8-KEarnings & ResultsExhibits & Filings

VERTEX PHARMACEUTICALS INC / MA 8-K Report, Financial Results (May 5, 2022)

Filed May 5, 2022For Securities:VRTX

Summary

Vertex Pharmaceuticals Inc. (VRTX) filed an 8-K on May 5, 2022, primarily to report its financial results for the first quarter ended March 31, 2022. The company issued a press release detailing these results, which is attached as an exhibit. A significant change in reporting is the inclusion of research and development charges from collaborations, asset acquisitions, and licensing in their Non-GAAP financial measures starting in Q1 2022. Previously excluded, these costs will now be part of Non-GAAP net income and earnings per share calculations. To ensure comparability, Vertex has also recast its 2021 Non-GAAP financial statements to reflect this updated methodology.

Key Highlights

  • 1Vertex Pharmaceuticals reported its Q1 2022 financial results via a press release filed on May 5, 2022.
  • 2The company has updated its Non-GAAP reporting methodology to include R&D charges from collaborations, asset acquisitions, and licensing.
  • 3These R&D charges were previously excluded from Non-GAAP measures but will be included starting Q1 2022.
  • 4Vertex has restated its 2021 Non-GAAP financial results (quarterly and full-year) to align with the new reporting standard.
  • 5The press release and recast financial data are incorporated by reference via attached exhibits.
  • 6The filing does not contain new operational developments beyond the financial reporting update and recasting of prior periods.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce Vertex Pharmaceuticals' financial results for the first quarter ended March 31, 2022, and to disclose a change in how the company calculates its Non-GAAP financial measures.

Vertex will now include research and development charges related to collaborations, asset acquisitions, and licensing within its Non-GAAP financial measures. Previously, these expenses were excluded.

Vertex recast its 2021 Non-GAAP financial results to reflect the updated reporting methodology, ensuring investors have a comparable view of performance between 2021 and 2022.

The detailed financial results are provided in the press release filed as Exhibit 99.1, and the recast Non-GAAP reconciliation is available as Exhibit 99.2 to this 8-K filing.