Vertex Pharmaceuticals (VRTX) FY2020 results: revenue $6.2 billion, up 49.1% on the year
Vertex Pharmaceuticals Inc. (VRTX) reported revenue of $6.2 billion for fiscal 2020, the year ended 31 December 2020, up 49.1% on the year before. Net income was $2.7 billion, up 130.4%, and diluted earnings per share $10.29. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2021.
Revenue
$6.2 billion
+49.1% on the year
FY2013FY2020
Operating margin
46.0%
28.8% a year earlier
FY2013FY2020
Net income
$2.7 billion
+130.4% on the year
FY2013FY2020
Diluted EPS
$10.29
+128.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
6,206
4,163
3,048
+49.1%
Cost of revenue
736
548
410
+34.4%
Gross profit
5,469
3,615
2,638
+51.3%
Gross margin
88.1%
86.8%
86.6%
Research and development
1,830
1,755
1,416
+4.3%
Selling, general and administrative
770
658
558
+17.0%
Operating income
2,856
1,198
635
+138.5%
Operating margin
46.0%
28.8%
20.8%
Interest expense
58.2
58.5
72.5
-0.6%
Pre-tax income
3,117
1,395
600
+123.4%
Income tax
405
218
-1,487
+85.8%
Effective tax rate
13.0%
15.6%
-247.7%
Net income
2,712
1,177
2,097
+130.4%
Net margin
43.7%
28.3%
68.8%
Diluted EPS
$10.29
$4.51
$8.09
+128.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,254
1,569
1,270
+107.3%
Capital expenditure
260
75.5
95.5
+244.3%
Free cash flow
2,994
1,494
1,175
+100.4%
Free cash flow margin
48.2%
35.9%
38.5%
Cash from investing
99.4
-1,235
-202
Cash from financing
-505
127
-71.2
Depreciation and amortisation
110
107
72.4
+2.4%
Share-based compensation
429
360
325
+19.1%
Buybacks
539
186
350
+189.9%
Diluted shares, weighted
263m
261m
259m
+1.0%
Shares outstanding at period end
260m
259m
255m
+0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
8,687
6,085
4,435
+42.8%
Non-controlling interest
n/a
n/a
0.0
Debt
0.0
0.0
n/a
Operating lease liabilities
350
84.3
n/a
+315.8%
Finance lease liabilities
539
539
n/a
+0.1%
Other liabilities
2,175
1,610
1,811
+35.1%
Total liabilities and equity
11,752
8,318
6,246
+41.3%
Fixed assets
n/a
745
812
Goodwill
1,002
1,002
50.4
0.0%
Intangible assets
400
400
0.0
0.0%
Investments
671
699
518
-4.0%
Cash and equivalents
5,988
3,109
2,650
+92.6%
Receivables
885
634
410
+39.8%
Inventory
281
168
124
+67.6%
Other assets
2,525
1,562
1,681
+61.6%
Total assets
11,752
8,318
6,246
+41.3%
10-K for the year ended 31 December 2020, filed 11 February 2021: the filing.