Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Vertex Pharmaceuticals Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Product revenues, net	9,869,200)	8,930,700)	7,573,400)	6,202,783)	4,160,726)
Other revenues	—)	—)	1,000)	2,900)	2,095)
Revenues	9,869,200)	8,930,700)	7,574,400)	6,205,683)	4,162,821)
Cost of sales	(1,262,200)	(1,080,300)	(904,200)	(736,300)	(547,758)
Gross profit	8,607,000)	7,850,400)	6,670,200)	5,469,383)	3,615,063)
Research and development expenses	(3,162,900)	(2,540,300)	(1,937,800)	(1,644,937)	(1,754,540)
Acquired in-process research and development expenses	(527,100)	(115,500)	(1,113,300)	(184,600)	—)
Sales, general and administrative expenses	(1,136,600)	(944,700)	(840,100)	(770,456)	(658,498)
Change in fair value of contingent consideration	51,600)	57,500)	3,100)	(13,100)	(4,459)
Income from operations	3,832,000)	4,307,400)	2,782,100)	2,856,290)	1,197,566)
Interest income	614,700)	144,600)	4,900)	22,239)	63,678)
Interest expense	(44,100)	(54,800)	(61,500)	(58,151)	(58,502)
Other income (expense), net	(22,800)	(164,800)	4,900)	296,420)	192,177)
Income before provision for income taxes	4,379,800)	4,232,400)	2,730,400)	3,116,798)	1,394,919)
Provision for income taxes	(760,200)	(910,400)	(388,300)	(405,151)	(218,109)
Net income	3,619,600)	3,322,000)	2,342,100)	2,711,647)	1,176,810)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Vertex Pharmaceuticals Inc. revenues increased from 2021 to 2022 and from 2022 to 2023.
Income from operations	The net result for the period of deducting operating expenses from operating revenues.	Vertex Pharmaceuticals Inc. income from operations increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Income before provision for income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Vertex Pharmaceuticals Inc. income before provision for income taxes increased from 2021 to 2022 and from 2022 to 2023.
Net income	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Vertex Pharmaceuticals Inc. net income increased from 2021 to 2022 and from 2022 to 2023.

Vertex Pharmaceuticals Inc. (NASDAQ:VRTX)

Income Statement