Vertex Pharmaceuticals (VRTX) FY2018 results: revenue $3.0 billion, up 22.5% on the year
Vertex Pharmaceuticals Inc. (VRTX) reported revenue of $3.0 billion for fiscal 2018, the year ended 31 December 2018, up 22.5% on the year before. Net income was $2.1 billion, up 695.8%, and diluted earnings per share $8.09. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2019.
Revenue
$3.0 billion
+22.5% on the year
FY2011FY2018
Operating margin
20.8%
5.0% a year earlier
FY2011FY2018
Net income
$2.1 billion
+695.8% on the year
FY2011FY2018
Diluted EPS
$8.09
+677.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
3,048
2,489
1,702
+22.5%
Cost of revenue
410
275
210
+48.9%
Gross profit
2,638
2,214
1,492
+19.2%
Gross margin
86.6%
88.9%
87.6%
Research and development
1,416
1,325
1,048
+6.9%
Selling, general and administrative
558
496
433
+12.4%
Operating income
635
123
9.9
+415.4%
Operating margin
20.8%
5.0%
0.6%
Interest expense
72.5
69.3
n/a
+4.6%
Pre-tax income
600
-15.7
-67.4
Income tax
-1,487
-107
16.7
Effective tax rate
-247.7%
n/a
n/a
Net income
2,097
263
-112
+695.8%
Net margin
68.8%
10.6%
-6.6%
Diluted EPS
$8.09
$1.04
-$0.46
+677.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,270
845
236
+50.3%
Capital expenditure
95.5
99.4
56.6
-3.9%
Free cash flow
1,175
746
180
+57.6%
Free cash flow margin
38.5%
30.0%
10.5%
Cash from investing
-202
-483
51.2
Cash from financing
-71.2
68.4
133
Depreciation and amortisation
72.4
61.4
61.4
+18.0%
Share-based compensation
325
293
241
+10.8%
Buybacks
350
0.0
0.0
Diluted shares, weighted
259m
253m
245m
+2.4%
Shares outstanding at period end
255m
253m
248m
+0.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
4,435
2,029
1,157
+118.6%
Non-controlling interest
0.0
13.7
182
Debt
n/a
0.0
300
Other liabilities
1,811
1,504
1,259
+20.4%
Total liabilities and equity
6,246
3,546
2,897
+76.1%
Fixed assets
812
789
698
+2.9%
Goodwill
50.4
50.4
50.4
0.0%
Intangible assets
0.0
n/a
n/a
Investments
518
423
251
+22.4%
Cash and equivalents
2,650
1,665
1,184
+59.1%
Receivables
410
281
200
+45.6%
Inventory
124
112
77.6
+11.2%
Other assets
1,681
224
436
+649.4%
Total assets
6,246
3,546
2,897
+76.1%
10-K for the year ended 31 December 2018, filed 13 February 2019: the filing.