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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended 108 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2003
Dec. 31, 2012
Revenues:                          
Product revenues, net $ 281,309 $ 303,501 $ 373,273 $ 375,375 $ 456,759 $ 419,595 $ 74,535 $ 0 $ 1,333,458 $ 950,889 $ 0    
Royalty revenues 43,451 25,586 33,480 38,981 25,405 8,539 10,010 6,061 141,498 50,015 30,244    
Collaborative revenues 9,234 6,919 11,552 24,381 81,176 231,066 29,879 67,601 52,086 409,722 113,126    
Total revenues 333,994 336,006 418,305 438,737 563,340 659,200 114,424 73,662 1,527,042 1,410,626 143,370    
Costs and expenses:                          
Cost of product revenues (Note F) 75,595 [1] 30,680 104,549 [2] 25,918 22,936 35,285 5,404 0 236,742 63,625 0    
Royalty expenses 12,120 7,856 9,874 13,293 7,191 3,121 3,902 2,666 43,143 16,880 12,730    
Research and development expenses 213,109 200,161 196,544 196,371 186,438 189,052 173,604 158,612 806,185 707,706 637,416    
Sales, general and administrative expenses 110,452 97,684 117,514 111,146 121,881 110,654 96,663 71,523 436,796 400,721 187,800    
Restructuring expense 194 696 594 360 992 (419) 741 760 1,844 2,074 1,501 91,824 62,479
Intangible asset impairment charge 0 0 0 0 0 105,800 [3] 0 0 0 105,800 0    
Total costs and expenses 411,470 337,077 429,075 347,088 339,438 443,493 280,314 233,561 1,524,710 1,296,806 839,447    
Income (loss) from operations (77,476) (1,071) (10,770) 91,649 223,902 215,707 (165,890) (159,899) 2,332 113,820 (696,077)    
Interest income 497 519 560 364 197 77 202 1,402 1,940 1,878 1,955    
Interest expense (3,793) (4,560) (4,195) (4,105) (12,430) (7,059) (6,962) (12,001) (16,653) (38,452) (19,275)    
Change in fair value of derivative instruments 0 0 0 0 (868) (8,115) (2,220) (5,598) 0 (16,801) (41,229)    
Income (loss) before provision for (benefit from) income taxes (80,772) (5,112) (14,405) 87,908 210,801 200,610 (174,870) (176,096) (12,381) 60,445 (754,626)    
Provision for (benefit from) income taxes (2,696) 21,355 20,063 32 22,660 (27,842) [3] 24,448 0 38,754 19,266 0    
Net income (loss) (78,076) (26,467) (34,468) 87,876 188,141 228,452 (199,318) (176,096) (51,135) 41,179 (754,626)    
Net loss (income) attributable to noncontrolling Interest (Alios) 1,928 (31,076) (30,463) 3,714 (29,512) (7,342) 25,249 0 (55,897) (11,605) 0    
Net income (loss) attributable to Vertex $ (76,148) $ (57,543) $ (64,931) $ 91,590 $ 158,629 $ 221,110 $ (174,069) $ (176,096) $ (107,032) $ 29,574 $ (754,626)    
Net income (loss) per share attributable to Vertex common shareholders:                          
Basic $ (0.35) $ (0.27) $ (0.31) $ 0.44 $ 0.76 $ 1.06 $ (0.85) $ (0.87) $ (0.50) $ 0.14 $ (3.77)    
Diluted $ (0.35) $ (0.27) $ (0.31) $ 0.43 $ 0.74 $ 1.02 $ (0.85) $ (0.87) $ (0.50) $ 0.14 $ (3.77)    
Shares used in per share calculations:                          
Basic 214,607 213,767 211,344 208,018 206,758 206,002 204,413 202,329 211,946 204,891 200,402    
Diluted 214,607 213,767 211,344 219,264 217,602 219,349 204,413 202,329 211,946 208,807 200,402    
[1] During the fourth quarter of 2012, the Company recorded within cost of product revenues a lower of cost or market charge of $55.2 million for excess and obsolete INCIVEK inventories. This charge resulted in a $0.25 increase in the net loss attributable to Vertex per diluted share for the fourth quarter of 2012. See Note F, "Inventories," for further information.
[2] During the second quarter of 2012, the Company recorded within cost of product revenues a lower of cost or market charge of $78.0 million for excess and obsolete INCIVEK inventories. This charge affected net income (loss) attributable to Vertex per diluted share, net of tax, by $(0.36) for the second quarter of 2012, resulting in a net loss attributable to Vertex per diluted share in the second quarter of 2012. See Note F, "Inventories," for further information.
[3] During the third quarter of 2011, the Company recorded an impairment charge of $105.8 million. In connection with this impairment charge, the Company recorded a benefit from income taxes of $32.7 million resulting in a net decrease in net income attributable to Vertex related to this impairment charge of $73.1 million in the third quarter of 2011.