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Vertex Pharmaceuticals (VRTX)

Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases. 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. 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. In addition, Vertex has a rapidly expanding pipeline of cell and genetic therapies for diseases such as sickle cell disease, beta thalassemia, Duchenne muscular dystrophy and type 1 diabetes mellitus.

Company profile

Ticker
VRTX
Exchange
Website
CEO
Reshma Kewalramani
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Vertex Pharmaceuticals (San Diego) LLC • Vertex Securities Corporation • Vertex Pharmaceuticals (Distribution) Incorporated • Vertex Pharmaceuticals (Cayman) Limited • Vertex Pharmaceuticals (Cayman III) Limited • Vertex Pharmaceuticals (Cayman 509) Limited • Vertex Pharmaceuticals (Cayman 765) Limited • Vertex Pharmaceuticals (Cayman 787) Limited • Vertex Pharmaceuticals (Delaware) LLC • Vertex Pharmaceuticals (Puerto Rico) LLC ...
IRS number
43039129

VRTX stock data

Calendar

6 May 22
2 Jul 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
24 Jun 22 Kewalramani Reshma Common Stock Sell Dispose S No Yes 291.3 11,689 3.41M 111,153
31 May 22 Bozic Carmen Common Stock Payment of exercise Dispose F No No 271.24 311 84.36K 49,512
18 May 22 Upadhyay Suketu Common Stock Grant Acquire A No No 0 1,558 0 1,558
16 May 22 Joy Liu Common Stock Sell Dispose S No Yes 254.36 35 8.9K 14,334
16 May 22 Joy Liu Common Stock Sell Dispose S No Yes 253.87 34 8.63K 14,369
16 May 22 Joy Liu Common Stock Sell Dispose S No Yes 252.49 20 5.05K 14,403
16 May 22 Joy Liu Common Stock Sell Dispose S No Yes 251.57 19 4.78K 14,423
16 May 22 Joy Liu Common Stock Sell Dispose S No Yes 250.77 25 6.27K 14,442
90.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 1034 1003 +3.1%
Opened positions 145 198 -26.8%
Closed positions 114 100 +14.0%
Increased positions 400 328 +22.0%
Reduced positions 360 355 +1.4%
13F shares Current Prev Q Change
Total value 59.94B 50.22B +19.3%
Total shares 231.68M 229.23M +1.1%
Total puts 3.14M 2.13M +47.5%
Total calls 2.06M 2.66M -22.7%
Total put/call ratio 1.5 0.8 +90.9%
Largest owners Shares Value Change
BLK Blackrock 23.92M $6.24B -0.1%
Vanguard 20.47M $5.34B +1.6%
FMR 13.18M $3.44B +45.0%
Capital World Investors 12.67M $3.31B +9.9%
STT State Street 12.05M $3.15B -2.5%
Alliancebernstein 10.56M $2.75B +1.1%
Wellington Management 8.05M $2.1B +23.6%
Loomis Sayles & Co L P 6.39M $1.67B -3.7%
TROW T. Rowe Price 5.3M $1.38B -2.2%
Clearbridge Advisors 5.15M $1.34B -0.8%
Largest transactions Shares Bought/sold Change
FMR 13.18M +4.09M +45.0%
Norges Bank 0 -2.68M EXIT
Capital International Investors 125.6K -1.9M -93.8%
Wellington Management 8.05M +1.54M +23.6%
Capital World Investors 12.67M +1.15M +9.9%
Lord, Abbett & Co. 643.41K +643.41K NEW
Aaron Wealth Advisors 591.36K +589.07K +25712.2%
Adage Capital Partners GP, L.L.C. 793.29K +572.4K +259.1%
MNGPF Man 430.76K -532.77K -55.3%
AMP Ameriprise Financial 4.95M +524.17K +11.9%

Financial report summary

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Risks
  • Risks Related to Our Business
  • Risks Related to Development and Clinical Testing of Our Products and Product Candidates
  • Risks Related to Government Regulation
  • Risks Related to Business Development Activities
  • Risks Related to Supply, Manufacturing and Reliance on Third Parties
  • Risks Related to Intellectual Property
  • Risks Related to Our Operations
  • Risks Related to Financial Results and Holding Our Common Stock
  • We invest significant resources in the research and development of therapies for serious diseases other than CF, and if we are unable to successfully commercialize one or more of these therapies, our business could be materially harmed.
  • All of our product revenues and the vast majority of our total revenues are derived from sales of medicines for the treatment of CF. If we are unable to continue to increase revenues from sales of our CF medicines, our business would be materially harmed and the market price of our common stock would likely decline.
  • If our competitors bring products with superior product profiles to market, our products may not be competitive and our revenues could decline.
  • If we discover safety issues with any of our products or if we fail to comply with continuing U.S. and applicable foreign regulations, commercialization efforts for the product could be negatively affected, the approved product could lose its approval or sales could be suspended, and our business could be materially harmed.
  • If physicians and patients do not accept our products, or if patients do not remain on treatment or comply with their prescribed dosing regimen, our product revenues would be materially harmed in future periods.
  • Government and other third-party payors seek to contain costs of health care through legislative and other means. If they fail to provide coverage and adequate reimbursement rates for our products, our revenues will be harmed.
  • We may experience incremental pricing pressure on our products, which could reduce our revenues and future profitability.
  • Current health care laws and regulations in the U.S. and future legislative or regulatory reforms to the U.S. health care system may affect our ability to commercialize our marketed products profitably.
  • We have experienced challenges commercializing products outside of the U.S., and our future revenues will be dependent on our ability to obtain adequate reimbursement for our products.
  • We have limited experience developing and commercializing cell and genetic therapies and could experience challenges with these programs, which could result in delays or prevent the development, manufacturing and commercialization of our cell and genetic therapies.
  • We are dependent upon a small number of customers for a significant portion of our revenue, and the loss of, or significant reduction in sales to, these customers would adversely affect our results of operations.
  • Our product candidates remain subject to clinical testing and regulatory approval, and our future success is dependent on our ability to successfully develop additional product candidates for both CF and non-CF indications.
  • If we are unable to obtain or are delayed in obtaining regulatory approval, we may incur additional costs, experience delays in commercialization, or be unable to commercialize our product candidates.
  • If clinical trials are prolonged or delayed, our development timelines for the affected development program could be extended, our costs to develop the product candidate could increase and the competitive position of the product candidate could be adversely affected.
  • Difficulty in enrolling patients could delay or prevent clinical trials of our product candidates, and ultimately delay or prevent regulatory approval.
  • If regulatory authorities interpret any of our conduct, including our marketing practices, as being in violation of applicable health care laws, including fraud and abuse laws, laws prohibiting off-label promotion, disclosure laws or other similar laws, we may be subject to civil or criminal penalties.
  • If we fail to comply with our reporting and payment obligations under the Medicaid Drug Rebate Program or other governmental pricing programs in the U.S., we could be subject to additional reimbursement requirements, penalties, sanctions and fines that could have a material adverse effect on our business, financial condition, results of operations and growth prospects.
  • If our processes and systems are not compliant with regulatory requirements, we could be subject to restrictions on marketing our products or could be delayed in submitting regulatory filings seeking approvals for our product candidates.
  • We are subject to various and evolving laws and regulations governing the privacy and security of personal data, and our failure to comply could adversely affect our business, result in fines and/or criminal penalties, and damage our reputation.
  • If we do not comply with laws regulating the protection of the environment and health and human safety, our business could be adversely affected.
  • Our ability to execute on our long-term strategy depends in part on our ability to engage in transactions and collaborations with other entities that add to our pipeline or provide us with new commercial opportunities.
  • We may not realize the anticipated benefits of acquisitions of businesses or technologies, and the integration following any such acquisition may disrupt our business and management.
  • We face risks in connection with existing and future collaborations with respect to the development, manufacture and commercialization of our products and product candidates.
  • We may not be able to attract collaborators or external funding for the development and commercialization of certain of our product candidates.
  • We depend on third-party manufacturers and our internal capabilities to manufacture our products and the materials we require for our clinical trials. We may not be able to maintain our third-party relationships and could experience supply disruptions outside of our control.
  • We rely on third parties to conduct pre-clinical work, clinical trials and other activities, and those third parties may not perform satisfactorily, including failing to meet established deadlines for the completion of such studies and/or trials or failing to satisfy regulatory requirements.
  • If our patents do not protect our products or our products infringe third-party patents, we could be subject to litigation which could result in injunctions preventing us from selling our products or substantial liabilities.
  • Uncertainty over intellectual property in the pharmaceutical and biotechnology industry has been the source of litigation and other disputes that are inherently costly and unpredictable.
  • We may be subject to claims by third parties asserting that our employees or we have misappropriated their intellectual property, or claiming ownership of what we regard as our own intellectual property.
  • Risks associated with operating in foreign countries could materially adversely affect our business.
  • If we fail to attract and retain skilled employees, our business could be materially harmed.
  • We are subject to risks associated with the COVID-19 pandemic.
  • If we fail to manage our operations effectively, our business may suffer.
  • Our business faces potential risks relating to the U.K.’s withdrawal from the E.U.
  • Our business has a substantial risk of product liability claims and other litigation liability.
  • A breakdown or breach of our information technology systems could subject us to liability or interrupt the operation of our business.
  • If our facilities were to experience a catastrophic loss, our operations would be seriously harmed.
  • The use of social media platforms presents risks and challenges.
  • Our stock price may fluctuate.
  • Our effective tax rate fluctuates, and changes in tax laws, regulations and treaties, unfavorable resolution of tax contingencies or exposure to additional income tax liabilities could have a material impact on our future taxable income.
  • Our quarterly operating results are subject to significant fluctuation.
  • We expect that results from our clinical development activities and the clinical development activities of our competitors will continue to be released periodically, and may result in significant volatility in the price of our common stock.
  • We may need to raise additional capital that may not be available.
  • Future indebtedness could materially and adversely affect our financial condition, and the terms of our credit agreements impose restrictions on our business, reducing our operational flexibility and creating default risks.
  • Issuances of additional shares of our common stock could cause the price of our common stock to decline.
  • There can be no assurance that we will repurchase shares of common stock or that we will repurchase shares at favorable prices.
  • We have adopted anti-takeover provisions and are subject to Massachusetts corporate laws that may frustrate any attempt to remove or replace our current management or effectuate a business combination involving Vertex.
  • SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Management Discussion
  • Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • We invest in scientific innovation to create transformative medicines for people with serious diseases with a focus on specialty markets. We have four approved medicines to treat cystic fibrosis, or CF, a life-threatening genetic disease, and are focused on increasing the number of people with CF eligible and able to receive our medicines through label expansions, approval of new medicines, and expanded reimbursement. We are broadening our pipeline into additional disease areas through internal research efforts and accessing external innovation through business development transactions.
  • Our triple combination regimen, TRIKAFTA/KAFTRIO (elexacaftor/tezacaftor/ivacaftor and ivacaftor), was approved in 2019 in the United States, or U.S., and in 2020 in the European Union, or E.U. Collectively, our four medicines are being used by the majority of the approximately 83,000 people with CF in North America, Europe, and Australia. We are evaluating our medicines in additional patient populations, including younger children, with the goal of having small molecule treatments for approximately 90% of people with CF. We also are pursuing genetic therapies for the remaining people with CF who may not be helped by our current CF medicines.

Content analysis

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H.S. sophomore Avg
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