Vertex Pharmaceuticals (VRTX) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	000-19319
Entity Registrant Name	VERTEX PHARMACEUTICALS INC / MA
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-3039129
Entity Address, Address Line One	50 Northern Avenue
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	617
Local Phone Number	341-6100
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	VRTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		257,035,443
Entity Central Index Key	0000875320
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Revenues	$ 941,293	$ 752,157	$ 1,799,728	$ 1,392,956
Costs and expenses:
Cost of sales	135,740	104,382	230,832	175,995
Research and development expenses	379,091	337,532	718,581	648,085
Sales, general and administrative expenses	156,502	137,303	303,547	267,111
Restructuring expense (income)	0	62	0	(14)
Total costs and expenses	671,333	579,279	1,252,960	1,091,177
Income from operations	269,960	172,878	546,768	301,779
Interest income	18,076	8,049	33,691	13,838
Interest expense	(14,837)	(18,155)	(29,705)	(35,041)
Other income, net	53,939	53,819	96,549	150,657
Income before provision for (benefit from) income taxes	327,138	216,591	647,303	431,233
Provision for (benefit from) income taxes	59,711	10,341	111,245	(2,318)
Net income	267,427	206,250	536,058	433,551
Loss (income) attributable to noncontrolling interest	0	1,110	0	(15,928)
Net income attributable to Vertex	$ 267,427	$ 207,360	$ 536,058	$ 417,623
Net income:
Basic (in dollars per share)	$ 1.04	$ 0.82	$ 2.09	$ 1.65
Diluted (in dollars per share)	$ 1.03	$ 0.80	$ 2.06	$ 1.61
Shares used in per share calculations:
Basic (in shares)	256,154	254,135	255,941	253,685
Diluted (in shares)	259,822	258,584	260,015	258,557
Product revenues, net
Revenues:
Revenues	$ 940,380	$ 749,912	$ 1,797,633	$ 1,387,641
Collaborative and royalty revenues
Revenues:
Revenues	$ 913	$ 2,245	$ 2,095	$ 5,315

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income (loss)	$ 267,427	$ 206,250	$ 536,058	$ 433,551
Changes in other comprehensive income (loss):
Unrealized holding gains (losses) on marketable securities, net	451	373	1,047	(87)
Unrealized (losses) gains on foreign currency forward contracts, net of tax of $1.8 million, $0.2 million, $3.3 million and $0.5 million, respectively	(5,776)		(5,998)
Unrealized (losses) gains on foreign currency forward contracts, net of tax of $1.8 million, $0.2 million, $3.3 million and $0.5 million, respectively		25,895		25,033
Foreign currency translation adjustment	(3,876)	8,870	1,091	6,141
Total changes in other comprehensive (loss) income	(9,201)	35,138	(3,860)	31,087
Comprehensive income	258,226	241,388	532,198	464,638
Comprehensive loss (income) attributable to noncontrolling interest	0	1,110	0	(15,928)
Comprehensive income attributable to Vertex	$ 258,226	$ 242,498	$ 532,198	$ 448,710

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Total	$ 1.8	$ 0.2	$ 3.3	$ 0.5

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 3,294,684	$ 2,650,134
Marketable securities	656,538	518,108
Accounts receivable, net	464,900	409,688
Inventories	143,017	124,360
Prepaid expenses and other current assets	151,829	140,819
Total current assets	4,710,968	3,843,109
Property and equipment, net	731,131	812,005
Goodwill	50,384	50,384
Deferred tax assets	1,425,191	1,499,672
Operating lease assets	58,031
Other assets	57,766	40,728
Total assets	7,033,471	6,245,898
Current liabilities:
Accounts payable	77,045	110,987
Accrued expenses	1,069,072	958,899
Other current liabilities	113,103	50,406
Total current liabilities	1,259,220	1,120,292
Long-term finance lease liabilities	551,530
Long-term finance lease liabilities		581,550
Long-term operating lease liabilities	60,433
Long-term advance from collaborator	84,309	82,573
Other long-term liabilities	8,014	26,280
Total liabilities	1,963,506	1,810,695
Commitments and contingencies	0	0
Shareholders’ equity:
Preferred stock, $0.01 par value; 1,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.01 par value; 500,000 shares authorized, 256,671 and 255,172 shares issued and outstanding, respectively	2,565	2,546
Additional paid-in capital	7,564,331	7,421,476
Accumulated other comprehensive (loss) income	(3,201)	659
Accumulated deficit	(2,493,730)	(2,989,478)
Total shareholders’ equity	5,069,965	4,435,203
Total liabilities and shareholders’ equity	$ 7,033,471	$ 6,245,898

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	256,671,000	255,172,000
Common stock, shares outstanding	256,671,000	255,172,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity and Noncontrolling Interest - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Total Vertex Shareholders’ Equity	Noncontrolling Interest
Balance (shares) at Dec. 31, 2017		253,253
Beginning Balance at Dec. 31, 2017	$ 2,042,306	$ 2,512	$ 7,157,362	$ (11,572)	$ (5,119,723)	$ 2,028,579	$ 13,727
Increase (Decrease) in Stockholders' Equity
Other comprehensive income, net of tax	31,087			31,087		31,087
Net Income (Loss) Attributable to Parent	417,623
Net income (loss)	433,551				417,623	417,623	15,928
Repurchases of common stock (shares)		(768)
Repurchases of common stock	(119,034)	$ (8)	(119,026)			(119,034)
Issuance of common stock under benefit plans (shares)		2,398
Issuance of common stock under benefit plans	157,627	$ 38	157,589			157,627
Stock-based compensation expense	161,117		161,117			161,117
Other VIE activity	(1,000)						(1,000)
Balance (shares) at Jun. 30, 2018		254,883
Ending Balance at Jun. 30, 2018	2,714,883	$ 2,542	7,357,042	(4,605)	(4,668,751)	2,686,228	28,655
Balance (shares) at Mar. 31, 2018		254,868
Beginning Balance at Mar. 31, 2018	2,430,821	$ 2,541	7,314,369	(39,743)	(4,876,111)	2,401,056	29,765
Increase (Decrease) in Stockholders' Equity
Other comprehensive income, net of tax	35,138			35,138		35,138
Net Income (Loss) Attributable to Parent	207,360
Net income (loss)	206,250				207,360	207,360	(1,110)
Repurchases of common stock (shares)		(701)
Repurchases of common stock	(107,783)	$ (7)	(107,776)			(107,783)
Issuance of common stock under benefit plans (shares)		716
Issuance of common stock under benefit plans	67,941	$ 8	67,933			67,941
Stock-based compensation expense	82,516		82,516			82,516
Balance (shares) at Jun. 30, 2018		254,883
Ending Balance at Jun. 30, 2018	2,714,883	$ 2,542	7,357,042	(4,605)	(4,668,751)	2,686,228	28,655
Increase (Decrease) in Stockholders' Equity
Cumulative effect adjustment for adoption of new accounting guidance	9,229			(24,120)	33,349	9,229
Cumulative effect adjustment for adoption of new accounting guidance	(40,310)				(40,310)	(40,310)
Balance (shares) at Dec. 31, 2018		255,172
Beginning Balance at Dec. 31, 2018	4,435,203	$ 2,546	7,421,476	659	(2,989,478)	4,435,203	0
Increase (Decrease) in Stockholders' Equity
Other comprehensive income, net of tax	(3,860)			(3,860)		(3,860)
Net Income (Loss) Attributable to Parent	536,058
Net income (loss)	536,058				536,058	536,058
Repurchases of common stock (shares)		(860)
Repurchases of common stock	(155,849)	$ (9)	(155,840)			(155,849)
Issuance of common stock under benefit plans (shares)		2,359
Issuance of common stock under benefit plans	114,545	$ 28	114,517			114,545
Stock-based compensation expense	184,178		184,178			184,178
Balance (shares) at Jun. 30, 2019		256,671
Ending Balance at Jun. 30, 2019	5,069,965	$ 2,565	7,564,331	(3,201)	(2,493,730)		0
Balance (shares) at Mar. 31, 2019		256,351
Beginning Balance at Mar. 31, 2019	4,723,313	$ 2,561	7,475,909	6,000	(2,761,157)	4,723,313	0
Increase (Decrease) in Stockholders' Equity
Other comprehensive income, net of tax	(9,201)			(9,201)		(9,201)
Net Income (Loss) Attributable to Parent	267,427
Net income (loss)	267,427					267,427
Repurchases of common stock (shares)		(296)
Repurchases of common stock	(52,010)	$ (3)	(52,007)			(52,010)
Issuance of common stock under benefit plans (shares)		616
Issuance of common stock under benefit plans	50,501	$ 7	50,494			50,501
Stock-based compensation expense	89,935		89,935			$ 89,935
Balance (shares) at Jun. 30, 2019		256,671
Ending Balance at Jun. 30, 2019	$ 5,069,965	$ 2,565	$ 7,564,331	$ (3,201)	$ (2,493,730)		$ 0

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 536,058	$ 433,551
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	183,478	160,572
Depreciation expense	54,838	34,402
Write-downs of inventories to net realizable value	7,042	6,928
Deferred income taxes	87,358	3,516
Unrealized gain on equity securities	(100,078)	(149,376)
Other non-cash items, net	(1,036)	10,014
Changes in operating assets and liabilities:
Accounts receivable, net	(55,870)	(88,166)
Inventories	(25,174)	(9,366)
Prepaid expenses and other assets	(17,580)	33,408
Accounts payable	(28,074)	12,229
Accrued expenses	113,968	101,074
Other liabilities	33,603	25,574
Net cash provided by operating activities	788,533	574,360
Cash flows from investing activities:
Purchases of available-for-sale debt securities	(263,636)	(202,002)
Maturities of available-for-sale debt securities	228,707	171,028
Expenditures for property and equipment	(34,399)	(58,891)
Investment in equity securities	(20,000)	(21,500)
Net cash used in investing activities	(89,328)	(111,365)
Cash flows from financing activities:
Issuances of common stock under benefit plans	114,092	144,837
Repurchases of common stock	(155,849)	(115,033)
Payments on finance leases	(18,926)
Advance from collaborator	7,500	5,000
Repayments of advanced funding	(2,823)	(2,412)
Proceeds related to capital lease and construction financing lease obligations	1,002	9,566
Payments on capital lease and construction financing lease obligations		(14,061)
Other financing activities	0	(149)
Net cash (used in) provided by financing activities	(55,004)	27,748
Effect of changes in exchange rates on cash	(808)	(4,201)
Net increase in cash and cash equivalents	643,393	486,542
Cash, cash equivalents and restricted cash—beginning of period	2,658,253	1,667,526
Cash, cash equivalents and restricted cash—end of period	3,301,646	2,154,068
Supplemental disclosure of cash flow information:
Cash paid for interest	27,109	33,444
Cash paid for income taxes	10,902	7,069
Capitalization of costs related to construction financing lease obligation	0	5,176
Issuances of common stock from employee benefit plans receivable	539	13,634
Accrued share repurchase liability	$ 0	$ 4,001

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation and Accounting Policies	Basis of Presentation and Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared by Vertex Pharmaceuticals Incorporated (“Vertex” or the “Company”) in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. The Company's condensed consolidated financial statements for the interim period ended June 30, 2018 also include the financial results of BioAxone Biosciences, Inc. (“BioAxone”), a variable interest entity (“VIE”) that the Company consolidated from 2014 through December 31, 2018 . All material intercompany balances and transactions have been eliminated. The Company operates in one segment, pharmaceuticals. The Company has reclassified certain items from the prior year’s condensed consolidated financial statements to conform to the current year’s presentation. Certain information and footnote disclosures normally included in the Company’s 2018 Annual Report on Form 10-K have been condensed or omitted. These interim financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial position and results of operations for the interim periods ended June 30, 2019 and 2018 . The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full fiscal year. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2018 , which are contained in the 2018 Annual Report on Form 10-K. Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. Significant estimates in these condensed consolidated financial statements have been made in connection with the calculation of revenues, research and development expenses, goodwill, deferred tax asset valuation allowances and the provision for or benefit from income taxes. The Company bases its estimates on historical experience and various other assumptions, including in certain circumstances future projections that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known. Recently Adopted Accounting Standards Leases In 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASC 842”), which amends a number of aspects of lease accounting and requires entities to recognize right-of-use assets and liabilities on the balance sheet. ASC 842 became effective on January 1, 2019. The Company has finalized its review of its portfolio of existing leases and current accounting policies and has concluded that the amended guidance results in the recognition of additional assets and corresponding liabilities on its balance sheets. The Company also has finalized changes to its controls to address the adoption and ongoing lease accounting and related disclosure requirements of the new standard. Until December 31, 2018, the Company applied build-to-suit accounting and was the deemed owner of its leased corporate headquarters in Boston and research site in San Diego, for which it was recognizing depreciation expense over the buildings’ useful lives and imputed interest on the corresponding construction financing lease obligations. Under the amended guidance that became effective January 1, 2019, the Company accounts for these buildings as finance leases, resulting in increased depreciation expense over the respective lease terms of approximately 15 years , which are significantly shorter than the buildings’ useful lives of 40 years . The Company also expects a reduction in its imputed interest expense in the initial years of each finance lease term. In 2019, the Company expects an increase in operating expenses of approximately $26 million and a decrease in interest expense of approximately $13 million due to this change. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”), which offered a transition option to entities adopting ASC 842. Under ASU 2018-11, entities could elect to apply ASC 842 using a modified-retrospective adoption approach resulting in a cumulative effect adjustment to accumulated deficit at the beginning of the year in which the new lease standard is adopted, rather than adjustments to the earliest comparative period presented in their financial statements. The Company adopted ASC 842 using the modified-retrospective method. As of January 1, 2019, the Company recorded a cumulative effect adjustment to increase its “ Accumulated deficit ” by $40.3 million related to the adjustments to its build-to-suit leases described in the previous paragraph. The Company elected the package of transition practical expedients for leases that commenced prior to January 1, 2019, allowing it not to reassess (i) whether any expired or existing contracts contain leases, (ii) the lease classification for any expired or existing leases and (iii) the initial indirect costs for any existing leases. Additionally, the Company recorded, upon adoption of ASC 842 on January 1, 2019, operating lease assets of $61.7 million and corresponding liabilities of $71.9 million related to its real estate leases that are not treated as finance leases under ASC 842. The difference between these assets and liabilities is primarily attributable to prepaid or accrued lease payments. The Company also reclassified amounts that were recorded as “Capital lease obligations, current portion” and “Capital lease obligations, excluding current portion” as of December 31, 2018 to “ Other current liabilities ” and “ Long-term finance lease liabilities ,” respectively, on January 1, 2019. These adjustments had no impact on the Company’s condensed consolidated statement of operations and had no impact on the Company’s accumulated deficit. The cumulative effect of applying ASC 842 on the Company’s condensed consolidated balance sheet as of January 1, 2019 was as follows: Balance as of Balance as of December 31, 2018 ^ Adjustments January 1, 2019 Assets (in thousands) Prepaid expenses and other current assets $ 140,819 $ (2,930 ) $ 137,889 Property and equipment, net 812,005 (53,920 ) 758,085 Deferred tax assets 1,499,672 11,236 1,510,908 Operating lease assets — 61,674 61,674 Total assets $ 6,245,898 $ 16,060 $ 6,261,958 Liabilities and Shareholders’ Equity Capital lease obligations, current portion $ 9,817 $ (9,817 ) $ — Other current liabilities 40,589 34,304 74,893 Capital lease obligations, excluding current portion 19,658 (19,658 ) — Construction financing lease obligation, excluding current portion 561,892 (561,892 ) — Long-term finance lease liabilities — 569,487 569,487 Long-term operating lease liabilities — 64,849 64,849 Other long-term liabilities 26,280 (20,903 ) 5,377 Accumulated deficit (2,989,478 ) (40,310 ) (3,029,788 ) Total liabilities and shareholders’ equity $ 6,245,898 $ 16,060 $ 6,261,958 ^ As reported in the Company’s 2018 Annual Report on Form 10-K. Please refer to Note K, “Leases,” for further information regarding the Company’s leases as well as certain disclosures required by ASC 842. Derivatives and Hedging In 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) (“ASU 2017-12”), which helps simplify certain aspects of hedge accounting and enables entities to more accurately present their risk management activities in their financial statements. ASU 2017-12 became effective January 1, 2019. The adoption of ASU 2017-12 did not have a significant effect on the Company’s condensed consolidated financial statements. Recently Issued Accounting Standards Internal-Use Software In 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”), which clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018-15 is effective on January 1, 2020. Early adoption is permitted. The Company currently is evaluating the impact the adoption of ASU 2018-15 may have on its condensed consolidated financial statements. Fair Value Measurement In 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosure requirements for fair value measurements. ASU 2018-13 is effective on January 1, 2020. Early adoption is permitted. The Company currently is evaluating the impact the adoption of ASU 2018-13 may have on its disclosures. Credit Losses In 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires entities to record expected credit losses for certain financial instruments, including trade receivables, as an allowance that reflects the entity's current estimate of credit losses expected to be incurred. For available-for-sale debt securities in unrealized loss positions, ASU 2016-13 requires allowances to be recorded instead of reducing the amortized cost of the investment. ASU 2016-13 is effective on January 1, 2020. Early adoption is permitted. The Company currently is evaluating the impact the adoption of ASU 2016-13 may have on its condensed consolidated financial statements. For a discussion of other recent accounting pronouncements please refer to Note A, “Nature of Business and Accounting Policies—Recent Accounting Pronouncements,” in the 2018 Annual Report on Form 10-K. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note A, “Nature of Business and Accounting Policies,” in its 2018 Annual Report on Form 10-K. The Company is disclosing changes in its accounting policies related to guidance that became effective January 1, 2019 in this Quarterly Report on Form 10-Q. Specifically, the Company has included its policy pursuant to its adoption of ASC 842 below. Leases At the inception of an arrangement, the Company determines whether the arrangement contains a lease. If a lease is identified in an arrangement, the Company recognizes a right-of-use asset and liability on its balance sheet and determines whether the lease should be classified as a finance or operating lease. The Company does not recognize assets or liabilities for leases with lease terms of less than 12 months. A lease qualifies as a finance lease if any of the following criteria are met at the inception of the lease: (i) there is a transfer of ownership of the leased asset to the Company by the end of the lease term, (ii) the Company holds an option to purchase the leased asset that it is reasonably certain to exercise, (iii) the lease term is for a major part of the remaining economic life of the leased asset, (iv) the present value of the sum of lease payments equals or exceeds substantially all of the fair value of the leased asset, or (v) the nature of the leased asset is specialized to the point that it is expected to provide the lessor no alternative use at the end of the lease term. All other leases are recorded as operating leases. Finance and operating lease assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term using the discount rate implicit in the lease. If the rate implicit is not readily determinable, the Company utilizes its incremental borrowing rate at the lease commencement date. Operating lease assets are further adjusted for prepaid or accrued lease payments. Operating lease payments are expensed using the straight-line method as an operating expense over the lease term. Finance lease assets are amortized to depreciation expense using the straight-line method over the shorter of the useful life of the related asset or the lease term. Finance lease payments are bifurcated into (i) a portion that is recorded as imputed interest expense and (ii) a portion that reduces the finance liability associated with the lease. The Company does not separate lease and non-lease components when determining which lease payments to include in the calculation of its lease assets and liabilities. Variable lease payments are expensed as incurred. If a lease includes an option to extend or terminate the lease, the Company reflects the option in the lease term if it is reasonably certain it will exercise the option. Finance leases are recorded in “ Property and equipment, net ,” “ Other current liabilities ” and “ Long-term finance lease liabilities ” on the Company’s condensed consolidated balance sheet. Operating leases are recorded in “ Operating lease assets ,” “ Other current liabilities ” and “ Long-term operating lease liabilities ” on the Company’s condensed consolidated balance sheet.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue Revenues by Product Product revenues, net consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) SYMDEKO/SYMKEVI $ 361,832 $ 185,558 $ 682,107 $ 219,682 ORKAMBI 316,441 311,261 609,448 665,327 KALYDECO 262,107 253,093 506,078 502,632 Total product revenues, net $ 940,380 $ 749,912 $ 1,797,633 $ 1,387,641 Revenues by Geographic Location Net product revenues are attributed to countries based on the location of the customer. Collaborative and royalty revenues are attributed to countries based on the location of the Company’s subsidiary associated with the collaborative arrangement related to such revenues. Total revenues from external customers and collaborators by geographic region consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) United States $ 700,618 $ 584,811 $ 1,341,721 $ 1,067,478 Outside of the United States Europe 180,196 135,914 347,947 267,809 Other 60,479 31,432 110,060 57,669 Total revenues outside of the United States 240,675 167,346 458,007 325,478 Total revenues $ 941,293 $ 752,157 $ 1,799,728 $ 1,392,956 In the three and six months ended June 30, 2019 and 2018 , revenues attributable to Germany contributed the largest amount to the Company’s European revenues. French Early Access Programs In 2015, the Company began distributing ORKAMBI through early access programs in France and it continues to be engaged in ongoing discussions regarding the price for ORKAMBI in France. The Company expects that the difference between the amounts it has collected to date based on the invoiced price and the agreed-upon price for ORKAMBI in France will be returned to the French government. Pursuant to the revenue recognition accounting guidance that was applicable until December 31, 2017, the Company’s ORKAMBI net product revenues for 2015, 2016 and 2017 did not include any net product revenues from sales of ORKAMBI in France because the price was not fixed or determinable at the time of delivery. Upon adopting ASU 2014-09, Revenues from Contracts with Customers (Topic 606) , in the first quarter of 2018, the Company began recognizing net product revenues in France based on a transaction price that reflects its estimate of consideration it expects to retain that will not be subject to a significant reversal in amounts recognized. The Company’s refund liability representing the difference between the amounts the Company has collected from the French government and the transaction price is classified as “ Accrued expenses ” on the Company’s condensed consolidated balance sheets. If the Company’s estimate regarding the amounts it will receive for ORKAMBI supplied pursuant to these early access programs changes, the Company will reflect the effect of the change in estimate in “ Product revenues, net ” in the period in which the change in estimate occurs. Contract Liabilities The Company recorded contract liabilities of $60.2 million and $24.9 million as of June 30, 2019 and December 31, 2018 , respectively, related to annual contracts with government-owned and supported customers in international markets that limit the amount of annual reimbursement the Company can receive. Upon exceeding the annual reimbursement amount, products are provided free of charge, which is a material right. These contracts include upfront payments and fees. The Company defers a portion of the consideration received for shipments made up to the annual reimbursement limit as “ Other current liabilities .” The deferred amount is recognized as revenue when the free products are shipped. The Company’s product revenue contracts include performance obligations that are one year or less.

Collaborative Arrangements and

Collaborative Arrangements and Acquisitions	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative Arrangements and Acquisitions	Collaborative Arrangements and Acquisitions The Company has entered into numerous agreements pursuant to which it collaborates with third parties on research, development and commercialization programs, including in-license and out-license agreements and acquisitions. Certain of the Company’s in-license and out-license agreements that had a significant impact on its financial statements for the three and six months ended June 30, 2019 and 2018, or were new during the three and six months ended June 30, 2019, are described below. Additional in-license and out-license agreements were described in Note B, “Collaborative Arrangements and Acquisitions,” of the Company’s 2018 Annual Report on Form 10-K. In-license Agreements The Company has entered into a number of license agreements in order to advance and obtain access to technologies and services related to its research and early-development activities. The Company is generally required to make an upfront payment upon execution of the license agreement; development, regulatory and commercialization milestones payments upon the achievement of certain product research, development and commercialization objectives; and royalty payments on future sales, if any, of commercial products resulting from the collaboration. Pursuant to the terms of its in-license agreements, the Company’s collaborators lead the discovery efforts and the Company leads all preclinical, development and commercialization activities associated with the advancement of any drug candidates and funds all expenses unless otherwise described below. The Company typically can terminate its in-license agreements by providing advance notice to its collaborators; the required length of notice is dependent on whether any product developed under the license agreement has received marketing approval. The Company’s license agreements may be terminated by either party for a material breach by the other, subject to notice and cure provisions. Unless earlier terminated, these license agreements generally remain in effect until the date on which the royalty term and all payment obligations with respect to all products in all countries have expired. CRISPR Therapeutics AG In 2015, the Company entered into a strategic collaboration, option and license agreement (the “CRISPR Agreement”) with CRISPR Therapeutics AG and its affiliates (“CRISPR”) to collaborate on the discovery and development of potential new treatments aimed at the underlying genetic causes of human diseases using CRISPR-Cas9 gene-editing technology. The Company has the exclusive right to license certain CRISPR-Cas9-based targets. In connection with the CRISPR Agreement, the Company made an upfront payment to CRISPR of $75.0 million and an investment in CRISPR’s stock. The Company has also made several subsequent investments in CRISPR’s common stock, which has resulted in CRISPR becoming a related party of the Company. Please refer to Note F, “Marketable Securities and Equity Investments,” for further information regarding the Company’s investment in CRISPR’s common stock. For targets that the Company elects to license, other than hemoglobinopathy treatments, the Company leads all development and global commercialization activities. For each target that the Company elects to license, other than hemoglobinopathy targets, CRISPR has the potential to receive up to $420.0 million in development, regulatory and commercial milestones as well as royalties on net product sales. As part of the collaboration, the Company and CRISPR share equally all development costs and potential worldwide revenues related to potential hemoglobinopathy treatments, including treatments for beta thalassemia and sickle cell disease. In 2017, the Company entered into a co-development and co-commercialization agreement with CRISPR pursuant to the terms of the CRISPR Agreement, under which the Company and CRISPR are co-developing and will co-commercialize CTX001 (the “CTX001 Co-Co Agreement”) for the treatment of hemoglobinopathy, including treatments for sickle cell disease and beta thalassemia. The Company concluded that the CTX001 Co-Co Agreement is a cost-sharing arrangement, which results in the net impact of the arrangement being recorded in “ Research and development expenses ” in its condensed consolidated statements of operations. During the three and six months ended June 30, 2019 , the net expense related to the CTX001 Co-Co Agreement was $7.5 million and $14.6 million , respectively. During the three and six months ended June 30, 2018 , the net expense related to the CTX001 Co-Co Agreement was $5.2 million and $8.9 million , respectively. In June 2019, the Company entered into a strategic collaboration and license agreement (“the CRISPR DMD/DM1 Agreement”) with CRISPR, which became effective in July 2019 upon the expiration of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act (“the HSR Act”). Pursuant to this agreement, Vertex received an exclusive worldwide license to CRISPR’s existing and future intellectual property for duchenne muscular dystrophy (“DMD”) and myotonic dystrophy type 1 (“DM1”). In July 2019, the Company remitted to CRISPR an upfront payment of $175.0 million , which it expects to record in “ Research and development expenses ” in the third quarter of 2019. CRISPR has the potential to receive up to $825.0 million in research, development, regulatory and commercial milestones for the DMD and DM1 programs as well as royalties on net product sales. CRISPR has the option to co-develop and co-commercialize all DM1 products globally and forego the milestones and royalties associated with the DM1 program. The Company will fund all expenses associated with the collaboration except for research costs for specified guide RNA research conducted by CRISPR, which the Company and CRISPR will share equally. Kymera Therapeutics In May 2019, the Company entered into a strategic research and development collaboration agreement (the “Kymera Agreement”) with Kymera Therapeutics (“Kymera”) to advance small molecule protein degraders against multiple targets. Pursuant to the Kymera Agreement, Kymera’s proprietary platform technology is being applied in the collaboration activities in exchange for an upfront payment of $50.0 million . The Company has the exclusive right to license up to six protein targets, for each of which Kymera may receive up to $170.0 million in payments, including development, regulatory and commercial milestones as well as royalties on net product sales. In addition to the upfront payment, the Company purchased $20.0 million of Kymera’s preferred stock. The Company determined that the fair value of its investment in Kymera’s preferred stock approximated $20.0 million and classified the investment, which does not have a readily determinable fair value, in “ Other assets .” The Company determined that substantially all of the fair value of the Kymera Agreement was attributable to an in-process research and development asset and no substantive processes were acquired that would constitute a business. The Company concluded that it did not have any alternative future use for the acquired in-process research and development asset and recorded the $50.0 million upfront payment to “ Research and development expenses .” BioAxone Biosciences, Inc. The Company has licensed rights to certain drug candidates from these third-party collaborators, which has resulted in the consolidation of certain third-parties’ financial statements into the Company’s condensed consolidated financial statements as VIEs for certain periods of time. As of December 31, 2018, and continuing through the second quarter of 2019, the Company had no consolidated VIEs reflected in its financial statements. In 2014, the Company entered into a license and collaboration agreement (the “BioAxone Agreement”) with BioAxone, which resulted in the consolidation of BioAxone as a VIE beginning in October 2014. The Company deconsolidated BioAxone as of December 31, 2018 because it determined that it no longer was the primary beneficiary of BioAxone as it no longer had the power to direct the significant activities of BioAxone. Please refer to Note B, “Collaborative Arrangements and Acquisitions,” in the Company’s 2018 Annual Report on Form 10-K for further information on the deconsolidation of BioAxone. In the six months ended June 30, 2018 , the Company recorded net income attributable to noncontrolling interest of $15.9 million , which was primarily related to a $24.0 million increase in the fair value of the contingent payments payable by Vertex to BioAxone in the first quarter of 2018 due to (i) the expiration of an option held by the Company to purchase BioAxone in the first quarter of 2018 that increased the probability of a $10.0 million license continuation fee for VX-210 (which was ultimately paid in the first quarter of 2018) and (ii) the probability that additional milestone and royalty payments related to the BioAxone Agreement would be paid. Net income attributable to noncontrolling interest also included a $6.0 million provision for income taxes during the six months ended June 30, 2018 that was primarily related to the increase in the fair value of the contingent payments. The net loss attributable to noncontrolling interest in the three months ended June 30, 2018 was $1.1 million . Acquisitions Exonics Therapeutics In June 2019, the Company entered into an agreement to acquire Exonics Therapeutics (“Exonics”), a privately held biotechnology company focused on creating transformative gene-editing therapies to repair mutations that cause DMD and other severe neuromuscular diseases, including DM1. In July 2019, the acquisition closed upon, among other things, the satisfaction of customary closing conditions and the expiration of the waiting period under the HSR Act, resulting in no financial statement impact during the three and six months ended June 30, 2019. At closing, the Company acquired all outstanding shares of Exonics and made an upfront payment of approximately $245.0 million with approximately $70.0 million in deferred payments, subject to customary closing adjustments. Exonics’ equity holders may receive an additional $728.0 million upon the successful achievement of specified development and regulatory milestones for the DMD and DM1 programs. The Company will finalize the accounting treatment for the acquisition in the third quarter of 2019. Out-license agreements The Company has entered into licensing agreements pursuant to which it has out-licensed rights to certain drug candidates to third-party collaborators. Pursuant to these out-license agreements, the Company’s collaborators become responsible for all costs related to the continued development of such drug candidates and obtain development and commercialization rights to these drug candidates. Depending on the terms of the agreements, the Company’s collaborators may be required to make upfront payments, milestone payments upon the achievement of certain product research and development objectives and may also be required to pay royalties on future sales, if any, of commercial products resulting from the collaboration. The termination provisions associated with these collaborations are generally the same as those described above related to the Company’s in-license agreements. None of the Company’s out-license agreements had a significant impact on the Company’s condensed consolidated statement of operations during the three and six months ended June 30, 2019 and 2018 . Cystic Fibrosis Foundation The Company has a research, development and commercialization agreement that was originally entered into in 2004 with Cystic Fibrosis Foundation (“CFF”), as successor in interest to the Cystic Fibrosis Foundation Therapeutics, Inc. This agreement was most recently amended in 2016 (the “2016 Amendment”). Pursuant to the agreement, as amended, the Company agreed to pay royalties ranging from low-single digits to mid-single digits on potential sales of certain compounds first synthesized and/or tested between March 1, 2014 and August 31, 2016, including VX-445 (elexacaftor), and tiered royalties ranging from single digits to sub-teens on any approved drugs first synthesized and/or tested during a research term on or before February 28, 2014, including KALYDECO (ivacaftor), ORKAMBI (lumacaftor in combination with ivacaftor) and SYMDEKO/SYMKEVI (tezacaftor in combination with ivacaftor). For combination products, such as ORKAMBI and SYMDEKO, sales are allocated equally to each of the active pharmaceutical ingredients in the combination product. There are no remaining commercial milestone payments payable by the Company to CFF pursuant to the agreement. Pursuant to the 2016 Amendment, the Company received an upfront payment of $75.0 million and is receiving development funding from CFF of up to $6.0 million annually. The Company concluded that the upfront payment plus any future development funding represent a form of financing pursuant to ASC 730 and thus records the amounts as a liability on the condensed consolidated balance sheet, primarily reflected in “ Long-term advance from collaborator .” The Company reduces this liability over the estimated royalty term of the agreement and reflects the reductions as an offset to “ Cost of sales ” and as “ Interest expense .” The Company has royalty obligations to CFF for ivacaftor, lumacaftor and tezacaftor until the expiration of patents covering those compounds. The Company has patents in the United States and European Union covering the composition-of-matter of ivacaftor that expire in 2027 and 2025, respectively, subject to potential patent extension. The Company has patents in the United States and European Union covering the composition-of-matter of lumacaftor that expire in 2030 and 2026, respectively, subject to potential extension. The Company has patents in the United States and European Union covering the composition-of-matter of tezacaftor that expire in 2027 and 2028, respectively, subject to potential extension.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic net income per share attributable to Vertex common shareholders is based upon the weighted-average number of common shares outstanding during the period, excluding restricted stock, restricted stock units and performance-based restricted stock units, or “PSUs,” that have been issued but are not yet vested. Diluted net income per share attributable to Vertex common shareholders is based upon the weighted-average number of common shares outstanding during the period plus additional weighted-average common equivalent shares outstanding during the period when the effect is dilutive. The following table sets forth the computation of basic and diluted net income per share for the periods ended: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands, except per share amounts) Basic net income attributable to Vertex per common share calculation: Net income attributable to Vertex common shareholders $ 267,427 $ 207,360 $ 536,058 $ 417,623 Less: Undistributed earnings allocated to participating securities — (65 ) — (163 ) Net income attributable to Vertex common shareholders—basic $ 267,427 $ 207,295 $ 536,058 $ 417,460 Basic weighted-average common shares outstanding 256,154 254,135 255,941 253,685 Basic net income attributable to Vertex per common share $ 1.04 $ 0.82 $ 2.09 $ 1.65 Diluted net income attributable to Vertex per common share calculation: Net income attributable to Vertex common shareholders $ 267,427 $ 207,360 $ 536,058 $ 417,623 Less: Undistributed earnings allocated to participating securities — (64 ) — (160 ) Net income attributable to Vertex common shareholders—diluted $ 267,427 $ 207,296 $ 536,058 $ 417,463 Weighted-average shares used to compute basic net income per common share 256,154 254,135 255,941 253,685 Effect of potentially dilutive securities: Stock options 2,225 2,758 2,405 3,003 Restricted stock and restricted stock units (including PSUs) 1,440 1,689 1,655 1,851 Employee stock purchase program 3 2 14 18 Weighted-average shares used to compute diluted net income per common share 259,822 258,584 260,015 258,557 Diluted net income attributable to Vertex per common share $ 1.03 $ 0.80 $ 2.06 $ 1.61 The Company did not include the securities in the following table in the computation of the net income per share attributable to Vertex common shareholders calculations because the effect would have been anti-dilutive during each period: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) Stock options 3,207 2,253 3,022 1,943 Unvested restricted stock and restricted stock units (including PSUs) 3 6 4 5

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of the Company’s financial assets and liabilities reflects the Company’s estimate of amounts that it would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from sources independent from the Company) and to minimize the use of unobservable inputs (the Company’s assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. The Company maintains strategic investments separately from the investment policy that governs its other cash, cash equivalents and marketable securities as described in “ Note F, “Marketable Securities and Equity Investments.” As of June 30, 2019 , the Company’s investments were in money market funds, U.S. Treasury securities, government-sponsored enterprise securities, corporate debt securities, commercial paper and corporate equity securities. Additionally, the Company utilizes foreign currency forward contracts intended to mitigate the effect of changes in foreign exchange rates on its condensed consolidated statement of operations. As of June 30, 2019 , all of the Company’s financial assets and liabilities that were subject to fair value measurements were valued using observable inputs. The Company’s financial assets valued based on Level 1 inputs consisted of money market funds, U.S. Treasury securities, government-sponsored enterprise securities and corporate equity securities. The Company’s financial assets and liabilities valued based on Level 2 inputs consisted of certain corporate equity securities as described below, corporate debt securities, commercial paper, which consisted of investments in highly-rated investment-grade corporations, and foreign currency forward contracts with reputable and creditworthy counterparties. The Company has an investment in the common stock of Moderna Therapeutics, Inc. (“Moderna”), which became a publicly traded company in 2018. The Company has valued its investment in Moderna based on Level 2 inputs due to transfer restrictions subsequent to Moderna’s initial public offering lasting until December 2019. The reduction in fair value recorded on the Company’s condensed consolidated balance sheet related to this transfer restriction is not material to its financial statements. During the three and six months ended June 30, 2019 and 2018 , the Company did not record any other-than-temporary impairment charges related to its financial assets. The following table sets forth the Company’s financial assets and liabilities subject to fair value measurements (and does not include $1.7 billion and $ 1.4 billion of cash as of June 30, 2019 and December 31, 2018 , respectively): Fair Value Measurements as of June 30, 2019 Fair Value Hierarchy Total Level 1 Level 2 Level 3 (in thousands) Financial instruments carried at fair value (asset positions): Cash equivalents: Money market funds $ 1,561,770 $ 1,561,770 $ — $ — Government-sponsored enterprise securities 24,519 24,519 — — Commercial paper 22,234 — 22,234 — Marketable securities: Corporate equity securities 267,401 253,442 13,959 — U.S. Treasury securities 5,892 5,892 — — Government-sponsored enterprise securities 8,247 8,247 — — Corporate debt securities 249,426 — 249,426 — Commercial paper 125,572 — 125,572 — Prepaid expenses and other current assets: Foreign currency forward contracts 13,215 — 13,215 — Other assets: Foreign currency forward contracts 314 — 314 — Total financial assets $ 2,278,590 $ 1,853,870 $ 424,720 $ — Financial instruments carried at fair value (liability positions): Other current liabilities: Foreign currency forward contracts $ (761 ) $ — $ (761 ) $ — Other long-term liabilities: Foreign currency forward contracts (207 ) — (207 ) — Total financial liabilities $ (968 ) $ — $ (968 ) $ — Fair Value Measurements as of December 31, 2018 Fair Value Hierarchy Total Level 1 Level 2 Level 3 (in thousands) Financial instruments carried at fair value (asset positions): Cash equivalents: Money market funds $ 1,226,603 $ 1,226,603 $ — $ — U.S. Treasury securities 5,966 5,966 — — Government-sponsored enterprise securities 7,123 7,123 — — Commercial paper 58,268 — 58,268 — Marketable securities: Corporate equity securities 167,323 153,733 13,590 — U.S. Treasury securities 6,026 6,026 — — Government-sponsored enterprise securities 10,704 10,704 — — Corporate debt securities 233,665 — 233,665 — Commercial paper 100,390 — 100,390 — Prepaid expenses and other current assets: Foreign currency forward contracts 19,023 — 19,023 — Other assets: Foreign currency forward contracts 1,514 — 1,514 — Total financial assets $ 1,836,605 $ 1,410,155 $ 426,450 $ — Financial instruments carried at fair value (liability positions): Other current liabilities: Foreign currency forward contracts $ (340 ) $ — $ (340 ) $ — Other long-term liabilities: Foreign currency forward contracts (108 ) — (108 ) — Total financial liabilities $ (448 ) $ — $ (448 ) $ — Please refer to Note F, “Marketable Securities and Equity Investments,” for the carrying amount and related unrealized gains (losses) by type of investment.

Marketable Securities and Equit

Marketable Securities and Equity Investments	6 Months Ended
	Jun. 30, 2019
Cash and Cash Equivalents [Abstract]
Marketable Securities and Equity Investments	Marketable Securities and Equity Investments A summary of the Company’s cash equivalents and marketable securities, which are recorded at fair value (and do not include $1.7 billion and $ 1.4 billion of cash as of June 30, 2019 and December 31, 2018 , respectively), is shown below: Amortized Cost Gross Gross Fair Value (in thousands) As of June 30, 2019 Cash equivalents: Money market funds $ 1,561,770 $ — $ — $ 1,561,770 Government-sponsored enterprise securities 24,518 2 (1 ) 24,519 Commercial paper 22,233 2 (1 ) 22,234 Total cash equivalents 1,608,521 4 (2 ) 1,608,523 Marketable securities: U.S. Treasury securities 5,891 1 — 5,892 Government-sponsored enterprise securities 8,240 7 — 8,247 Corporate debt securities 249,076 373 (23 ) 249,426 Commercial paper 125,421 174 (23 ) 125,572 Total marketable debt securities 388,628 555 (46 ) 389,137 Corporate equity securities 133,157 140,328 (6,084 ) 267,401 Total marketable securities $ 521,785 $ 140,883 $ (6,130 ) $ 656,538 As of December 31, 2018 Cash equivalents: Money market funds $ 1,226,603 $ — $ — $ 1,226,603 U.S. Treasury securities 5,967 — (1 ) 5,966 Government-sponsored enterprise securities 7,124 — (1 ) 7,123 Commercial paper 58,271 — (3 ) 58,268 Total cash equivalents 1,297,965 — (5 ) 1,297,960 Marketable securities: U.S. Treasury securities 6,026 — — 6,026 Government-sponsored enterprise securities 10,704 — — 10,704 Corporate debt securities 234,088 27 (450 ) 233,665 Commercial paper 100,498 — (108 ) 100,390 Total marketable debt securities 351,316 27 (558 ) 350,785 Corporate equity securities 133,157 40,619 (6,453 ) 167,323 Total marketable securities $ 484,473 $ 40,646 $ (7,011 ) $ 518,108 Available-for-sale debt securities were recorded in the Company's condensed consolidated balance sheets at fair value as follows: As of June 30, 2019 As of December 31, 2018 (in thousands) Cash and cash equivalents $ 1,608,523 $ 1,297,960 Marketable securities 389,137 350,785 Total $ 1,997,660 $ 1,648,745 Available-for-sale debt securities by contractual maturity were as follows: As of June 30, 2019 As of December 31, 2018 (in thousands) Matures within one year $ 1,968,686 $ 1,647,500 Matures after one year through five years 28,974 1,245 Total $ 1,997,660 $ 1,648,745 The Company has a limited number of available-for-sale debt securities in insignificant loss positions as of June 30, 2019 , which it does not intend to sell and has concluded it will not be required to sell before recovery of the amortized costs for the investments at maturity. The Company did no t record any charges for other-than-temporary declines in the fair value of available-for-sale debt securities or gross realized gains or losses in the three and six months ended June 30, 2019 and 2018 . The Company maintains strategic investments separately from the investment policy that governs its other cash, cash equivalents and marketable securities. The Company’s investments in the common stock of publicly traded companies, CRISPR and Moderna, as of June 30, 2019 and December 31, 2018 , respectively, have readily determinable fair values and are recorded in “ Marketable securities ” on its condensed consolidated balance sheets. As of June 30, 2019 and December 31, 2018 , the total fair value of the Company’s strategic investments in the common stock of publicly traded companies, was $267.4 million and $167.3 million , respectively. During the three and six months ended June 30, 2019 , the Company recorded unrealized gains of $56.5 million and $100.1 million , respectively. During the three and six months ended June 30, 2018 the Company recorded unrealized gains of $53.9 million and $149.4 million , respectively, primarily related to increases in the fair value of its investment in CRISPR. As of June 30, 2019 , the carrying value of the Company’s equity investments without readily determinable fair values, which are recorded in “ Other assets ” on its condensed consolidated balance sheets, was $33.6 million .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) by component: Unrealized Holding Gains (Losses), Net of Tax Foreign Currency Translation Adjustment On Available-For-Sale Debt Securities On Foreign Currency Forward Contracts Total (in thousands) Balance at December 31, 2018 $ (11,227 ) $ (536 ) $ 12,422 $ 659 Other comprehensive income before reclassifications 1,091 1,047 5,793 7,931 Amounts reclassified from accumulated other comprehensive income (loss) — — (11,791 ) (11,791 ) Net current period other comprehensive income (loss) 1,091 1,047 (5,998 ) (3,860 ) Balance at June 30, 2019 $ (10,136 ) $ 511 $ 6,424 $ (3,201 ) Unrealized Holding Gains (Losses), Net of Tax Foreign Currency Translation Adjustment On Available-For-Sale Debt Securities On Equity Securities On Foreign Currency Forward Contracts Total (in thousands) Balance at December 31, 2017 $ (21,031 ) $ (594 ) $ 25,069 $ (15,016 ) $ (11,572 ) Other comprehensive income (loss) before reclassifications 6,141 (87 ) — 15,352 21,406 Amounts reclassified from accumulated other comprehensive income (loss) — — — 9,681 9,681 Net current period other comprehensive income (loss) 6,141 (87 ) — 25,033 31,087 Amounts reclassified to accumulated deficit pursuant to adoption of new accounting standard 949 — (25,069 ) — (24,120 ) Balance at June 30, 2018 $ (13,941 ) $ (681 ) $ — $ 10,017 $ (4,605 )

Hedging

Hedging	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedging	Hedging Foreign currency forward contracts - Designated as hedging instruments The Company maintains a hedging program intended to mitigate the effect of changes in foreign exchange rates for a portion of the Company’s forecasted product revenues denominated in certain foreign currencies. The program includes foreign currency forward contracts that are designated as cash flow hedges under GAAP having contractual durations from one to eighteen months . The Company recognizes realized gains and losses for the effective portion of such contracts in “ Product revenues, net ” in its condensed consolidated statements of operations in the same period that it recognizes the product revenues that were impacted by the hedged foreign exchange rate changes. The Company formally documents the relationship between foreign currency forward contracts (hedging instruments) and forecasted product revenues (hedged items), as well as the Company’s risk management objective and strategy for undertaking various hedging activities, which includes matching all foreign currency forward contracts that are designated as cash flow hedges to forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the foreign currency forward contracts are highly effective in offsetting changes in cash flows of hedged items. If the Company were to determine that a (i) foreign currency forward contract is not highly effective as a cash flow hedge, (ii) foreign currency forward contract has ceased to be a highly effective hedge or (iii) forecasted transaction is no longer probable of occurring, the Company would discontinue hedge accounting treatment prospectively. The Company measures effectiveness based on the change in fair value of the forward contracts and the fair value of the hypothetical foreign currency forward contracts with terms that match the critical terms of the risk being hedged. As of June 30, 2019 , all hedges were determined to be highly effective. The Company considers the impact of its counterparties’ credit risk on the fair value of the foreign currency forward contracts. As of June 30, 2019 and December 31, 2018 , credit risk did not change the fair value of the Company’s foreign currency forward contracts. The following table summarizes the notional amount of the Company’s outstanding foreign currency forward contracts designated as cash flow hedges under GAAP: As of June 30, 2019 As of December 31, 2018 Foreign Currency (in thousands) Euro $ 448,778 $ 335,179 British pound sterling 65,278 73,460 Australian dollar 77,010 52,820 Canadian dollar 47,950 43,759 Total foreign currency forward contracts $ 639,016 $ 505,218 Foreign currency forward contracts - Not designated as hedging instruments The Company also enters into foreign currency forward contracts with contractual maturities of less than one month , which are designed to mitigate the effect of changes in foreign exchange rates on monetary assets and liabilities, including intercompany balances. These contracts are not designated as hedging instruments under GAAP. The Company recognizes realized gains and losses for such contracts in “ Other income, net ” in its condensed consolidated statements of operations each period. As of June 30, 2019 , the notional amount of the Company’s outstanding foreign currency forward contracts where hedge accounting under GAAP is not applied was $352.0 million . During the three and six months ended June 30, 2019 and 2018 , the Company recognized the following related to foreign currency forward contacts in its condensed consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) Designated as hedging instruments - Reclassified from AOCI Product revenues, net $ 8,238 $ (2,675 ) $ 15,077 $ (9,159 ) Not designated as hedging instruments Other income, net $ (1,089 ) $ (4,152 ) $ 2,062 $ (2,614 ) The following table summarizes the fair value of the Company’s outstanding foreign currency forward contracts designated as cash flow hedges under GAAP included on its condensed consolidated balance sheets: As of June 30, 2019 Assets Liabilities Classification Fair Value Classification Fair Value (in thousands) Prepaid expenses and other current assets $ 13,215 Other current liabilities $ (761 ) Other assets 314 Other long-term liabilities (207 ) Total assets $ 13,529 Total liabilities $ (968 ) As of December 31, 2018 Assets Liabilities Classification Fair Value Classification Fair Value (in thousands) Prepaid expenses and other current assets $ 19,023 Other current liabilities $ (340 ) Other assets 1,514 Other long-term liabilities (108 ) Total assets $ 20,537 Total liabilities $ (448 ) As of June 30, 2019 , the Company expects amounts that are related to foreign exchange forward contracts designated as cash flow hedges under GAAP recorded in “ Prepaid expenses and other current assets ” and “ Other current liabilities ” to be reclassified to earnings within twelve months. The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under GAAP on the Company’s condensed consolidated balance sheets: As of June 30, 2019 Gross Amounts Recognized Gross Amounts Offset Gross Amounts Presented Gross Amounts Not Offset Legal Offset Foreign currency forward contracts (in thousands) Total assets $ 13,529 $ — $ 13,529 $ (968 ) $ 12,561 Total liabilities $ (968 ) $ — $ (968 ) $ 968 $ — As of December 31, 2018 Gross Amounts Recognized Gross Amounts Offset Gross Amounts Presented Gross Amounts Not Offset Legal Offset Foreign currency forward contracts (in thousands) Total assets $ 20,537 $ — $ 20,537 $ (448 ) $ 20,089 Total liabilities $ (448 ) $ — $ (448 ) $ 448 $ —

Inventories

Inventories	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: As of June 30, 2019 As of December 31, 2018 (in thousands) Raw materials $ 12,957 $ 9,677 Work-in-process 91,874 87,944 Finished goods 38,186 26,739 Total $ 143,017 $ 124,360

Revolving Credit Facility

Revolving Credit Facility	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility In October 2016, the Company entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as administrative agent and the lenders referred to therein. The Credit Agreement provides for a $500.0 million revolving facility, $300.0 million of which was drawn at closing (the “Loans”) and was repaid in February 2017. The Credit Agreement also provides that, subject to satisfaction of certain conditions, the Company may request that the borrowing capacity under the Credit Agreement be increased by an additional $300.0 million . The Credit Agreement matures on October 13, 2021. The Loans will bear interest, at the Company’s option, at either a base rate or a Eurodollar rate, in each case plus an applicable margin. Under the Credit Agreement, the applicable margins on base rate loans range from 0.75% to 1.50% and the applicable margins on Eurodollar loans range from 1.75% to 2.50% , in each case based on the Company’s consolidated leverage ratio (the ratio of the Company’s total consolidated debt to the Company’s trailing twelve-month EBITDA). The Loans are guaranteed by certain of the Company’s domestic subsidiaries and secured by substantially all of the Company’s assets and the assets of the Company’s domestic subsidiaries (excluding intellectual property, owned and leased real property and certain other excluded property) and by the equity interests of the Company’s subsidiaries, subject to certain exceptions. Under the terms of the Credit Agreement, the Company must maintain, subject to certain limited exceptions, a consolidated leverage ratio of 3.00 to 1.00 and consolidated EBITDA of at least $200.0 million , in each case measured on a quarterly basis.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Leases Finance Leases The Company’s finance lease assets and liabilities primarily relate to its corporate headquarters in Boston and research site in San Diego (the “Buildings”). These Buildings are classified as finance leases because the present value of the sum of the lease payments associated with the Buildings exceeds substantially all of the fair value of the Buildings. The Company also has outstanding finance leases for equipment. Prior to the adoption of ASC 842 on January 1, 2019, the Company was deemed for accounting purposes to be the owner of the Buildings during their construction periods and recorded project construction costs incurred by its landlords. Upon completion of the Buildings, the Company determined that the underlying leases did not meet the criteria for “sale-leaseback” treatment. Accordingly, the Company depreciated the Buildings over 40 years and recorded interest expense associated with the financing obligations for the Buildings. The Company bifurcated the lease payments pursuant to the Buildings into (i) a portion that was allocated to the buildings and (ii) a portion that is allocated to the land on which the buildings were constructed. The portion of the lease obligations allocated to the land was treated as an operating lease. Pursuant to ASC 842, the Company adjusted the amounts recorded on its condensed consolidated balance sheet as of January 1, 2019 for the Buildings to reflect the present value of the lease payments over the remaining lease term related to the Buildings. The finance lease assets associated with the Buildings are amortized to depreciation expense using the straight-line method over the remaining lease term, which is significantly shorter than the Buildings’ useful lives. The Company continues to record interest expense associated with the finance lease liabilities for the Buildings. Corporate Headquarters In 2011, the Company entered into two lease agreements, pursuant to which the Company leases approximately 1.1 million square feet of office and laboratory space in two buildings in Boston, Massachusetts for a term of 15 years. Base rent payments commenced in December 2013, and will continue through December 2028. The Company utilizes this initial period as its lease term. The Company has an option to extend the lease terms for an additional ten years . San Diego Lease In 2015, the Company entered into a lease agreement pursuant to which the Company leases approximately 170,000 square feet of office and laboratory space in San Diego, California for a term of 16 years. Base rent payments commenced in the second quarter of 2019, and will continue through May 2034. The Company utilizes this initial period as its lease term. The Company has an option to extend the lease term for up to two additional five -year terms. The Company placed this building in service in the second quarter of 2018. Operating Leases The Company’s operating leases relate to its real estate leases that are not classified as finance leases. Aggregate Lease Information Related to the Application of ASC 842 The following information is disclosed in accordance with ASC 842, which became effective January 1, 2019. The components of lease cost recorded in the Company’s condensed consolidated statement of operations were as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (in thousands) Operating lease cost $ 2,629 $ 5,268 Finance lease cost Amortization of leased assets 12,063 24,428 Interest on lease liabilities 13,375 26,824 Variable lease cost 6,036 12,798 Sublease income (1,687 ) (3,171 ) Net lease cost $ 32,416 $ 66,147 The Company’s variable lease cost during the three and six months ended June 30, 2019 primarily related to operating expenses, taxes and insurance associated with its finance leases. The Company’s sublease income during the three and six months ended June 30, 2019 primarily related to subleases for an insignificant portion of the Company’s corporate headquarters. The Company’s leases are included on its condensed consolidated balance sheets as follows: As of June 30, 2019 As of December 31, 2018 ^ (in thousands) Finance leases Property and equipment, net $ 461,549 $ 640,952 Total finance lease assets $ 461,549 $ 640,952 Capital lease obligations, current portion $ — $ 9,817 Other current liabilities 37,047 5,271 Capital lease obligations, excluding current portion — 19,658 Construction financing lease obligation, excluding current portion — 561,892 Long-term finance lease liabilities 551,530 — Total finance lease liabilities $ 588,577 $ 596,638 Operating leases Operating lease assets $ 58,031 $ — Total operating lease assets $ 58,031 $ — Other current liabilities $ 7,941 $ — Long-term operating lease liabilities 60,433 — Total operating lease liabilities $ 68,374 $ — ^ As reported in the Company’s 2018 Annual Report on Form 10-K. Maturities of the Company’s finance and operating lease liabilities in accordance with ASC 842 as of June 30, 2019 were as follows: Year Finance Leases Operating Leases Total (in thousands) Remainder of 2019 $ 39,157 $ 4,828 $ 43,985 2020 89,159 10,245 99,404 2021 87,525 8,528 96,053 2022 85,177 8,090 93,267 2023 84,253 8,005 92,258 Thereafter 513,206 45,729 558,935 Total lease payments 898,477 85,425 983,902 Less: amount representing interest (309,900 ) (17,051 ) (326,951 ) Present value of lease liabilities $ 588,577 $ 68,374 $ 656,951 The weighted-average remaining lease terms and discount rates related to the Company’s leases were as follows: As of June 30, 2019 Weighted-average remaining lease term (in years) Finance leases 10.24 Operating leases 10.83 Weighted-average discount rate Finance leases 9.10 % Operating leases 4.06 % Please refer to Note O, “Additional Cash Flow Information,” for cash flow impact of the Company’s leases. Additional Lease Information Related to the Application of ASC 840 The following information is disclosed in accordance with ASC 840, Leases (Topic 840) (“ASC 840”), which was applicable until December 31, 2018. As of December 31, 2018, future minimum commitments under the Company’s real estate leases with initial terms of more than one year were as follows: Year Fan Pier San Diego Lease Other Total Lease (in thousands) 2019 $ 66,540 $ 5,324 $ 13,207 $ 85,071 2020 72,589 9,127 14,270 95,986 2021 72,589 9,127 12,529 94,245 2022 72,589 9,127 12,045 93,761 2023 72,589 9,530 11,952 94,071 Thereafter 389,855 119,864 65,472 575,191 Total minimum lease payments $ 746,751 $ 162,099 $ 129,475 $ 1,038,325 As of December 31, 2018, the Company’s total sublease income to be received related to its facility leases was $6.2 million . During the three and six months ended June 30, 2018 , rental expenses were $4.2 million and $8.8 million , respectively. As of December 31, 2018, the Company had outstanding capital leases totaling gross property and equipment of $94.8 million and accumulated depreciation of $34.0 million . The capital leases, which were related to equipment and leasehold improvements, bore interest at rates ranging from less than 1% to 6% per year. The Company’s capital lease amortization was included in depreciation expense during the three and six months ended June 30, 2018 . The following table set forth the Company’s future minimum payments due under capital leases as of December 31, 2018: Year (in thousands) 2019 $ 10,770 2020 7,282 2021 5,649 2022 3,300 2023 1,974 Thereafter 3,085 Total payments 32,060 Less: amount representing interest (2,585 ) Present value of payments $ 29,475
Leases	Leases Finance Leases The Company’s finance lease assets and liabilities primarily relate to its corporate headquarters in Boston and research site in San Diego (the “Buildings”). These Buildings are classified as finance leases because the present value of the sum of the lease payments associated with the Buildings exceeds substantially all of the fair value of the Buildings. The Company also has outstanding finance leases for equipment. Prior to the adoption of ASC 842 on January 1, 2019, the Company was deemed for accounting purposes to be the owner of the Buildings during their construction periods and recorded project construction costs incurred by its landlords. Upon completion of the Buildings, the Company determined that the underlying leases did not meet the criteria for “sale-leaseback” treatment. Accordingly, the Company depreciated the Buildings over 40 years and recorded interest expense associated with the financing obligations for the Buildings. The Company bifurcated the lease payments pursuant to the Buildings into (i) a portion that was allocated to the buildings and (ii) a portion that is allocated to the land on which the buildings were constructed. The portion of the lease obligations allocated to the land was treated as an operating lease. Pursuant to ASC 842, the Company adjusted the amounts recorded on its condensed consolidated balance sheet as of January 1, 2019 for the Buildings to reflect the present value of the lease payments over the remaining lease term related to the Buildings. The finance lease assets associated with the Buildings are amortized to depreciation expense using the straight-line method over the remaining lease term, which is significantly shorter than the Buildings’ useful lives. The Company continues to record interest expense associated with the finance lease liabilities for the Buildings. Corporate Headquarters In 2011, the Company entered into two lease agreements, pursuant to which the Company leases approximately 1.1 million square feet of office and laboratory space in two buildings in Boston, Massachusetts for a term of 15 years. Base rent payments commenced in December 2013, and will continue through December 2028. The Company utilizes this initial period as its lease term. The Company has an option to extend the lease terms for an additional ten years . San Diego Lease In 2015, the Company entered into a lease agreement pursuant to which the Company leases approximately 170,000 square feet of office and laboratory space in San Diego, California for a term of 16 years. Base rent payments commenced in the second quarter of 2019, and will continue through May 2034. The Company utilizes this initial period as its lease term. The Company has an option to extend the lease term for up to two additional five -year terms. The Company placed this building in service in the second quarter of 2018. Operating Leases The Company’s operating leases relate to its real estate leases that are not classified as finance leases. Aggregate Lease Information Related to the Application of ASC 842 The following information is disclosed in accordance with ASC 842, which became effective January 1, 2019. The components of lease cost recorded in the Company’s condensed consolidated statement of operations were as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (in thousands) Operating lease cost $ 2,629 $ 5,268 Finance lease cost Amortization of leased assets 12,063 24,428 Interest on lease liabilities 13,375 26,824 Variable lease cost 6,036 12,798 Sublease income (1,687 ) (3,171 ) Net lease cost $ 32,416 $ 66,147 The Company’s variable lease cost during the three and six months ended June 30, 2019 primarily related to operating expenses, taxes and insurance associated with its finance leases. The Company’s sublease income during the three and six months ended June 30, 2019 primarily related to subleases for an insignificant portion of the Company’s corporate headquarters. The Company’s leases are included on its condensed consolidated balance sheets as follows: As of June 30, 2019 As of December 31, 2018 ^ (in thousands) Finance leases Property and equipment, net $ 461,549 $ 640,952 Total finance lease assets $ 461,549 $ 640,952 Capital lease obligations, current portion $ — $ 9,817 Other current liabilities 37,047 5,271 Capital lease obligations, excluding current portion — 19,658 Construction financing lease obligation, excluding current portion — 561,892 Long-term finance lease liabilities 551,530 — Total finance lease liabilities $ 588,577 $ 596,638 Operating leases Operating lease assets $ 58,031 $ — Total operating lease assets $ 58,031 $ — Other current liabilities $ 7,941 $ — Long-term operating lease liabilities 60,433 — Total operating lease liabilities $ 68,374 $ — ^ As reported in the Company’s 2018 Annual Report on Form 10-K. Maturities of the Company’s finance and operating lease liabilities in accordance with ASC 842 as of June 30, 2019 were as follows: Year Finance Leases Operating Leases Total (in thousands) Remainder of 2019 $ 39,157 $ 4,828 $ 43,985 2020 89,159 10,245 99,404 2021 87,525 8,528 96,053 2022 85,177 8,090 93,267 2023 84,253 8,005 92,258 Thereafter 513,206 45,729 558,935 Total lease payments 898,477 85,425 983,902 Less: amount representing interest (309,900 ) (17,051 ) (326,951 ) Present value of lease liabilities $ 588,577 $ 68,374 $ 656,951 The weighted-average remaining lease terms and discount rates related to the Company’s leases were as follows: As of June 30, 2019 Weighted-average remaining lease term (in years) Finance leases 10.24 Operating leases 10.83 Weighted-average discount rate Finance leases 9.10 % Operating leases 4.06 % Please refer to Note O, “Additional Cash Flow Information,” for cash flow impact of the Company’s leases. Additional Lease Information Related to the Application of ASC 840 The following information is disclosed in accordance with ASC 840, Leases (Topic 840) (“ASC 840”), which was applicable until December 31, 2018. As of December 31, 2018, future minimum commitments under the Company’s real estate leases with initial terms of more than one year were as follows: Year Fan Pier San Diego Lease Other Total Lease (in thousands) 2019 $ 66,540 $ 5,324 $ 13,207 $ 85,071 2020 72,589 9,127 14,270 95,986 2021 72,589 9,127 12,529 94,245 2022 72,589 9,127 12,045 93,761 2023 72,589 9,530 11,952 94,071 Thereafter 389,855 119,864 65,472 575,191 Total minimum lease payments $ 746,751 $ 162,099 $ 129,475 $ 1,038,325 As of December 31, 2018, the Company’s total sublease income to be received related to its facility leases was $6.2 million . During the three and six months ended June 30, 2018 , rental expenses were $4.2 million and $8.8 million , respectively. As of December 31, 2018, the Company had outstanding capital leases totaling gross property and equipment of $94.8 million and accumulated depreciation of $34.0 million . The capital leases, which were related to equipment and leasehold improvements, bore interest at rates ranging from less than 1% to 6% per year. The Company’s capital lease amortization was included in depreciation expense during the three and six months ended June 30, 2018 . The following table set forth the Company’s future minimum payments due under capital leases as of December 31, 2018: Year (in thousands) 2019 $ 10,770 2020 7,282 2021 5,649 2022 3,300 2023 1,974 Thereafter 3,085 Total payments 32,060 Less: amount representing interest (2,585 ) Present value of payments $ 29,475

Stock-based Compensation Expens

Stock-based Compensation Expense and Share Repurchase	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation Expense and Share Repurchase	Stock-based Compensation Expense and Share Repurchase Stock-based compensation expense During the three and six months ended June 30, 2019 and 2018 , the Company recognized the following stock-based compensation expense: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) Stock-based compensation expense by type of award: Restricted stock and restricted stock units (including PSUs) $ 60,966 $ 51,497 $ 124,476 $ 101,915 Stock options 26,160 28,591 54,316 54,646 ESPP share issuances 2,809 2,428 5,386 4,556 Stock-based compensation expense related to inventories (248 ) (80 ) (700 ) (545 ) Total stock-based compensation included in costs and expenses $ 89,687 $ 82,436 $ 183,478 $ 160,572 Stock-based compensation expense by line item: Cost of sales $ 1,503 $ 1,191 $ 2,841 $ 2,004 Research and development expenses 55,632 51,612 115,347 100,100 Sales, general and administrative expenses 32,552 29,633 65,290 58,468 Total stock-based compensation included in costs and expenses 89,687 82,436 183,478 160,572 Income tax effect (26,118 ) 5,030 (65,642 ) (16,829 ) Total stock-based compensation included in costs and expenses, net of tax $ 63,569 $ 87,466 $ 117,836 $ 143,743 The following table sets forth the Company’s unrecognized stock-based compensation expense as of June 30, 2019 , by type of award and the weighted-average period over which that expense is expected to be recognized: As of June 30, 2019 Unrecognized Expense Weighted-average (in thousands) (in years) Type of award: Restricted stock and restricted stock units (including PSUs) $ 408,282 2.37 Stock options $ 164,006 2.69 ESPP share issuances $ 6,364 0.62 The following table summarizes information about stock options outstanding and exercisable as of June 30, 2019 : Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted-average Weighted-average Number Weighted-average (in thousands) (in years) (per share) (in thousands) (per share) $29.07–$40.00 204 1.67 $ 36.87 204 $ 36.87 $40.01–$60.00 401 2.96 $ 49.90 401 $ 49.90 $60.01–$80.00 305 4.87 $ 73.09 298 $ 73.02 $80.01–$100.00 2,367 6.65 $ 89.22 1,459 $ 89.74 $100.01–$120.00 616 5.60 $ 109.31 610 $ 109.26 $120.01–$140.00 746 6.14 $ 130.24 685 $ 130.31 $140.01–$160.00 1,245 8.59 $ 155.51 407 $ 155.39 $160.01–$180.00 523 8.14 $ 163.28 236 $ 163.59 $180.01–$189.38 1,787 9.38 $ 185.32 243 $ 184.18 Total 8,194 7.14 $ 126.39 4,543 $ 106.24 Share repurchase program In January 2018, the Company’s Board of Directors approved a share repurchase program (the “2018 Share Repurchase Program”), pursuant to which the Company was authorized to repurchase up to $500.0 million of its common stock between February 1, 2018 and December 31, 2019. As of June 30, 2019 , the Company had repurchased the entire $500.0 million it was authorized to repurchase of its common stock under the 2018 Share Repurchase Program. Under the 2018 Share Repurchase Program, the Company was authorized to purchase shares from time to time through open market or privately negotiated transactions. Such purchases were made pursuant to Rule 10b5-1 plans or other means as determined by the Company’s management and in accordance with the requirements of the SEC. During the six months ended June 30, 2019 , the Company repurchased 832,186 shares of its common stock under the 2018 Share Repurchase Program for an aggregate of $150.0 million including commissions and fees. During the six months ended June 30, 2018 , the Company repurchased 767,551 shares of its common stock under the 2018 Share Repurchase Program for an aggregate of $119.0 million including commissions and fees. In July 2019, the Company’s Board of Directors approved a new share repurchase program, pursuant to which the Company is authorized to repurchase up to $500.0 million of its common stock between August 1, 2019 and December 31, 2020.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to U.S. federal, state, and foreign income taxes. For the three and six months ended June 30, 2019 , the Company recorded provisions for income taxes of $59.7 million and $111.2 million , respectively. The Company’s effective tax rate for the three and six months ended June 30, 2019 is lower than the U.S. statutory rate primarily due to excess tax benefits related to stock-based compensation and utilization of net operating losses to offset pre-tax operating income. The Company’s provision for income taxes in 2019 has increased compared to historical amounts due to the release of the Company’s valuation allowance on the majority of its net operating losses and other deferred tax assets as of December 31, 2018. Starting in 2019, the Company began recording a provision for income taxes on its pre-tax income using an estimated effective tax rate that approximates statutory rates. Due to the Company's ability to offset its pre-tax income against previously benefited net operating losses, it expects the majority of its tax provision to represent a non-cash expense until its net operating losses have been fully utilized. During the three and six months ended June 30, 2018 , the Company’s income taxes included excess tax benefits related to stock-based compensation, a provision for income taxes related to BioAxone’s income taxes and the Company’s U.S. state and foreign taxes. As noted above, the Company released the valuation allowance on the majority of net operating losses and other deferred tax assets and maintained a valuation allowance of $168.5 million related primarily to U.S. state and foreign tax attributes as of December 31, 2018. On a periodic basis, the Company reassesses any valuation allowances that it maintains on its deferred tax assets, weighing positive and negative evidence to assess the recoverability of the deferred tax assets. The Company has reviewed the tax positions taken, or to be taken, in its tax returns for all tax years currently open to examination by a taxing authority. Unrecognized tax benefits represent the aggregate tax effect of differences between tax return positions and the benefits recognized in the financial statements. As of June 30, 2019 and December 31, 2018 , the Company had $27.5 million and $19.5 million , respectively, of gross unrecognized tax benefits, which would affect the Company’s tax rate if recognized. The Company does not expect that its unrecognized tax benefits will materially increase within the next twelve months. The Company accrues interest and penalties related to unrecognized tax benefits as a component of its provision for income taxes. As of June 30, 2019 , no significant interest or penalties were accrued. The Company did not recognize any material interest or penalties related to uncertain tax positions during the three and six months ended June 30, 2019 and 2018 . As of June 30, 2019 , foreign earnings, which were not significant, have been retained indefinitely by foreign subsidiaries for indefinite reinvestment. Upon repatriation of those earnings, in the form of dividends or otherwise, the Company could be subject to withholding taxes payable to the various foreign countries.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guaranties and Indemnifications As permitted under Massachusetts law, the Company’s Articles of Organization and By-laws provide that the Company will indemnify certain of its officers and directors for certain claims asserted against them in connection with their service as an officer or director. The maximum potential amount of future payments that the Company could be required to make under these indemnification provisions is unlimited. However, the Company has purchased directors’ and officers’ liability insurance policies that could reduce its monetary exposure and enable it to recover a portion of any future amounts paid. No indemnification claims currently are outstanding, and the Company believes the estimated fair value of these indemnification arrangements is minimal. The Company customarily agrees in the ordinary course of its business to indemnification provisions in agreements with clinical trial investigators and sites in its drug development programs, sponsored research agreements with academic and not-for-profit institutions, various comparable agreements involving parties performing services for the Company and its real estate leases. The Company also customarily agrees to certain indemnification provisions in its drug discovery, development and commercialization collaboration agreements. With respect to the Company’s clinical trials and sponsored research agreements, these indemnification provisions typically apply to any claim asserted against the investigator or the investigator’s institution relating to personal injury or property damage, violations of law or certain breaches of the Company’s contractual obligations arising out of the research or clinical testing of the Company’s compounds or drug candidates. With respect to lease agreements, the indemnification provisions typically apply to claims asserted against the landlord relating to personal injury or property damage caused by the Company, to violations of law by the Company or to certain breaches of the Company’s contractual obligations. The indemnification provisions appearing in the Company’s collaboration agreements are similar to those for the other agreements discussed above, but in addition provide some limited indemnification for its collaborator in the event of third-party claims alleging infringement of intellectual property rights. In each of the cases above, the indemnification obligation generally survives the termination of the agreement for some extended period, although the Company believes the obligation typically has the most relevance during the contract term and for a short period of time thereafter. The maximum potential amount of future payments that the Company could be required to make under these provisions is generally unlimited. The Company has purchased insurance policies covering personal injury, property damage and general liability that reduce its exposure for indemnification and would enable it in many cases to recover all or a portion of any future amounts paid. The Company has never paid any material amounts to defend lawsuits or settle claims related to these indemnification provisions. Accordingly, the Company believes the estimated fair value of these indemnification arrangements is minimal. Other Contingencies The Company has certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a reserve for contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. There were no material contingent liabilities accrued as of June 30, 2019 or December 31, 2018 .

Additional Cash Flow Informatio

Additional Cash Flow Information	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Cash Flow Information	Additional Cash Flow Information The cash, cash equivalents and restricted cash at the beginning and ending of each period presented in the Company’s condensed consolidated statements of cash flows consisted of the following: Six Months Ended June 30, 2019 2018 Beginning of period End of period Beginning of period End of period (in thousands) Cash and cash equivalents $ 2,650,134 $ 3,294,684 $ 1,665,412 $ 2,145,359 Prepaid expenses and other current assets 4,910 6,962 2,114 8,709 Other assets 3,209 — — — Cash, cash equivalents and restricted cash per statement of cash flows $ 2,658,253 $ 3,301,646 $ 1,667,526 $ 2,154,068 Supplemental cash flow information related to the Company’s leases was as follows: Six Months Ended June 30, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,055 Operating cash flows from finance leases $ 24,635 Financing cash flows from finance leases $ 18,926 Right-of-use assets obtained in exchange for lease obligations Operating leases $ — Finance leases $ —

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared by Vertex Pharmaceuticals Incorporated (“Vertex” or the “Company”) in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. The Company's condensed consolidated financial statements for the interim period ended June 30, 2018 also include the financial results of BioAxone Biosciences, Inc. (“BioAxone”), a variable interest entity (“VIE”) that the Company consolidated from 2014 through December 31, 2018 . All material intercompany balances and transactions have been eliminated. The Company operates in one segment, pharmaceuticals. The Company has reclassified certain items from the prior year’s condensed consolidated financial statements to conform to the current year’s presentation. Certain information and footnote disclosures normally included in the Company’s 2018 Annual Report on Form 10-K have been condensed or omitted. These interim financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial position and results of operations for the interim periods ended June 30, 2019 and 2018 . The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full fiscal year. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2018 , which are contained in the 2018 Annual Report on Form 10-K.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. Significant estimates in these condensed consolidated financial statements have been made in connection with the calculation of revenues, research and development expenses, goodwill, deferred tax asset valuation allowances and the provision for or benefit from income taxes. The Company bases its estimates on historical experience and various other assumptions, including in certain circumstances future projections that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Leases In 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASC 842”), which amends a number of aspects of lease accounting and requires entities to recognize right-of-use assets and liabilities on the balance sheet. ASC 842 became effective on January 1, 2019. The Company has finalized its review of its portfolio of existing leases and current accounting policies and has concluded that the amended guidance results in the recognition of additional assets and corresponding liabilities on its balance sheets. The Company also has finalized changes to its controls to address the adoption and ongoing lease accounting and related disclosure requirements of the new standard. Until December 31, 2018, the Company applied build-to-suit accounting and was the deemed owner of its leased corporate headquarters in Boston and research site in San Diego, for which it was recognizing depreciation expense over the buildings’ useful lives and imputed interest on the corresponding construction financing lease obligations. Under the amended guidance that became effective January 1, 2019, the Company accounts for these buildings as finance leases, resulting in increased depreciation expense over the respective lease terms of approximately 15 years , which are significantly shorter than the buildings’ useful lives of 40 years . The Company also expects a reduction in its imputed interest expense in the initial years of each finance lease term. In 2019, the Company expects an increase in operating expenses of approximately $26 million and a decrease in interest expense of approximately $13 million due to this change. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”), which offered a transition option to entities adopting ASC 842. Under ASU 2018-11, entities could elect to apply ASC 842 using a modified-retrospective adoption approach resulting in a cumulative effect adjustment to accumulated deficit at the beginning of the year in which the new lease standard is adopted, rather than adjustments to the earliest comparative period presented in their financial statements. The Company adopted ASC 842 using the modified-retrospective method. As of January 1, 2019, the Company recorded a cumulative effect adjustment to increase its “ Accumulated deficit ” by $40.3 million related to the adjustments to its build-to-suit leases described in the previous paragraph. The Company elected the package of transition practical expedients for leases that commenced prior to January 1, 2019, allowing it not to reassess (i) whether any expired or existing contracts contain leases, (ii) the lease classification for any expired or existing leases and (iii) the initial indirect costs for any existing leases. Additionally, the Company recorded, upon adoption of ASC 842 on January 1, 2019, operating lease assets of $61.7 million and corresponding liabilities of $71.9 million related to its real estate leases that are not treated as finance leases under ASC 842. The difference between these assets and liabilities is primarily attributable to prepaid or accrued lease payments. The Company also reclassified amounts that were recorded as “Capital lease obligations, current portion” and “Capital lease obligations, excluding current portion” as of December 31, 2018 to “ Other current liabilities ” and “ Long-term finance lease liabilities ,” respectively, on January 1, 2019. These adjustments had no impact on the Company’s condensed consolidated statement of operations and had no impact on the Company’s accumulated deficit. The cumulative effect of applying ASC 842 on the Company’s condensed consolidated balance sheet as of January 1, 2019 was as follows: Balance as of Balance as of December 31, 2018 ^ Adjustments January 1, 2019 Assets (in thousands) Prepaid expenses and other current assets $ 140,819 $ (2,930 ) $ 137,889 Property and equipment, net 812,005 (53,920 ) 758,085 Deferred tax assets 1,499,672 11,236 1,510,908 Operating lease assets — 61,674 61,674 Total assets $ 6,245,898 $ 16,060 $ 6,261,958 Liabilities and Shareholders’ Equity Capital lease obligations, current portion $ 9,817 $ (9,817 ) $ — Other current liabilities 40,589 34,304 74,893 Capital lease obligations, excluding current portion 19,658 (19,658 ) — Construction financing lease obligation, excluding current portion 561,892 (561,892 ) — Long-term finance lease liabilities — 569,487 569,487 Long-term operating lease liabilities — 64,849 64,849 Other long-term liabilities 26,280 (20,903 ) 5,377 Accumulated deficit (2,989,478 ) (40,310 ) (3,029,788 ) Total liabilities and shareholders’ equity $ 6,245,898 $ 16,060 $ 6,261,958 ^ As reported in the Company’s 2018 Annual Report on Form 10-K. Please refer to Note K, “Leases,” for further information regarding the Company’s leases as well as certain disclosures required by ASC 842. Derivatives and Hedging In 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) (“ASU 2017-12”), which helps simplify certain aspects of hedge accounting and enables entities to more accurately present their risk management activities in their financial statements. ASU 2017-12 became effective January 1, 2019. The adoption of ASU 2017-12 did not have a significant effect on the Company’s condensed consolidated financial statements. Recently Issued Accounting Standards Internal-Use Software In 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”), which clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018-15 is effective on January 1, 2020. Early adoption is permitted. The Company currently is evaluating the impact the adoption of ASU 2018-15 may have on its condensed consolidated financial statements. Fair Value Measurement In 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosure requirements for fair value measurements. ASU 2018-13 is effective on January 1, 2020. Early adoption is permitted. The Company currently is evaluating the impact the adoption of ASU 2018-13 may have on its disclosures. Credit Losses In 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires entities to record expected credit losses for certain financial instruments, including trade receivables, as an allowance that reflects the entity's current estimate of credit losses expected to be incurred. For available-for-sale debt securities in unrealized loss positions, ASU 2016-13 requires allowances to be recorded instead of reducing the amortized cost of the investment. ASU 2016-13 is effective on January 1, 2020. Early adoption is permitted. The Company currently is evaluating the impact the adoption of ASU 2016-13 may have on its condensed consolidated financial statements. For a discussion of other recent accounting pronouncements please refer to Note A, “Nature of Business and Accounting Policies—Recent Accounting Pronouncements,” in the 2018 Annual Report on Form 10-K. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note A, “Nature of Business and Accounting Policies,” in its 2018 Annual Report on Form 10-K. The Company is disclosing changes in its accounting policies related to guidance that became effective January 1, 2019 in this Quarterly Report on Form 10-Q. Specifically, the Company has included its policy pursuant to its adoption of ASC 842 below. Leases At the inception of an arrangement, the Company determines whether the arrangement contains a lease. If a lease is identified in an arrangement, the Company recognizes a right-of-use asset and liability on its balance sheet and determines whether the lease should be classified as a finance or operating lease. The Company does not recognize assets or liabilities for leases with lease terms of less than 12 months. A lease qualifies as a finance lease if any of the following criteria are met at the inception of the lease: (i) there is a transfer of ownership of the leased asset to the Company by the end of the lease term, (ii) the Company holds an option to purchase the leased asset that it is reasonably certain to exercise, (iii) the lease term is for a major part of the remaining economic life of the leased asset, (iv) the present value of the sum of lease payments equals or exceeds substantially all of the fair value of the leased asset, or (v) the nature of the leased asset is specialized to the point that it is expected to provide the lessor no alternative use at the end of the lease term. All other leases are recorded as operating leases. Finance and operating lease assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term using the discount rate implicit in the lease. If the rate implicit is not readily determinable, the Company utilizes its incremental borrowing rate at the lease commencement date. Operating lease assets are further adjusted for prepaid or accrued lease payments. Operating lease payments are expensed using the straight-line method as an operating expense over the lease term. Finance lease assets are amortized to depreciation expense using the straight-line method over the shorter of the useful life of the related asset or the lease term. Finance lease payments are bifurcated into (i) a portion that is recorded as imputed interest expense and (ii) a portion that reduces the finance liability associated with the lease. The Company does not separate lease and non-lease components when determining which lease payments to include in the calculation of its lease assets and liabilities. Variable lease payments are expensed as incurred. If a lease includes an option to extend or terminate the lease, the Company reflects the option in the lease term if it is reasonably certain it will exercise the option. Finance leases are recorded in “ Property and equipment, net ,” “ Other current liabilities ” and “ Long-term finance lease liabilities ” on the Company’s condensed consolidated balance sheet. Operating leases are recorded in “ Operating lease assets ,” “ Other current liabilities ” and “ Long-term operating lease liabilities ” on the Company’s condensed consolidated balance sheet.

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of new accounting pronouncements and changes in accounting principles	The cumulative effect of applying ASC 842 on the Company’s condensed consolidated balance sheet as of January 1, 2019 was as follows: Balance as of Balance as of December 31, 2018 ^ Adjustments January 1, 2019 Assets (in thousands) Prepaid expenses and other current assets $ 140,819 $ (2,930 ) $ 137,889 Property and equipment, net 812,005 (53,920 ) 758,085 Deferred tax assets 1,499,672 11,236 1,510,908 Operating lease assets — 61,674 61,674 Total assets $ 6,245,898 $ 16,060 $ 6,261,958 Liabilities and Shareholders’ Equity Capital lease obligations, current portion $ 9,817 $ (9,817 ) $ — Other current liabilities 40,589 34,304 74,893 Capital lease obligations, excluding current portion 19,658 (19,658 ) — Construction financing lease obligation, excluding current portion 561,892 (561,892 ) — Long-term finance lease liabilities — 569,487 569,487 Long-term operating lease liabilities — 64,849 64,849 Other long-term liabilities 26,280 (20,903 ) 5,377 Accumulated deficit (2,989,478 ) (40,310 ) (3,029,788 ) Total liabilities and shareholders’ equity $ 6,245,898 $ 16,060 $ 6,261,958 ^ As reported in the Company’s 2018 Annual Report on Form 10-K.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	Total revenues from external customers and collaborators by geographic region consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) United States $ 700,618 $ 584,811 $ 1,341,721 $ 1,067,478 Outside of the United States Europe 180,196 135,914 347,947 267,809 Other 60,479 31,432 110,060 57,669 Total revenues outside of the United States 240,675 167,346 458,007 325,478 Total revenues $ 941,293 $ 752,157 $ 1,799,728 $ 1,392,956 Product revenues, net consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) SYMDEKO/SYMKEVI $ 361,832 $ 185,558 $ 682,107 $ 219,682 ORKAMBI 316,441 311,261 609,448 665,327 KALYDECO 262,107 253,093 506,078 502,632 Total product revenues, net $ 940,380 $ 749,912 $ 1,797,633 $ 1,387,641

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	The following table sets forth the computation of basic and diluted net income per share for the periods ended: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands, except per share amounts) Basic net income attributable to Vertex per common share calculation: Net income attributable to Vertex common shareholders $ 267,427 $ 207,360 $ 536,058 $ 417,623 Less: Undistributed earnings allocated to participating securities — (65 ) — (163 ) Net income attributable to Vertex common shareholders—basic $ 267,427 $ 207,295 $ 536,058 $ 417,460 Basic weighted-average common shares outstanding 256,154 254,135 255,941 253,685 Basic net income attributable to Vertex per common share $ 1.04 $ 0.82 $ 2.09 $ 1.65 Diluted net income attributable to Vertex per common share calculation: Net income attributable to Vertex common shareholders $ 267,427 $ 207,360 $ 536,058 $ 417,623 Less: Undistributed earnings allocated to participating securities — (64 ) — (160 ) Net income attributable to Vertex common shareholders—diluted $ 267,427 $ 207,296 $ 536,058 $ 417,463 Weighted-average shares used to compute basic net income per common share 256,154 254,135 255,941 253,685 Effect of potentially dilutive securities: Stock options 2,225 2,758 2,405 3,003 Restricted stock and restricted stock units (including PSUs) 1,440 1,689 1,655 1,851 Employee stock purchase program 3 2 14 18 Weighted-average shares used to compute diluted net income per common share 259,822 258,584 260,015 258,557 Diluted net income attributable to Vertex per common share $ 1.03 $ 0.80 $ 2.06 $ 1.61
Potential gross common equivalent shares	The Company did not include the securities in the following table in the computation of the net income per share attributable to Vertex common shareholders calculations because the effect would have been anti-dilutive during each period: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) Stock options 3,207 2,253 3,022 1,943 Unvested restricted stock and restricted stock units (including PSUs) 3 6 4 5

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Financial assets subject to fair value measurements (excluding VIE cash and cash equivalents, which are recorded as Restricted cash and cash equivalents (VIE))	The following table sets forth the Company’s financial assets and liabilities subject to fair value measurements (and does not include $1.7 billion and $ 1.4 billion of cash as of June 30, 2019 and December 31, 2018 , respectively): Fair Value Measurements as of June 30, 2019 Fair Value Hierarchy Total Level 1 Level 2 Level 3 (in thousands) Financial instruments carried at fair value (asset positions): Cash equivalents: Money market funds $ 1,561,770 $ 1,561,770 $ — $ — Government-sponsored enterprise securities 24,519 24,519 — — Commercial paper 22,234 — 22,234 — Marketable securities: Corporate equity securities 267,401 253,442 13,959 — U.S. Treasury securities 5,892 5,892 — — Government-sponsored enterprise securities 8,247 8,247 — — Corporate debt securities 249,426 — 249,426 — Commercial paper 125,572 — 125,572 — Prepaid expenses and other current assets: Foreign currency forward contracts 13,215 — 13,215 — Other assets: Foreign currency forward contracts 314 — 314 — Total financial assets $ 2,278,590 $ 1,853,870 $ 424,720 $ — Financial instruments carried at fair value (liability positions): Other current liabilities: Foreign currency forward contracts $ (761 ) $ — $ (761 ) $ — Other long-term liabilities: Foreign currency forward contracts (207 ) — (207 ) — Total financial liabilities $ (968 ) $ — $ (968 ) $ — Fair Value Measurements as of December 31, 2018 Fair Value Hierarchy Total Level 1 Level 2 Level 3 (in thousands) Financial instruments carried at fair value (asset positions): Cash equivalents: Money market funds $ 1,226,603 $ 1,226,603 $ — $ — U.S. Treasury securities 5,966 5,966 — — Government-sponsored enterprise securities 7,123 7,123 — — Commercial paper 58,268 — 58,268 — Marketable securities: Corporate equity securities 167,323 153,733 13,590 — U.S. Treasury securities 6,026 6,026 — — Government-sponsored enterprise securities 10,704 10,704 — — Corporate debt securities 233,665 — 233,665 — Commercial paper 100,390 — 100,390 — Prepaid expenses and other current assets: Foreign currency forward contracts 19,023 — 19,023 — Other assets: Foreign currency forward contracts 1,514 — 1,514 — Total financial assets $ 1,836,605 $ 1,410,155 $ 426,450 $ — Financial instruments carried at fair value (liability positions): Other current liabilities: Foreign currency forward contracts $ (340 ) $ — $ (340 ) $ — Other long-term liabilities: Foreign currency forward contracts (108 ) — (108 ) — Total financial liabilities $ (448 ) $ — $ (448 ) $ —

Marketable Securities and Equ_2

Marketable Securities and Equity Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Cash and Cash Equivalents [Abstract]
Summary of cash equivalents and marketable securities	A summary of the Company’s cash equivalents and marketable securities, which are recorded at fair value (and do not include $1.7 billion and $ 1.4 billion of cash as of June 30, 2019 and December 31, 2018 , respectively), is shown below: Amortized Cost Gross Gross Fair Value (in thousands) As of June 30, 2019 Cash equivalents: Money market funds $ 1,561,770 $ — $ — $ 1,561,770 Government-sponsored enterprise securities 24,518 2 (1 ) 24,519 Commercial paper 22,233 2 (1 ) 22,234 Total cash equivalents 1,608,521 4 (2 ) 1,608,523 Marketable securities: U.S. Treasury securities 5,891 1 — 5,892 Government-sponsored enterprise securities 8,240 7 — 8,247 Corporate debt securities 249,076 373 (23 ) 249,426 Commercial paper 125,421 174 (23 ) 125,572 Total marketable debt securities 388,628 555 (46 ) 389,137 Corporate equity securities 133,157 140,328 (6,084 ) 267,401 Total marketable securities $ 521,785 $ 140,883 $ (6,130 ) $ 656,538 As of December 31, 2018 Cash equivalents: Money market funds $ 1,226,603 $ — $ — $ 1,226,603 U.S. Treasury securities 5,967 — (1 ) 5,966 Government-sponsored enterprise securities 7,124 — (1 ) 7,123 Commercial paper 58,271 — (3 ) 58,268 Total cash equivalents 1,297,965 — (5 ) 1,297,960 Marketable securities: U.S. Treasury securities 6,026 — — 6,026 Government-sponsored enterprise securities 10,704 — — 10,704 Corporate debt securities 234,088 27 (450 ) 233,665 Commercial paper 100,498 — (108 ) 100,390 Total marketable debt securities 351,316 27 (558 ) 350,785 Corporate equity securities 133,157 40,619 (6,453 ) 167,323 Total marketable securities $ 484,473 $ 40,646 $ (7,011 ) $ 518,108 Available-for-sale debt securities were recorded in the Company's condensed consolidated balance sheets at fair value as follows: As of June 30, 2019 As of December 31, 2018 (in thousands) Cash and cash equivalents $ 1,608,523 $ 1,297,960 Marketable securities 389,137 350,785 Total $ 1,997,660 $ 1,648,745 Available-for-sale debt securities by contractual maturity were as follows: As of June 30, 2019 As of December 31, 2018 (in thousands) Matures within one year $ 1,968,686 $ 1,647,500 Matures after one year through five years 28,974 1,245 Total $ 1,997,660 $ 1,648,745

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in accumulated other comprehensive income (loss) by component: Unrealized Holding Gains (Losses), Net of Tax Foreign Currency Translation Adjustment On Available-For-Sale Debt Securities On Foreign Currency Forward Contracts Total (in thousands) Balance at December 31, 2018 $ (11,227 ) $ (536 ) $ 12,422 $ 659 Other comprehensive income before reclassifications 1,091 1,047 5,793 7,931 Amounts reclassified from accumulated other comprehensive income (loss) — — (11,791 ) (11,791 ) Net current period other comprehensive income (loss) 1,091 1,047 (5,998 ) (3,860 ) Balance at June 30, 2019 $ (10,136 ) $ 511 $ 6,424 $ (3,201 ) Unrealized Holding Gains (Losses), Net of Tax Foreign Currency Translation Adjustment On Available-For-Sale Debt Securities On Equity Securities On Foreign Currency Forward Contracts Total (in thousands) Balance at December 31, 2017 $ (21,031 ) $ (594 ) $ 25,069 $ (15,016 ) $ (11,572 ) Other comprehensive income (loss) before reclassifications 6,141 (87 ) — 15,352 21,406 Amounts reclassified from accumulated other comprehensive income (loss) — — — 9,681 9,681 Net current period other comprehensive income (loss) 6,141 (87 ) — 25,033 31,087 Amounts reclassified to accumulated deficit pursuant to adoption of new accounting standard 949 — (25,069 ) — (24,120 ) Balance at June 30, 2018 $ (13,941 ) $ (681 ) $ — $ 10,017 $ (4,605 )

Hedging (Tables)

Hedging (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Cash Flow Hedging Instruments	The following table summarizes the notional amount of the Company’s outstanding foreign currency forward contracts designated as cash flow hedges under GAAP: As of June 30, 2019 As of December 31, 2018 Foreign Currency (in thousands) Euro $ 448,778 $ 335,179 British pound sterling 65,278 73,460 Australian dollar 77,010 52,820 Canadian dollar 47,950 43,759 Total foreign currency forward contracts $ 639,016 $ 505,218
Schedule of Foreign Exchange Contracts, Condensed Consolidated Statements of Operations	During the three and six months ended June 30, 2019 and 2018 , the Company recognized the following related to foreign currency forward contacts in its condensed consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) Designated as hedging instruments - Reclassified from AOCI Product revenues, net $ 8,238 $ (2,675 ) $ 15,077 $ (9,159 ) Not designated as hedging instruments Other income, net $ (1,089 ) $ (4,152 ) $ 2,062 $ (2,614 )
Schedule of Foreign Exchange Contracts	The following table summarizes the fair value of the Company’s outstanding foreign currency forward contracts designated as cash flow hedges under GAAP included on its condensed consolidated balance sheets: As of June 30, 2019 Assets Liabilities Classification Fair Value Classification Fair Value (in thousands) Prepaid expenses and other current assets $ 13,215 Other current liabilities $ (761 ) Other assets 314 Other long-term liabilities (207 ) Total assets $ 13,529 Total liabilities $ (968 ) As of December 31, 2018 Assets Liabilities Classification Fair Value Classification Fair Value (in thousands) Prepaid expenses and other current assets $ 19,023 Other current liabilities $ (340 ) Other assets 1,514 Other long-term liabilities (108 ) Total assets $ 20,537 Total liabilities $ (448 )
Derivatives Offsetting	The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under GAAP on the Company’s condensed consolidated balance sheets: As of June 30, 2019 Gross Amounts Recognized Gross Amounts Offset Gross Amounts Presented Gross Amounts Not Offset Legal Offset Foreign currency forward contracts (in thousands) Total assets $ 13,529 $ — $ 13,529 $ (968 ) $ 12,561 Total liabilities $ (968 ) $ — $ (968 ) $ 968 $ — As of December 31, 2018 Gross Amounts Recognized Gross Amounts Offset Gross Amounts Presented Gross Amounts Not Offset Legal Offset Foreign currency forward contracts (in thousands) Total assets $ 20,537 $ — $ 20,537 $ (448 ) $ 20,089 Total liabilities $ (448 ) $ — $ (448 ) $ 448 $ —

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventories by Type	Inventories consisted of the following: As of June 30, 2019 As of December 31, 2018 (in thousands) Raw materials $ 12,957 $ 9,677 Work-in-process 91,874 87,944 Finished goods 38,186 26,739 Total $ 143,017 $ 124,360

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Lease Costs	The components of lease cost recorded in the Company’s condensed consolidated statement of operations were as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (in thousands) Operating lease cost $ 2,629 $ 5,268 Finance lease cost Amortization of leased assets 12,063 24,428 Interest on lease liabilities 13,375 26,824 Variable lease cost 6,036 12,798 Sublease income (1,687 ) (3,171 ) Net lease cost $ 32,416 $ 66,147 The Company’s leases are included on its condensed consolidated balance sheets as follows: As of June 30, 2019 As of December 31, 2018 ^ (in thousands) Finance leases Property and equipment, net $ 461,549 $ 640,952 Total finance lease assets $ 461,549 $ 640,952 Capital lease obligations, current portion $ — $ 9,817 Other current liabilities 37,047 5,271 Capital lease obligations, excluding current portion — 19,658 Construction financing lease obligation, excluding current portion — 561,892 Long-term finance lease liabilities 551,530 — Total finance lease liabilities $ 588,577 $ 596,638 Operating leases Operating lease assets $ 58,031 $ — Total operating lease assets $ 58,031 $ — Other current liabilities $ 7,941 $ — Long-term operating lease liabilities 60,433 — Total operating lease liabilities $ 68,374 $ — ^ As reported in the Company’s 2018 Annual Report on Form 10-K.
Finance Lease, Liability, Maturity	Maturities of the Company’s finance and operating lease liabilities in accordance with ASC 842 as of June 30, 2019 were as follows: Year Finance Leases Operating Leases Total (in thousands) Remainder of 2019 $ 39,157 $ 4,828 $ 43,985 2020 89,159 10,245 99,404 2021 87,525 8,528 96,053 2022 85,177 8,090 93,267 2023 84,253 8,005 92,258 Thereafter 513,206 45,729 558,935 Total lease payments 898,477 85,425 983,902 Less: amount representing interest (309,900 ) (17,051 ) (326,951 ) Present value of lease liabilities $ 588,577 $ 68,374 $ 656,951
Lessee, Operating Lease, Liability, Maturity	Maturities of the Company’s finance and operating lease liabilities in accordance with ASC 842 as of June 30, 2019 were as follows: Year Finance Leases Operating Leases Total (in thousands) Remainder of 2019 $ 39,157 $ 4,828 $ 43,985 2020 89,159 10,245 99,404 2021 87,525 8,528 96,053 2022 85,177 8,090 93,267 2023 84,253 8,005 92,258 Thereafter 513,206 45,729 558,935 Total lease payments 898,477 85,425 983,902 Less: amount representing interest (309,900 ) (17,051 ) (326,951 ) Present value of lease liabilities $ 588,577 $ 68,374 $ 656,951
Weighted-Average Remaining Lease Terms and Discount Rates	The weighted-average remaining lease terms and discount rates related to the Company’s leases were as follows: As of June 30, 2019 Weighted-average remaining lease term (in years) Finance leases 10.24 Operating leases 10.83 Weighted-average discount rate Finance leases 9.10 % Operating leases 4.06 %
Schedule of Future Minimum Lease Payments for Capital Leases	The following table set forth the Company’s future minimum payments due under capital leases as of December 31, 2018: Year (in thousands) 2019 $ 10,770 2020 7,282 2021 5,649 2022 3,300 2023 1,974 Thereafter 3,085 Total payments 32,060 Less: amount representing interest (2,585 ) Present value of payments $ 29,475
Schedule of Future Minimum Rental Payments for Operating Leases	The following information is disclosed in accordance with ASC 840, Leases (Topic 840) (“ASC 840”), which was applicable until December 31, 2018. As of December 31, 2018, future minimum commitments under the Company’s real estate leases with initial terms of more than one year were as follows: Year Fan Pier San Diego Lease Other Total Lease (in thousands) 2019 $ 66,540 $ 5,324 $ 13,207 $ 85,071 2020 72,589 9,127 14,270 95,986 2021 72,589 9,127 12,529 94,245 2022 72,589 9,127 12,045 93,761 2023 72,589 9,530 11,952 94,071 Thereafter 389,855 119,864 65,472 575,191 Total minimum lease payments $ 746,751 $ 162,099 $ 129,475 $ 1,038,325

Stock-based Compensation Expe_2

Stock-based Compensation Expense and Share Repurchase (Tables)	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense by line item	During the three and six months ended June 30, 2019 and 2018 , the Company recognized the following stock-based compensation expense: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) Stock-based compensation expense by type of award: Restricted stock and restricted stock units (including PSUs) $ 60,966 $ 51,497 $ 124,476 $ 101,915 Stock options 26,160 28,591 54,316 54,646 ESPP share issuances 2,809 2,428 5,386 4,556 Stock-based compensation expense related to inventories (248 ) (80 ) (700 ) (545 ) Total stock-based compensation included in costs and expenses $ 89,687 $ 82,436 $ 183,478 $ 160,572 Stock-based compensation expense by line item: Cost of sales $ 1,503 $ 1,191 $ 2,841 $ 2,004 Research and development expenses 55,632 51,612 115,347 100,100 Sales, general and administrative expenses 32,552 29,633 65,290 58,468 Total stock-based compensation included in costs and expenses 89,687 82,436 183,478 160,572 Income tax effect (26,118 ) 5,030 (65,642 ) (16,829 ) Total stock-based compensation included in costs and expenses, net of tax $ 63,569 $ 87,466 $ 117,836 $ 143,743
Unrecognized stock-based compensation expense, net of estimated forfeitures	The following table sets forth the Company’s unrecognized stock-based compensation expense as of June 30, 2019 , by type of award and the weighted-average period over which that expense is expected to be recognized: As of June 30, 2019 Unrecognized Expense Weighted-average (in thousands) (in years) Type of award: Restricted stock and restricted stock units (including PSUs) $ 408,282 2.37 Stock options $ 164,006 2.69 ESPP share issuances $ 6,364 0.62
Stock options outstanding and exercisable	The following table summarizes information about stock options outstanding and exercisable as of June 30, 2019 : Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted-average Weighted-average Number Weighted-average (in thousands) (in years) (per share) (in thousands) (per share) $29.07–$40.00 204 1.67 $ 36.87 204 $ 36.87 $40.01–$60.00 401 2.96 $ 49.90 401 $ 49.90 $60.01–$80.00 305 4.87 $ 73.09 298 $ 73.02 $80.01–$100.00 2,367 6.65 $ 89.22 1,459 $ 89.74 $100.01–$120.00 616 5.60 $ 109.31 610 $ 109.26 $120.01–$140.00 746 6.14 $ 130.24 685 $ 130.31 $140.01–$160.00 1,245 8.59 $ 155.51 407 $ 155.39 $160.01–$180.00 523 8.14 $ 163.28 236 $ 163.59 $180.01–$189.38 1,787 9.38 $ 185.32 243 $ 184.18 Total 8,194 7.14 $ 126.39 4,543 $ 106.24

Additional Cash Flow Informat_2

Additional Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Cash Flow Statement	The cash, cash equivalents and restricted cash at the beginning and ending of each period presented in the Company’s condensed consolidated statements of cash flows consisted of the following: Six Months Ended June 30, 2019 2018 Beginning of period End of period Beginning of period End of period (in thousands) Cash and cash equivalents $ 2,650,134 $ 3,294,684 $ 1,665,412 $ 2,145,359 Prepaid expenses and other current assets 4,910 6,962 2,114 8,709 Other assets 3,209 — — — Cash, cash equivalents and restricted cash per statement of cash flows $ 2,658,253 $ 3,301,646 $ 1,667,526 $ 2,154,068
Lease, Supplemental Cash Flow Information	Supplemental cash flow information related to the Company’s leases was as follows: Six Months Ended June 30, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,055 Operating cash flows from finance leases $ 24,635 Financing cash flows from finance leases $ 18,926 Right-of-use assets obtained in exchange for lease obligations Operating leases $ — Finance leases $ —

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policies - Narrative (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)segment	Dec. 31, 2018USD ($)	Jan. 01, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2011
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Length of lease			15 years
Number of operating segments | segment	1
Cumulative effect adjustment to accumulated deficit		$ (40,310)		$ 9,229
Operating lease assets	$ 58,031		$ 61,674
Total operating lease liabilities	$ 68,374
Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment to accumulated deficit		(40,310)		$ 33,349
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expected future increase (decrease) in operating expenses		26,000
Expected future increase (decrease) in interest expense		(13,000)
Operating lease assets		$ 61,674	61,700
Total operating lease liabilities			71,900
Accounting Standards Update 2016-02 | Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment to accumulated deficit			$ 40,300
Fan Pier Leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Length of lease					15 years
Building
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life	40 years

Basis of Presentation and Acc_5

Basis of Presentation and Accounting Policies - Cumulative Effect of applying ASC 842 to the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prepaid expenses and other current assets	$ 151,829	$ 137,889	$ 140,819
Property and equipment, net	731,131	758,085	812,005
Deferred tax assets	1,425,191	1,510,908	1,499,672
Operating lease assets	58,031	61,674
Total assets	7,033,471	6,261,958	6,245,898
Capital lease obligations, current portion			9,817
Other current liabilities		74,893	40,589
Capital lease obligations, excluding current portion			19,658
Construction financing lease obligation, excluding current portion			561,892
Long-term finance lease liabilities	551,530	569,487
Long-term operating lease liabilities	60,433	64,849
Other long-term liabilities	8,014	5,377	26,280
Accumulated deficit	(2,493,730)	(3,029,788)	(2,989,478)
Total liabilities and shareholders’ equity	$ 7,033,471	6,261,958	6,245,898
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prepaid expenses and other current assets			(2,930)
Property and equipment, net			(53,920)
Deferred tax assets			11,236
Operating lease assets		$ 61,700	61,674
Total assets			16,060
Capital lease obligations, current portion			(9,817)
Other current liabilities			34,304
Capital lease obligations, excluding current portion			(19,658)
Construction financing lease obligation, excluding current portion			(561,892)
Long-term finance lease liabilities			569,487
Long-term operating lease liabilities			64,849
Other long-term liabilities			(20,903)
Accumulated deficit			(40,310)
Total liabilities and shareholders’ equity			$ 16,060

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 60.2	$ 24.9

Revenue Recognition - Schedule

Revenue Recognition - Schedule of disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 941,293	$ 752,157	$ 1,799,728	$ 1,392,956
United States
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	700,618	584,811	1,341,721	1,067,478
Europe
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	180,196	135,914	347,947	267,809
Other
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	60,479	31,432	110,060	57,669
Total revenues outside of the United States
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	240,675	167,346	458,007	325,478
Product revenues, net
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	940,380	749,912	1,797,633	1,387,641
SYMDEKO
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	361,832	185,558	682,107	219,682
ORKAMBI
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	316,441	311,261	609,448	665,327
KALYDECO
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 262,107	$ 253,093	$ 506,078	$ 502,632

Collaborative Arrangements an_2

Collaborative Arrangements and Acquisitions - CRISPR Therapeutics AG (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2015
CRISPR Therapeutics
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, up-front payment						$ 75
Collaborative arrangement, development and regulatory potential milestone payments maximum						$ 420
CTX001 Co-Co
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement research and development expenses		$ 7.5	$ 5.2	$ 14.6	$ 8.9
Subsequent Event | CRISPR Therapeutics
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, up-front payment	$ 175
Collaborative arrangement, development and regulatory potential milestone payments maximum	$ 825

Collaborative Arrangements an_3

Collaborative Arrangements and Acquisitions Collaborative Arrangements and Acquisitions - Kymera Therapeutics (Details) - Kymera Therapeutics $ in Millions	1 Months Ended
	May 31, 2019USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, up-front payment	$ 50
Collaborative arrangement, development and regulatory potential milestone payments maximum	170
Collaborative Arrangement, Investment in Collaborative Partner, Amount	$ 20

Collaborative Arrangements an_4

Collaborative Arrangements and Acquisitions - BioAxone Biosciences, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Net loss (income) attributable to noncontrolling interest	$ 0	$ 1,110	$ 0	$ (15,928)
(Increase) decrease in fair value of contingent payments				$ 24,000
BioAxone Biosciences Inc.
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, up-front payment		$ 10,000

Collaborative Arrangements an_5

Collaborative Arrangements and Acquisitions Collaborative Arrangements and Acquisitions - Exonics Therapeutics (Details) - Subsequent Event - Exonics Therapeutics $ in Millions	1 Months Ended
	Jul. 31, 2019USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Payments to Acquire Businesses, Gross	$ 245
Future Payments To Acquire Businesses	70
Collaborative arrangement, development and regulatory potential milestone payments maximum	$ 728

Collaborative Arrangements an_6

Collaborative Arrangements and Acquisitions - Cystic Fibrosis Foundation Therapeutics Incorporated (Details) - Cystic Fibrosis Foundation Therapeutics Incorporated - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2016
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Additional milestone payments	$ 0
Collaborative funding		$ 75,000,000
Additional collaborative funding		$ 6,000,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share Computation Statement (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share
Net Income (Loss) Attributable to Parent	$ 267,427	$ 207,360	$ 536,058	$ 417,623
Basic net income attributable to Vertex per common share calculation:
Less: Undistributed earnings allocated to participating securities	0	(65)	0	(163)
Net income attributable to Vertex common shareholders—basic	$ 267,427	$ 207,295	$ 536,058	$ 417,460
Basic weighted-average common shares outstanding (in shares)	256,154	254,135	255,941	253,685
Basic net income (loss) attributable to Vertex per common share (in dollars per share)	$ 1.04	$ 0.82	$ 2.09	$ 1.65
Diluted net income attributable to Vertex per common share calculation:
Less: Undistributed earnings allocated to participating securities	$ 0	$ (64)	$ 0	$ (160)
Net income attributable to Vertex common shareholders—diluted	$ 267,427	$ 207,296	$ 536,058	$ 417,463
Effect of potentially dilutive securities:
Employee stock purchase program (in shares)	3	2	14	18
Weighted-average shares used to compute diluted net income per common share (in shares)	259,822	258,584	260,015	258,557
Diluted net income attributable to Vertex per common share (in dollars per share)	$ 1.03	$ 0.80	$ 2.06	$ 1.61
Stock options
Effect of potentially dilutive securities:
Share-based payment arrangements (in shares)	2,225	2,758	2,405	3,003
Restricted stock and restricted stock units (including PSUs)
Effect of potentially dilutive securities:
Share-based payment arrangements (in shares)	1,440	1,689	1,655	1,851

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financial instruments carried at fair value (asset positions):
Total financial assets	$ 2,278,590	$ 1,836,605
Financial instruments carried at fair value (liability positions):
Total financial liabilities	(968)	(448)
Level 1
Financial instruments carried at fair value (asset positions):
Total financial assets	1,853,870	1,410,155
Financial instruments carried at fair value (liability positions):
Total financial liabilities	0	0
Level 2
Financial instruments carried at fair value (asset positions):
Total financial assets	424,720	426,450
Financial instruments carried at fair value (liability positions):
Total financial liabilities	(968)	(448)
Level 3
Financial instruments carried at fair value (asset positions):
Total financial assets	0	0
Financial instruments carried at fair value (liability positions):
Total financial liabilities	0	0
Prepaid expenses and other current assets | Foreign currency forward contracts
Financial instruments carried at fair value (asset positions):
Foreign currency forward contracts	13,215	19,023
Prepaid expenses and other current assets | Foreign currency forward contracts | Level 1
Financial instruments carried at fair value (asset positions):
Foreign currency forward contracts	0	0
Prepaid expenses and other current assets | Foreign currency forward contracts | Level 2
Financial instruments carried at fair value (asset positions):
Foreign currency forward contracts	13,215	19,023
Prepaid expenses and other current assets | Foreign currency forward contracts | Level 3
Financial instruments carried at fair value (asset positions):
Foreign currency forward contracts	0	0
Other assets | Foreign currency forward contracts
Financial instruments carried at fair value (asset positions):
Foreign currency forward contracts	314
Total financial assets		1,514
Other assets | Foreign currency forward contracts | Level 1
Financial instruments carried at fair value (asset positions):
Foreign currency forward contracts	0
Total financial assets		0
Other assets | Foreign currency forward contracts | Level 2
Financial instruments carried at fair value (asset positions):
Foreign currency forward contracts	314
Total financial assets		1,514
Other assets | Foreign currency forward contracts | Level 3
Financial instruments carried at fair value (asset positions):
Foreign currency forward contracts	0
Total financial assets		0
Other current liabilities | Foreign currency forward contracts
Financial instruments carried at fair value (liability positions):
Derivative liability current	(761)	(340)
Other current liabilities | Foreign currency forward contracts | Level 1
Financial instruments carried at fair value (liability positions):
Derivative liability current	0	0
Other current liabilities | Foreign currency forward contracts | Level 2
Financial instruments carried at fair value (liability positions):
Derivative liability current	(761)	(340)
Other current liabilities | Foreign currency forward contracts | Level 3
Financial instruments carried at fair value (liability positions):
Derivative liability current	0	0
Other long-term liabilities | Foreign currency forward contracts
Financial instruments carried at fair value (liability positions):
Derivative liability, noncurrent	(207)	(108)
Other long-term liabilities | Foreign currency forward contracts | Level 1
Financial instruments carried at fair value (liability positions):
Derivative liability, noncurrent	0	0
Other long-term liabilities | Foreign currency forward contracts | Level 2
Financial instruments carried at fair value (liability positions):
Derivative liability, noncurrent	(207)	(108)
Other long-term liabilities | Foreign currency forward contracts | Level 3
Financial instruments carried at fair value (liability positions):
Derivative liability, noncurrent	0	0
Money market funds
Financial instruments carried at fair value (asset positions):
Cash equivalents	1,561,770	1,226,603
Money market funds | Level 1
Financial instruments carried at fair value (asset positions):
Cash equivalents	1,561,770	1,226,603
Money market funds | Level 2
Financial instruments carried at fair value (asset positions):
Cash equivalents	0	0
Money market funds | Level 3
Financial instruments carried at fair value (asset positions):
Cash equivalents	0	0
Government-sponsored enterprise securities
Financial instruments carried at fair value (asset positions):
Cash equivalents	24,519	7,123
Marketable securities	8,247	10,704
Government-sponsored enterprise securities | Level 1
Financial instruments carried at fair value (asset positions):
Cash equivalents	24,519	7,123
Marketable securities	8,247	10,704
Government-sponsored enterprise securities | Level 2
Financial instruments carried at fair value (asset positions):
Cash equivalents	0	0
Marketable securities	0	0
Government-sponsored enterprise securities | Level 3
Financial instruments carried at fair value (asset positions):
Cash equivalents	0	0
Marketable securities	0	0
Commercial paper
Financial instruments carried at fair value (asset positions):
Cash equivalents	22,234	58,268
Marketable securities	125,572	100,390
Commercial paper | Level 1
Financial instruments carried at fair value (asset positions):
Cash equivalents	0	0
Marketable securities	0	0
Commercial paper | Level 2
Financial instruments carried at fair value (asset positions):
Cash equivalents	22,234	58,268
Marketable securities	125,572	100,390
Commercial paper | Level 3
Financial instruments carried at fair value (asset positions):
Cash equivalents	0	0
Marketable securities	0	0
U.S. Treasury securities
Financial instruments carried at fair value (asset positions):
Cash equivalents		5,966
Marketable securities	5,892	6,026
U.S. Treasury securities | Level 1
Financial instruments carried at fair value (asset positions):
Cash equivalents		5,966
Marketable securities	5,892	6,026
U.S. Treasury securities | Level 2
Financial instruments carried at fair value (asset positions):
Cash equivalents		0
Marketable securities	0	0
U.S. Treasury securities | Level 3
Financial instruments carried at fair value (asset positions):
Cash equivalents		0
Marketable securities	0	0
Corporate debt securities
Financial instruments carried at fair value (asset positions):
Marketable securities	249,426	233,665
Corporate debt securities | Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities	0	0
Corporate debt securities | Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities	249,426	233,665
Corporate debt securities | Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities	0	0
Corporate equity securities
Financial instruments carried at fair value (asset positions):
Marketable securities	267,401	167,323
Corporate equity securities | Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities	253,442	153,733
Corporate equity securities | Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities	13,959	13,590
Corporate equity securities | Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities	$ 0	$ 0

Earnings Per Share - Potential

Earnings Per Share - Potential Gross Common Equivalent Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	3,207	2,253	3,022	1,943
Unvested restricted stock and restricted stock units (including PSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	3	6	4	5

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Billions	Jun. 30, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Cash	$ 1.7	$ 1.4

Marketable Securities and Equ_3

Marketable Securities and Equity Investments - Summary of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Available-for-sale Debt Securities
Fair Value	$ 1,997,660	$ 1,648,745
Equity Securities, FV-NI and without Readily Determinable Fair Value [Abstract]
Amortized Cost	521,785	484,473
Gross Unrealized Gains	140,883	40,646
Gross Unrealized Losses	(6,130)	(7,011)
Fair Value	656,538	518,108
Money market funds
Summary of cash, cash equivalents and marketable securities
Amortized Cost	1,561,770	1,226,603
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	1,561,770	1,226,603
U.S. Treasury securities
Summary of cash, cash equivalents and marketable securities
Amortized Cost		5,967
Gross Unrealized Gains		0
Gross Unrealized Losses		(1)
Fair Value		5,966
Available-for-sale Debt Securities
Amortized Cost	5,891	6,026
Gross Unrealized Gains	1	0
Gross Unrealized Losses	0	0
Fair Value	5,892	6,026
Government-sponsored enterprise securities
Summary of cash, cash equivalents and marketable securities
Amortized Cost	24,518	7,124
Gross Unrealized Gains	2	0
Gross Unrealized Losses	(1)	(1)
Fair Value	24,519	7,123
Available-for-sale Debt Securities
Amortized Cost	8,240	10,704
Gross Unrealized Gains	7	0
Gross Unrealized Losses	0	0
Fair Value	8,247	10,704
Corporate debt securities
Available-for-sale Debt Securities
Amortized Cost	249,076	234,088
Gross Unrealized Gains	373	27
Gross Unrealized Losses	(23)	(450)
Fair Value	249,426	233,665
Commercial paper
Summary of cash, cash equivalents and marketable securities
Amortized Cost	22,233	58,271
Gross Unrealized Gains	2	0
Gross Unrealized Losses	(1)	(3)
Fair Value	22,234	58,268
Available-for-sale Debt Securities
Amortized Cost	125,421	100,498
Gross Unrealized Gains	174	0
Gross Unrealized Losses	(23)	(108)
Fair Value	125,572	100,390
Cash Equivalents
Summary of cash, cash equivalents and marketable securities
Amortized Cost	1,608,521	1,297,965
Gross Unrealized Gains	4	0
Gross Unrealized Losses	(2)	(5)
Fair Value	1,608,523	1,297,960
Total marketable debt securities
Available-for-sale Debt Securities
Amortized Cost	388,628	351,316
Gross Unrealized Gains	555	27
Gross Unrealized Losses	(46)	(558)
Fair Value	389,137	350,785
Corporate equity securities
Equity Securities, FV-NI and without Readily Determinable Fair Value [Abstract]
Amortized Cost	133,157	133,157
Gross Unrealized Gains	140,328	40,619
Gross Unrealized Losses	(6,084)	(6,453)
Fair Value	$ 267,401	$ 167,323

Marketable Securities and Equ_4

Marketable Securities and Equity Investments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Summary of cash, cash equivalents and marketable securities
Cash	$ 1,700,000,000		$ 1,700,000,000		$ 1,400,000,000
Other-than-temporary declines in fair value of available-for-sale debt securities	0	$ 0	0	$ 0
Gross realized gains or losses	0	0	0	0
Unrealized gains to other (expense) income, net	56,500,000	$ 53,900,000	100,100,000	149,400,000
Payments to acquire investment			20,000,000	$ 21,500,000
Other assets
Summary of cash, cash equivalents and marketable securities
Equity securities without readily determinable fair value, amount	33,600,000		33,600,000
Corporate equity securities
Summary of cash, cash equivalents and marketable securities
Fair Value	$ 267,401,000		$ 267,401,000		$ 167,323,000

Marketable Securities and Equ_5

Marketable Securities and Equity Investments - Available-for-Sale Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Matures within one year	$ 1,968,686	$ 1,647,500
Matures after one year through five years	28,974	1,245
Total	$ 1,997,660	$ 1,648,745

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 4,723,313	$ 2,430,821	$ 4,435,203	$ 2,042,306
Total changes in other comprehensive (loss) income	(9,201)	35,138	(3,860)	31,087
Amounts reclassified to accumulated deficit pursuant to adoption of new accounting standard		9,229		9,229	$ (40,310)
Ending Balance	5,069,965	2,714,883	5,069,965	2,714,883
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(11,227)	(21,031)
Other comprehensive income before reclassifications			1,091	6,141
Amounts reclassified from accumulated other comprehensive income (loss)			0	0
Total changes in other comprehensive (loss) income			1,091	6,141
Amounts reclassified to accumulated deficit pursuant to adoption of new accounting standard		949		949
Ending Balance	(10,136)	(13,941)	(10,136)	(13,941)
Unrealized Holding Gains (Losses), Net of Tax, On Available-For-Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(536)	(594)
Other comprehensive income before reclassifications			1,047	(87)
Amounts reclassified from accumulated other comprehensive income (loss)			0	0
Total changes in other comprehensive (loss) income			1,047	(87)
Amounts reclassified to accumulated deficit pursuant to adoption of new accounting standard		0		0
Ending Balance	511	(681)	511	(681)
Unrealized Holding Gains (Losses), Net of Tax, On Equity Securities, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance				25,069
Other comprehensive income before reclassifications				0
Amounts reclassified from accumulated other comprehensive income (loss)				0
Total changes in other comprehensive (loss) income				0
Amounts reclassified to accumulated deficit pursuant to adoption of new accounting standard		(25,069)		(25,069)
Ending Balance		0		0
Unrealized Holding Gains (Losses), Net of Tax, On Foreign Currency Forward Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance				(15,016)
Other comprehensive income before reclassifications				15,352
Amounts reclassified from accumulated other comprehensive income (loss)				9,681
Total changes in other comprehensive (loss) income				25,033
Amounts reclassified to accumulated deficit pursuant to adoption of new accounting standard		0		0
Ending Balance		10,017		10,017
Unrealized Holding Gains (Losses), Net of Tax, On Foreign Currency Forward Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			12,422
Other comprehensive income before reclassifications			5,793
Amounts reclassified from accumulated other comprehensive income (loss)			(11,791)
Total changes in other comprehensive (loss) income			(5,998)
Ending Balance	6,424		6,424
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	6,000	(39,743)	659	(11,572)
Other comprehensive income before reclassifications			7,931	21,406
Amounts reclassified from accumulated other comprehensive income (loss)			(11,791)	9,681
Total changes in other comprehensive (loss) income	(9,201)	35,138	(3,860)	31,087
Amounts reclassified to accumulated deficit pursuant to adoption of new accounting standard		(24,120)		(24,120)
Ending Balance	$ (3,201)	$ (4,605)	$ (3,201)	$ (4,605)

Hedging - Narrative (Details)

Hedging - Narrative (Details) - Foreign currency forward contracts $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Cash flow hedging | Minimum
Derivative [Line Items]
Derivative term		1 month
Cash flow hedging | Maximum
Derivative [Line Items]
Derivative term		18 months
Not designated as hedging instruments
Derivative [Line Items]
Derivative term	1 month
Not designated as hedging instruments | Cash flow hedging
Derivative [Line Items]
Notional amount of foreign currency forward contract	$ 352	$ 352

Hedging - Notional Amount (Deta

Hedging - Notional Amount (Details) - Foreign currency forward contracts - Designated as hedging instruments - Cash flow hedging - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional amount of foreign currency forward contract	$ 639,016	$ 505,218
Euro
Derivative [Line Items]
Notional amount of foreign currency forward contract	448,778	335,179
British pound sterling
Derivative [Line Items]
Notional amount of foreign currency forward contract	65,278	73,460
Australian dollar
Derivative [Line Items]
Notional amount of foreign currency forward contract	77,010	52,820
Canadian dollar
Derivative [Line Items]
Notional amount of foreign currency forward contract	$ 47,950	$ 43,759

Hedging - Cash Flow Hedging Ins

Hedging - Cash Flow Hedging Instruments (Details) - Unrealized Holding Gains (Losses), Net of Tax, On Foreign Currency Forward Contracts - Reclassification out of Accumulated Other Comprehensive Income - Foreign currency forward contracts - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Revenues	$ 8,238	$ (2,675)	$ 15,077	$ (9,159)
Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Other Income	$ (1,089)	$ (4,152)	$ 2,062	$ (2,614)

Hedging - Derivative Fair Value

Hedging - Derivative Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Foreign currency forward contracts | Cash flow hedging
Derivative [Line Items]
Total assets	$ 13,529	$ 20,537
Total liabilities	(968)	(448)
Designated as hedging instruments | Foreign currency forward contracts | Cash flow hedging
Derivative [Line Items]
Total assets	13,529	20,537
Total liabilities	(968)	(448)
Prepaid expenses and other current assets | Designated as hedging instruments
Derivative [Line Items]
Fair Value - assets	13,215	19,023
Other current liabilities | Designated as hedging instruments
Derivative [Line Items]
Fair Value - liabilities	(761)	(340)
Other assets | Designated as hedging instruments
Derivative [Line Items]
Fair Value - assets	314	1,514
Other long-term liabilities | Designated as hedging instruments
Derivative [Line Items]
Fair Value - liabilities	$ (207)	$ (108)

Hedging - Offsetting Derivative

Hedging - Offsetting Derivatives (Details) - Cash flow hedging - Foreign currency forward contracts - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Offsetting Derivative Assets [Abstract]
Gross Amounts Recognized	$ 13,529	$ 20,537
Offsetting Derivative Liabilities [Abstract]
Gross Amounts Recognized	(968)	(448)
Designated as hedging instruments
Offsetting Derivative Assets [Abstract]
Gross Amounts Recognized	13,529	20,537
Gross Amounts Offset	0	0
Gross Amounts Presented	13,529	20,537
Gross Amounts Not Offset	(968)	(448)
Legal Offset	12,561	20,089
Offsetting Derivative Liabilities [Abstract]
Gross Amounts Recognized	(968)	(448)
Gross Amounts Offset	0	0
Gross Amounts Presented	(968)	(448)
Gross Amounts Not Offset	968	448
Legal Offset	$ 0	$ 0

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 12,957	$ 9,677
Work-in-process	91,874	87,944
Finished goods	38,186	26,739
Total Inventories	$ 143,017	$ 124,360

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) $ in Millions	1 Months Ended
	Oct. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Proceeds from lines of credit	$ 300
Line of credit facility additional borrowing capacity	300
Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	$ 500
Debt covenant, consolidated leverage ratio	3
Debt covenant, minimum consolidated EBITDA	$ 200
Base Rate | Minimum | Line of Credit
Line of Credit Facility [Line Items]
Interest rate, stated percentage	0.75%
Base Rate | Maximum | Line of Credit
Line of Credit Facility [Line Items]
Interest rate, stated percentage	1.50%
Eurodollar | Minimum | Line of Credit
Line of Credit Facility [Line Items]
Interest rate, stated percentage	1.75%
Eurodollar | Maximum | Line of Credit
Line of Credit Facility [Line Items]
Interest rate, stated percentage	2.50%

Leases - Narative (Details)

Leases - Narative (Details) ft² in Thousands, $ in Millions	Dec. 02, 2015ft²term_extension	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2011ft²leasebuilding	Jan. 01, 2019	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Length of lease						15 years
Sublease income related to facility leases				$ 6.2
Rent expense		$ 4.2	$ 8.8
Total capital leased assets, gross				94.8
Capital leases accumulated depreciation				$ 34
Fan Pier Leases
Property, Plant and Equipment [Line Items]
Number of leases | lease					2
Area of real estate property (in square feet) | ft²					1,100
Number of buildings under lease agreement | building					2
Length of lease					15 years
Option to extend lease term					10 years
San Diego Lease
Property, Plant and Equipment [Line Items]
Area of real estate property (in square feet) | ft²	170
Length of lease							16 years
Amount of optional renewal terms | term_extension	2
Optional renewal term length	5 years
Minimum
Property, Plant and Equipment [Line Items]
Capital lease, interest rate				1.00%
Maximum
Property, Plant and Equipment [Line Items]
Capital lease, interest rate				6.00%

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 2,629	$ 5,268
Amortization of leased assets	12,063	24,428
Interest on lease liabilities	13,375	26,824
Variable lease cost	6,036	12,798
Sublease income	(1,687)	(3,171)
Net lease cost	$ 32,416	$ 66,147

Leases - Balance Sheet Classifi

Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
Property and equipment, net	$ 461,549		$ 640,952
Total finance lease assets	461,549		640,952
Capital lease obligations, current portion			9,817
Other current liabilities	37,047		5,271
Capital lease obligations, excluding current portion			19,658
Construction financing lease obligation, excluding current portion			561,892
Long-term finance lease liabilities	551,530	$ 569,487
Total finance lease liabilities	588,577		$ 596,638
Operating lease assets	58,031	61,674
Other current liabilities	7,941
Long-term operating lease liabilities	60,433	$ 64,849
Total operating lease liabilities	$ 68,374

Leases - Maturities of Operatin

Leases - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Finance Leases
Remainder of 2019	$ 39,157
2020	89,159
2021	87,525
2022	85,177
2023	84,253
Thereafter	513,206
Total lease payments	898,477
Less: amount representing interest	(309,900)
Present value of lease liabilities	588,577	$ 596,638
Operating Leases
Remainder of 2019	4,828
2020	10,245
2021	8,528
2022	8,090
2023	8,005
Thereafter	45,729
Total lease payments	85,425
Less: amount representing interest	(17,051)
Present value of lease liabilities	68,374
Total
Remainder of 2019	43,985
2020	99,404
2021	96,053
2022	93,267
2023	92,258
Thereafter	558,935
Total lease payments	983,902
Less: amount representing interest	(326,951)
Present value of lease liabilities	$ 656,951

Leases - Weighted-Average Remai

Leases - Weighted-Average Remaining Lease Terms and Discount Rates (Details)	Jun. 30, 2019
Leases [Abstract]
Weighted average remaining lease term, finance leases	10 years 2 months 26 days
Weighted-average remaining lease term, operating leases	10 years 9 months 29 days
Weighted average discount rate, finance leases	9.10%
Weighted average discount rate, operating leases	4.06%

Leases - Future Minimum Commitm

Leases - Future Minimum Commitments Under Real Estate Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)
Property Subject to or Available for Operating Lease [Line Items]
2019	$ 85,071
2020	95,986
2021	94,245
2022	93,761
2023	94,071
Thereafter	575,191
Total minimum lease payments	1,038,325
Fan Pier Leases
Property Subject to or Available for Operating Lease [Line Items]
2019	66,540
2020	72,589
2021	72,589
2022	72,589
2023	72,589
Thereafter	389,855
Total minimum lease payments	746,751
San Diego Lease
Property Subject to or Available for Operating Lease [Line Items]
2019	5,324
2020	9,127
2021	9,127
2022	9,127
2023	9,530
Thereafter	119,864
Total minimum lease payments	162,099
Other Leases
Property Subject to or Available for Operating Lease [Line Items]
2019	13,207
2020	14,270
2021	12,529
2022	12,045
2023	11,952
Thereafter	65,472
Total minimum lease payments	$ 129,475

Leases - Capital Leases (Detail

Leases - Capital Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 10,770
2020	7,282
2021	5,649
2022	3,300
2023	1,974
Thereafter	3,085
Total payments	32,060
Less: amount representing interest	(2,585)
Present value of payments	$ 29,475

Stock-based Compensation Expe_3

Stock-based Compensation Expense and Share Repurchase - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock-based compensation expense:
Total stock-based compensation included in costs and expenses	$ 89,687	$ 82,436	$ 183,478	$ 160,572
Stock-based compensation expense related to inventories	(248)	(80)	(700)	(545)
Share-based compensation expense by type of award	89,687	82,436	183,478	160,572
Income tax effect	(26,118)	5,030	(65,642)	(16,829)
Total stock-based compensation included in costs and expenses, net of tax	63,569	87,466	117,836	143,743
Cost of sales
Stock-based compensation expense:
Total stock-based compensation included in costs and expenses	1,503	1,191	2,841	2,004
Research and development expenses
Stock-based compensation expense:
Total stock-based compensation included in costs and expenses	55,632	51,612	115,347	100,100
Sales, general and administrative expenses
Stock-based compensation expense:
Total stock-based compensation included in costs and expenses	32,552	29,633	65,290	58,468
Restricted stock and restricted stock units (including PSUs)
Stock-based compensation expense:
Total stock-based compensation included in costs and expenses	60,966	51,497	124,476	101,915
Type of award:
Unrecognized Expense	$ 408,282		408,282
Weighted-average Recognition Period	2 years 4 months 13 days
Stock options
Stock-based compensation expense:
Total stock-based compensation included in costs and expenses	$ 26,160	28,591	54,316	54,646
Type of award:
Unrecognized Expense	$ 164,006		164,006
Weighted-average Recognition Period	2 years 8 months 8 days
ESPP share issuances
Stock-based compensation expense:
Total stock-based compensation included in costs and expenses	$ 2,809	$ 2,428	5,386	$ 4,556
Type of award:
Unrecognized Expense	$ 6,364		$ 6,364
Weighted-average Recognition Period	18 days

Stock-based Compensation Expe_4

Stock-based Compensation Expense and Share Repurchase - Stock Options Outstanding and Exercisable (Details) shares in Thousands	3 Months Ended
	Jun. 30, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercise price range, options outstanding (in shares) | shares	8,194
Exercise price range, options outstanding, weighted-average remaining contractual life (in years)	7 years 1 month 20 days
Exercise price range, options outstanding, weighted-average exercise price (in dollars per share)	$ 126.39
Exercise price range, options exercisable (in shares) | shares	4,543
Exercise price range, options exercisable, weighted-average exercise price (in dollars per share)	$ 106.24
$29.07–$40.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercise price, low end of range (in dollars per share)	29.07
Exercise price, high end of range (in dollars per share)	$ 40
Exercise price range, options outstanding (in shares) | shares	204
Exercise price range, options outstanding, weighted-average remaining contractual life (in years)	1 year 8 months 1 day
Exercise price range, options outstanding, weighted-average exercise price (in dollars per share)	$ 36.87
Exercise price range, options exercisable (in shares) | shares	204
Exercise price range, options exercisable, weighted-average exercise price (in dollars per share)	$ 36.87
$40.01–$60.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercise price, low end of range (in dollars per share)	40.01
Exercise price, high end of range (in dollars per share)	$ 60
Exercise price range, options outstanding (in shares) | shares	401
Exercise price range, options outstanding, weighted-average remaining contractual life (in years)	2 years 11 months 15 days
Exercise price range, options outstanding, weighted-average exercise price (in dollars per share)	$ 49.90
Exercise price range, options exercisable (in shares) | shares	401
Exercise price range, options exercisable, weighted-average exercise price (in dollars per share)	$ 49.90
$60.01–$80.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercise price, low end of range (in dollars per share)	60.01
Exercise price, high end of range (in dollars per share)	$ 80
Exercise price range, options outstanding (in shares) | shares	305
Exercise price range, options outstanding, weighted-average remaining contractual life (in years)	4 years 10 months 13 days
Exercise price range, options outstanding, weighted-average exercise price (in dollars per share)	$ 73.09
Exercise price range, options exercisable (in shares) | shares	298
Exercise price range, options exercisable, weighted-average exercise price (in dollars per share)	$ 73.02
$80.01–$100.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercise price, low end of range (in dollars per share)	80.01
Exercise price, high end of range (in dollars per share)	$ 100
Exercise price range, options outstanding (in shares) | shares	2,367
Exercise price range, options outstanding, weighted-average remaining contractual life (in years)	6 years 7 months 24 days
Exercise price range, options outstanding, weighted-average exercise price (in dollars per share)	$ 89.22
Exercise price range, options exercisable (in shares) | shares	1,459
Exercise price range, options exercisable, weighted-average exercise price (in dollars per share)	$ 89.74
$100.01–$120.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercise price, low end of range (in dollars per share)	100.01
Exercise price, high end of range (in dollars per share)	$ 120
Exercise price range, options outstanding (in shares) | shares	616
Exercise price range, options outstanding, weighted-average remaining contractual life (in years)	5 years 7 months 6 days
Exercise price range, options outstanding, weighted-average exercise price (in dollars per share)	$ 109.31
Exercise price range, options exercisable (in shares) | shares	610
Exercise price range, options exercisable, weighted-average exercise price (in dollars per share)	$ 109.26
$120.01–$140.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercise price, low end of range (in dollars per share)	120.01
Exercise price, high end of range (in dollars per share)	$ 140
Exercise price range, options outstanding (in shares) | shares	746
Exercise price range, options outstanding, weighted-average remaining contractual life (in years)	6 years 1 month 20 days
Exercise price range, options outstanding, weighted-average exercise price (in dollars per share)	$ 130.24
Exercise price range, options exercisable (in shares) | shares	685
Exercise price range, options exercisable, weighted-average exercise price (in dollars per share)	$ 130.31
$140.01–$160.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercise price, low end of range (in dollars per share)	140.01
Exercise price, high end of range (in dollars per share)	$ 160
Exercise price range, options outstanding (in shares) | shares	1,245
Exercise price range, options outstanding, weighted-average remaining contractual life (in years)	8 years 7 months 2 days
Exercise price range, options outstanding, weighted-average exercise price (in dollars per share)	$ 155.51
Exercise price range, options exercisable (in shares) | shares	407
Exercise price range, options exercisable, weighted-average exercise price (in dollars per share)	$ 155.39
$160.01–$180.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercise price, low end of range (in dollars per share)	160.01
Exercise price, high end of range (in dollars per share)	$ 180
Exercise price range, options outstanding (in shares) | shares	523
Exercise price range, options outstanding, weighted-average remaining contractual life (in years)	8 years 1 month 20 days
Exercise price range, options outstanding, weighted-average exercise price (in dollars per share)	$ 163.28
Exercise price range, options exercisable (in shares) | shares	236
Exercise price range, options exercisable, weighted-average exercise price (in dollars per share)	$ 163.59
$180.01–$189.38
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercise price, low end of range (in dollars per share)	180.01
Exercise price, high end of range (in dollars per share)	$ 189.38
Exercise price range, options outstanding (in shares) | shares	1,787
Exercise price range, options outstanding, weighted-average remaining contractual life (in years)	9 years 4 months 17 days
Exercise price range, options outstanding, weighted-average exercise price (in dollars per share)	$ 185.32
Exercise price range, options exercisable (in shares) | shares	243
Exercise price range, options exercisable, weighted-average exercise price (in dollars per share)	$ 184.18

Stock-based Compensation Expe_5

Stock-based Compensation Expense and Share Repurchase - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jul. 01, 2019	Jan. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Share repurchased	$ 52,010	$ 107,783	$ 155,849	$ 119,034
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased	500,000,000		500,000,000			500,000,000
Shares repurchased (shares)			832,186	767,551
Share repurchased			$ 150,000	$ 119,000
Subsequent Event | New Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased					500,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Schedule of Collaborative Arrangement Agreements [Line Items]
Provision for (benefit from) income taxes	$ 59,711,000	$ 10,341,000	$ 111,245,000	$ (2,318,000)
Unrecognized tax benefits	27,500,000		27,500,000		$ 19,500,000
Income taxes, interest and penalties accrued	0		0
Increase in unrecognized tax benefits is reasonably possible	0		0
Income taxes, material interest or penalties related to uncertain tax positions	$ 0	$ 0	$ 0	0
BioAxone Biosciences Inc.
Schedule of Collaborative Arrangement Agreements [Line Items]
Provision for (benefit from) income taxes				$ 6,000,000
Domestic and Foreign Tax Authority
Schedule of Collaborative Arrangement Agreements [Line Items]
Deferred tax assets, valuation allowance					$ 168,500,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Indemnification claims	$ 0
Contingent liabilities	$ 0	$ 0

Additional Cash Flow Informat_3

Additional Cash Flow Information - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 3,294,684	$ 2,650,134	$ 2,145,359	$ 1,665,412
Cash, cash equivalents and restricted cash per statement of cash flows	3,301,646	2,658,253	2,154,068	1,667,526
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	6,962	4,910	8,709	2,114
Other assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 0	$ 3,209	$ 0	$ 0

Additional Cash Flow Informat_4

Additional Cash Flow Information - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Cash Flow, Lessee [Abstract]
Operating cash flows from operating leases	$ 5,055
Operating cash flows from finance leases	24,635
Financing cash flows from finance leases	18,926
Right-of-use assets obtained in exchange for lease obligations
Operating leases	0
Finance leases	$ 0