We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vertex Pharmaceuticals Inc | NASDAQ:VRTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.95 | 0.49% | 403.026 | 403.09 | 405.00 | 407.5899 | 401.02 | 402.77 | 1,461,160 | 22:05:01 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2016
|
|
or
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
FOR THE TRANSITION PERIOD FROM
TO
|
Massachusetts
|
04-3039129
|
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
50 Northern Avenue, Boston, Massachusetts
|
02210
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
|
(Do not check if a smaller reporting company)
|
Common Stock, par value $0.01 per share
|
247,349,864
|
Class
|
Outstanding at April 20, 2016
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Revenues:
|
|
|
|
||||
Product revenues, net
|
$
|
394,410
|
|
|
$
|
130,875
|
|
Royalty revenues
|
3,596
|
|
|
6,792
|
|
||
Collaborative revenues
|
74
|
|
|
842
|
|
||
Total revenues
|
398,080
|
|
|
138,509
|
|
||
Costs and expenses:
|
|
|
|
||||
Cost of product revenues
|
49,789
|
|
|
9,381
|
|
||
Royalty expenses
|
860
|
|
|
2,926
|
|
||
Research and development expenses
|
255,860
|
|
|
215,599
|
|
||
Sales, general and administrative expenses
|
105,214
|
|
|
85,860
|
|
||
Restructuring expenses (income), net
|
687
|
|
|
(3,272
|
)
|
||
Total costs and expenses
|
412,410
|
|
|
310,494
|
|
||
Loss from operations
|
(14,330
|
)
|
|
(171,985
|
)
|
||
Interest expense, net
|
(20,698
|
)
|
|
(21,307
|
)
|
||
Other income (expenses), net
|
4,411
|
|
|
(5,113
|
)
|
||
Loss from continuing operations before provision for income taxes
|
(30,617
|
)
|
|
(198,405
|
)
|
||
Provision for income taxes
|
5,485
|
|
|
299
|
|
||
Net loss
|
(36,102
|
)
|
|
(198,704
|
)
|
||
(Income) loss attributable to noncontrolling interest
|
(5,529
|
)
|
|
98
|
|
||
Net loss attributable to Vertex
|
$
|
(41,631
|
)
|
|
$
|
(198,606
|
)
|
|
|
|
|
||||
Amounts per share attributable to Vertex common shareholders:
|
|
|
|
||||
Net loss:
|
|
|
|
||||
Basic
|
$
|
(0.17
|
)
|
|
$
|
(0.83
|
)
|
Diluted
|
$
|
(0.17
|
)
|
|
$
|
(0.83
|
)
|
Shares used in per share calculations:
|
|
|
|
||||
Basic
|
243,831
|
|
|
239,493
|
|
||
Diluted
|
243,831
|
|
|
239,493
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Net loss
|
$
|
(36,102
|
)
|
|
$
|
(198,704
|
)
|
Changes in other comprehensive loss:
|
|
|
|
||||
Unrealized holding gains on marketable securities
|
229
|
|
|
176
|
|
||
Unrealized (losses) gains on foreign currency forward contracts, net of tax
|
(5,212
|
)
|
|
306
|
|
||
Foreign currency translation adjustment
|
(1,740
|
)
|
|
(608
|
)
|
||
Total changes in other comprehensive loss
|
(6,723
|
)
|
|
(126
|
)
|
||
Comprehensive loss
|
(42,825
|
)
|
|
(198,830
|
)
|
||
Comprehensive (income) loss attributable to noncontrolling interest
|
(5,529
|
)
|
|
98
|
|
||
Comprehensive loss attributable to Vertex
|
$
|
(48,354
|
)
|
|
$
|
(198,732
|
)
|
|
March 31,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
604,245
|
|
|
$
|
714,768
|
|
Marketable securities, available for sale
|
421,373
|
|
|
327,694
|
|
||
Restricted cash and cash equivalents (VIE)
|
76,273
|
|
|
78,910
|
|
||
Accounts receivable, net
|
181,878
|
|
|
177,639
|
|
||
Inventories
|
63,200
|
|
|
57,207
|
|
||
Prepaid expenses and other current assets
|
55,866
|
|
|
50,935
|
|
||
Total current assets
|
1,402,835
|
|
|
1,407,153
|
|
||
Property and equipment, net
|
690,521
|
|
|
697,715
|
|
||
Intangible assets
|
284,340
|
|
|
284,340
|
|
||
Goodwill
|
50,384
|
|
|
50,384
|
|
||
Cost method investment in CRISPR
|
30,138
|
|
|
—
|
|
||
Notes Receivable
|
—
|
|
|
30,000
|
|
||
Restricted cash
|
22,088
|
|
|
22,083
|
|
||
Other assets
|
7,600
|
|
|
6,912
|
|
||
Total assets
|
$
|
2,487,906
|
|
|
$
|
2,498,587
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
75,221
|
|
|
$
|
74,942
|
|
Accrued expenses
|
272,665
|
|
|
305,820
|
|
||
Deferred revenues, current portion
|
14,705
|
|
|
16,296
|
|
||
Accrued restructuring expenses, current portion
|
7,790
|
|
|
7,894
|
|
||
Capital lease obligations, current portion
|
17,292
|
|
|
15,545
|
|
||
Senior secured term loan, current portion
|
146,251
|
|
|
71,296
|
|
||
Other liabilities, current portion
|
18,117
|
|
|
14,374
|
|
||
Total current liabilities
|
552,041
|
|
|
506,167
|
|
||
Deferred revenues, excluding current portion
|
8,490
|
|
|
9,714
|
|
||
Accrued restructuring expenses, excluding current portion
|
6,145
|
|
|
7,464
|
|
||
Capital lease obligations, excluding current portion
|
38,886
|
|
|
42,923
|
|
||
Deferred tax liability
|
112,259
|
|
|
110,439
|
|
||
Construction financing lease obligation, excluding current portion
|
472,494
|
|
|
472,611
|
|
||
Senior secured term loan, net of current portion and discount
|
149,571
|
|
|
223,863
|
|
||
Other liabilities, excluding current portion
|
31,822
|
|
|
31,778
|
|
||
Total liabilities
|
1,371,708
|
|
|
1,404,959
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Shareholders’ equity:
|
|
|
|
||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued and outstanding at March 31, 2016 and December 31, 2015
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 500,000,000 and 500,000,000 shares authorized at March 31, 2016 and December 31, 2015, respectively; 247,286,705 and 246,306,818 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively
|
2,429
|
|
|
2,427
|
|
||
Additional paid-in capital
|
6,262,964
|
|
|
6,197,500
|
|
||
Accumulated other comprehensive (loss) income
|
(4,899
|
)
|
|
1,824
|
|
||
Accumulated deficit
|
(5,303,415
|
)
|
|
(5,261,784
|
)
|
||
Total Vertex shareholders' equity
|
957,079
|
|
|
939,967
|
|
||
Noncontrolling interest
|
159,119
|
|
|
153,661
|
|
||
Total shareholders’ equity
|
1,116,198
|
|
|
1,093,628
|
|
||
Total liabilities and shareholders’ equity
|
$
|
2,487,906
|
|
|
$
|
2,498,587
|
|
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated
Other Comprehensive (Loss) Income |
|
Accumulated Deficit
|
|
Total Vertex
Shareholders’ Equity |
|
Noncontrolling
Interest |
|
Total
Shareholders’ Equity |
|||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance at December 31, 2014
|
241,764
|
|
|
$
|
2,385
|
|
|
$
|
5,777,154
|
|
|
$
|
917
|
|
|
$
|
(4,705,450
|
)
|
|
$
|
1,075,006
|
|
|
$
|
21,177
|
|
|
$
|
1,096,183
|
|
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(126
|
)
|
|
—
|
|
|
(126
|
)
|
|
—
|
|
|
(126
|
)
|
|||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(198,606
|
)
|
|
(198,606
|
)
|
|
(98
|
)
|
|
(198,704
|
)
|
|||||||
Issuance of common stock under benefit plans
|
1,816
|
|
|
14
|
|
|
41,902
|
|
|
—
|
|
|
—
|
|
|
41,916
|
|
|
—
|
|
|
41,916
|
|
|||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
58,268
|
|
|
—
|
|
|
—
|
|
|
58,268
|
|
|
—
|
|
|
58,268
|
|
|||||||
Balance at March 31, 2015
|
243,580
|
|
|
$
|
2,399
|
|
|
$
|
5,877,324
|
|
|
$
|
791
|
|
|
$
|
(4,904,056
|
)
|
|
$
|
976,458
|
|
|
$
|
21,079
|
|
|
$
|
997,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at December 31, 2015
|
246,307
|
|
|
$
|
2,427
|
|
|
$
|
6,197,500
|
|
|
$
|
1,824
|
|
|
$
|
(5,261,784
|
)
|
|
$
|
939,967
|
|
|
$
|
153,661
|
|
|
$
|
1,093,628
|
|
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,723
|
)
|
|
—
|
|
|
(6,723
|
)
|
|
—
|
|
|
(6,723
|
)
|
|||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41,631
|
)
|
|
(41,631
|
)
|
|
5,529
|
|
|
(36,102
|
)
|
|||||||
Issuance of common stock under benefit plans
|
980
|
|
|
2
|
|
|
9,147
|
|
|
—
|
|
|
—
|
|
|
9,149
|
|
|
—
|
|
|
9,149
|
|
|||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
56,317
|
|
|
—
|
|
|
—
|
|
|
56,317
|
|
|
(71
|
)
|
|
56,246
|
|
|||||||
Balance at March 31, 2016
|
247,287
|
|
|
$
|
2,429
|
|
|
$
|
6,262,964
|
|
|
$
|
(4,899
|
)
|
|
$
|
(5,303,415
|
)
|
|
$
|
957,079
|
|
|
$
|
159,119
|
|
|
$
|
1,116,198
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(36,102
|
)
|
|
$
|
(198,704
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Stock-based compensation expense
|
55,472
|
|
|
57,384
|
|
||
Depreciation and amortization expense
|
16,415
|
|
|
16,363
|
|
||
Deferred income taxes
|
2,060
|
|
|
—
|
|
||
Other non-cash items, net
|
(3,835
|
)
|
|
629
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
(2,512
|
)
|
|
(5,863
|
)
|
||
Inventories
|
(4,771
|
)
|
|
(2,635
|
)
|
||
Prepaid expenses and other assets
|
(7,325
|
)
|
|
(15,233
|
)
|
||
Accounts payable
|
(343
|
)
|
|
(23,556
|
)
|
||
Accrued expenses and other liabilities
|
(29,922
|
)
|
|
(20,921
|
)
|
||
Accrued restructuring expense
|
(1,459
|
)
|
|
(24,367
|
)
|
||
Deferred revenues
|
(2,815
|
)
|
|
(5,333
|
)
|
||
Net cash used in operating activities
|
(15,137
|
)
|
|
(222,236
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of marketable securities
|
(224,624
|
)
|
|
(125,655
|
)
|
||
Maturities of marketable securities
|
131,173
|
|
|
371,423
|
|
||
Expenditures for property and equipment
|
(11,974
|
)
|
|
(10,558
|
)
|
||
Increase in restricted cash and cash equivalents
|
(3
|
)
|
|
(21,971
|
)
|
||
Decrease in restricted cash and cash equivalents (VIE)
|
2,637
|
|
|
—
|
|
||
Decrease in other assets
|
83
|
|
|
799
|
|
||
Net cash (used in) provided by investing activities
|
(102,708
|
)
|
|
214,038
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Issuances of common stock under benefit plans
|
8,846
|
|
|
41,616
|
|
||
Payments on capital lease obligations
|
(4,041
|
)
|
|
(4,497
|
)
|
||
Proceeds from capital lease financing
|
—
|
|
|
13,386
|
|
||
Payments on construction financing lease obligation
|
(103
|
)
|
|
(91
|
)
|
||
Net cash provided by financing activities
|
4,702
|
|
|
50,414
|
|
||
Effect of changes in exchange rates on cash
|
2,620
|
|
|
(2,596
|
)
|
||
Net increase in cash and cash equivalents
|
(110,523
|
)
|
|
39,620
|
|
||
Cash and cash equivalents—beginning of period
|
714,768
|
|
|
625,259
|
|
||
Cash and cash equivalents—end of period
|
$
|
604,245
|
|
|
$
|
664,879
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
20,603
|
|
|
$
|
21,538
|
|
Cash paid for income taxes
|
$
|
581
|
|
|
$
|
60
|
|
Issuances of common stock exercises from employee benefit plans receivable
|
$
|
593
|
|
|
$
|
964
|
|
B.
|
Product Revenues, Net
|
|
Trade
Allowances |
|
Rebates,
Chargebacks and Discounts |
|
Product
Returns |
|
Other
Incentives |
|
Total
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Balance at December 31, 2015
|
$
|
2,089
|
|
|
$
|
44,669
|
|
|
$
|
1,228
|
|
|
$
|
1,310
|
|
|
$
|
49,296
|
|
Provision related to current period sales
|
4,707
|
|
|
31,138
|
|
|
924
|
|
|
3,280
|
|
|
40,049
|
|
|||||
Adjustments related to prior period sales
|
(38
|
)
|
|
(2,181
|
)
|
|
(75
|
)
|
|
—
|
|
|
(2,294
|
)
|
|||||
Credits/payments made
|
(4,698
|
)
|
|
(19,132
|
)
|
|
(260
|
)
|
|
(3,281
|
)
|
|
(27,371
|
)
|
|||||
Balance at March 31, 2016
|
$
|
2,060
|
|
|
$
|
54,494
|
|
|
$
|
1,817
|
|
|
$
|
1,309
|
|
|
$
|
59,680
|
|
C.
|
Collaborative Arrangements
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Royalty revenues (INCIVO)
|
$
|
78
|
|
|
$
|
1,525
|
|
Collaborative revenues (telaprevir)
|
—
|
|
|
642
|
|
||
Total revenues attributable to the Janssen NV collaboration
|
$
|
78
|
|
|
$
|
2,167
|
|
|
June 4, 2015
|
||
|
(in thousands)
|
||
Up-front payment
|
$
|
80,000
|
|
Fair value of contingent milestone and royalty payments
|
175,340
|
|
|
Total
|
$
|
255,340
|
|
|
June 4, 2015
|
||
|
(in thousands)
|
||
Intangible assets
|
$
|
255,340
|
|
Goodwill
|
10,468
|
|
|
Deferred tax liability
|
(91,023
|
)
|
|
Net other assets (liabilities)
|
(10,468
|
)
|
|
Net assets attributable to noncontrolling interests
|
$
|
164,317
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Loss attributable to noncontrolling interest before provision for income taxes
|
$
|
839
|
|
|
$
|
287
|
|
Provision for (benefit from) income taxes
|
3,062
|
|
|
(64
|
)
|
||
Increase in fair value of contingent milestone and royalty payments
|
(9,430
|
)
|
|
(125
|
)
|
||
Net (income) loss attributable to noncontrolling interest
|
$
|
(5,529
|
)
|
|
$
|
98
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
(in thousands)
|
||||||
Restricted cash and cash equivalents (VIE)
|
$
|
76,273
|
|
|
$
|
78,910
|
|
Prepaid expenses and other current assets
|
2,818
|
|
|
3,138
|
|
||
Intangible assets
|
284,340
|
|
|
284,340
|
|
||
Goodwill
|
19,391
|
|
|
19,391
|
|
||
Other assets
|
434
|
|
|
455
|
|
||
Accounts payable
|
1,569
|
|
|
676
|
|
||
Taxes payable
|
24,512
|
|
|
24,554
|
|
||
Other current liabilities
|
6,595
|
|
|
7,100
|
|
||
Deferred tax liability, net
|
112,259
|
|
|
110,438
|
|
||
Other liabilities
|
310
|
|
|
300
|
|
||
Noncontrolling interest
|
159,119
|
|
|
153,661
|
|
D.
|
Earnings Per Share
|
|
Three Months Ended March 31,
|
||||
|
2016
|
|
2015
|
||
|
|
||||
Stock options
|
12,619
|
|
|
12,682
|
|
Unvested restricted stock and restricted stock units
|
3,565
|
|
|
3,474
|
|
E.
|
Fair Value Measurements
|
Level 1:
|
Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
|
Level 2:
|
Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.
|
Level 3:
|
Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability.
|
|
Fair Value Measurements as
of March 31, 2016 |
||||||||||||||
|
|
|
Fair Value Hierarchy
|
||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
(in thousands)
|
||||||||||||||
Financial assets carried at fair value:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
190,601
|
|
|
$
|
190,601
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Corporate debt securities
|
13,557
|
|
|
—
|
|
|
13,557
|
|
|
—
|
|
||||
Marketable securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
33,104
|
|
|
33,104
|
|
|
—
|
|
|
—
|
|
||||
Government-sponsored enterprise securities
|
126,478
|
|
|
126,478
|
|
|
—
|
|
|
—
|
|
||||
Corporate debt securities
|
120,229
|
|
|
—
|
|
|
120,229
|
|
|
—
|
|
||||
Commercial paper
|
141,562
|
|
|
—
|
|
|
141,562
|
|
|
—
|
|
||||
Prepaid and other current assets:
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
3,654
|
|
|
—
|
|
|
3,654
|
|
|
—
|
|
||||
Other assets:
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
182
|
|
|
—
|
|
|
182
|
|
|
—
|
|
||||
Total financial assets
|
$
|
629,367
|
|
|
$
|
350,183
|
|
|
$
|
279,184
|
|
|
$
|
—
|
|
Financial liabilities carried at fair value:
|
|
|
|
|
|
|
|
||||||||
Other liabilities, current portion:
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
$
|
(3,765
|
)
|
|
$
|
—
|
|
|
$
|
(3,765
|
)
|
|
$
|
—
|
|
Other liabilities, excluding current portion:
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
(657
|
)
|
|
—
|
|
|
(657
|
)
|
|
—
|
|
||||
Total financial liabilities
|
$
|
(4,422
|
)
|
|
$
|
—
|
|
|
$
|
(4,422
|
)
|
|
$
|
—
|
|
|
Fair Value Measurements as
of December 31, 2015 |
||||||||||||||
|
|
|
Fair Value Hierarchy
|
||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
(in thousands)
|
||||||||||||||
Financial instruments carried at fair value (asset position):
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
199,507
|
|
|
$
|
199,507
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Government-sponsored enterprise securities
|
85,994
|
|
|
85,994
|
|
|
—
|
|
|
—
|
|
||||
Commercial paper
|
34,889
|
|
|
—
|
|
|
34,889
|
|
|
—
|
|
||||
Corporate debt securities
|
11,533
|
|
|
—
|
|
|
11,533
|
|
|
—
|
|
||||
Marketable securities:
|
|
|
|
|
|
|
|
||||||||
Government-sponsored enterprise securities
|
87,162
|
|
|
87,162
|
|
|
—
|
|
|
—
|
|
||||
Commercial paper
|
141,409
|
|
|
—
|
|
|
141,409
|
|
|
—
|
|
||||
Corporate debt securities
|
99,123
|
|
|
—
|
|
|
99,123
|
|
|
—
|
|
||||
Prepaid and other current assets:
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
5,161
|
|
|
—
|
|
|
5,161
|
|
|
—
|
|
||||
Other assets:
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
605
|
|
|
$
|
—
|
|
|
605
|
|
|
$
|
—
|
|
||
Total financial assets
|
$
|
665,383
|
|
|
$
|
372,663
|
|
|
$
|
292,720
|
|
|
$
|
—
|
|
Financial instruments carried at fair value (liability position):
|
|
|
|
|
|
|
|
||||||||
Other liabilities, current portion:
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
$
|
(769
|
)
|
|
$
|
—
|
|
|
$
|
(769
|
)
|
|
$
|
—
|
|
Other liabilities, excluding current portion:
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
(132
|
)
|
|
—
|
|
|
(132
|
)
|
|
—
|
|
||||
Total financial liabilities
|
$
|
(901
|
)
|
|
$
|
—
|
|
|
$
|
(901
|
)
|
|
$
|
—
|
|
F.
|
Marketable Securities
|
|
Amortized Cost
|
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||
As of March 31, 2016
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Cash and money market funds
|
$
|
590,688
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
590,688
|
|
Corporate debt securities
|
13,557
|
|
|
—
|
|
|
—
|
|
|
13,557
|
|
||||
Total cash and cash equivalents
|
$
|
604,245
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
604,245
|
|
Marketable securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities (due within 1 year)
|
$
|
33,108
|
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
|
$
|
33,104
|
|
Government-sponsored enterprise securities (due within 1 year)
|
126,461
|
|
|
17
|
|
|
—
|
|
|
126,478
|
|
||||
Commercial paper (due within 1 year)
|
141,243
|
|
|
319
|
|
|
—
|
|
|
141,562
|
|
||||
Corporate debt securities (due within 1 year)
|
120,206
|
|
|
23
|
|
|
—
|
|
|
120,229
|
|
||||
Total marketable securities
|
$
|
421,018
|
|
|
$
|
359
|
|
|
$
|
(4
|
)
|
|
$
|
421,373
|
|
Total cash, cash equivalents and marketable securities
|
$
|
1,025,263
|
|
|
$
|
359
|
|
|
$
|
(4
|
)
|
|
$
|
1,025,618
|
|
|
|
|
|
|
|
|
|
||||||||
As of December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Cash and money market funds
|
$
|
582,352
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
582,352
|
|
Government-sponsored enterprise securities
|
85,994
|
|
|
—
|
|
|
—
|
|
|
85,994
|
|
||||
Commercial paper
|
34,889
|
|
|
—
|
|
|
—
|
|
|
34,889
|
|
||||
Corporate debt securities
|
11,533
|
|
|
—
|
|
|
—
|
|
|
11,533
|
|
||||
Total cash and cash equivalents
|
$
|
714,768
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
714,768
|
|
Marketable securities:
|
|
|
|
|
|
|
|
||||||||
Government-sponsored enterprise securities (due within 1 year)
|
$
|
87,176
|
|
|
$
|
—
|
|
|
$
|
(14
|
)
|
|
$
|
87,162
|
|
Commercial paper (due within 1 year)
|
98,877
|
|
|
246
|
|
|
—
|
|
|
99,123
|
|
||||
Corporate debt securities (due within 1 year)
|
141,515
|
|
|
—
|
|
|
(106
|
)
|
|
141,409
|
|
||||
Total marketable securities
|
$
|
327,568
|
|
|
$
|
246
|
|
|
$
|
(120
|
)
|
|
$
|
327,694
|
|
Total cash, cash equivalents and marketable securities
|
$
|
1,042,336
|
|
|
$
|
246
|
|
|
$
|
(120
|
)
|
|
$
|
1,042,462
|
|
G.
|
Accumulated Other Comprehensive (Loss) Income
|
|
Foreign Currency Translation Adjustment
|
|
Unrealized Holding Gains (Losses) on Marketable Securities
|
|
Unrealized Gains (Losses) on Foreign Currency Forward Contracts, net of tax
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
Balance at December 31, 2015
|
$
|
(2,080
|
)
|
|
$
|
126
|
|
|
$
|
3,778
|
|
|
$
|
1,824
|
|
Other comprehensive (loss) income before reclassifications
|
(1,740
|
)
|
|
229
|
|
|
(3,827
|
)
|
|
(5,338
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
—
|
|
|
(1,385
|
)
|
|
(1,385
|
)
|
||||
Net current period other comprehensive (loss) income
|
$
|
(1,740
|
)
|
|
$
|
229
|
|
|
$
|
(5,212
|
)
|
|
$
|
(6,723
|
)
|
Balance at March 31, 2016
|
$
|
(3,820
|
)
|
|
$
|
355
|
|
|
$
|
(1,434
|
)
|
|
$
|
(4,899
|
)
|
|
Foreign Currency Translation Adjustment
|
|
Unrealized Holding Gains on Marketable Securities
|
|
Unrealized (Losses) Gains on Foreign Currency Forward Contracts
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
Balance at December 31, 2014
|
$
|
(971
|
)
|
|
$
|
(123
|
)
|
|
$
|
2,011
|
|
|
$
|
917
|
|
Other comprehensive (loss) income before reclassifications
|
(608
|
)
|
|
176
|
|
|
2,004
|
|
|
1,572
|
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
—
|
|
|
(1,698
|
)
|
|
(1,698
|
)
|
||||
Net current period other comprehensive (loss) income
|
$
|
(608
|
)
|
|
$
|
176
|
|
|
$
|
306
|
|
|
$
|
(126
|
)
|
Balance at March 31, 2015
|
$
|
(1,579
|
)
|
|
$
|
53
|
|
|
$
|
2,317
|
|
|
$
|
791
|
|
H.
|
Hedging
|
|
As of March 31, 2016
|
|
As of December 31, 2015
|
||||
Foreign Currency
|
(in thousands)
|
||||||
Euro
|
$
|
215,343
|
|
|
$
|
103,362
|
|
British pound sterling
|
76,395
|
|
|
78,756
|
|
||
Australian dollar
|
28,837
|
|
|
27,167
|
|
||
Total foreign currency forward contracts
|
$
|
320,575
|
|
|
$
|
209,285
|
|
As of March 31, 2016
|
||||||||||
Assets
|
|
Liabilities
|
||||||||
Classification
|
|
Fair Value
|
|
Classification
|
|
Fair Value
|
||||
(in thousands)
|
||||||||||
Prepaid and other current assets
|
|
$
|
3,654
|
|
|
Other liabilities, current portion
|
|
$
|
(3,765
|
)
|
Other assets
|
|
182
|
|
|
Other liabilities, excluding current portion
|
|
(657
|
)
|
||
Total assets
|
|
$
|
3,836
|
|
|
Total liabilities
|
|
$
|
(4,422
|
)
|
As of December 31, 2015
|
||||||||||
Assets
|
|
Liabilities
|
||||||||
Classification
|
|
Fair Value
|
|
Classification
|
|
Fair Value
|
||||
(in thousands)
|
||||||||||
Prepaid and other current assets
|
|
$
|
5,161
|
|
|
Other liabilities, current portion
|
|
$
|
(769
|
)
|
Other assets
|
|
605
|
|
|
Other liabilities, excluding current portion
|
|
(132
|
)
|
||
Total assets
|
|
$
|
5,766
|
|
|
Total liabilities
|
|
$
|
(901
|
)
|
|
As of March 31, 2016
|
||||||||||||||||||
|
Gross Amounts Recognized
|
|
Gross Amounts Offset
|
|
Gross Amounts Presented
|
|
Gross Amounts Not Offset
|
|
Legal Offset
|
||||||||||
Foreign currency forward contracts
|
(in thousands)
|
||||||||||||||||||
Total assets
|
$
|
3,836
|
|
|
$
|
—
|
|
|
$
|
3,836
|
|
|
$
|
(3,836
|
)
|
|
$
|
—
|
|
Total liabilities
|
$
|
(4,422
|
)
|
|
$
|
—
|
|
|
$
|
(4,422
|
)
|
|
$
|
3,836
|
|
|
$
|
(586
|
)
|
|
As of December 31, 2015
|
||||||||||||||||||
|
Gross Amounts Recognized
|
|
Gross Amounts Offset
|
|
Gross Amounts Presented
|
|
Gross Amounts Not Offset
|
|
Legal Offset
|
||||||||||
Foreign currency forward contracts
|
(in thousands)
|
||||||||||||||||||
Total assets
|
$
|
5,766
|
|
|
$
|
—
|
|
|
$
|
5,766
|
|
|
$
|
(901
|
)
|
|
$
|
4,865
|
|
Total liabilities
|
$
|
(901
|
)
|
|
$
|
—
|
|
|
$
|
(901
|
)
|
|
$
|
901
|
|
|
$
|
—
|
|
|
As of March 31, 2016
|
|
As of December 31, 2015
|
||||
|
(in thousands)
|
||||||
Raw materials
|
$
|
9,936
|
|
|
$
|
8,696
|
|
Work-in-process
|
37,899
|
|
|
40,695
|
|
||
Finished goods
|
15,365
|
|
|
7,816
|
|
||
Total
|
$
|
63,200
|
|
|
$
|
57,207
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
|
||||||
Stock-based compensation expense by type of award:
|
|
|
|
||||
Stock options
|
$
|
26,260
|
|
|
$
|
28,959
|
|
Restricted stock and restricted stock units
|
27,533
|
|
|
27,169
|
|
||
ESPP share issuances
|
2,524
|
|
|
2,140
|
|
||
Less stock-based compensation expense capitalized to inventories
|
(845
|
)
|
|
(884
|
)
|
||
Total stock-based compensation included in costs and expenses
|
$
|
55,472
|
|
|
$
|
57,384
|
|
|
|
|
|
|
|||
Stock-based compensation expense by line item:
|
|
|
|
||||
Research and development expenses
|
$
|
34,448
|
|
|
$
|
38,217
|
|
Sales, general and administrative expenses
|
21,024
|
|
|
19,167
|
|
||
Total stock-based compensation included in costs and expenses
|
$
|
55,472
|
|
|
$
|
57,384
|
|
|
As of March 31, 2016
|
||||
|
Unrecognized Expense,
Net of Estimated Forfeitures |
|
Weighted-average
Recognition Period |
||
|
(in thousands)
|
|
(in years)
|
||
Type of award:
|
|
|
|
||
Stock options
|
$
|
206,783
|
|
|
2.83
|
Restricted stock and restricted stock units
|
$
|
223,184
|
|
|
2.78
|
ESPP share issuances
|
$
|
3,143
|
|
|
0.49
|
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||
Range of Exercise Prices
|
|
Number
Outstanding |
|
Weighted-average
Remaining Contractual Life |
|
Weighted-average
Exercise Price |
|
Number
Exercisable |
|
Weighted-average
Exercise Price |
||||||
|
|
(in thousands)
|
|
(in years)
|
|
(per share)
|
|
(in thousands)
|
|
(per share)
|
||||||
$18.93–$20.00
|
|
138
|
|
|
1.85
|
|
$
|
18.93
|
|
|
138
|
|
|
$
|
18.93
|
|
$20.01–$40.00
|
|
2,124
|
|
|
3.56
|
|
$
|
34.30
|
|
|
2,119
|
|
|
$
|
34.29
|
|
$40.01–$60.00
|
|
2,210
|
|
|
6.33
|
|
$
|
48.09
|
|
|
1,590
|
|
|
$
|
48.77
|
|
$60.01–$80.00
|
|
1,396
|
|
|
7.83
|
|
$
|
75.92
|
|
|
654
|
|
|
$
|
75.31
|
|
$80.01–$100.00
|
|
3,550
|
|
|
8.81
|
|
$
|
90.65
|
|
|
815
|
|
|
$
|
88.04
|
|
$100.01–$120.00
|
|
1,677
|
|
|
8.80
|
|
$
|
109.32
|
|
|
402
|
|
|
$
|
109.26
|
|
$120.01–$134.69
|
|
1,524
|
|
|
9.28
|
|
$
|
130.63
|
|
|
339
|
|
|
$
|
129.57
|
|
Total
|
|
12,619
|
|
|
7.36
|
|
$
|
78.61
|
|
|
6,057
|
|
|
$
|
59.71
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
|
||||||
Liability, beginning of the period
|
$
|
7,944
|
|
|
$
|
11,596
|
|
Cash payments
|
(3,931
|
)
|
|
(3,985
|
)
|
||
Cash received from subleases
|
3,008
|
|
|
2,476
|
|
||
Restructuring expense (income)
|
203
|
|
|
(581
|
)
|
||
Liability, end of the period
|
$
|
7,224
|
|
|
$
|
9,506
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
|
||||||
Liability, beginning of the period
|
$
|
5,964
|
|
|
$
|
33,390
|
|
Cash payments
|
(3,156
|
)
|
|
(19,256
|
)
|
||
Cash received from subleases
|
2,408
|
|
|
—
|
|
||
Restructuring expense (income)
|
233
|
|
|
(2,997
|
)
|
||
Liability, end of the period
|
$
|
5,449
|
|
|
$
|
11,137
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
|
||||||
Liability, beginning of the period
|
$
|
1,450
|
|
|
$
|
869
|
|
Cash payments
|
(439
|
)
|
|
(330
|
)
|
||
Restructuring expense
|
251
|
|
|
306
|
|
||
Liability, end of the period
|
$
|
1,262
|
|
|
$
|
845
|
|
•
|
Two copies of the F508del in their CFTR gene
: We expect to complete enrollment in mid-2016 and data from this clinical trial to be available in early 2017.
|
•
|
One copy of the F508del mutation in their CFTR gene and a second mutation in their CFTR gene that results in a gating defect in the CFTR protein
: We plan to complete enrollment in this clinical trial in late 2016 or early 2017.
|
•
|
One copy of the F508del mutation in their CFTR gene and a second mutation in their CFTR gene that results in residual CFTR function
: We have revised the enrollment target for this clinical trial. We originally expected to enroll up to 300 patients in this clinical trial and currently expect to enroll approximately 200 patients. We expect to complete enrollment in this clinical trial in the second half of 2016.
|
•
|
One copy of the F508del mutation in their CFTR gene and a second mutation that results in minimal CFTR function
: Enrollment is complete in the first part of this clinical trial and we expect an interim futility analysis of efficacy data to be completed in the third quarter of 2016.
|
|
Three Months Ended March 31,
|
|
Increase/(Decrease)
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Revenues
|
$
|
398,080
|
|
|
$
|
138,509
|
|
|
$
|
259,571
|
|
|
187
|
%
|
Operating costs and expenses
|
412,410
|
|
|
310,494
|
|
|
101,916
|
|
|
33
|
%
|
|||
Other items, net
|
(27,301
|
)
|
|
(26,621
|
)
|
|
(680
|
)
|
|
(3
|
)%
|
|||
Net loss attributable to Vertex
|
$
|
(41,631
|
)
|
|
$
|
(198,606
|
)
|
|
$
|
(156,975
|
)
|
|
(79
|
)%
|
|
Three Months Ended March 31,
|
|
Increase/(Decrease)
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Product revenues, net
|
$
|
394,410
|
|
|
$
|
130,875
|
|
|
$
|
263,535
|
|
|
201
|
%
|
Royalty revenues
|
3,596
|
|
|
6,792
|
|
|
(3,196
|
)
|
|
(47
|
)%
|
|||
Collaborative revenues
|
74
|
|
|
842
|
|
|
(768
|
)
|
|
(91
|
)%
|
|||
Total revenues
|
$
|
398,080
|
|
|
$
|
138,509
|
|
|
$
|
259,571
|
|
|
187
|
%
|
|
Three Months Ended March 31,
|
|
Increase/(Decrease)
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
ORKAMBI
|
$
|
223,128
|
|
|
$
|
—
|
|
|
N/A
|
|
|
N/A
|
|
|
KALYDECO
|
170,509
|
|
|
130,174
|
|
|
40,335
|
|
|
31
|
%
|
|||
INCIVEK
|
773
|
|
|
701
|
|
|
72
|
|
|
10
|
%
|
|||
Total product revenues, net
|
$
|
394,410
|
|
|
$
|
130,875
|
|
|
$
|
263,535
|
|
|
201
|
%
|
|
Three Months Ended March 31,
|
|
Increase/(Decrease)
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Cost of product revenues
|
$
|
49,789
|
|
|
$
|
9,381
|
|
|
$
|
40,408
|
|
|
431
|
%
|
Royalty expenses
|
860
|
|
|
2,926
|
|
|
(2,066
|
)
|
|
(71
|
)%
|
|||
Research and development expenses
|
255,860
|
|
|
215,599
|
|
|
40,261
|
|
|
19
|
%
|
|||
Sales, general and administrative expenses
|
105,214
|
|
|
85,860
|
|
|
19,354
|
|
|
23
|
%
|
|||
Restructuring expenses (income), net
|
687
|
|
|
(3,272
|
)
|
|
N/A
|
|
|
N/A
|
|
|||
Total costs and expenses
|
$
|
412,410
|
|
|
$
|
310,494
|
|
|
$
|
101,916
|
|
|
33
|
%
|
|
Three Months Ended March 31,
|
|
Increase/(Decrease)
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Research expenses
|
$
|
63,010
|
|
|
$
|
65,562
|
|
|
$
|
(2,552
|
)
|
|
(4
|
)%
|
Development expenses
|
192,850
|
|
|
150,037
|
|
|
42,813
|
|
|
29
|
%
|
|||
Total research and development expenses
|
$
|
255,860
|
|
|
$
|
215,599
|
|
|
$
|
40,261
|
|
|
19
|
%
|
|
Three Months Ended March 31,
|
|
Increase/(Decrease)
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Research Expenses:
|
|
|
|
|
|
|
|
|||||||
Salary and benefits
|
$
|
20,710
|
|
|
$
|
20,456
|
|
|
$
|
254
|
|
|
1
|
%
|
Stock-based compensation expense
|
10,656
|
|
|
13,776
|
|
|
(3,120
|
)
|
|
(23
|
)%
|
|||
Laboratory supplies and other direct expenses
|
9,874
|
|
|
9,168
|
|
|
706
|
|
|
8
|
%
|
|||
Outsourced services
|
4,161
|
|
|
4,558
|
|
|
(397
|
)
|
|
(9
|
)%
|
|||
Infrastructure costs
|
17,609
|
|
|
17,604
|
|
|
5
|
|
|
—
|
%
|
|||
Total research expenses
|
$
|
63,010
|
|
|
$
|
65,562
|
|
|
$
|
(2,552
|
)
|
|
(4
|
)%
|
|
Three Months Ended March 31,
|
|
Increase/(Decrease)
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Development Expenses:
|
|
|
|
|
|
|
|
|||||||
Salary and benefits
|
$
|
44,351
|
|
|
$
|
42,195
|
|
|
$
|
2,156
|
|
|
5
|
%
|
Stock-based compensation expense
|
23,792
|
|
|
24,441
|
|
|
(649
|
)
|
|
(3
|
)%
|
|||
Laboratory supplies and other direct expenses
|
8,250
|
|
|
6,944
|
|
|
1,306
|
|
|
19
|
%
|
|||
Outsourced services
|
84,488
|
|
|
50,094
|
|
|
34,394
|
|
|
69
|
%
|
|||
Drug supply costs
|
2,653
|
|
|
1,583
|
|
|
1,070
|
|
|
68
|
%
|
|||
Infrastructure costs
|
29,316
|
|
|
24,780
|
|
|
4,536
|
|
|
18
|
%
|
|||
Total development expenses
|
$
|
192,850
|
|
|
$
|
150,037
|
|
|
$
|
42,813
|
|
|
29
|
%
|
|
Three Months Ended March 31,
|
|
Increase/(Decrease)
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Sales, general and administrative expenses
|
$
|
105,214
|
|
|
$
|
85,860
|
|
|
$
|
19,354
|
|
|
23
|
%
|
•
|
our expectations regarding the amount of, timing of and trends with respect to our revenues, costs and expenses and other gains and losses, including those related to net product revenues from KALYDECO and ORKAMBI;
|
•
|
our expectations regarding clinical trials, development timelines and regulatory authority filings and submissions for ivacaftor, lumacaftor, VX-661, VX-371 (formerly P-1037), VX-152, VX-440, VX-970, VX-803, VX-984, VX-150, VX-241 and VX-210, as well as the sNDA for ORKAMBI for the treatment of patients with CF six to eleven years of age who are homozygous for the F508del mutation in their
CFTR
gene;
|
•
|
our expectations regarding planned clinical trials for next-generation correctors based upon pre-clinical data;
|
•
|
our ability to successfully market KALYDECO and ORKAMBI or any of our other drug candidates for which we obtain regulatory approval;
|
•
|
our expectations regarding the timing and structure of clinical trials of our drugs and drug candidates, including ivacaftor, lumacaftor, VX-661, VX-371 (formerly P-1037), VX-152, VX-440, VX-970, VX-803, VX-984, VX-150, VX-241 and VX-210, and the expected timing of our receipt of data from our ongoing and planned clinical trial;
|
•
|
the data that will be generated by ongoing and planned clinical trials and the ability to use that data to advance compounds, continue development or support regulatory filings;
|
•
|
our beliefs regarding the support provided by clinical trials and preclinical and nonclinical studies of our drug candidates for further investigation, clinical trials or potential use as a treatment;
|
•
|
our plan to continue investing in our research and development programs and our strategy to develop our drug candidates, alone or with third party-collaborators;
|
•
|
the establishment, development and maintenance of collaborative relationships;
|
•
|
potential business development activities;
|
•
|
potential fluctuations in foreign currency exchange rates;
|
•
|
our ability to use our research programs to identify and develop new drug candidates to address serious diseases and significant unmet medical needs; and
|
•
|
our liquidity and our expectations regarding the possibility of raising additional capital.
|
Period
|
|
Total Number
of Shares Purchased |
Average Price
Paid per Share |
Total Number of Shares
Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number of
Shares that May Yet be Purchased Under the Plans or Programs |
January 1, 2016 to January 31, 2016
|
13,645
|
$0.01
|
—
|
—
|
|
February 1, 2016 to February 29, 2016
|
9,930
|
$0.01
|
—
|
—
|
|
March 1, 2016 to March 31, 2016
|
66,312
|
$0.01
|
—
|
—
|
Exhibit Number
|
Exhibit Description
|
3.1
|
Amended and Restated By-Laws of Vertex Pharmaceuticals Incorporated, as subsequently amended on April 26, 2016.
|
31.1
|
Certification of the Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification of the Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification of the Chief Executive Officer and the Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
XBRL Instance
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
XBRL Taxonomy Extension Calculation
|
101.LAB
|
XBRL Taxonomy Extension Labels
|
101.PRE
|
XBRL Taxonomy Extension Presentation
|
101.DEF
|
XBRL Taxonomy Extension Definition
|
|
Vertex Pharmaceuticals Incorporated
|
|
|
|
|
May 3, 2016
|
By:
|
/s/ Ian F. Smith
|
|
|
Ian F. Smith
|
|
|
Executive Vice President and Chief Financial Officer
(principal financial officer and duly authorized officer) |
1 Year Vertex Pharmaceuticals Chart |
1 Month Vertex Pharmaceuticals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions