Vertex Pharmaceuticals (VRTX) 10-Q 28 Oct 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 21, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		256,691,452
Entity Central Index Key	0000875320
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Revenues	$ 2,334.3	$ 1,984.1	$ 6,628	$ 5,501.8
Costs and expenses:
Cost of sales	289.4	236.5	797	656.8
Research and development expenses	645	467	1,846.2	1,370
Acquired in-process research and development expenses	29	26.7	92.9	986.8
Selling, general and administrative expenses	246.8	198.2	677.3	584.9
Change in fair value of contingent consideration	(2.6)	1.2	(59.3)	(1.1)
Total costs and expenses	1,207.6	929.6	3,354.1	3,597.4
Income from operations	1,126.7	1,054.5	3,273.9	1,904.4
Interest income	46.2	1.1	58.6	3.7
Interest expense	(13.7)	(15.2)	(43.2)	(46.4)
Other income (expense), net	17.2	42.4	(133.7)	(2.2)
Income before provision for income taxes	1,176.4	1,082.8	3,155.6	1,859.5
Provision for income taxes	245.9	230.9	652.5	287.5
Net income	$ 930.5	$ 851.9	$ 2,503.1	$ 1,572
Net income per common share:
Basic (in dollars per share)	$ 3.63	$ 3.30	$ 9.78	$ 6.08
Diluted (in dollars per share)	$ 3.59	$ 3.28	$ 9.68	$ 6.03
Shares used in per share calculations:
Basic (in shares)	256.5	257.9	255.8	258.7
Diluted (in shares)	259.5	259.7	258.7	260.9
Product revenues, net
Revenues:
Revenues	$ 2,334.3	$ 1,984.1	$ 6,628	$ 5,500.8
Other revenues
Revenues:
Revenues	$ 0	$ 0	$ 0	$ 1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 930.5	$ 851.9	$ 2,503.1	$ 1,572
Other comprehensive income:
Unrealized holding losses on marketable securities, net	(0.6)	0	(3.6)	(0.3)
Unrealized gains on foreign currency forward contracts, net of tax of $(16.0), $(9.6), $(34.3) and $(21.2), respectively	58.8	34.7	128.1	77
Foreign currency translation adjustment	(18.1)	2	(42.8)	3.3
Total other comprehensive income	40.1	36.7	81.7	80
Comprehensive income	$ 970.6	$ 888.6	$ 2,584.8	$ 1,652

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) on foreign currency forward contracts, tax	$ (16)	$ (9.6)	$ (34.3)	$ (21.2)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 9,171.5	$ 6,795
Marketable securities	599.2	729.9
Accounts receivable, net	1,385.2	1,136.8
Inventories	388.2	353.1
Prepaid expenses and other current assets	726.9	545.8
Total current assets	12,271	9,560.6
Property and equipment, net	1,118.7	1,094.1
Goodwill	1,075.2	1,002.2
Intangible assets	603.6	400
Deferred tax assets	1,162.7	934.5
Operating lease assets	342.7	330.3
Other assets	132.5	110.8
Total assets	16,706.4	13,432.5
Current liabilities:
Accounts payable	126.9	195
Accrued expenses	2,264.4	1,678.6
Other current liabilities	218	268.4
Total current liabilities	2,609.3	2,142
Long-term finance lease liabilities	442.3	509.8
Long-term operating lease liabilities	382.3	377.4
Long-term contingent consideration	127.2	186.5
Other long-term liabilities	115.7	116.8
Total liabilities	3,676.8	3,332.5
Commitments and contingencies	0	0
Shareholders’ equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 256,645,737 and 254,479,046 shares issued and outstanding, respectively	2.6	2.5
Additional paid-in capital	7,225.5	6,880.8
Accumulated other comprehensive income	97.6	15.9
Retained earnings	5,703.9	3,200.8
Total shareholders’ equity	13,029.6	10,100
Total liabilities and shareholders’ equity	$ 16,706.4	$ 13,432.5

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	256,645,737	254,479,046
Common stock, shares outstanding (in shares)	256,645,737	254,479,046

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020		259.9
Beginning balance at Dec. 31, 2020	$ 8,686.8	$ 2.6	$ 7,894	$ (68.5)	$ 858.7
Increase (Decrease) in Stockholders' Equity
Other comprehensive income, net of tax	80			80
Net income	1,572				1,572
Repurchase of common stock (in shares)		(5.3)
Repurchase of common stock	(1,067.2)	$ 0	(1,067.2)
Common stock withheld for employee tax obligations (in shares)		(0.6)
Common stock withheld for employee tax obligations	(134.2)	$ 0	(134.2)
Issuance of common stock under benefit plans (in shares)		2.2
Issuance of common stock under benefit plans	66.8	$ 0	66.8
Stock-based compensation expense	326.6		326.6
Ending balance (in shares) at Sep. 30, 2021		256.2
Ending balance at Sep. 30, 2021	9,530.8	$ 2.6	7,086	11.5	2,430.7
Beginning balance (in shares) at Jun. 30, 2021		259.1
Beginning balance at Jun. 30, 2021	9,196.4	$ 2.6	7,640.2	(25.2)	1,578.8
Increase (Decrease) in Stockholders' Equity
Other comprehensive income, net of tax	36.7			36.7
Net income	851.9				851.9
Repurchase of common stock (in shares)		(3.3)
Repurchase of common stock	(642.2)	$ 0	(642.2)
Common stock withheld for employee tax obligations (in shares)		(0.1)
Common stock withheld for employee tax obligations	(28.6)	$ 0	(28.6)
Issuance of common stock under benefit plans (in shares)		0.5
Issuance of common stock under benefit plans	12.9	$ 0	12.9
Stock-based compensation expense	103.7		103.7
Ending balance (in shares) at Sep. 30, 2021		256.2
Ending balance at Sep. 30, 2021	9,530.8	$ 2.6	7,086	11.5	2,430.7
Beginning balance (in shares) at Dec. 31, 2021		254.5
Beginning balance at Dec. 31, 2021	10,100	$ 2.5	6,880.8	15.9	3,200.8
Increase (Decrease) in Stockholders' Equity
Other comprehensive income, net of tax	81.7			81.7
Net income	2,503.1				2,503.1
Common stock withheld for employee tax obligations (in shares)		(0.7)
Common stock withheld for employee tax obligations	(169.9)	$ 0	(169.9)
Issuance of common stock under benefit plans (in shares)		2.8
Issuance of common stock under benefit plans	135.3	$ 0.1	135.2
Stock-based compensation expense	379.4		379.4
Ending balance (in shares) at Sep. 30, 2022		256.6
Ending balance at Sep. 30, 2022	13,029.6	$ 2.6	7,225.5	97.6	5,703.9
Beginning balance (in shares) at Jun. 30, 2022		256
Beginning balance at Jun. 30, 2022	11,933.5	$ 2.6	7,100	57.5	4,773.4
Increase (Decrease) in Stockholders' Equity
Other comprehensive income, net of tax	40.1			40.1
Net income	930.5				930.5
Common stock withheld for employee tax obligations (in shares)		(0.2)
Common stock withheld for employee tax obligations	(48)	$ 0	(48)
Issuance of common stock under benefit plans (in shares)		0.8
Issuance of common stock under benefit plans	38.2	$ 0	38.2
Stock-based compensation expense	135.3		135.3
Ending balance (in shares) at Sep. 30, 2022		256.6
Ending balance at Sep. 30, 2022	$ 13,029.6	$ 2.6	$ 7,225.5	$ 97.6	$ 5,703.9

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 2,503.1	$ 1,572
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	379.8	322.8
Depreciation expense	109.9	91.8
Decrease in fair value of contingent consideration	(59.3)	(1.1)
Deferred income taxes	(424)	(112.7)
Gains (losses) on equity securities	143.1	(5)
Other non-cash items, net	(32.8)	20.5
Changes in operating assets and liabilities:
Accounts receivable, net	(368.8)	(231.2)
Inventories	(58.1)	(65.8)
Prepaid expenses and other assets	(41.9)	(107.7)
Accounts payable	(39.1)	(22)
Accrued expenses	980.3	254.2
Other liabilities	(40.7)	(67.3)
Net cash provided by operating activities	3,051.5	1,648.5
Cash flows from investing activities:
Purchases of available-for-sale debt securities	(417.8)	(447.8)
Maturities of available-for-sale debt securities	435.9	452.1
Payment to acquire ViaCyte, Inc., net of cash acquired	(295.9)	0
Purchases of property and equipment	(171.1)	(173.2)
Investment in equity securities and notes receivable	(47.8)	(38)
Net cash used in investing activities	(496.7)	(206.9)
Cash flows from financing activities:
Issuances of common stock under benefit plans	134.7	67.3
Repurchases of common stock	0	(1,057.2)
Payments in connection with common stock withheld for employee tax obligations	(169.9)	(134.2)
Payments on finance leases	(75.1)	(34.6)
Proceeds from finance leases	0	12.6
Other financing activities	2.4	4.3
Net cash used in financing activities	(107.9)	(1,141.8)
Effect of changes in exchange rates on cash	(70)	(8.5)
Net increase in cash, cash equivalents and restricted cash	2,376.9	291.3
Cash, cash equivalents and restricted cash—beginning of period	6,800.1	5,988.9
Cash, cash equivalents and restricted cash—end of period	9,177	6,280.2
Supplemental disclosure of cash flow information:
Cash paid for interest	41.1	42.7
Cash paid for income taxes	$ 840.1	$ 381.5

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	9 Months Ended
	Sep. 30, 2022
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,” “we,” “us” or “our”) in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The condensed consolidated financial statements reflect the operations of Vertex and our wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated. We operate in one segment, pharmaceuticals. Beginning with the second quarter of 2022, we are separately classifying upfront, contingent milestone, and other payments pursuant to our business development transactions, including collaborations, licenses of third-party technologies, and asset acquisitions as “Acquired in-process research and development expenses” in our condensed consolidated statements of operations. To conform prior periods to current presentation, we reclassified $26.7 million and $986.8 million from “Research and development expenses” to “Acquired in-process research and development expenses” for the three and nine months ended September 30, 2021, respectively. Please refer to Note C, “Acquired In-Process Research and Development and Other Arrangements,” for further information on these transactions. Certain information and footnote disclosures normally included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “2021 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 September 30, 2022 and 2021. 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, 2021, which are contained in our 2021 Annual Report on Form 10-K. Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires us 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 our condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. We base our estimates on historical experience and various other assumptions, including in certain circumstances future projections that we believe 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 and Issued Accounting Standards For a discussion of recently adopted accounting pronouncements please refer to Note A, “Nature of Business and Accounting Policies,” in our 2021 Annual Report on Form 10-K. We do not expect any recently issued accounting standards to have a significant impact on our condensed consolidated financial statements. Summary of Significant Accounting Policies Our significant accounting policies are described in Note A, “Nature of Business and Accounting Policies,” in our 2021 Annual Report on Form 10-K.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2022
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) TRIKAFTA/KAFTRIO $ 2,010.5 $ 1,555.8 $ 5,665.3 $ 4,004.6 SYMDEKO/SYMKEVI 38.2 81.4 145.7 340.0 ORKAMBI 146.2 184.5 399.9 624.2 KALYDECO 139.4 162.4 417.1 532.0 Total product revenues, net $ 2,334.3 $ 1,984.1 $ 6,628.0 $ 5,500.8 Product Revenues by Geographic Location Total net product revenues by geographic region, based on the location of the customer, consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) United States $ 1,455.6 $ 1,382.9 $ 4,238.9 $ 3,893.2 Outside of the United States Europe 730.5 518.8 2,018.3 1,382.7 Other 148.2 82.4 370.8 224.9 Total product revenues outside of the United States 878.7 601.2 2,389.1 1,607.6 Total product revenues, net $ 2,334.3 $ 1,984.1 $ 6,628.0 $ 5,500.8 Contract Liabilities We had contract liabilities of $119.5 million and $171.7 million as of September 30, 2022 and December 31, 2021, respectively, related to annual contracts with government-owned and supported customers in international markets that limit the amount of annual reimbursement we 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. We defer a portion of the consideration received for shipments made up to the annual reimbursement limit as a portion of “Other current liabilities.” The deferred amount is recognized as revenue when the free products are shipped. Our product revenue contracts include performance obligations that are one year or less. Our contract liabilities at the end of each fiscal year relate to contracts with annual reimbursement limits in international markets in which the annual period associated with the contract is not the same as our fiscal year. In these markets, we recognize revenues related to performance obligations satisfied in previous years; however, these revenues do not relate to any performance obligations that were satisfied more than 12 months prior to the beginning of the current year.

Acquired In-Process Research an

Acquired In-Process Research and Development and Other Arrangements	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Acquired In-Process Research and Development and Other Arrangements	Acquired In-Process Research and Development and Other Arrangements We have entered into numerous agreements with third parties to collaborate on research, development and commercialization programs, license technologies, or acquire assets. Our “Acquired in-process research and development expenses” included $29.0 million and $92.9 million for the three and nine months ended September 30, 2022, respectively, and $26.7 million and $986.8 million, for the three and nine months ended September 30, 2021, respectively, related to upfront, contingent milestone, or other payments pursuant to our business development transactions, including collaborations, licenses of third-party technologies, and asset acquisitions. Our collaboration, licensing and asset acquisition agreements that had a significant impact on our financial statements for the three and nine months ended September 30, 2022 and 2021, or were new or materially revised during the three and nine months ended September 30, 2022, are described below. Additional agreements were described in Note B, “Collaborative and Other Arrangements,” of our 2021 Annual Report on Form 10-K. In-license Agreements We have entered into a number of in-license agreements in order to advance and obtain access to technologies and services related to our research and early-development activities. We are generally required to make an upfront payment upon execution of our license agreements; 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 our collaborations. Pursuant to the terms of our in-license agreements, our collaborators typically lead the discovery efforts and we lead all preclinical, development and commercialization activities associated with the advancement of any product candidates and fund all expenses. We typically can terminate our in-license agreements by providing advance notice to our collaborators; the required length of notice is dependent on whether any product developed under the license agreement has received marketing approval. Our 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 - CRISPR-Cas9 Gene-editing Therapies In 2015, we 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. We had the exclusive right to license certain targets. In 2019, we elected to exclusively license three targets, including cystic fibrosis, pursuant to the CRISPR Agreement. For each of the three targets that we elected to license, CRISPR has the potential to receive up to an additional $410.0 million in development, regulatory and commercial milestones as well as royalties on net product sales. In 2017, we entered into a joint development and commercialization agreement with CRISPR pursuant to the terms of the CRISPR Agreement (the “Original CTX001 JDCA”), under which we and CRISPR were co-developing and preparing to co-commercialize exagamglogene autotemcel (“exa-cel”), formerly known as CTX001, for the treatment of hemoglobinopathies, including treatments for sickle cell disease and transfusion-dependent beta thalassemia. In the second quarter of 2021, we and CRISPR amended and restated the Original CTX001 JDCA (the “A&R JDCA”), pursuant to which the parties agreed to, among other things, (a) adjust the governance structure for the collaboration and adjust the responsibilities of each party thereunder; (b) adjust the allocation of net profits and net losses between the parties; and (c) exclusively license (subject to CRISPR’s reserved rights to conduct certain activities) certain intellectual property rights to us relating to the products that may be researched, developed, manufactured and commercialized under such agreement. Pursuant to the A&R JDCA, we lead global development, manufacturing and commercialization of exa-cel, with support from CRISPR. Subject to the terms and conditions of the A&R JDCA, we conduct all research, development, manufacturing and commercialization activities relating to the product candidates and products under the A&R JDCA (including exa-cel) throughout the world subject to CRISPR’s reserved right to conduct certain activities. In connection with the A&R JDCA, we made a $900.0 million upfront payment to CRISPR in the second quarter of 2021. We concluded that we did not have any alternative future use for the acquired in-process research and development and recorded this upfront payment to “Acquired in-process research and development expenses.” CRISPR has the potential to receive an additional one-time $200.0 million milestone payment upon receipt of the first marketing approval of exa-cel from the U.S. Food and Drug Administration or the European Commission. We and CRISPR shared equally all expenses incurred under the Original CTX001 JDCA. On July 1, 2021, the net profits and net losses incurred with respect to exa-cel pursuant to the A&R JDCA began to be allocated 60% to us and 40% to CRISPR, subject to certain adjustments, while all other product candidates and products continue to have net profits and net losses shared equally between the parties. We concluded that the Original CTX001 JDCA and the A&R JDCA are cost-sharing arrangements, which result in the net impact of the arrangements being recorded in “Total costs and expenses” within our condensed consolidated statements of operations. During the three and nine months ended September 30, 2022 and 2021, we recognized the following amounts in total, not including amounts recorded to “Acquired in-process research and development expenses,” related to these agreements: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Total expenses incurred under the Original CTX001 JDCA and A&R JDCA $ 98.2 $ 58.7 $ 259.8 $ 147.4 Vertex’s share recognized in “Total costs and expenses” in our condensed consolidated statements of operations $ 59.0 $ 35.2 $ 155.9 $ 79.6 Verve Therapeutics, Inc. In July 2022, we entered into a research collaboration with Verve Therapeutics, Inc. (“Verve”) focused on discovering and developing an in vivo gene-editing program for a liver disease. Under the terms of the agreement, we made a $25.0 million upfront payment to Verve and purchased $35.0 million of Verve’s common stock. We concluded that there is no alternative future use for the acquired in-process research and development and recorded the upfront payment to “Acquired in-process research and development expenses.” The investment in Verve’s common stock is recorded at fair value on our condensed consolidated balance sheet within “Marketable securities.” Asset Acquisition Catalyst Biosciences, Inc. - Complement 3 Degrader Program In May 2022, pursuant to an asset purchase agreement, we acquired Catalyst Biosciences, Inc.’s portfolio of protease medicines that target the complement system (the “complement portfolio”) and related intellectual property, including CB 2782-PEG, which is a pre-clinical complement component 3 degrader program for geographic atrophy in dry age-related macular degeneration. We determined that substantially all the fair value acquired was concentrated in the CB-2782 PEG in-process research and development assets, which did not constitute a business, and for which we determined there was no alternative future use. As a result, we recorded our $60.0 million upfront payment to “Acquired in-process research and development expenses” in the nine months ended September 30, 2022. Cystic Fibrosis Foundation We have a research, development and commercialization agreement that was originally entered into in 2004 with the Cystic Fibrosis Foundation, as successor in interest to the Cystic Fibrosis Foundation Therapeutics, Inc. This agreement was most recently amended in 2016. Pursuant to the agreement, as amended, we 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 elexacaftor, and tiered royalties ranging from single digits to sub-teens on covered compounds 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, SYMDEKO/SYMKEVI and TRIKAFTA/KAFTRIO (elexacaftor/tezacaftor/ivacaftor and ivacaftor), sales are allocated equally to each of the active pharmaceutical ingredients in the combination product. We record our royalties payable to the Cystic Fibrosis Foundation to “Cost of sales.”

Business Combination

Business Combination	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combination On September 27, 2022, we acquired all outstanding shares of ViaCyte, Inc. (“ViaCyte”), a privately held biotechnology company primarily focused on delivering novel stem cell-derived cell replacement therapies as a functional cure for type 1 diabetes, in exchange for $315.0 million. ViaCyte’s intellectual property and assembled workforce complement our ongoing programs and have the potential to produce therapies for patients with type 1 diabetes. We accounted for the transaction as a business combination, and allocated the purchase price to the following assets acquired and liabilities assumed: As of September 27, 2022 (in millions) Cash and cash equivalents $ 19.1 Goodwill 73.0 Intangible asset 216.6 Net other assets 6.3 Total purchase price $ 315.0 The “Goodwill” represents the difference between the fair value of the consideration transferred and the fair value of the assets acquired and liabilities assumed. The goodwill is attributable to (i) the technological expertise in cell therapy of ViaCyte’s assembled workforce, (ii) the potential synergies from combining ViaCyte’s technology with our clinical development capabilities and (iii) the potential future benefits for other therapeutic programs that the acquired technology could be used for, but did not meet the definition of an in-process research and development asset. None of the goodwill is expected to be deductible for income tax purposes. The “Intangible asset” is an in-process research and development asset of $216.6 million related to ViaCyte’s technology and intellectual property associated with stem cell differentiation and manufacturing. The fair value of the intangible asset was determined through a discounted cash flow analysis using the relief from royalty method, which estimated the cost savings associated with owning an asset instead of paying a royalty to the previous owner. The relief from royalty method utilized Level 3 fair value inputs including (i) estimated future product sales, which were calculated using, among other assumptions, an estimated probability of obtaining marketing approval for the asset, (ii) estimated after-tax royalty savings expected from ownership of the asset, and (iii) an appropriate discount and tax rate.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted net income per common share for the periods ended: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions, except per share amounts) Net income $ 930.5 $ 851.9 $ 2,503.1 $ 1,572.0 Basic weighted-average common shares outstanding 256.5 257.9 255.8 258.7 Effect of potentially dilutive securities: Stock options 1.4 1.0 1.4 1.1 Restricted stock units (including PSUs) 1.6 0.8 1.4 1.1 Employee stock purchase program 0.0 0.0 0.1 0.0 Diluted weighted-average common shares outstanding 259.5 259.7 258.7 260.9 Basic net income per common share $ 3.63 $ 3.30 $ 9.78 $ 6.08 Diluted net income per common share $ 3.59 $ 3.28 $ 9.68 $ 6.03 We did not include the securities in the following table in the computation of the diluted net income per common share because the effect would have been anti-dilutive during each period: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Stock options — 1.1 0.0 0.7 Unvested restricted stock units (including PSUs) 0.0 0.2 0.2 0.4

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following fair value hierarchy is used to classify assets and liabilities based on observable inputs and unobservable inputs used in order to determine the fair value of our financial 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 our assessment of the assumptions that market participants would use in pricing the asset or liability. Our investment strategy is focused on capital preservation. We invest in instruments that meet the credit quality standards outlined in our investment policy, which also limits the amount of credit exposure to any one issue or type of instrument. We maintain strategic investments separately from the investment policy that governs our other cash, cash equivalents and marketable securities as described in Note G, “Marketable Securities and Equity Investments.” Additionally, we utilize foreign currency forward contracts intended to mitigate the effect of changes in foreign exchange rates on our condensed consolidated statement of operations. The following tables set forth our financial assets and liabilities subject to fair value measurements by level within the fair value hierarchy (and does not include $3.5 billion and $3.3 billion of cash as of September 30, 2022 and December 31, 2021, respectively): As of September 30, 2022 As of December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (in millions) Financial instruments carried at fair value (asset positions): Cash equivalents: Money market funds $ 3,610.9 $ 3,610.9 $ — $ — $ 3,478.1 $ 3,478.1 $ — $ — Time deposits 2,000.0 — 2,000.0 — — — — — Commercial paper 18.2 — 18.2 — — — — — Marketable securities: Corporate equity securities 122.8 78.2 44.6 — 230.9 230.9 — — U.S. Treasury securities 130.0 130.0 — — 86.4 86.4 — — Government-sponsored enterprise securities 10.5 10.5 — — 69.0 69.0 — — Corporate debt securities 66.8 — 66.8 — 90.9 — 90.9 — Commercial paper 269.1 — 269.1 — 252.7 — 252.7 — Prepaid expenses and other current assets: Foreign currency forward contracts 191.6 — 191.6 — 44.5 — 44.5 — Other assets: Foreign currency forward contracts 9.1 — 9.1 — 2.0 — 2.0 — Total financial assets $ 6,429.0 $ 3,829.6 $ 2,599.4 $ — $ 4,254.5 $ 3,864.4 $ 390.1 $ — Financial instruments carried at fair value (liability positions): Other current liabilities: Foreign currency forward contracts $ (0.0) $ — $ (0.0) $ — $ (5.6) $ — $ (5.6) $ — Long-term contingent consideration (127.2) — — (127.2) (186.5) — — (186.5) Other long-term liabilities: Foreign currency forward contracts (0.0) — (0.0) — (2.7) — (2.7) — Total financial liabilities $ (127.2) $ — $ (0.0) $ (127.2) $ (194.8) $ — $ (8.3) $ (186.5) Please refer to Note G, “Marketable Securities and Equity Investments,” for the carrying amount and related unrealized gains (losses) by type of investment. Fair Value of Corporate Equity Securities We classify our investments in publicly traded corporate equity securities as “Marketable securities” on our condensed consolidated balance sheets. Generally, our investments in the common stock of publicly traded companies are valued based on Level 1 inputs because they have readily determinable fair values. However, certain of our investments in publicly traded companies have been or continue to be valued based on Level 2 inputs due to transfer restrictions associated with these investments. Please refer to Note G, “Marketable Securities and Equity Investments,” for further information on these investments. Fair Value of Contingent Consideration In 2019, we acquired Exonics Therapeutics, Inc. (“Exonics”), a privately-held company focused on creating transformative gene-editing therapies to repair mutations that cause Duchenne muscular dystrophy and other severe neuromuscular diseases, including myotonic dystrophy type 1. Our Level 3 contingent consideration liabilities are related to $678.3 million of development and regulatory milestones potentially payable to former Exonics equity holders. We base our estimates of the probability of achieving the milestones relevant to the fair value of contingent payments on industry data attributable to rare diseases and our knowledge of the progress and viability of the programs. The discount rates used in the valuation model for contingent payments, which were between 5.2% and 5.7% as of September 30, 2022, represent a measure of credit risk and market risk associated with settling the liabilities. Significant judgment is used in determining the appropriateness of these assumptions at each reporting period. Due to the uncertainties associated with development and commercialization of product candidates in the pharmaceutical industry and the effects of changes in other assumptions including discount rates, we expect our estimates regarding the fair value of contingent consideration to change in the future, resulting in adjustments to the fair value of our contingent consideration liabilities, and the effect of any such adjustments could be material. The following table represents a rollforward of the fair value of our contingent consideration liabilities: Nine Months Ended September 30, 2022 (in millions) Balance at December 31, 2021 $ 186.5 Decrease in fair value of contingent payments (59.3) Balance at September 30, 2022 $ 127.2 The decrease in fair value of contingent consideration during the nine months ended September 30, 2022 was primarily due to a revision to the scope of certain acquired gene-editing programs in the second quarter of 2022. Fair Value of Intangible Assets As of September 30, 2022 and December 31, 2021, we had $603.6 million and $400.0 million, respectively, of in-process research and development intangible assets classified as “Intangible assets” on our condensed consolidated balance sheets. In the third quarter of 2022, we recorded a $216.6 million in-process research and development intangible asset resulting from our acquisition of ViaCyte, which is described in Note D, “Business Combination.” In the nine months ended September 30, 2022, we recorded a $13.0 million impairment of an in-process research and development intangible asset to “Research and development expenses,” due to a decision to revise the scope of certain acquired gene-editing programs.

Marketable Securities and Equit

Marketable Securities and Equity Investments	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable Securities and Equity Investments	Marketable Securities and Equity Investments A summary of our cash equivalents and marketable securities, which are recorded at fair value (and do not include $3.5 billion and $3.3 billion of cash as of September 30, 2022 and December 31, 2021, respectively), is shown below: As of September 30, 2022 As of December 31, 2021 Amortized Cost Gross Gross Fair Value Amortized Cost Gross Gross Fair Value (in millions) Cash equivalents: Money market funds $ 3,610.9 $ — $ — $ 3,610.9 $ 3,478.1 $ — $ — $ 3,478.1 Time deposits 2,000.0 — — 2,000.0 — — — — Commercial paper 18.2 — — 18.2 — — — — Total cash equivalents $ 5,629.1 $ — $ — $ 5,629.1 $ 3,478.1 $ — $ — $ 3,478.1 Marketable securities: U.S. Treasury securities $ 131.7 $ — $ (1.7) $ 130.0 $ 86.6 $ — $ (0.2) $ 86.4 Government-sponsored enterprise securities 10.6 — (0.1) 10.5 69.0 — — 69.0 Corporate debt securities 67.8 — (1.0) 66.8 91.1 — (0.2) 90.9 Commercial paper 270.4 — (1.3) 269.1 252.8 — (0.1) 252.7 Total marketable debt securities 480.5 — (4.1) 476.4 499.5 — (0.5) 499.0 Corporate equity securities 104.4 29.2 (10.8) 122.8 69.4 167.1 (5.6) 230.9 Total marketable securities $ 584.9 $ 29.2 $ (14.9) $ 599.2 $ 568.9 $ 167.1 $ (6.1) $ 729.9 Available-for-sale debt securities were classified on our condensed consolidated balance sheets at fair value as follows: As of September 30, 2022 As of December 31, 2021 (in millions) Cash and cash equivalents $ 3,629.1 $ 3,478.1 Marketable securities 476.4 499.0 Total $ 4,105.5 $ 3,977.1 Available-for-sale debt securities by contractual maturity were as follows: As of September 30, 2022 As of December 31, 2021 (in millions) Matures within one year $ 4,091.4 $ 3,912.3 Matures after one year through five years 14.1 64.8 Total $ 4,105.5 $ 3,977.1 We have a limited number of available-for-sale debt securities in insignificant loss positions as of September 30, 2022, which we do not intend to sell and have concluded we will not be required to sell before recovery of the amortized costs for the investments at maturity. We did not record any allowances for credit losses to adjust the fair value of available-for-sale debt securities or gross realized gains or losses in the three and nine months ended September 30, 2022 and 2021. We record changes in the fair value of our investments in corporate equity securities to “Other income (expense), net” in our condensed consolidated statements of operations. During the three and nine months ended September 30, 2022 and 2021, our net unrealized gains (losses) on corporate equity securities held at the conclusion of each period were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Net unrealized gains (losses) $ 16.7 $ 46.7 $ (143.1) $ 5.0 As of September 30, 2022, the carrying value of our equity investments without readily determinable fair values, which are recorded in “Other assets” on our condensed consolidated balance sheets, was $98.6 million.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2022
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 millions) Balance at December 31, 2021 $ (13.6) $ (0.5) $ 30.0 $ 15.9 Other comprehensive (loss) income before reclassifications (42.8) (3.6) 230.2 183.8 Amounts reclassified from accumulated other comprehensive income (loss) — — (102.1) (102.1) Net current period other comprehensive (loss) income (42.8) (3.6) 128.1 81.7 Balance at September 30, 2022 $ (56.4) $ (4.1) $ 158.1 $ 97.6 Balance at December 31, 2020 $ (15.6) $ 0.3 $ (53.2) $ (68.5) Other comprehensive income (loss) before reclassifications 3.3 (0.3) 46.2 49.2 Amounts reclassified from accumulated other comprehensive income (loss) — — 30.8 30.8 Net current period other comprehensive income (loss) 3.3 (0.3) 77.0 80.0 Balance at September 30, 2021 $ (12.3) $ 0.0 $ 23.8 $ 11.5

Hedging

Hedging	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedging	Hedging Foreign currency forward contracts - Designated as hedging instruments We maintain a hedging program intended to mitigate the effect of changes in foreign exchange rates for a portion of our forecasted product revenues denominated in certain foreign currencies. The program includes foreign currency forward contracts that are designated as cash flow hedges under U.S. GAAP having contractual durations from one We formally document the relationship between foreign currency forward contracts (hedging instruments) and forecasted product revenues (hedged items), as well as our 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. We also formally assess, 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 on a prospective and retrospective basis. If we 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, we would discontinue hedge accounting treatment prospectively. We measure 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 September 30, 2022, all hedges were determined to be highly effective. We consider the impact of our counterparties’ credit risk on the fair value of the foreign currency forward contracts. As of September 30, 2022 and December 31, 2021, credit risk did not change the fair value of our foreign currency forward contracts. The following table summarizes the notional amount in U.S. dollars of our outstanding foreign currency forward contracts designated as cash flow hedges under U.S. GAAP: As of September 30, 2022 As of December 31, 2021 Foreign Currency (in millions) Euro $ 1,081.9 $ 1,364.5 Canadian dollar 192.3 89.9 British pound sterling 183.5 287.7 Australian dollar 150.8 96.3 Swiss Franc 59.2 54.1 Total foreign currency forward contracts $ 1,667.7 $ 1,892.5 Foreign currency forward contracts - Not designated as hedging instruments We also enter 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 U.S. GAAP. We recognize realized gains and losses for such contracts in “Other income (expense), net” in our condensed consolidated statements of operations each period. As of September 30, 2022, the notional amount of our outstanding foreign currency forward contracts where hedge accounting under U.S. GAAP is not applied was $641.6 million. During the three and nine months ended September 30, 2022 and 2021, we recognized the following related to foreign currency forward contracts in our condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Designated as hedging instruments - Reclassified from AOCI Product revenues, net $ 65.2 $ (5.2) $ 130.3 $ (39.3) Not designated as hedging instruments Other income (expense), net $ (22.1) $ (0.4) $ (38.9) $ (9.4) Total reported in the Condensed Consolidated Statement of Operations Product revenues, net $ 2,334.3 $ 1,984.1 $ 6,628.0 $ 5,500.8 Other income (expense), net $ 17.2 $ 42.4 $ (133.7) $ (2.2) The following table summarizes the fair value of our outstanding foreign currency forward contracts designated as cash flow hedges under U.S. GAAP included on our condensed consolidated balance sheets: As of September 30, 2022 Assets Liabilities Classification Fair Value Classification Fair Value (in millions) Prepaid expenses and other current assets $ 191.6 Other current liabilities $ (0.0) Other assets 9.1 Other long-term liabilities (0.0) Total assets $ 200.7 Total liabilities $ (0.0) As of December 31, 2021 Assets Liabilities Classification Fair Value Classification Fair Value (in millions) Prepaid expenses and other current assets $ 44.5 Other current liabilities $ (5.6) Other assets 2.0 Other long-term liabilities (2.7) Total assets $ 46.5 Total liabilities $ (8.3) As of September 30, 2022, we expect the amounts that are related to foreign exchange forward contracts designated as cash flow hedges under U.S. GAAP recorded in “Prepaid expenses and other current assets” and “Other current liabilities” to be reclassified to earnings within twelve months. We present the fair value of our foreign currency forward contracts on a gross basis within our condensed consolidated balance sheets. The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under U.S. GAAP on our condensed consolidated balance sheets: As of September 30, 2022 Gross Amounts Recognized Gross Amounts Offset Gross Amounts Presented Gross Amounts Not Offset Legal Offset Foreign currency forward contracts (in millions) Total assets $ 200.7 $ — $ 200.7 $ (0.0) $ 200.7 Total liabilities (0.0) — (0.0) 0.0 — As of December 31, 2021 Gross Amounts Recognized Gross Amounts Offset Gross Amounts Presented Gross Amounts Not Offset Legal Offset Foreign currency forward contracts (in millions) Total assets $ 46.5 $ — $ 46.5 $ (8.3) $ 38.2 Total liabilities (8.3) — (8.3) 8.3 —

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: As of September 30, 2022 As of December 31, 2021 (in millions) Raw materials $ 32.2 $ 42.4 Work-in-process 229.3 224.0 Finished goods 126.7 86.7 Total $ 388.2 $ 353.1

Stock-based Compensation Expens

Stock-based Compensation Expense and Share Repurchase Programs	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation Expense and Share Repurchase Programs	Stock-based Compensation Expense and Share Repurchase Programs Stock-based compensation expense During the three and nine months ended September 30, 2022 and 2021, we recognized the following stock-based compensation expense: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Stock-based compensation expense by type of award: Restricted stock units (including PSUs) $ 130.3 $ 89.5 $ 351.5 $ 279.1 Stock options 3.1 7.9 14.9 29.6 ESPP share issuances 1.9 6.3 13.0 17.9 Stock-based compensation expense related to inventories 0.3 (0.7) 0.4 (3.8) Total stock-based compensation expense included in “Total costs and expenses” $ 135.6 $ 103.0 $ 379.8 $ 322.8 Stock-based compensation expense by line item: Cost of sales $ 2.4 $ 1.6 $ 7.0 $ 4.6 Research and development expenses 80.0 61.0 229.9 196.4 Selling, general and administrative expenses 53.2 40.4 142.9 121.8 Total stock-based compensation expense included in costs and expenses 135.6 103.0 379.8 322.8 Income tax effect (38.8) (21.6) (101.3) (73.7) Total stock-based compensation expense, net of tax $ 96.8 $ 81.4 $ 278.5 $ 249.1 Share repurchase programs In November 2020, our Board of Directors approved a share repurchase program (the “2020 Share Repurchase Program”), pursuant to which we repurchased $500.0 million of our common stock in 2020 and the first quarter of 2021. During the three months ended March 31, 2021, we repurchased 2.0 million shares of our common stock under the 2020 Share Repurchase Program for an aggregate of $424.9 million. In June 2021, our Board of Directors approved a share repurchase program (the “2021 Share Repurchase Program”), pursuant to which we are authorized to repurchase up to $1.5 billion of our common stock by December 31, 2022. During the nine months ended September 30, 2022, we did not repurchase any shares of our common stock under the 2021 Share Repurchase Program. As of September 30, 2022, a total of $499.7 million remained authorized for repurchases of common stock under the 2021 Share Repurchase Program.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are subject to U.S. federal, state, and foreign income taxes. During the three and nine months ended September 30, 2022 and 2021, we recorded the following provisions for (benefits from) income taxes and effective tax rates as compared to our income before provision for income taxes: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions, except percentages) Income before provision for income taxes $ 1,176.4 $ 1,082.8 $ 3,155.6 $ 1,859.5 Provision for income taxes 245.9 230.9 652.5 287.5 Effective tax rate 21 % 21 % 21 % 15 % Our effective tax rate for the three and nine months ended September 30, 2022, and the three months ended September 30, 2021, was similar to the U.S. statutory rate. Our effective tax rate for the nine months ended September 30, 2021 was different than the U.S. statutory rate primarily due to a $99.7 million discrete tax benefit associated with an increase in the U.K.’s corporate tax rate from 19% to 25%, which was enacted in June 2021 and will become effective in April 2023. We have reviewed the tax positions taken, or to be taken, in our tax returns for all tax years currently open to examination by a taxing authority. As of September 30, 2022 and December 31, 2021, we had $144.9 million and $129.5 million, respectively, of net unrecognized tax benefits, which would affect our tax rate if recognized. Starting in 2022, our cash paid for income taxes is substantially increasing due to the elimination of the option in the U.S. to deduct research and development expenses in the period they are incurred and instead, as required by the Tax Cuts and Jobs Act of 2017, amortize them over a five year period if they are performed in the U.S. and fifteen years if they are performed in foreign jurisdictions. In August 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law. The IRA includes a 15% corporate alternative minimum tax and a 1% excise tax on share repurchases. We do not expect the IRA to have a significant impact on our consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 2022 Credit Facility In July 2022, Vertex and certain of its subsidiaries entered into a $500.0 million unsecured revolving facility (the “Credit Agreement”) with Bank of America, N.A., as administrative agent and the lenders referred to therein (the “Lenders”), which matures on July 1, 2027. The Credit Agreement was not drawn upon at closing and we have not drawn upon it to date. Amounts drawn pursuant to the Credit Agreement, if any, will be used for general corporate purposes. Subject to satisfaction of certain conditions, we may request that the borrowing capacity for the Credit Agreement be increased by an additional $500.0 million. Additionally, the Credit Agreement provides a sublimit of $100.0 million for letters of credit. Any amounts borrowed under the Credit Agreement will bear interest, at our option, at either a base rate or a SOFR rate, in each case plus an applicable margin. Under the Credit Agreement, the applicable margins on base rate loans range from 0.000% to 0.500% and the applicable margins on SOFR loans range from 1.000% to 1.500%, in each case based on our consolidated leverage ratio (the ratio of our total consolidated funded indebtedness to our consolidated EBITDA for the most recently completed four fiscal quarter period). Any amounts borrowed pursuant to the Credit Agreement are guaranteed by certain of our existing and future domestic subsidiaries, subject to certain exceptions. The Credit Agreement contains customary representations and warranties and affirmative and negative covenants, including a financial covenant to maintain subject to certain limited exceptions, a consolidated leverage ratio of 3.50 to 1.00, subject to an increase to 4.00 to 1.00 following a material acquisition. As of September 30, 2022, we were in compliance with the covenants described above. The Credit Agreement also contains customary events of default. In the case of a continuing event of default, the administrative agent would be entitled to exercise various remedies, including the acceleration of amounts due under outstanding loans. Direct costs related to the Credit Agreement are recorded over its term and were not material to our financial statements. Prior Credit Facilities In July 2022, in conjunction with entering our new credit agreement, we terminated the $500.0 million credit agreement we entered into in 2019. In September 2022, a $2.0 billion credit agreement we entered into in 2020 expired in accordance with its terms. Guaranties and Indemnifications As permitted under Massachusetts law, our Articles of Organization and By-laws provide that we will indemnify certain of our 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 we could be required to make under these indemnification provisions is unlimited. However, we have purchased directors’ and officers’ liability insurance policies that could reduce our monetary exposure and enable us to recover a portion of any future amounts paid. No indemnification claims currently are outstanding, and we believe the estimated fair value of these indemnification arrangements is minimal. We customarily agree in the ordinary course of our business to indemnification provisions in agreements with clinical trial investigators and sites in our product development programs, sponsored research agreements with academic and not-for-profit institutions, various comparable agreements involving parties performing services for us, and our real estate leases. We also customarily agree to certain indemnification provisions in our drug discovery, development and commercialization collaboration agreements. With respect to our 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 our contractual obligations arising out of the research or clinical testing of our compounds or product 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 us, to violations of law by us or to certain breaches of our contractual obligations. The indemnification provisions appearing in our collaboration agreements are similar to those for the other agreements discussed above, but in addition provide some limited indemnification for our 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 we believe 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 we could be required to make under these provisions is generally unlimited. We have purchased insurance policies covering personal injury, property damage and general liability that reduce our exposure for indemnification and would enable us in many cases to recover all or a portion of any future amounts paid. We have never paid any material amounts to defend lawsuits or settle claims related to these indemnification provisions. Accordingly, we believe the estimated fair value of these indemnification arrangements is minimal. Other Contingencies We have certain contingent liabilities that arise in the ordinary course of our business activities. We accrue a reserve for contingent liabilities when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. Other than our contingent consideration liabilities discussed in Note F, “Fair Value Measurements,” there were no material contingent liabilities accrued as of September 30, 2022 or December 31, 2021.

Additional Cash Flow Informatio

Additional Cash Flow Information	9 Months Ended
	Sep. 30, 2022
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 our condensed consolidated statements of cash flows consisted of the following: Nine Months Ended September 30, 2022 2021 Beginning of period End of period Beginning of period End of period (in millions) Cash and cash equivalents $ 6,795.0 $ 9,171.5 $ 5,988.2 $ 6,275.7 Prepaid expenses and other current assets 5.1 5.5 0.7 4.5 Cash, cash equivalents and restricted cash per condensed consolidated statement of cash flows $ 6,800.1 $ 9,177.0 $ 5,988.9 $ 6,280.2

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
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,” “we,” “us” or “our”) in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The condensed consolidated financial statements reflect the operations of Vertex and our wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated. We operate in one segment, pharmaceuticals. Beginning with the second quarter of 2022, we are separately classifying upfront, contingent milestone, and other payments pursuant to our business development transactions, including collaborations, licenses of third-party technologies, and asset acquisitions as “Acquired in-process research and development expenses” in our condensed consolidated statements of operations. To conform prior periods to current presentation, we reclassified $26.7 million and $986.8 million from “Research and development expenses” to “Acquired in-process research and development expenses” for the three and nine months ended September 30, 2021, respectively. Please refer to Note C, “Acquired In-Process Research and Development and Other Arrangements,” for further information on these transactions. Certain information and footnote disclosures normally included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “2021 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 September 30, 2022 and 2021.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires us 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 our condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. We base our estimates on historical experience and various other assumptions, including in certain circumstances future projections that we believe 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Product revenues, net consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) TRIKAFTA/KAFTRIO $ 2,010.5 $ 1,555.8 $ 5,665.3 $ 4,004.6 SYMDEKO/SYMKEVI 38.2 81.4 145.7 340.0 ORKAMBI 146.2 184.5 399.9 624.2 KALYDECO 139.4 162.4 417.1 532.0 Total product revenues, net $ 2,334.3 $ 1,984.1 $ 6,628.0 $ 5,500.8 Total net product revenues by geographic region, based on the location of the customer, consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) United States $ 1,455.6 $ 1,382.9 $ 4,238.9 $ 3,893.2 Outside of the United States Europe 730.5 518.8 2,018.3 1,382.7 Other 148.2 82.4 370.8 224.9 Total product revenues outside of the United States 878.7 601.2 2,389.1 1,607.6 Total product revenues, net $ 2,334.3 $ 1,984.1 $ 6,628.0 $ 5,500.8

Acquired In-Process Research _2

Acquired In-Process Research and Development and Other Arrangements (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Collaborative Arrangement Costs	During the three and nine months ended September 30, 2022 and 2021, we recognized the following amounts in total, not including amounts recorded to “Acquired in-process research and development expenses,” related to these agreements: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Total expenses incurred under the Original CTX001 JDCA and A&R JDCA $ 98.2 $ 58.7 $ 259.8 $ 147.4 Vertex’s share recognized in “Total costs and expenses” in our condensed consolidated statements of operations $ 59.0 $ 35.2 $ 155.9 $ 79.6

Business Combination (Tables)

Business Combination (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Assets Acquired and Liabilities Assumed	We accounted for the transaction as a business combination, and allocated the purchase price to the following assets acquired and liabilities assumed: As of September 27, 2022 (in millions) Cash and cash equivalents $ 19.1 Goodwill 73.0 Intangible asset 216.6 Net other assets 6.3 Total purchase price $ 315.0

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
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 common share for the periods ended: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions, except per share amounts) Net income $ 930.5 $ 851.9 $ 2,503.1 $ 1,572.0 Basic weighted-average common shares outstanding 256.5 257.9 255.8 258.7 Effect of potentially dilutive securities: Stock options 1.4 1.0 1.4 1.1 Restricted stock units (including PSUs) 1.6 0.8 1.4 1.1 Employee stock purchase program 0.0 0.0 0.1 0.0 Diluted weighted-average common shares outstanding 259.5 259.7 258.7 260.9 Basic net income per common share $ 3.63 $ 3.30 $ 9.78 $ 6.08 Diluted net income per common share $ 3.59 $ 3.28 $ 9.68 $ 6.03
Schedule of Potential Gross Common Equivalent Shares	We did not include the securities in the following table in the computation of the diluted net income per common share because the effect would have been anti-dilutive during each period: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Stock options — 1.1 0.0 0.7 Unvested restricted stock units (including PSUs) 0.0 0.2 0.2 0.4

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Subject to Fair Value Measurements	The following tables set forth our financial assets and liabilities subject to fair value measurements by level within the fair value hierarchy (and does not include $3.5 billion and $3.3 billion of cash as of September 30, 2022 and December 31, 2021, respectively): As of September 30, 2022 As of December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (in millions) Financial instruments carried at fair value (asset positions): Cash equivalents: Money market funds $ 3,610.9 $ 3,610.9 $ — $ — $ 3,478.1 $ 3,478.1 $ — $ — Time deposits 2,000.0 — 2,000.0 — — — — — Commercial paper 18.2 — 18.2 — — — — — Marketable securities: Corporate equity securities 122.8 78.2 44.6 — 230.9 230.9 — — U.S. Treasury securities 130.0 130.0 — — 86.4 86.4 — — Government-sponsored enterprise securities 10.5 10.5 — — 69.0 69.0 — — Corporate debt securities 66.8 — 66.8 — 90.9 — 90.9 — Commercial paper 269.1 — 269.1 — 252.7 — 252.7 — Prepaid expenses and other current assets: Foreign currency forward contracts 191.6 — 191.6 — 44.5 — 44.5 — Other assets: Foreign currency forward contracts 9.1 — 9.1 — 2.0 — 2.0 — Total financial assets $ 6,429.0 $ 3,829.6 $ 2,599.4 $ — $ 4,254.5 $ 3,864.4 $ 390.1 $ — Financial instruments carried at fair value (liability positions): Other current liabilities: Foreign currency forward contracts $ (0.0) $ — $ (0.0) $ — $ (5.6) $ — $ (5.6) $ — Long-term contingent consideration (127.2) — — (127.2) (186.5) — — (186.5) Other long-term liabilities: Foreign currency forward contracts (0.0) — (0.0) — (2.7) — (2.7) — Total financial liabilities $ (127.2) $ — $ (0.0) $ (127.2) $ (194.8) $ — $ (8.3) $ (186.5)
Schedule of Fair Value of Our Contingent Consideration Liabilities	The following table represents a rollforward of the fair value of our contingent consideration liabilities: Nine Months Ended September 30, 2022 (in millions) Balance at December 31, 2021 $ 186.5 Decrease in fair value of contingent payments (59.3) Balance at September 30, 2022 $ 127.2

Marketable Securities and Equ_2

Marketable Securities and Equity Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Cash Equivalents and Marketable Securities	A summary of our cash equivalents and marketable securities, which are recorded at fair value (and do not include $3.5 billion and $3.3 billion of cash as of September 30, 2022 and December 31, 2021, respectively), is shown below: As of September 30, 2022 As of December 31, 2021 Amortized Cost Gross Gross Fair Value Amortized Cost Gross Gross Fair Value (in millions) Cash equivalents: Money market funds $ 3,610.9 $ — $ — $ 3,610.9 $ 3,478.1 $ — $ — $ 3,478.1 Time deposits 2,000.0 — — 2,000.0 — — — — Commercial paper 18.2 — — 18.2 — — — — Total cash equivalents $ 5,629.1 $ — $ — $ 5,629.1 $ 3,478.1 $ — $ — $ 3,478.1 Marketable securities: U.S. Treasury securities $ 131.7 $ — $ (1.7) $ 130.0 $ 86.6 $ — $ (0.2) $ 86.4 Government-sponsored enterprise securities 10.6 — (0.1) 10.5 69.0 — — 69.0 Corporate debt securities 67.8 — (1.0) 66.8 91.1 — (0.2) 90.9 Commercial paper 270.4 — (1.3) 269.1 252.8 — (0.1) 252.7 Total marketable debt securities 480.5 — (4.1) 476.4 499.5 — (0.5) 499.0 Corporate equity securities 104.4 29.2 (10.8) 122.8 69.4 167.1 (5.6) 230.9 Total marketable securities $ 584.9 $ 29.2 $ (14.9) $ 599.2 $ 568.9 $ 167.1 $ (6.1) $ 729.9 Available-for-sale debt securities were classified on our condensed consolidated balance sheets at fair value as follows: As of September 30, 2022 As of December 31, 2021 (in millions) Cash and cash equivalents $ 3,629.1 $ 3,478.1 Marketable securities 476.4 499.0 Total $ 4,105.5 $ 3,977.1 Available-for-sale debt securities by contractual maturity were as follows: As of September 30, 2022 As of December 31, 2021 (in millions) Matures within one year $ 4,091.4 $ 3,912.3 Matures after one year through five years 14.1 64.8 Total $ 4,105.5 $ 3,977.1
Schedule of Company's Net Unrealized (Losses) Gains on Corporate Equity Securities	During the three and nine months ended September 30, 2022 and 2021, our net unrealized gains (losses) on corporate equity securities held at the conclusion of each period were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Net unrealized gains (losses) $ 16.7 $ 46.7 $ (143.1) $ 5.0

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of 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 millions) Balance at December 31, 2021 $ (13.6) $ (0.5) $ 30.0 $ 15.9 Other comprehensive (loss) income before reclassifications (42.8) (3.6) 230.2 183.8 Amounts reclassified from accumulated other comprehensive income (loss) — — (102.1) (102.1) Net current period other comprehensive (loss) income (42.8) (3.6) 128.1 81.7 Balance at September 30, 2022 $ (56.4) $ (4.1) $ 158.1 $ 97.6 Balance at December 31, 2020 $ (15.6) $ 0.3 $ (53.2) $ (68.5) Other comprehensive income (loss) before reclassifications 3.3 (0.3) 46.2 49.2 Amounts reclassified from accumulated other comprehensive income (loss) — — 30.8 30.8 Net current period other comprehensive income (loss) 3.3 (0.3) 77.0 80.0 Balance at September 30, 2021 $ (12.3) $ 0.0 $ 23.8 $ 11.5

Hedging (Tables)

Hedging (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Cash Flow Hedging Instruments	The following table summarizes the notional amount in U.S. dollars of our outstanding foreign currency forward contracts designated as cash flow hedges under U.S. GAAP: As of September 30, 2022 As of December 31, 2021 Foreign Currency (in millions) Euro $ 1,081.9 $ 1,364.5 Canadian dollar 192.3 89.9 British pound sterling 183.5 287.7 Australian dollar 150.8 96.3 Swiss Franc 59.2 54.1 Total foreign currency forward contracts $ 1,667.7 $ 1,892.5
Schedule of Foreign Exchange Contracts, Condensed Consolidated Statements of Operations	During the three and nine months ended September 30, 2022 and 2021, we recognized the following related to foreign currency forward contracts in our condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Designated as hedging instruments - Reclassified from AOCI Product revenues, net $ 65.2 $ (5.2) $ 130.3 $ (39.3) Not designated as hedging instruments Other income (expense), net $ (22.1) $ (0.4) $ (38.9) $ (9.4) Total reported in the Condensed Consolidated Statement of Operations Product revenues, net $ 2,334.3 $ 1,984.1 $ 6,628.0 $ 5,500.8 Other income (expense), net $ 17.2 $ 42.4 $ (133.7) $ (2.2)
Schedule of Foreign Exchange Contracts	The following table summarizes the fair value of our outstanding foreign currency forward contracts designated as cash flow hedges under U.S. GAAP included on our condensed consolidated balance sheets: As of September 30, 2022 Assets Liabilities Classification Fair Value Classification Fair Value (in millions) Prepaid expenses and other current assets $ 191.6 Other current liabilities $ (0.0) Other assets 9.1 Other long-term liabilities (0.0) Total assets $ 200.7 Total liabilities $ (0.0) As of December 31, 2021 Assets Liabilities Classification Fair Value Classification Fair Value (in millions) Prepaid expenses and other current assets $ 44.5 Other current liabilities $ (5.6) Other assets 2.0 Other long-term liabilities (2.7) Total assets $ 46.5 Total liabilities $ (8.3)
Schedule of Offsetting Liabilities	The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under U.S. GAAP on our condensed consolidated balance sheets: As of September 30, 2022 Gross Amounts Recognized Gross Amounts Offset Gross Amounts Presented Gross Amounts Not Offset Legal Offset Foreign currency forward contracts (in millions) Total assets $ 200.7 $ — $ 200.7 $ (0.0) $ 200.7 Total liabilities (0.0) — (0.0) 0.0 — As of December 31, 2021 Gross Amounts Recognized Gross Amounts Offset Gross Amounts Presented Gross Amounts Not Offset Legal Offset Foreign currency forward contracts (in millions) Total assets $ 46.5 $ — $ 46.5 $ (8.3) $ 38.2 Total liabilities (8.3) — (8.3) 8.3 —
Schedule of Offsetting Assets	The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under U.S. GAAP on our condensed consolidated balance sheets: As of September 30, 2022 Gross Amounts Recognized Gross Amounts Offset Gross Amounts Presented Gross Amounts Not Offset Legal Offset Foreign currency forward contracts (in millions) Total assets $ 200.7 $ — $ 200.7 $ (0.0) $ 200.7 Total liabilities (0.0) — (0.0) 0.0 — As of December 31, 2021 Gross Amounts Recognized Gross Amounts Offset Gross Amounts Presented Gross Amounts Not Offset Legal Offset Foreign currency forward contracts (in millions) Total assets $ 46.5 $ — $ 46.5 $ (8.3) $ 38.2 Total liabilities (8.3) — (8.3) 8.3 —

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories by Type	Inventories consisted of the following: As of September 30, 2022 As of December 31, 2021 (in millions) Raw materials $ 32.2 $ 42.4 Work-in-process 229.3 224.0 Finished goods 126.7 86.7 Total $ 388.2 $ 353.1

Stock-based Compensation Expe_2

Stock-based Compensation Expense and Share Repurchase Programs (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense by Line Item	During the three and nine months ended September 30, 2022 and 2021, we recognized the following stock-based compensation expense: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions) Stock-based compensation expense by type of award: Restricted stock units (including PSUs) $ 130.3 $ 89.5 $ 351.5 $ 279.1 Stock options 3.1 7.9 14.9 29.6 ESPP share issuances 1.9 6.3 13.0 17.9 Stock-based compensation expense related to inventories 0.3 (0.7) 0.4 (3.8) Total stock-based compensation expense included in “Total costs and expenses” $ 135.6 $ 103.0 $ 379.8 $ 322.8 Stock-based compensation expense by line item: Cost of sales $ 2.4 $ 1.6 $ 7.0 $ 4.6 Research and development expenses 80.0 61.0 229.9 196.4 Selling, general and administrative expenses 53.2 40.4 142.9 121.8 Total stock-based compensation expense included in costs and expenses 135.6 103.0 379.8 322.8 Income tax effect (38.8) (21.6) (101.3) (73.7) Total stock-based compensation expense, net of tax $ 96.8 $ 81.4 $ 278.5 $ 249.1

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of Provision for (Benefits from) Income Taxes and Effective Tax rates	During the three and nine months ended September 30, 2022 and 2021, we recorded the following provisions for (benefits from) income taxes and effective tax rates as compared to our income before provision for income taxes: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in millions, except percentages) Income before provision for income taxes $ 1,176.4 $ 1,082.8 $ 3,155.6 $ 1,859.5 Provision for income taxes 245.9 230.9 652.5 287.5 Effective tax rate 21 % 21 % 21 % 15 %

Additional Cash Flow Informat_2

Additional Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Additional Cash Flow Information	The cash, cash equivalents and restricted cash at the beginning and ending of each period presented in our condensed consolidated statements of cash flows consisted of the following: Nine Months Ended September 30, 2022 2021 Beginning of period End of period Beginning of period End of period (in millions) Cash and cash equivalents $ 6,795.0 $ 9,171.5 $ 5,988.2 $ 6,275.7 Prepaid expenses and other current assets 5.1 5.5 0.7 4.5 Cash, cash equivalents and restricted cash per condensed consolidated statement of cash flows $ 6,800.1 $ 9,177.0 $ 5,988.9 $ 6,280.2

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Accounting Policies [Abstract]
Number of operating segments | segment			1
Acquired in-process research and development expenses | $	$ 29	$ 26.7	$ 92.9	$ 986.8

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 2,334.3	$ 1,984.1	$ 6,628	$ 5,501.8
United States
Disaggregation of Revenue [Line Items]
Revenues	1,455.6	1,382.9	4,238.9	3,893.2
Europe
Disaggregation of Revenue [Line Items]
Revenues	730.5	518.8	2,018.3	1,382.7
Other
Disaggregation of Revenue [Line Items]
Revenues	148.2	82.4	370.8	224.9
Total product revenues outside of the United States
Disaggregation of Revenue [Line Items]
Revenues	878.7	601.2	2,389.1	1,607.6
Product revenues, net
Disaggregation of Revenue [Line Items]
Revenues	2,334.3	1,984.1	6,628	5,500.8
TRIKAFTA/KAFTRIO
Disaggregation of Revenue [Line Items]
Revenues	2,010.5	1,555.8	5,665.3	4,004.6
SYMDEKO/SYMKEVI
Disaggregation of Revenue [Line Items]
Revenues	38.2	81.4	145.7	340
ORKAMBI
Disaggregation of Revenue [Line Items]
Revenues	146.2	184.5	399.9	624.2
KALYDECO
Disaggregation of Revenue [Line Items]
Revenues	$ 139.4	$ 162.4	$ 417.1	$ 532

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 119.5	$ 171.7

Acquired In-Process Research _3

Acquired In-Process Research and Development and Other Arrangements - Additional Information (Details)	1 Months Ended		3 Months Ended			9 Months Ended		12 Months Ended
	Jul. 31, 2022 USD ($)	May 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2019 USD ($) target	Jul. 01, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development expenses			$ 29,000,000	$ 26,700,000		$ 92,900,000	$ 986,800,000
Verve
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Up-front payment	$ 25,000,000
Purchase of common stock	$ 35,000,000
Catalyst Biosciences
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Asset acquisition, consideration transferred		$ 60,000,000
CRISPR Therapeutics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, right to exclusively license, number of targets | target								3
Collaborative arrangement, development and regulatory potential milestone payments maximum								$ 410,000,000
CRISPR A&R JDCA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, development and regulatory potential milestone payments maximum					$ 200,000,000
Up-front payment					$ 900,000,000
Allocation of net profits and net losses, percent									60%
CRISPR A&R JDCA | CRISPR
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Allocation of net profits and net losses, percent									40%

Acquired In-Process Research _4

Acquired In-Process Research and Development and Other Arrangements - Collaborative Arrangement Costs (Details) - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement - CRISPR Therapeutics - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement costs	$ 98.2	$ 58.7	$ 259.8	$ 147.4
Total collaborative arrangement costs included in costs and expenses
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement costs	$ 59	$ 35.2	$ 155.9	$ 79.6

Business Combination - Addition

Business Combination - Additional Information (Details) - ViaCyte	Sep. 27, 2022 USD ($)
Business Acquisition [Line Items]
Total purchase price	$ 315,000,000
Goodwill expected to be tax deductible	0
In Process Research and Development
Business Acquisition [Line Items]
Intangible asset	$ 216,600,000

Business Combination - Schedule

Business Combination - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 27, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 1,075.2		$ 1,002.2
ViaCyte
Business Acquisition [Line Items]
Cash and cash equivalents		$ 19.1
Goodwill		73
Net other assets		6.3
Total purchase price		$ 315

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
Net income	$ 930.5	$ 851.9	$ 2,503.1	$ 1,572
Basic weighted-average common shares outstanding (in shares)	256.5	257.9	255.8	258.7
Effect of potentially dilutive securities:
Employee stock purchase program (in shares)	0	0	0.1	0
Diluted weighted-average common shares outstanding (in shares)	259.5	259.7	258.7	260.9
Basic net income per common share (in dollars per share)	$ 3.63	$ 3.30	$ 9.78	$ 6.08
Diluted net income per common share (in dollars per share)	$ 3.59	$ 3.28	$ 9.68	$ 6.03
Stock options
Effect of potentially dilutive securities:
Share-based payment arrangements (in shares)	1.4	1	1.4	1.1
Restricted stock units (including PSUs)
Effect of potentially dilutive securities:
Share-based payment arrangements (in shares)	1.6	0.8	1.4	1.1

Earnings Per Share - Anti-dilut

Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0	1.1	0	0.7
Unvested 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)	0	0.2	0.2	0.4

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	$ 3,500	$ 3,500	$ 3,300
In Process Research and Development | ViaCyte
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible assets	603.6	603.6	$ 400
Indefinite-lived intangible assets	216.6
Impairment of intangible assets		13
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining milestone payment	$ 678.3	$ 678.3
Level 3 | Minimum | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, measurement input (as a percent)	0.052	0.052
Level 3 | Maximum | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, measurement input (as a percent)	0.057	0.057

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Subject to Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Financial instruments carried at fair value (liability positions):
Long-term contingent consideration	$ (127.2)	$ (186.5)
Recurring Basis
Financial instruments carried at fair value (asset positions):
Derivative asset current, foreign currency forward contracts	191.6	44.5
Other assets, foreign currency forward contracts	9.1	2
Total financial assets	6,429	4,254.5
Financial instruments carried at fair value (liability positions):
Other current liabilities, foreign currency forward contracts	0	(5.6)
Long-term contingent consideration	(127.2)	(186.5)
Other long-term liabilities, foreign currency forward contracts	0	(2.7)
Total financial liabilities	(127.2)	(194.8)
Recurring Basis | Level 1
Financial instruments carried at fair value (asset positions):
Derivative asset current, foreign currency forward contracts	0	0
Other assets, foreign currency forward contracts	0	0
Total financial assets	3,829.6	3,864.4
Financial instruments carried at fair value (liability positions):
Other current liabilities, foreign currency forward contracts	0	0
Long-term contingent consideration	0	0
Other long-term liabilities, foreign currency forward contracts	0	0
Total financial liabilities	0	0
Recurring Basis | Level 2
Financial instruments carried at fair value (asset positions):
Derivative asset current, foreign currency forward contracts	191.6	44.5
Other assets, foreign currency forward contracts	9.1	2
Total financial assets	2,599.4	390.1
Financial instruments carried at fair value (liability positions):
Other current liabilities, foreign currency forward contracts	0	(5.6)
Long-term contingent consideration	0	0
Other long-term liabilities, foreign currency forward contracts	0	(2.7)
Total financial liabilities	0	(8.3)
Recurring Basis | Level 3
Financial instruments carried at fair value (asset positions):
Derivative asset current, foreign currency forward contracts	0	0
Other assets, foreign currency forward contracts	0	0
Total financial assets	0	0
Financial instruments carried at fair value (liability positions):
Other current liabilities, foreign currency forward contracts	0	0
Long-term contingent consideration	(127.2)	(186.5)
Other long-term liabilities, foreign currency forward contracts	0	0
Total financial liabilities	(127.2)	(186.5)
Recurring Basis | Money market funds
Financial instruments carried at fair value (asset positions):
Cash equivalents:	3,610.9	3,478.1
Recurring Basis | Money market funds | Level 1
Financial instruments carried at fair value (asset positions):
Cash equivalents:	3,610.9	3,478.1
Recurring Basis | Money market funds | Level 2
Financial instruments carried at fair value (asset positions):
Cash equivalents:	0	0
Recurring Basis | Money market funds | Level 3
Financial instruments carried at fair value (asset positions):
Cash equivalents:	0	0
Recurring Basis | Time deposits
Financial instruments carried at fair value (asset positions):
Cash equivalents:	2,000	0
Recurring Basis | Time deposits | Level 1
Financial instruments carried at fair value (asset positions):
Cash equivalents:	0	0
Recurring Basis | Time deposits | Level 2
Financial instruments carried at fair value (asset positions):
Cash equivalents:	2,000	0
Recurring Basis | Time deposits | Level 3
Financial instruments carried at fair value (asset positions):
Cash equivalents:	0	0
Recurring Basis | Commercial paper
Financial instruments carried at fair value (asset positions):
Cash equivalents:	18.2	0
Marketable securities:	269.1	252.7
Recurring Basis | Commercial paper | Level 1
Financial instruments carried at fair value (asset positions):
Cash equivalents:	0	0
Marketable securities:	0	0
Recurring Basis | Commercial paper | Level 2
Financial instruments carried at fair value (asset positions):
Cash equivalents:	18.2	0
Marketable securities:	269.1	252.7
Recurring Basis | Commercial paper | Level 3
Financial instruments carried at fair value (asset positions):
Cash equivalents:	0	0
Marketable securities:	0	0
Recurring Basis | Corporate equity securities
Financial instruments carried at fair value (asset positions):
Marketable securities:	122.8	230.9
Recurring Basis | Corporate equity securities | Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities:	78.2	230.9
Recurring Basis | Corporate equity securities | Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities:	44.6	0
Recurring Basis | Corporate equity securities | Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities:	0	0
Recurring Basis | U.S. Treasury securities
Financial instruments carried at fair value (asset positions):
Marketable securities:	130	86.4
Recurring Basis | U.S. Treasury securities | Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities:	130	86.4
Recurring Basis | U.S. Treasury securities | Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities:	0	0
Recurring Basis | U.S. Treasury securities | Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities:	0	0
Recurring Basis | Government-sponsored enterprise securities
Financial instruments carried at fair value (asset positions):
Marketable securities:	10.5	69
Recurring Basis | Government-sponsored enterprise securities | Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities:	10.5	69
Recurring Basis | Government-sponsored enterprise securities | Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities:	0	0
Recurring Basis | Government-sponsored enterprise securities | Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities:	0	0
Recurring Basis | Corporate debt securities
Financial instruments carried at fair value (asset positions):
Marketable securities:	66.8	90.9
Recurring Basis | Corporate debt securities | Level 1
Financial instruments carried at fair value (asset positions):
Marketable securities:	0	0
Recurring Basis | Corporate debt securities | Level 2
Financial instruments carried at fair value (asset positions):
Marketable securities:	66.8	90.9
Recurring Basis | Corporate debt securities | Level 3
Financial instruments carried at fair value (asset positions):
Marketable securities:	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Contingent Consideration Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2021			$ 186.5
Decrease in fair value of contingent payments	$ (2.6)	$ 1.2	(59.3)	$ (1.1)
Balance at September 30, 2022	$ 127.2		$ 127.2

Marketable Securities and Equ_3

Marketable Securities and Equity Investments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Summary of cash, cash equivalents and marketable securities
Cash	$ 3,500,000,000		$ 3,500,000,000		$ 3,300,000,000
Net unrealized gains (losses)	16,700,000	$ 46,700,000	(143,100,000)	$ 5,000,000
Allowance for credit loss for available-for-sale debt securities	0	$ 0	0	$ 0
Other Assets
Summary of cash, cash equivalents and marketable securities
Equity securities without readily determinable fair value, amount	$ 98,600,000		$ 98,600,000

Marketable Securities and Equ_4

Marketable Securities and Equity Investments - Summary of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash equivalents:
Amortized Cost	$ 9,171.5	$ 6,795	$ 6,275.7	$ 5,988.2
Total marketable debt securities
Fair Value	4,105.5	3,977.1
Corporate equity securities
Amortized Cost	104.4	69.4
Gross Unrealized Gains	29.2	167.1
Gross Unrealized Losses	(10.8)	(5.6)
Fair Value	122.8	230.9
Amortized Cost	584.9	568.9
Gross Unrealized Gains	29.2	167.1
Gross Unrealized Losses	(14.9)	(6.1)
Fair Value	599.2	729.9
Cash equivalents:
Cash equivalents:
Amortized Cost	5,629.1	3,478.1
Fair Value	5,629.1	3,478.1
Total marketable debt securities
Fair Value	3,629.1	3,478.1
Cash equivalents: | Money market funds
Cash equivalents:
Amortized Cost	3,610.9	3,478.1
Fair Value	3,610.9	3,478.1
Cash equivalents: | Time deposits
Cash equivalents:
Amortized Cost	2,000	0
Fair Value	2,000	0
Cash equivalents: | Commercial paper
Cash equivalents:
Amortized Cost	18.2	0
Fair Value	18.2	0
Marketable securities
Total marketable debt securities
Amortized Cost	480.5	499.5
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(4.1)	(0.5)
Fair Value	476.4	499
Marketable securities | U.S. Treasury securities
Total marketable debt securities
Amortized Cost	131.7	86.6
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1.7)	(0.2)
Fair Value	130	86.4
Marketable securities | Government-sponsored enterprise securities
Total marketable debt securities
Amortized Cost	10.6	69
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.1)	0
Fair Value	10.5	69
Marketable securities | Corporate debt securities
Total marketable debt securities
Amortized Cost	67.8	91.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	(0.2)
Fair Value	66.8	90.9
Marketable securities | Commercial paper
Total marketable debt securities
Amortized Cost	270.4	252.8
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1.3)	(0.1)
Fair Value	$ 269.1	$ 252.7

Marketable Securities and Equ_5

Marketable Securities and Equity Investments - Available-for-Sale Debt Securities at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Debt securities	$ 4,105.5	$ 3,977.1
Cash and cash equivalents
Debt Securities, Available-for-sale [Line Items]
Debt securities	3,629.1	3,478.1
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Debt securities	$ 476.4	$ 499

Marketable Securities and Equ_6

Marketable Securities and Equity Investments - Available-for-Sale Debt Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Matures within one year	$ 4,091.4	$ 3,912.3
Matures after one year through five years	14.1	64.8
Total	$ 4,105.5	$ 3,977.1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 11,933.5	$ 9,196.4	$ 10,100	$ 8,686.8
Other comprehensive (loss) income before reclassifications			183.8	49.2
Amounts reclassified from accumulated other comprehensive income (loss)			(102.1)	30.8
Total other comprehensive income	40.1	36.7	81.7	80
Ending balance	13,029.6	9,530.8	13,029.6	9,530.8
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(13.6)	(15.6)
Other comprehensive (loss) income before reclassifications			(42.8)	3.3
Amounts reclassified from accumulated other comprehensive income (loss)			0	0
Total other comprehensive income			(42.8)	3.3
Ending balance	(56.4)	(12.3)	(56.4)	(12.3)
On Available-For-Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(0.5)	0.3
Other comprehensive (loss) income before reclassifications			(3.6)	(0.3)
Amounts reclassified from accumulated other comprehensive income (loss)			0	0
Total other comprehensive income			(3.6)	(0.3)
Ending balance	(4.1)	0	(4.1)	0
On Foreign Currency Forward Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			30	(53.2)
Other comprehensive (loss) income before reclassifications			230.2	46.2
Amounts reclassified from accumulated other comprehensive income (loss)			(102.1)	30.8
Total other comprehensive income			128.1	77
Ending balance	158.1	23.8	158.1	23.8
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	57.5	(25.2)	15.9	(68.5)
Total other comprehensive income	40.1	36.7	81.7	80
Ending balance	$ 97.6	$ 11.5	$ 97.6	$ 11.5

Hedging - Additional Informatio

Hedging - Additional Information (Details) - Foreign Currency Forward Contracts $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative term	1 month
Cash Flow Hedging | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount of foreign currency forward contract	$ 641.6
Cash Flow Hedging | Minimum
Derivative [Line Items]
Derivative term	1 month
Cash Flow Hedging | Maximum
Derivative [Line Items]
Derivative term	18 months

Hedging - Notional Amount (Deta

Hedging - Notional Amount (Details) - Foreign Currency Forward Contracts - Designated as Hedging Instruments - Cash Flow Hedging - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount of foreign currency forward contract	$ 1,667.7	$ 1,892.5
Euro
Derivative [Line Items]
Notional amount of foreign currency forward contract	1,081.9	1,364.5
Canadian dollar
Derivative [Line Items]
Notional amount of foreign currency forward contract	192.3	89.9
British pound sterling
Derivative [Line Items]
Notional amount of foreign currency forward contract	183.5	287.7
Australian dollar
Derivative [Line Items]
Notional amount of foreign currency forward contract	150.8	96.3
Swiss Franc
Derivative [Line Items]
Notional amount of foreign currency forward contract	$ 59.2	$ 54.1

Hedging - Cash Flow Hedging Ins

Hedging - Cash Flow Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Revenues	$ 2,334.3	$ 1,984.1	$ 6,628	$ 5,501.8
Other income (expense), net	17.2	42.4	(133.7)	(2.2)
Foreign Currency Forward Contract | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Forward Contracts | Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Other income (expense), net	(22.1)	(0.4)	(38.9)	(9.4)
Product revenues, net
Derivative Instruments, Gain (Loss) [Line Items]
Revenues	2,334.3	1,984.1	6,628	5,500.8
Product revenues, net | Foreign Currency Forward Contract | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Forward Contracts | Designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Revenues	$ 65.2	$ (5.2)	$ 130.3	$ (39.3)

Hedging - Derivative Fair Value

Hedging - Derivative Fair Value (Details) - Designated as Hedging Instruments - Foreign Currency Forward Contracts - Cash Flow Hedging - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Total assets	$ 200.7	$ 46.5
Total liabilities	0	(8.3)
Prepaid expenses and other current assets
Derivative [Line Items]
Total assets	191.6	44.5
Other assets
Derivative [Line Items]
Total assets	9.1	2
Other current liabilities
Derivative [Line Items]
Total liabilities	0	(5.6)
Other long-term liabilities
Derivative [Line Items]
Total liabilities	$ 0	$ (2.7)

Hedging - Offsetting Derivative

Hedging - Offsetting Derivatives (Details) - Cash Flow Hedging - Designated as Hedging Instruments - Foreign Currency Forward Contracts - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Offsetting Derivative Assets [Abstract]
Gross Amounts Recognized	$ 200.7	$ 46.5
Gross Amounts Offset	0	0
Gross Amounts Presented	200.7	46.5
Gross Amounts Not Offset	0	(8.3)
Legal Offset	200.7	38.2
Offsetting Derivative Liabilities [Abstract]
Gross Amounts Recognized	0	(8.3)
Gross Amounts Offset	0	0
Gross Amounts Presented	0	(8.3)
Gross Amounts Not Offset	0	8.3
Legal Offset	$ 0	$ 0

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 32.2	$ 42.4
Work-in-process	229.3	224
Finished goods	126.7	86.7
Total	$ 388.2	$ 353.1

Stock-based Compensation Expe_3

Stock-based Compensation Expense and Share Repurchase Programs - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	$ 135.6	$ 103	$ 379.8	$ 322.8
Stock-based compensation expense related to inventories	0.3	(0.7)	0.4	(3.8)
Total stock-based compensation expense included in “Total costs and expenses”	135.6	103	379.8	322.8
Income tax effect	(38.8)	(21.6)	(101.3)	(73.7)
Total stock-based compensation expense, net of tax	96.8	81.4	278.5	249.1
Cost of sales
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	2.4	1.6	7	4.6
Research and development expenses
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	80	61	229.9	196.4
Selling, general and administrative expenses
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	53.2	40.4	142.9	121.8
Restricted stock units (including PSUs)
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	130.3	89.5	351.5	279.1
Stock options
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	3.1	7.9	14.9	29.6
ESPP share issuances
Stock-based compensation expense:
Total stock-based compensation expense included in “Total costs and expenses”	$ 1.9	$ 6.3	$ 13	$ 17.9

Stock-based Compensation Expe_4

Stock-based Compensation Expense and Share Repurchase Programs - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Nov. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Value of shares repurchased	$ 642,200,000			$ 1,067,200,000
Share Repurchase Program 2020
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased						$ 500,000,000
Shares repurchased (in shares)		2,000,000
Value of shares repurchased		$ 424,900,000
Share Repurchase Program 2021
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased					$ 1,500,000,000
Shares repurchased (in shares)			0
Stock repurchase program, remaining amount			$ 499,700,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 1,176.4	$ 1,082.8	$ 3,155.6	$ 1,859.5
Provision for income taxes	$ 245.9	$ 230.9	$ 652.5	$ 287.5
Effective tax rate	21%	21%	21%	15%
Discrete tax benefit associated with an increase in U.K.'s corporate tax rate				$ 99.7
Net unrecognized tax benefits which would affect the tax rate if recognized	$ 144.9		$ 144.9		$ 129.5

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended
	Jul. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2019
Line of Credit Facility [Line Items]
Indemnification claims		$ 0
Contingent liabilities		0	$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility additional borrowing capacity	$ 500,000,000
Line of credit facility, maximum borrowing capacity	$ 500,000,000	$ 2,000,000,000		$ 500,000,000
Debt covenant, consolidated leverage ratio	3.50
Debt covenant, increase in consolidated leverage ratio	4
Letters of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000
Minimum | Base Rate | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0%
Minimum | SOFR Loan
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	1%
Maximum | Base Rate | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Maximum | SOFR Loan
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	1.50%

Additional Cash Flow Informat_3

Additional Cash Flow Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 9,171.5	$ 6,795	$ 6,275.7	$ 5,988.2
Prepaid expenses and other current assets	5.5	5.1	4.5	0.7
Cash, cash equivalents and restricted cash per condensed consolidated statement of cash flows	$ 9,177	$ 6,800.1	$ 6,280.2	$ 5,988.9