Vertex Pharmaceuticals (VRTX) FY2017 results: revenue $2.5 billion, up 46.2% on the year
Vertex Pharmaceuticals Inc. (VRTX) reported revenue of $2.5 billion for fiscal 2017, the year ended 31 December 2017, up 46.2% on the year before. Net income was $263 million, and diluted earnings per share $1.04. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2018.
Revenue
$2.5 billion
+46.2% on the year
FY2010FY2017
Operating margin
5.0%
0.6% a year earlier
FY2010FY2017
Net income
$263 million
FY2010FY2017
Diluted EPS
$1.04
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
2,489
1,702
1,032
+46.2%
Cost of revenue
275
210
117
+30.7%
Gross profit
2,214
1,492
915
+48.4%
Gross margin
88.9%
87.6%
88.7%
Research and development
1,325
1,048
996
+26.4%
Selling, general and administrative
496
433
377
+14.6%
Operating income
123
9.9
-467
+1,140.4%
Operating margin
5.0%
0.6%
-45.2%
Interest expense
69.3
n/a
n/a
Pre-tax income
-15.7
-67.4
-558
Income tax
-107
16.7
30.4
Net income
263
-112
-556
Net margin
10.6%
-6.6%
-53.9%
Diluted EPS
$1.04
-$0.46
-$2.31
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
845
236
-365
+257.9%
Capital expenditure
99.4
56.6
45.3
+75.8%
Free cash flow
746
180
-411
+315.2%
Free cash flow margin
30.0%
10.5%
-39.8%
Cash from investing
-483
51.2
269
Cash from financing
68.4
133
189
-48.7%
Depreciation and amortisation
61.4
61.4
62.3
-0.0%
Share-based compensation
293
241
231
+21.9%
Buybacks
0.0
0.0
n/a
Diluted shares, weighted
253m
245m
241m
+3.5%
Shares outstanding at period end
253m
248m
246m
+2.0%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,029
1,157
940
+75.4%
Non-controlling interest
13.7
182
154
-92.4%
Debt
0.0
300
295
Other liabilities
1,504
1,259
1,110
+19.5%
Total liabilities and equity
3,546
2,897
2,499
+22.4%
Fixed assets
789
698
698
+13.0%
Goodwill
50.4
50.4
50.4
0.0%
Investments
423
251
328
+68.9%
Cash and equivalents
1,665
1,184
715
+40.7%
Receivables
281
200
174
+40.4%
Inventory
112
77.6
57.2
+44.1%
Other assets
224
436
477
-48.5%
Total assets
3,546
2,897
2,499
+22.4%
10-K for the year ended 31 December 2017, filed 15 February 2018: the filing.