion dependent beta thalassemia ("TDT"), life shortening inherited blood disorders, and one that treats moderate-to-severe acute pain. Our clinical-stage pipeline includes programs in CF, SCD, beta thalassemia, acute and peripheral neuropathic pain, APOL1-mediated kidney disease, IgA nephropathy and other autoimmune renal diseases and cytopenias, type 1 diabetes, myotonic dystrophy type 1, and autosomal dominant polycystic kidney disease. Our goal in CF is to continue to extend our leadership by developing treatment regimens that will provide benefits to all people with CF. In December 2024, the U.S. Food and Drug Administration (the "FDA") approved ALYFTREK (vanzacaftor/tezacaftor/deutivacaftor), our fifth medicine for people with CF. In addition to ALYFTREK, our marketed medicines that treat people with CF are TRIKAFTA/KAFTRIO (elexacaftor/tezacaftor/ivacaftor and ivacaftor), SYMDEKO/SYMKEVI (tezacaftor/ivacaftor and ivacaftor), ORKAMBI (lumacaftor/ivacaftor) and KALYDECO (ivacaftor). Collectively, our five marketed CF medicines are being used to treat nearly three quarters of the approximately 94,000 people with CF in the U.S., Europe, Australia, and Canada. Through approval of new medicines, label expansions, and expanded reimbursement, we are focused on increasing the number of people with CF who are eligible and able to receive our medicines. We are evaluating our current medicines in additional patient populations, including younger children, with the goal of having small molecule treatments for all people who have at least one mutation in their cystic fibrosis

View Full Filing

View this 10-K filing on SEC EDGAR

View on Read The Filing