Vertex Pharmaceuticals (VRTX) FY2013 results: revenue $1.2 billion, down 20.6% on the year
Vertex Pharmaceuticals Inc. (VRTX) reported revenue of $1.2 billion for fiscal 2013, the year ended 31 December 2013, down 20.6% on the year before. Net income was -$445 million, and diluted earnings per share $-1.98. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2014.
Revenue
$1.2 billion
-20.6% on the year
FY2008FY2013
Operating margin
-50.3%
3.1% a year earlier
FY2008FY2013
Net income
-$445 million
FY2008FY2013
Diluted EPS
-$1.98
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,212
1,527
1,411
-20.6%
Cost of revenue
89.0
237
63.6
-62.4%
Gross profit
1,123
1,290
1,347
-13.0%
Gross margin
92.7%
84.5%
95.5%
Research and development
882
766
708
+15.2%
Selling, general and administrative
356
433
401
-17.7%
Operating income
-610
46.7
114
Operating margin
-50.3%
3.1%
8.1%
Interest expense
n/a
16.7
38.5
Pre-tax income
-626
32.0
60.4
Income tax
-122
-0.3
19.3
Effective tax rate
n/a
-0.9%
31.9%
Net income
-445
-107
29.6
Net margin
-36.7%
-7.0%
2.1%
Diluted EPS
-$1.98
-$0.50
$0.14
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
-60.7
268
144
Capital expenditure
51.4
71.1
34.6
-27.8%
Free cash flow
-112
197
109
Free cash flow margin
-9.2%
12.9%
7.7%
Depreciation and amortisation
48.4
38.2
35.0
+26.6%
Share-based compensation
127
114
118
+11.4%
Diluted shares, weighted
225m
212m
209m
+6.1%
Shares outstanding at period end
234m
217m
209m
+7.6%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,356
999
787
+35.8%
Non-controlling interest
0.0
197
142
Debt
0.0
400
400
Other liabilities
963
1,163
876
-17.3%
Total liabilities and equity
2,319
2,759
2,204
-16.0%
Fixed assets
697
434
133
+60.7%
Goodwill
31.0
31.0
31.0
0.0%
Investments
896
832
494
+7.7%
Cash and equivalents
569
489
475
+16.3%
Receivables
85.5
143
183
-40.3%
Inventory
14.1
30.5
112
-53.6%
Other assets
26.4
800
776
-96.7%
Total assets
2,319
2,759
2,204
-16.0%
10-K for the year ended 31 December 2013, filed 11 February 2014: the filing.