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Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Deferred Tax Assets and Liabilities, Classification
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
Income Tax Expense (Benefit)
Vertex Pharmaceuticals Inc., income tax expense (benefit), continuing operations
US$ in thousands
12 months ended: | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||||||
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Foreign | |||||||||||
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Current taxes | |||||||||||
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Foreign | |||||||||||
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Deferred taxes | |||||||||||
Provision for (benefit from) income taxes |
Based on: 10-K (filing date: 2021-02-11), 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-23).
Item | Description | The company |
---|---|---|
Current taxes | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | Vertex Pharmaceuticals Inc.’s current taxes increased from 2018 to 2019 and from 2019 to 2020. |
Deferred taxes | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | Vertex Pharmaceuticals Inc.’s deferred taxes increased from 2018 to 2019 and from 2019 to 2020. |
Provision for (benefit from) income taxes | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Vertex Pharmaceuticals Inc.’s provision for (benefit from) income taxes increased from 2018 to 2019 and from 2019 to 2020. |
Effective Income Tax Rate (EITR)
Vertex Pharmaceuticals Inc., effective income tax rate (EITR) reconciliation
Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
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U.S. federal statutory tax rate | ||||||
Effective income tax rate |
Based on: 10-K (filing date: 2021-02-11), 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-23).
Item | Description | The company |
---|---|---|
Effective income tax rate | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Vertex Pharmaceuticals Inc.’s effective income tax rate decreased from 2018 to 2019 and from 2019 to 2020. |
Components of Deferred Tax Assets and Liabilities
Vertex Pharmaceuticals Inc., components of deferred tax assets and liabilities
US$ in thousands
Based on: 10-K (filing date: 2021-02-11), 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-23).
Item | Description | The company |
---|---|---|
Gross deferred tax assets | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Vertex Pharmaceuticals Inc.’s gross deferred tax assets decreased from 2018 to 2019 and from 2019 to 2020. |
Deferred tax assets | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Vertex Pharmaceuticals Inc.’s deferred tax assets decreased from 2018 to 2019 and from 2019 to 2020. |
Net deferred tax assets (liabilities) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | Vertex Pharmaceuticals Inc.’s net deferred tax assets (liabilities) decreased from 2018 to 2019 and from 2019 to 2020. |
Deferred Tax Assets and Liabilities, Classification
Vertex Pharmaceuticals Inc., deferred tax assets and liabilities, classification
US$ in thousands
Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
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Deferred tax assets | ||||||
Deferred tax liabilities |
Based on: 10-K (filing date: 2021-02-11), 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-23).
Item | Description | The company |
---|---|---|
Deferred tax assets | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. | Vertex Pharmaceuticals Inc.’s deferred tax assets decreased from 2018 to 2019 and from 2019 to 2020. |
Deferred tax liabilities | Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Vertex Pharmaceuticals Inc., adjustments to financial statements
US$ in thousands
Based on: 10-K (filing date: 2021-02-11), 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-23).
Vertex Pharmaceuticals Inc., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Vertex Pharmaceuticals Inc., adjusted financial ratios
Based on: 10-K (filing date: 2021-02-11), 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-23).
Financial ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Vertex Pharmaceuticals Inc.’s adjusted net profit margin ratio improved from 2018 to 2019 and from 2019 to 2020. |
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Vertex Pharmaceuticals Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Vertex Pharmaceuticals Inc.’s adjusted financial leverage ratio decreased from 2018 to 2019 and from 2019 to 2020. |
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Vertex Pharmaceuticals Inc.’s adjusted ROE improved from 2018 to 2019 and from 2019 to 2020. |
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Vertex Pharmaceuticals Inc.’s adjusted ROA improved from 2018 to 2019 and from 2019 to 2020. |
Vertex Pharmaceuticals Inc., Financial Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (filing date: 2021-02-11), 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-23).
2020 Calculations
1 Net profit margin = 100 × Net income (loss) attributable to Vertex ÷ Revenues
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Vertex ÷ Revenues
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Vertex Pharmaceuticals Inc.’s adjusted net profit margin ratio improved from 2018 to 2019 and from 2019 to 2020. |
Adjusted Total Asset Turnover
Based on: 10-K (filing date: 2021-02-11), 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-23).
2020 Calculations
1 Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= ÷ =
Activity ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Vertex Pharmaceuticals Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted Financial Leverage
Based on: 10-K (filing date: 2021-02-11), 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-23).
2020 Calculations
1 Financial leverage = Total assets ÷ Total Vertex shareholders’ equity
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Vertex shareholders’ equity
= ÷ =
Solvency ratio | Description | The company |
---|---|---|
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Vertex Pharmaceuticals Inc.’s adjusted financial leverage ratio decreased from 2018 to 2019 and from 2019 to 2020. |
Adjusted Return on Equity (ROE)
Based on: 10-K (filing date: 2021-02-11), 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-23).
2020 Calculations
1 ROE = 100 × Net income (loss) attributable to Vertex ÷ Total Vertex shareholders’ equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to Vertex ÷ Adjusted total Vertex shareholders’ equity
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Vertex Pharmaceuticals Inc.’s adjusted ROE improved from 2018 to 2019 and from 2019 to 2020. |
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2021-02-11), 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-23).
2020 Calculations
1 ROA = 100 × Net income (loss) attributable to Vertex ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to Vertex ÷ Adjusted total assets
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Vertex Pharmaceuticals Inc.’s adjusted ROA improved from 2018 to 2019 and from 2019 to 2020. |