Vertex Pharmaceuticals Inc. / MA Q1 FY2024 results: revenue $2.7 billion, up 13.3% on the year

Vertex Pharmaceuticals Inc. / MA (VRTX) reported revenue of $2.7 billion for Q1 FY2024, the quarter ended 31 March 2024, up 13.3% on the same quarter a year earlier. Net income was $1.1 billion, up 57.1% on the year, and diluted earnings per share $4.21. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2024.

Revenue$2.7 billionup 13.3%

Net income$1.1 billionup 57.1%

Diluted EPS$4.21

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	2,691	2,518	n/a	n/a
Cost of revenue	343	368	n/a	n/a
Gross profit	2,348	2,150	n/a	n/a
Gross margin	87.3%	85.4%	n/a
Research and development	789	825	n/a	n/a
Selling, general and administrative	343	369	n/a	n/a
Operating income	1,140	988	n/a	n/a
Operating margin	42.4%	39.3%	n/a
Interest expense	10.4	n/a	n/a	n/a
Pre-tax income	1,279	1,148	n/a	n/a
Income tax	180	179	n/a	n/a
Effective tax rate	14.0%	15.6%	n/a
Net income	1,100	969	n/a	n/a
Net margin	40.9%	38.5%	n/a
Diluted EPS	$4.21	$3.71	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	1,307	235	n/a	n/a
Capital expenditure	68.4	58.1	n/a	n/a
Free cash flow	1,238	176	n/a	n/a
Free cash flow margin	46.0%	7.0%	n/a
Depreciation and amortisation	53.5	59.0	n/a	n/a
Share-based compensation	192	209	n/a	n/a
Buybacks	131	150	n/a	n/a
Diluted shares, weighted	261m	260m	n/a	n/a
Shares outstanding at period end	258m	258m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	23,917	22,730	n/a	n/a
Cash and equivalents	9,158	10,369	n/a	n/a
Receivables	1,793	1,563	n/a	n/a
Inventory	813	739	n/a	n/a
Goodwill	1,088	1,088	n/a	n/a
Operating lease liabilities	360	349	n/a	n/a
Finance lease liabilities	362	376	n/a	n/a
Shareholders' equity	18,547	17,580	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,484	2,518	2,691	2,646	2,772	2,912	2,770	2,965	3,076	3,190	2,987	3,334
Cost of revenue	319	368	343	372	393	423	363	408	415	466	393	489
Gross profit	2,165	2,150	2,348	2,274	2,379	2,489	2,407	2,557	2,662	2,724	2,594	2,845
Gross margin	87%	85%	87%	86%	86%	85%	87%	86%	87%	85%	87%	85%
R&D	810	825	789	967	876	999	980	978	978	974	962	994
SG&A	264	369	343	372	372	378	396	425	445	487	494	582
Operating income	1,038	988	1,140	-3,515	1,116	1,026	630	1,151	1,186	1,206	1,138	1,247
Operating margin	42%	39%	42%	-133%	40%	35%	23%	39%	39%	38%	38%	37%
Interest expense	10.9	n/a	10.4	9.9	7.5	2.8	3.0	3.7	3.3	3.3	n/a	n/a
Pre-tax income	1,179	1,148	1,279	-3,391	1,224	1,136	730	1,283	1,299	1,331	1,253	1,392
Tax rate	12%	16%	14%	n/a	15%	20%	12%	19%	17%	11%	18%	21%
Net income	1,035	969	1,100	-3,594	1,045	913	646	1,033	1,083	1,191	1,031	1,100
Net margin	42%	38%	41%	-136%	38%	31%	23%	35%	35%	37%	35%	33%
Diluted EPS	$3.97	$3.71	$4.21	-$13.92	$4.01	$3.62	$2.49	$3.99	$4.20	$4.64	$4.02	$4.31
Operating cash flow	1,268	235	1,307	-3,754	1,370	585	819	1,073	1,241	498	1,428	1,125
Capital expenditure	40.6	58.1	68.4	69.0	67.7	92.6	40.7	146	102	149	133	112
Free cash flow	1,228	176	1,238	-3,823	1,302	492	778	927	1,140	349	1,295	1,013
Buybacks	117	150	131	320	308	418	426	392	1,071	128	337	470
Shares outstanding	258m	258m	258m	258m	258m	257m	257m	256m	254m	254m	254m	253m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 7 May 2024, accession 0000875320-24-000139: the filing on EDGAR. All of Vertex Pharmaceuticals Inc. / MA's filings: EDGAR company page.

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