Vertex Pharmaceuticals (VRTX) FY2014 results: revenue $580 million, down 52.1% on the year
Vertex Pharmaceuticals Inc. (VRTX) reported revenue of $580 million for fiscal 2014, the year ended 31 December 2014, down 52.1% on the year before. Net income was -$739 million, and diluted earnings per share $-3.14. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2015.
Revenue
$580 million
-52.1% on the year
FY2008FY2014
Operating margin
-119.3%
-50.3% a year earlier
FY2008FY2014
Net income
-$739 million
FY2008FY2014
Diluted EPS
-$3.14
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
580
1,212
1,527
-52.1%
Cost of revenue
39.7
89.0
237
-55.4%
Gross profit
541
1,123
1,290
-51.9%
Gross margin
93.2%
92.7%
84.5%
Research and development
856
882
766
-3.0%
Selling, general and administrative
305
356
433
-14.3%
Operating income
-692
-610
46.7
Operating margin
-119.3%
-50.3%
3.1%
Interest expense
n/a
n/a
16.7
Pre-tax income
-735
-626
32.0
Income tax
7.0
-122
-0.3
Effective tax rate
n/a
n/a
-0.9%
Net income
-739
-445
-107
Net margin
-127.2%
-36.7%
-7.0%
Diluted EPS
-$3.14
-$1.98
-$0.50
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
-573
-60.7
268
Capital expenditure
51.2
51.4
71.1
-0.4%
Free cash flow
-624
-112
197
Free cash flow margin
-107.6%
-9.2%
12.9%
Depreciation and amortisation
63.3
48.4
38.2
+30.8%
Share-based compensation
178
127
114
+39.5%
Diluted shares, weighted
235m
225m
212m
+4.6%
Shares outstanding at period end
242m
234m
217m
+3.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,075
1,356
999
-20.7%
Non-controlling interest
21.2
0.0
197
Debt
295
0.0
400
Other liabilities
944
963
1,163
-2.0%
Total liabilities and equity
2,335
2,319
2,759
+0.7%
Fixed assets
716
697
434
+2.7%
Goodwill
39.9
31.0
31.0
+28.8%
Investments
762
896
832
-15.0%
Cash and equivalents
625
569
489
+9.8%
Receivables
76.0
85.5
143
-11.2%
Inventory
30.8
14.1
30.5
+118.1%
Other assets
85.0
26.4
800
+222.1%
Total assets
2,335
2,319
2,759
+0.7%
10-K for the year ended 31 December 2014, filed 13 February 2015: the filing.