Income Statement
Quarterly Data

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 (quarterly data)

US$ in thousands

3 months ended:	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Product revenues, net	2,517,700)	2,483,500)	2,493,200)	2,374,800)	2,302,700)	2,334,300)	2,196,200)	2,097,500)	2,072,561)	1,984,164)	1,793,370)	1,723,305)	1,626,920)	1,536,271)	1,524,485)	1,515,107)	1,413,265)	949,828)	940,380)	857,253)
Other revenues	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,000)	900)	2,000)	—)	—)	—)	—)	913)	1,182)
Revenues	2,517,700)	2,483,500)	2,493,200)	2,374,800)	2,302,700)	2,334,300)	2,196,200)	2,097,500)	2,072,561)	1,984,164)	1,793,370)	1,724,305)	1,627,820)	1,538,271)	1,524,485)	1,515,107)	1,413,265)	949,828)	941,293)	858,435)
Cost of sales	(368,000)	(318,700)	(308,600)	(266,900)	(283,300)	(289,400)	(261,800)	(245,800)	(247,387)	(236,512)	(227,972)	(192,329)	(203,101)	(186,182)	(184,520)	(162,497)	(185,012)	(131,914)	(135,740)	(95,092)
Gross profit	2,149,700)	2,164,800)	2,184,600)	2,107,900)	2,019,400)	2,044,900)	1,934,400)	1,851,700)	1,825,174)	1,747,652)	1,565,398)	1,531,976)	1,424,719)	1,352,089)	1,339,965)	1,352,610)	1,228,253)	817,914)	805,553)	763,343)
Research and development expenses	(824,600)	(810,000)	(785,700)	(742,600)	(694,100)	(645,000)	(600,100)	(601,100)	(567,786)	(467,051)	(448,690)	(454,273)	(466,584)	(493,497)	(420,928)	(448,528)	(480,011)	(555,948)	(379,091)	(339,490)
Acquired in-process research and development expenses	(17,800)	(51,700)	(110,500)	(347,100)	(22,600)	(29,000)	(61,900)	(2,000)	(126,500)	(26,700)	(958,400)	(1,700)	—)	—)	—)	—)	—)	—)	—)	—)
Sales, general and administrative expenses	(369,100)	(263,800)	(262,600)	(241,100)	(267,400)	(246,800)	(215,300)	(215,200)	(255,165)	(198,189)	(194,669)	(192,077)	(211,843)	(184,551)	(191,804)	(182,258)	(195,277)	(159,674)	(156,502)	(147,045)
Change in fair value of contingent consideration	50,300)	(1,200)	600)	1,900)	(1,800)	2,600)	49,200)	7,500)	2,000)	(1,200)	(1,600)	3,900)	(500)	(1,800)	(9,200)	(1,600)	(1,500)	(2,959)	—)	—)
Income (loss) from operations	988,500)	1,038,100)	1,026,400)	779,000)	1,033,500)	1,126,700)	1,106,300)	1,040,900)	877,723)	1,054,512)	(37,961)	887,826)	745,792)	672,241)	718,033)	720,224)	551,465)	99,333)	269,960)	276,808)
Interest income	179,500)	167,900)	144,700)	122,600)	86,000)	46,200)	10,800)	1,600)	1,186)	1,116)	1,133)	1,465)	2,320)	3,100)	4,243)	12,576)	12,359)	17,628)	18,076)	15,615)
Interest expense	(10,600)	(10,900)	(11,200)	(11,400)	(11,600)	(13,700)	(14,600)	(14,900)	(15,089)	(15,255)	(15,478)	(15,678)	(16,288)	(13,856)	(13,871)	(14,136)	(14,249)	(14,548)	(14,837)	(14,868)
Other income (expense), net	(9,800)	(15,900)	1,600)	1,300)	(31,100)	17,200)	(78,100)	(72,800)	7,134)	42,368)	8,051)	(52,653)	156,799)	84,386)	116,365)	(61,130)	127,375)	(31,747)	53,939)	42,610)
Income (loss) before (provision for) benefit from income taxes	1,147,600)	1,179,200)	1,161,500)	891,500)	1,076,800)	1,176,400)	1,024,400)	954,800)	870,954)	1,082,741)	(44,255)	820,960)	888,623)	745,871)	824,770)	657,534)	676,950)	70,666)	327,138)	320,165)
(Provision for) benefit from income taxes	(178,800)	(143,900)	(245,800)	(191,700)	(257,900)	(245,900)	(213,900)	(192,700)	(100,844)	(230,813)	111,179)	(167,822)	(284,433)	(78,437)	12,500)	(54,781)	(93,716)	(13,148)	(59,711)	(51,534)
Net income	968,800)	1,035,300)	915,700)	699,800)	818,900)	930,500)	810,500)	762,100)	770,110)	851,928)	66,924)	653,138)	604,190)	667,434)	837,270)	602,753)	583,234)	57,518)	267,427)	268,631)

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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 decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.
Income (loss) from operations	The net result for the period of deducting operating expenses from operating revenues.	Vertex Pharmaceuticals Inc. income (loss) from operations increased from Q2 2023 to Q3 2023 but then decreased significantly from Q3 2023 to Q4 2023.
Income (loss) before (provision for) benefit from 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 (loss) before (provision for) benefit from income taxes increased from Q2 2023 to Q3 2023 but then decreased significantly from Q3 2023 to Q4 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 Q2 2023 to Q3 2023 but then slightly decreased from Q3 2023 to Q4 2023 not reaching Q2 2023 level.

Vertex Pharmaceuticals Inc. (NASDAQ:VRTX)

Income StatementQuarterly Data

Income Statement
Quarterly Data