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4-Traders Homepage  >  Equities  >  Nasdaq  >  Vertex Pharmaceuticals    VRTX

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Vertex Pharmaceuticals : Announces 10-Year, $500 Million Corporate Giving Commitment

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10/17/2017 | 12:16pm CEST

Dedicates $50M to science, technology, engineering, arts and math (STEAM) education for underserved students and establishes The Vertex Foundation

Expands global efforts for providing patient and caregiver support including access to our medicines; developing young scientists and physicians; and strengthening our communities

Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced a 10-year, $500 million corporate giving commitment focused on providing patient and caregiver support including access to our medicines; expanding our commitment to science, technology, engineering, arts and math (STEAM) education; developing young physicians and scientists; and investing in our communities. $50 million of this giving will be dedicated to STEAM education, particularly for underserved students and young women. As part of this commitment, the company will establish The Vertex Foundation, a 501(c)(3) organization and long-term source of charitable giving, with an initial contribution of $10 million. The Vertex Foundation will support, among other initiatives, a new dollar-for-dollar matching gifts program to extend the impact of employee donations to qualified non-profit organizations.

In addition, Vertex will extend for another 10 years its successful collaboration with the Boston Public Schools (BPS) to ensure that BPS students continue to have ongoing access to Vertex’s 3,000 square foot learning lab, mentoring and internship opportunities with Vertex scientists and full four-year scholarships to the University of Massachusetts each year.

“Giving back is part of who we are at Vertex – it’s in our DNA,” said Dr. Jeffrey Leiden, President, Chairman and Chief Executive Officer of Vertex. “This new 10-year commitment will provide many more opportunities for Vertex and its employees to make a difference in the lives of people with serious diseases and those living in our communities.”

"For Vertex, innovative ideas that transform lives have never been restricted to lab rooms,” said Congressman Joe Kennedy III. “With this investment in their neighbors, patients, and local students, Vertex can both strengthen their community today and expand our Commonwealth's workforce of tomorrow."

“In Boston, we are lucky to have companies like Vertex stepping up and contributing to our city and our future workforce,” said Boston Mayor Martin J. Walsh. “This commitment will mean thousands of students across the City will continue to have the opportunity to get hands-on experiences in STEAM and see a place for themselves in Boston’s thriving innovation economy.”

Vertex’s corporate giving commitment will focus on the following:

  • The cystic fibrosis (CF) patient community globally, including enabling access to our medicines;
  • STEAM education, focused on underserved students and young women;
  • Developing young physicians and scientists; and
  • Strengthening our local communities, including fostering the innovation ecosystem and supporting youth health and wellness.

The Vertex Foundation will launch in 2018.

About Vertex
Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious and life-threatening diseases. In addition to clinical development programs in CF, Vertex has more than a dozen ongoing research programs focused on the underlying mechanisms of other serious diseases.

Founded in 1989 in Cambridge, Mass., Vertex's headquarters is now located in Boston's Innovation District. Today, the company has research and development sites and commercial offices in the United States, Europe, Canada and Australia. Vertex is consistently recognized as one of the industry's top places to work, including being named to Science magazine's Top Employers in the life sciences ranking for seven years in a row. For additional information and the latest updates from the company, please visit www.vrtx.com.

For Funding Requests please visit https://www.vrtx.com/giving-back.

(VRTX-GEN)


© Business Wire 2017
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Financials ($)
Sales 2017 2 297 M
EBIT 2017 487 M
Net income 2017 203 M
Finance 2017 642 M
Yield 2017 -
P/E ratio 2017 213,85
P/E ratio 2018 90,77
EV / Sales 2017 16,7x
EV / Sales 2018 13,9x
Capitalization 39 003 M
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Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 179 $
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Jeffrey M. Leiden Chairman, President & Chief Executive Officer
Ian F. Smith Chief Operating Officer & Executive Vice President
Thomas Graney Chief Financial Officer & Senior Vice President
Jeffrey A. Chodakewitz Chief Medical Officer & Executive Vice President
David Matthew Altshuler Chief Scientific Officer & EVP-Global Research
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