-Full-year 2020 non-GAAP product revenues of $6.20 billion, a 55% increase compared to full-year 2019--Company provides full-year 2021 product revenue guidance of $6.7 to $6.9 billion –. Vertex (VRTX) delivered earnings and revenue surprises of 10.46% and 3.38%, respectively, for the quarter ended September 2020. 1: "Other income, net" includes gains and losses related to changes in the fair value of the company's strategic investments. or For company updates and to learn more about Vertex's history of innovation, visit www.vrtx.com or follow us on Facebook, Twitter, LinkedIn, YouTube and Instagram. The company's non-GAAP financial results also exclude from its provision for income taxes the estimated tax impact related to its non-GAAP adjustments to pre-tax income described above and certain discrete items. Total product revenues increased 77% compared to the first quarter of 2019, primarily driven by the uptake of TRIKAFTA in the U.S. and the uptake of our medicines outside the U.S. following the completion of key reimbursement agreements in 2019. Second Quarter 2020 Financial Results Total revenue of $91.3 million, up 16.5% year-over-year. Our services revenue increased 19% over the same period last year to $15.6 million due to a significant number of year-end implementation and upgrade projects. Vertex expects over $6B revenue for 2020 at ~47% YoY growth. Our pipeline spans multiple diseases, and multiple important clinical readouts are expected from now through the end of 2021, each of which we expect will hold transformative potential for patients and further growth for Vertex.". Beyond CF, Vertex has a robust pipeline of investigational small molecule medicines in other serious diseases where it has deep insight into causal human biology, including pain, alpha-1 antitrypsin deficiency and APOL1-mediated kidney diseases. Cash, cash equivalents and marketable securities as of March 31, 2020 were $4.2 billion, an increase of approximately $400 million compared to $3.8 billion as of December 31, 2019. The company's adjusted non-GAAP effective tax rate guidance includes a change in the utilization of certain tax assets. Annual Recurring Revenue (“ARR”) of $306.5 million, up 15.4% year-over-year. : NHVCF) (the “Company” or “Northern Vertex”) is pleased to announce revenue of $23.4 million and production of 12,401 gold equivalent ounces for the quarter ended December 31, 2020 from the Company’s 100% owned Moss Gold Mine in NW Arizona.. Gold equivalent production is calculated at realized gold and silver prices … Shares used in diluted per share calculations: Reconciliation of GAAP to Non-GAAP Revenues and Expenses, Non-GAAP research and development expenses, GAAP sales, general and administrative expenses, Non-GAAP sales, general and administrative expenses, Cash, cash equivalents and marketable securities, Total liabilities and shareholders' equity. Sales, general and administrative expenses, Change in fair value of contingent consideration, Reconciliation of GAAP to Non-GAAP Net Income, (Increase) decrease in fair value of strategic investments (2), Increase in fair value of contingent consideration (3), Total non-GAAP adjustments to pre-tax income. Components of provision for income taxes related to: Benefits from income taxes due to discrete tax items (5), Provision for income taxes offset by net operating losses and credits (6). The company provides guidance regarding combined R&D and SG&A expenses and effective tax rate on a non-GAAP basis. After months of disruption in 2020, it is time to start looking ahead to the new year. Additionally, the company has research and development sites and commercial offices in North America, Europe, Australia and Latin America. Founded in 1989 in Cambridge, Mass., Vertex's global headquarters is now located in Boston'sInnovation District and its international headquarters is in London, UK. Cash, cash equivalents and marketable securities as of September 30, 2020 were $6.2 billion, an increase of approximately $2.3 billion compared to $3.8 billion as of December 31, 2019 driven by strong revenue and profitability. The company also provides guidance regarding its anticipated income taxes as a percentage of pre-tax income on a non-GAAP basis. GAAP and Non-GAAP net income each increased more than 120% compared to the first quarter of 2019, largely driven by the strong growth in total product revenues. ET. Do the … Zach Barber, 617-341-6470 BOSTON--(BUSINESS WIRE)--Apr. To access the call, please dial (866) 501-1537 (U.S.) or +1 (720) 545-0001 (International). or or "This has been another very strong quarter for Vertex with execution across our CF business and continued earnings and revenue … An archived webcast will be available on the company's website. Vancouver, B.C. Michael Partridge, 617-341-6108 The company has multiple approved medicines that treat the underlying cause of cystic fibrosis (CF) — a rare, life-threatening genetic disease — and has several ongoing clinical and research programs in CF. Special Note Regarding Forward-Looking Statements. Vertex disclaims any obligation to update the information contained in this press release as new information becomes available. The company adjusts, where appropriate, for both revenues and expenses in order to reflect the company's operations. 3: During the three and nine months ended September 30, 2020 and 2019, the increase in the fair value of contingent consideration relates to potential payments to Exonics' former equity holders. Refer to the "Supplemental Income Tax Information" section for discussion of the cash versus non-cash components of Vertex's provision for income taxes. Annual Recurring Revenue (“ARR”) of $294.6 million, up 16.4% year-over-year. Vertex Pharmaceuticals revenue for the quarter ending December 31, 2020 was $1.628B, … Vertex continues to progress its expanding pipeline of programs in the clinic, which span various diseases, modalities and stages of development. 5: In the three months ended March 31, 2020 and 2019, "Tax adjustments" primarily related to the estimated income taxes related to non-GAAP adjustments to pre-tax income including (i) stock-based compensation (including an adjustment for excess tax benefits related to stock-based compensation), (ii) increases or decreases in the fair value of the company's strategic investments and (iii) collaborative payments. The Recovery segment includes Vertex's operations as exclusive distributor of Penthol's Group III base oils. View source version on businesswire.com: https://www.businesswire.com/news/home/20201029006132/en/, Vertex Contacts: Vertex continues to progress a broad pipeline of potentially transformative small molecule, cell and genetic therapies aimed at serious diseases. --Vertex, Inc., a leading provider of tax technology and services, today announced financial results for its second quarter ended June 30, 2020.. Total revenue of … "The COVID-19 pandemic has presented unprecedented challenges to societies, communities and businesses around the world, and while these global challenges will continue for some time to come, I am very proud of how Vertex has responded to ensure that we continue to deliver on our mission for patients, keep our employees safe and achieve our business goals," said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. Vertex is consistently recognized as one of the industry's top places to work, including 10 consecutive years on Science magazine's Top Employers list and top five on the 2019 Best Employers for Diversity list by Forbes. ET. mRNA Therapies for CF: Based on promising preclinical data generated to date. As of December 31, 2019, the company's federal net operating losses and credits that were available to offset future pre-tax income were approximately $3.5 billion. Michael Partridge, 617-341-6108 Founded in 1989 in Cambridge, Mass., Vertex's global headquarters is now located in Boston's Innovation District and its international headquarters is in London. As I’ve discussed, we have already seen a significant number of changes in cities and counties increasing sales tax rates in 2020 and we expect the pace of tax rate changes for state and local taxes to continue or increase throughout the rest of 2020 and into 2021.. BOSTON--(BUSINESS WIRE)-- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the third quarter ended September 30, 2020 and revised upward its full-year 2020 financial guidance for product revenues. The company provides guidance regarding product revenues in accordance with GAAP and provides guidance regarding combined research and development and sales, general, and administrative expenses on both a GAAP and non-GAAP basis. Software subscription revenue of $77.3 million, up 14.9% year-over-year. Recent and anticipated progress for key pipeline programs is noted below: Beta Thalassemia and Sickle Cell Disease: In this press release, Vertex's financial results and financial guidance are provided in accordance with accounting principles generally accepted in the United States (GAAP) and using certain non-GAAP financial measures. 4: "Collaborative revenues and expenses" in the three and nine months ended September 30, 2020 and 2019 primarily related to collaborative upfront and milestone payments. "Importantly, our business continues to grow, and throughout the first quarter, thousands of patients initiated treatment with our medicines worldwide. -Product revenues of $1.54 billion, a 62% increase compared to Q3 2019-, -Company raises revenue guidance; now expects 2020 product revenues of $6.0 to $6.2 billion-. The company will host a conference call and webcast today at 4:30 p.m. Northern Vertex Reports Revenue of US$23.4 Million and Production of 12,401 Gold Equivalent Ounces for Quarter Ending December 31, 2020 Published: Jan. … As a result, a larger portion of the company’s tax provision will represent a cash expense in future periods, subject to continued utilization of certain tax credits. In AATD, while disappointed by the VX-814 outcome, we look forward to the VX-864 Phase 2 proof-of-concept data in the first half of 2021. HIGHLIGHTS FOR THE THREE MONTHS ENDING SEPTEMBER 30, 2020 The Company generated $32.1 million in revenues compared to $43.7 million in Q3 2019, while reported gross margin increased to 29.8% from 23.3%. To ensure patient safety and reduce the burden on the healthcare system at a time of critical need, Vertex has temporarily paused or delayed enrollment in certain studies. -Company raises revenue guidance; now expects 2020 product revenues of $6.0 to $6.2 billion-Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the third quarter ended September 30, 2020 and revised upward its full-year 2020 financial guidance for product revenues. The company expects to utilize its remaining federal net operating losses in 2020. The guidance regarding GAAP research and development expenses and sales, general and administrative expenses does not include estimates associated with any potential future business development activities. The conference call will be webcast live and a link to the webcast can be accessed through Vertex's website at www.vrtx.com in the "Investors" section under "Events and Presentations." The 13-week open-label Phase 2 study is designed to evaluate the reduction in proteinuria in people with FSGS after treatment with VX-147. "We are pleased with our progress toward treating all people with cystic fibrosis highlighted by several recent milestones: the early approval and encouraging start of the launch of KAFTRIO in the EU, positive TRIKAFTA data in children ages 6-11, and continued expansion of our medicines' labels as with our recent approval of KALYDECO for infants as young as 4 months of age. For company updates and to learn more about Vertex's history of innovation, visit www.vrtx.com or follow us on Facebook, Twitter, LinkedIn, YouTube and Instagram. While Vertex believes the forward-looking statements contained in this press release are accurate, these forward-looking statements represent the company's beliefs only as of the date of this press release and there are a number of risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the first quarter ended March 31, 2020 and revised upward its full-year 2020 financial guidance for total cystic fibrosis (CF) product revenues. Enrollment is ongoing in a Phase 2 proof-of-concept study for the Z-AAT corrector, VX-864. After the latest results, the 19 analysts covering Vertex Pharmaceuticals are now predicting revenues of US$5.32b in 2020. The conference call will be webcast live and a link to the webcast can be accessed through Vertex's website at www.vrtx.com in the "Investors" section under "Events and Presentations." Vertex Pharmaceuticals Long-Term Chart (2000 – 2020) TradingView.com A parabolic rally topped out at $99.25 in 2000, posting a high that wasn't challenged for the next 14 years, ahead of a … In particular, non-GAAP financial results and guidance exclude from Vertex's pre-tax income (i) stock-based compensation expense, (ii) revenues and expenses related to collaboration agreements, (iii) gains or losses related to the fair value of the company's strategic investments, (iv) acquisition-related costs and (v) other adjustments. -Company raises revenue guidance; now expects 2020 product revenues of $6.0 to $6.2 billion –. Third Quarter 2020 Financial Results Total revenue of $94.6 million, up 14.8% year-over-year. To ensure a timely connection, it is recommended that users register at least 15 minutes prior to the scheduled webcast. This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, Dr. Kewalramani's statements in this press release, the information provided regarding future financial performance, the section captioned "Full-Year 2020 Financial Guidance" and statements regarding (i) regulatory filings, (ii) the development plan and timelines for the company's drug candidates and (iii) the company's expectations regarding the effects COVID-19 will have on its business and operations. Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the third quarter ended September 30, 2020 and revised upward its full-year 2020 financial guidance for product revenues. This strong interest reflects TRIKAFTA's substantial benefits for patients and has resulted in significant increases in revenue to support continued investment in both our internal pipeline and business development efforts to support future growth. 1, 2021– Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the full year and fourth quarter ended December 31, 2020 … These results are provided as a complement to results provided in accordance with GAAP because management believes these non-GAAP financial measures help indicate underlying trends in the company's business, are important in comparing current results with prior period results and provide additional information regarding the company's financial position. or Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases. Management believes these non-GAAP financial measures help indicate underlying trends in the company's business, are important in comparing current results with prior period results and provide additional information regarding the company's financial position that the company believes is helpful to an understanding of its ongoing business. The company will host a conference call and webcast today at 5:00 p.m. Vertex is consistently recognized as one of the industry's top places to work, including 11 consecutive years on Science magazine's Top Employers list and a best place to work for LGBTQ equality by the Human Rights Campaign. Product revenues increased 62% compared to the third quarter of 2019, primarily driven by the uptake of TRIKAFTA in the U.S. and the uptake of our medicines outside the U.S. following the completion of several significant reimbursement agreements. GAAP and non-GAAP net income increased compared to the third quarter of 2019, largely driven by strong growth in total product revenues. Vertex Energy Quarterly Revenue (Millions of US $) 2020-09-30: $37: 2020-06-30: $21: 2020-03-31: $36: 2019-12-31: $43: 2019-09-30: $38: 2019-06-30: $44: 2019-03-31: $39: 2018-12-31: $42: 2018-09-30: $51: 2018-06-30: $47: 2018-03-31: $41: 2017-12-31: $41: 2017-09-30: $32: 2017-06-30: $37: 2017-03-31: $35: 2016-12-31: $31: 2016-09-30: $28: 2016-06-30: $24: 2016-03-31: $14: 2015-12-31: $21: … Those risks and uncertainties include, among other things, that the company's expectations regarding its 2020 CF net product revenues, expenses and effective tax rates may be incorrect (including because one or more of the company's assumptions underlying its expectations may not be realized), that COVID-19 may have different or more significant impacts on the company's business or operations than the company currently expects, that data from the company's development programs may not support registration or further development of its potential medicines due to safety, efficacy or other reasons, and other risks listed under Risk Factors in Vertex's annual report and subsequent quarterly reports filed with the Securities and Exchange Commission and available through the company's website at www.vrtx.com. * co raises revenue guidance; now expects 2020 cf revenues of $5.3 to $5.6 billion The company’s calculation of non-GAAP financial measures likely differs from the calculations used by other companies. There were no comparable amounts during the three months ended March 31, 2019. The company adjusts, where appropriate, for both revenues and expenses in order to reflect the company's operations. Vertex disclaims any obligation to update the information contained in this press release as new information becomes available. Key Metrics: Ended 2020 with Annual Recurring Revenue per customer of over $78,000, compared to over $65,000 in prior year. 6: In the three and nine months ended September 30, 2020 and 2019, "Tax adjustments" primarily related to the estimated income taxes related to non-GAAP adjustments to pre-tax income including (i) stock-based compensation (including an adjustment for excess tax benefits related to stock-based compensation), (ii) increases or decreases in the fair value of the company's strategic investments and (iii) collaborative payments. GAAP and Non-GAAP income taxes increased compared to the first quarter of 2019 primarily due to Vertex's increased operating income. Brenda Eustace, 617-341-6187, Source: Vertex Pharmaceuticals Incorporated, https://www.businesswire.com/news/home/20201029006132/en/. The FDA accepted three sNDAs for TRIKAFTA, SYMDEKO and KALYDECO. In the second quarter, volume increased and … TRIKAFTA/KAFTRIO (elexacaftor, tezacaftor and ivacaftor), SYMDEKO/SYMKEVI (tezacaftor and ivacaftor).
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