A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X	Y	Z	AA	AB	AC	AD	AE	AF	AG	AH	AI	AJ	AK	AL	AM	AN	AO	AP	AQ	AR	AS	AT	AU	AV	AW	AX	AY	AZ	BA	BB	BC	BD	BE	BF	BG	BH	BI	BJ	BK	BL	BM	BN	BO	BP	BQ	BR	BS	BT	BU	BV	BW	BX	BY	BZ	CA	CB	CC	CD	CE	CF	CG	CH	CI	CJ	CK	CL	CM	CN	CO	CP	CQ	CR	CS	CT	CU	CV	CW	CX	CY	CZ	DA	DB	DC	DD	DE	DF	DG
1	Main
2
3			Q318	Q418	Q119	Q219	Q319	Q419	Q120	Q220	Q320	Q420	Q121	Q221	Q321	Q421	Q122	Q222	Q322	Q422	Q123	Q223	Q323	Q423		2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040
4		VX-880																																			200	400	600	800	1000	1010	1020.1	1030.301	1040.60401	1051.0100501	1061.5201506009998	1072.1353521070098	1082.85670562808	1093.6852726843608	1104.6221254112045
5		VX-548																																	200	1500	3000	4000	5000	6000	6060	6120.6	6181.8060000000005	6243.624060000001	6306.060300600001	6369.120903606001	6432.812112642061	6497.140233768481	6562.111636106166	6627.732752467227	662.7732752467227
6		VX-147
7		CTX001																																100	300	500	800	1000	1010	1020.1	1030.301	1040.60401	1051.0100501	1061.5201506009998	1072.1353521070098	1082.85670562808	1093.6852726843608	1104.6221254112045	1115.6683466653164	1126.8250301319697	1138.0932804332895
8		Other		1.933	1.182	0.913			0		2
9		Trikafta	0	0	0	0	0	420	895	918	960	1091	1193.2	1256	1556	1693	1761.6	1893	2010.5	2022	2096.7	2121.7	2146.7	2171.7								5698.2	7687.1	9224.52	10146.972000000002	10349.911440000002	10556.909668800003	10768.047862176003	10983.408819419523	11203.076995807913	11427.13853572407	11655.681306438551	11888.794932567323	12126.57083121867	6063.285415609335	606.3285415609336	60.63285415609336	6.063285415609336	0.6063285415609336	0.06063285415609337	0.006063285415609337
10		Symdeko	255	294	320	362	404	331.5	173	172	156	128	125.1	134	81	80	64.8	43	38.2	34	278.1	278.1	278.1	278.1								420.1	180	162	145.8	131.22000000000003	118.09800000000003	106.28820000000003	95.65938000000003	86.09344200000002	77.48409780000003	69.73568802000003	62.762119218000024	56.485907296200025	50.83731656658002	45.75358490992202	41.17822641892982	37.06040377703684	33.35436339933316	30.018927059399843	27.01703435345986
11		Orkambi	282	315	293	316	297	269.8	234	231.7	226	215	218.7	221	185	147	132.1	122	146.2	111												771.7	511.29999999999995	460.16999999999996	414.15299999999996	372.73769999999996	335.46392999999995	301.917537	271.7257833	244.55320497	220.097884473	198.0880960257	178.27928642313	160.451357780817	144.40622200273532	129.96559980246178	116.9690398222156	105.27213583999405	94.74492225599465	85.27043003039519	76.74338702735567
12		Kalydeco	246	259	244	262	249	235.7	213	202.7	194	193	186.3	183	162	152	139	139	139.4	136												683.3	553.4	498.06	448.254	403.4286	363.08574000000004	326.777166	294.0994494	264.68950446	238.22055401400002	214.3984986126	192.95864875134	173.66278387620602	156.2965054885854	140.66685493972687	126.60016944575419	113.94015250117877	102.5461372510609	92.29152352595482	83.06237117335934
13		Revenue	783	869.933	858.182	940.913	950	1257	1515	1524.4	1538	1627	1723.3	1794	1984	2072	2097.5	2197	2334.2999999999997	2303	2374.7999999999997	2399.7999999999997	2424.7999999999997	2449.7999999999997							0	7573.3	8931.8	10444.75	11655.179000000002	13257.29774	15373.557338800003	16903.030765176005	18254.893432119523	19618.513147237914	20053.24207201107	20309.107599096853	20575.7110370598	20852.616090772895	14833.62512237425	9425.702240547125	8933.397825770415	8936.233688820515	8991.888439847513	9055.884568753465	3092.3175369308074
14		COGS	111.255	122.289	95.092	135.74	131.914	185.012	162.497	184.5	186.182	203.1	192.3	228	236.512	247.4	145.8	261.8	289.4	280.9	265	239.98000000000002	242.48000000000002	244.98000000000002								904.212	977.9	731.1325	815.8625300000002	928.0108418000001	1076.1490137160004	1183.2121535623205	1277.8425402483667	1373.2959203066541	1403.726945040775	1421.6375319367799	1440.299772594186	1459.6831263541028	1038.3537585661975	659.7991568382988	625.3378478039291	625.5363582174361	629.432190789326	633.9119198127426	216.46222758515654
15		Gross Profit	671.745	747.644	763.09	805.173	818.086	1071.988	1352.503	1339.9	1351.818	1423.9	1531	1566	1747.488	1824.6	1951.7	1935.2	2044.8999999999996	2022.1	2109.7999999999997	2159.8199999999997	2182.3199999999997	2204.8199999999997							0	6669.088	7953.9	9713.6175	10839.316470000002	12329.2868982	14297.408325084003	15719.818611613684	16977.050891871157	18245.21722693126	18649.515126970295	18887.470067160073	19135.411264465612	19392.932964418793	13795.271363808051	8765.903083708827	8308.059977966486	8310.69733060308	8362.456249058187	8421.972648940722	2875.8553093456508
16		SG&A	137.295	153.21	147.045	156.502	159.674	195.277	182.258	191.8	184.551	175	151	194.6	198.189	210	167	215.3	246.8	225.6	196.9	215.3	246.8	225.6							609	673	854.7	1044.4750000000001	1165.5179000000003	1325.7297740000001	1537.3557338800003	1690.3030765176006	1825.4893432119525	1961.8513147237916	2005.3242072011071	2030.9107599096853	2057.57110370598	2085.2616090772894	1483.362512237425	942.5702240547125	893.3397825770415	893.6233688820516	899.1888439847513	905.5884568753465	309.23175369308075
17		R&D	330.51	437.881	339.49	379.091	555.948	480.011	448.528	420.9	493.497	364	380	448.7	493.751	493	520	600.1	645	623.2	663.5	663.5	663.5	663.5							1372	1658	2388.3
18		OpEx	467.80499999999995	591.091	486.53499999999997	535.5930000000001	715.622	675.288	630.7860000000001	612.7	678.048	539	531	643.3	691.9399999999999	703	687	815.4000000000001	891.8	848.8000000000001	860.4	878.8	910.3	889.1							1981	2331	3243	1044.4750000000001	1165.5179000000003	1325.7297740000001	1537.3557338800003	1690.3030765176006	1825.4893432119525	1961.8513147237916	2005.3242072011071	2030.9107599096853	2057.57110370598	2085.2616090772894	1483.362512237425	942.5702240547125	893.3397825770415	893.6233688820516	899.1888439847513	905.5884568753465	309.23175369308075
19		OpInc	203.94000000000005	156.553	276.55500000000006	269.5799999999999	102.46400000000006	396.70000000000005	721.7169999999999	727.2	673.77	884.9000000000001	1000	922.7	1055.5480000000002	1121.6	1264.7	1119.8	1153.0999999999997	1173.2999999999997	1249.3999999999996	1281.0199999999998	1272.0199999999998	1315.7199999999998							-1981	4338.088	4710.9	8669.1425	9673.79857	11003.5571242	12760.052591204003	14029.515535096083	15151.561548659203	16283.36591220747	16644.190919769186	16856.559307250387	17077.84016075963	17307.671355341503	12311.908851570626	7823.332859654114	7414.720195389445	7417.073961721027	7463.267405073435	7516.384192065376	2566.62355565257
20		Interest	-8.143	-4.773	0.7469999999999999	3.2390000000000008	3.08	-1.8900000000000006	-1.5599999999999987	-9.628	-10.756	-14	-14.2	-14.4	-14.139000000000001	-13.9	-13.3	-3.799999999999999	32.3	74.4	122.6	122.6	122.6	122.6									89.6	0	69.35314000000001	147.29835368	236.50519750304	340.47765981269634	455.43760537196664	580.293598604216	715.2028746907095	854.0780250463887	995.7631237047628	1140.351949980478	1287.9361364230538	1396.7348963270033	1470.4954383748523	1541.5771634449668	1613.2463724462948	1685.8584826664526	1759.4764240643071
21		Pretax	195.79700000000005	151.78	277.3020000000001	272.8189999999999	105.54400000000005	394.81000000000006	720.1569999999999	717.572	663.014	870.9000000000001	985.8	908.3000000000001	1041.4090000000003	1107.6999999999998	1251.4	1116	1185.3999999999996	1247.6999999999998	1371.9999999999995	1403.6199999999997	1394.6199999999997	1438.3199999999997									4800.5	8669.1425	9743.15171	11150.85547788	12996.557788707043	14369.993194908779	15606.99915403117	16863.659510811685	17359.393794459895	17710.637332296777	18073.603284464396	18448.02330532198	13599.84498799368	9220.067755981117	8885.215633764297	8958.651125165994	9076.513777519729	9202.242674731828	4326.099979716877
22		Taxes	8.055	0	51.534	59.711	13.148	93.716	54.781	-12.5	78.437	198	206	10.9	230.813	239	249	258.6	245.9	257.9	191.7	210.54299999999995	209.19299999999996	215.74799999999996									1011.4	1733.8285	1948.6303420000002	2230.1710955760004	2599.3115577414087	2873.998638981756	3121.399830806234	3372.731902162337	3471.878758891979	3542.1274664593557	3614.7206568928796	3689.6046610643966	2719.968997598736	1844.0135511962235	1777.0431267528595	1791.7302250331988	1815.302755503946	1840.4485349463657	865.2199959433755
23		Net Income	187.74200000000005	151.78	225.7680000000001	213.1079999999999	92.39600000000006	301.09400000000005	665.376	730.072	584.577	672.9000000000001	779.8	897.4000000000001	810.5960000000003	868.6999999999998	1002.4000000000001	857.4	939.4999999999997	989.7999999999998	1180.2999999999995	1193.0769999999998	1185.4269999999997	1222.5719999999997									3789.1	6935.314	7794.521368	8920.684382304	10397.246230965635	11495.994555927024	12485.599323224935	13490.927608649348	13887.515035567916	14168.509865837423	14458.882627571516	14758.418644257585	10879.875990394943	7376.054204784894	7108.172507011438	7166.920900132795	7261.211022015783	7361.794139785462	3460.8799837735014	3287.8359845848263	3123.444185355585	2967.271976087806	2818.9083772834156	2677.962958419245	2544.0648104982824	2416.861569973368	2296.0184914746997	2181.2175669009644	2072.156688555916	1968.54885412812	1870.121411421714	1776.6153408506282	1687.7845738080966	1603.3953451176917	1523.225577861807	1447.0642989687167	1374.7110840202809	1305.9755298192667	1240.6767533283034	1178.6429156618883	1119.7107698787938	1063.7252313848542	1010.5389698156114	960.0120213248308	912.0114202585893	866.4108492456597	823.0903067833767	781.9357914442079	742.8390018719974	705.6970517783975	670.4121991894776	636.8915892300038	605.0470097685036	574.7946592800783	546.0549263160744	518.7521800002706	492.8145710002571	468.17384245024425	444.76515032773204	422.5268928113454	401.4005481707781	381.3305207622392	362.2639947241272	344.15079498792085	326.9432552385248	310.5960924765985	295.0662878527686	280.31297346013014	266.2973247871236	252.9824585477674	240.33333562037902	228.31666883936006	216.90083539739206	206.05579362752243	195.7530039461463	185.96535374883896	176.66708606139701	167.83373175832716	159.4420451704108
24		EPS	0.7226738725422269	0.5841916462673009	0.8677543960795622	0.8202076806429013	0.35472390612462734	1.1487402139576055	2.5250023717814924	2.771692046028329	2.2136444018645935	2.5575826681870013	2.977472317678503	3.438314176245211	3.1211942689261374	3.3801556420233454	3.8867778208607993	3.3142636258214146	3.620423892100191	3.8025355359200916	4.534383403764885	4.583469074145216	4.554079907798692	4.696780637725699									14.624083365495949	26.766939405634893	30.083062014666154	34.42950359824007	40.12831428392758	44.36894849836752	48.188341656599526	52.068419948472986	53.599054556418054	54.683557953830274	55.80425560621968	56.960318966644486	41.9910304530874	28.467982264704343	27.434089181827243	27.660829410006933	28.024743427309083	28.41294534845798	13.357313715837522
25		Shares	259.788	259.812	260.175	259.822	260.473	262.108	263.515	263.403	264.079	263.1	261.9	261	259.707	257	257.9	258.7	259.5	260.3	260.3	260.3	260.3	260.3									259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997	259.09999999999997
26
27		Revenue y/y					0.21328224776500648	0.4449388631078486	0.7653597954746196	0.6201285347316916	0.6189473684210527	0.2943516308671439	0.13749174917491747	0.176856468118604	0.2899869960988297	0.27350952673632456	0.21714153078396103	0.2246376811594204	0.17656249999999996	0.1114864864864864	0.13220500595947549	0.0923076923076922	0.03876965257250564	0.06374294398610503
28		Gross Margin	0.857911877394636	0.8594271053058109	0.8891936675437145	0.8557358650587249	0.8611431578947368	0.8528146380270486	0.8927412541254125	0.8789687745998426	0.8789453836150846	0.8751690227412416	0.888411768119306	0.8729096989966555	0.8807903225806452	0.8805984555984555	0.9304886769964243	0.8808375056895767	0.8760227905581973	0.8780286582718193	0.8884116557183763	0.9	0.9	0.9								0.8806052843542445	0.8905147898519895	0.93	0.9299999999999999	0.93	0.93	0.9299999999999999	0.93	0.93	0.9299999999999999	0.9299999999999999	0.93	0.93	0.9299999999999999	0.93							Terminal	-0.05
29		SG&A %	0.17534482758620687	0.1761170113100664	0.1713447730201752	0.16632993698673523	0.16807789473684212	0.15535163086714399	0.12030231023102311	0.1258199947520336	0.11999414824447334	0.107559926244622	0.08762258457610399	0.1084726867335563	0.09989364919354839	0.10135135135135136	0.07961859356376638	0.09799726900318617	0.105727627125905	0.09795918367346938	0.08291224524170458	0.08971580965080425	0.10178159023424614	0.09208915013470488									0.09569179784589893	0.10000000000000002	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.09999999999999999	0.1	0.1							Discount	0.07
30		Tax Rate	0.04113954759265973	0	0.18584070796460173	0.2188667211594501	0.1245736375350564	0.23736987411666366	0.0760681351427536	-0.017419854732347417	0.1183036858950188	0.2273510161901481	0.20896733617366606	0.012000440383133325	0.2216353037087253	0.21576239053895463	0.19897714559693142	0.2317204301075269	0.20744052640458924	0.20670032860463253	0.1397230320699709	0.15	0.15	0.15									0.21068638683470473	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2							ROIC	0.01
31																																																					NPV	122054.10373487382
32		Cash															8238.1		9770.7		11495.6												0	6935.314	14729.835368	23650.519750304	34047.76598126964	45543.760537196664	58029.359860421595	71520.28746907094	85407.80250463886	99576.31237047628	114035.1949980478	128793.61364230538	139673.48963270034	147049.54383748522	154157.71634449667	161324.63724462947	168585.84826664525	175947.6424064307	179408.52239020422		Share	473.90155500829275
33		AR															1292.8		1385.2		1547.8
34		Inventory															338.9		388.2		535.1
35		Prepaids															491.5		726.9		468.7
36		PP&E															1107.4		1118.7		1111.7
37		Goodwill															1402.2		1678.8000000000002		1691.6
38		Taxes															945.5		1162.7		1359.9
39		Leases															329		342.7		336.3
40		Other															110.7		132.5		427.5
41		Assets															14256.1		16706.400000000005		18974.2
42
43		AP															173.6		126.9		323.2
44		AE															1720.5		2264.4		2326
45		OCL															286.1		218		377
46		Leases															872.5		824.6		789.2
47		CoCo															179		127.2		0
48		LTL															117.4		115.7		726.5
49		SE															10907		13029.6		14432.3
50		L+SE															14256.1		16706.4		18974.199999999997
51
52		Model NI															1002.4000000000001		939.4999999999997
53		Reported NI															762.1
54		SBC															130.3
55		Depreciation															35.9
56		CoCo															-7.5
57		Taxes															-12.3
58		Equity															75.6
59		NonCash															4.9
60		WC															-32.8
61		CFFO															956.2000000000002
62
63		CapEx															-63.6
64		Investments															12.599999999999994
65		CFFI															-51.00000000000001
66
67		ESOP issuance															33.7
68		ESOP tax															-117.5
69		Leases															-12.9
70		Other															1.3
71		CFFF															-95.4
72		FX															-5.9
73		CIC															803.9000000000001