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Logitech Delivers a Strong Start to Fiscal Year 2020 with Robust Sales and Profit Growth

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Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the first quarter of Fiscal Year 2020.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190722005781/en/

Logitech delivers a strong start to Fiscal Year 2020 with robust sales and profit growth. (Graphic: Business Wire)

Logitech delivers a strong start to Fiscal Year 2020 with robust sales and profit growth. (Graphic: Business Wire)

  • Q1 sales were $644 million, up 6 percent in US dollars and 9 percent in constant currency, compared to Q1 of the prior year.
  • Q1 GAAP operating income grew 46 percent to $47 million, compared to $32 million in the same quarter a year ago. Q1 GAAP earnings per share (EPS) grew 17 percent to $0.27, compared to $0.23 in the same quarter a year ago.
  • Q1 non-GAAP operating income grew 11 percent to $67 million, compared to $61 million in the same quarter a year ago. Q1 non-GAAP EPS grew 15 percent to $0.39, compared to $0.34 in the same quarter a year ago.
  • Cash flow from operations was $37 million, compared to $12 million in the same period a year ago.

“We had a strong start to the year thanks to the consistent execution of our strategy,” said Bracken Darrell, Logitech president and chief executive officer. “Our portfolio of innovative products continues to deliver. We achieved double-digit growth across a number of categories, including Video Collaboration, and growth in all three regions. I’m excited about our business and the innovation ahead of us.”

Outlook

Logitech confirmed its Fiscal Year 2020 outlook of mid to high single-digit sales growth in constant currency and $375 million to $385 million in non-GAAP operating income.

CFO Search

Logitech today confirmed that Nate Olmstead is now the Company’s new chief financial officer, effective immediately. Nate joined Logitech in 2019 as vice president of business finance, with over 16 years of financial management experience, most recently as the vice president of finance for global operations at Hewlett Packard Enterprise.

“Nate has proven to be a good fit for us as a chief financial officer,” said Bracken Darrell, Logitech president and chief executive officer. “He has shown strong strategic insight, financial acumen, and practical operational experience. I look forward to building on our terrific partnership for many years to come.”

Prepared Remarks Available Online

Logitech has made its prepared written remarks for the financial results teleconference available online on the Logitech corporate website at http://ir.logitech.com.

Financial Results Teleconference and Webcast

Logitech will hold a financial results teleconference to discuss the results for Q1 FY 2020 on Tuesday, July 23, 2019 at 8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European Summer Time. A live webcast of the call will be available on the Logitech corporate website at http://ir.logitech.com.

Use of Non-GAAP Financial Information and Constant Currency

To facilitate comparisons to Logitech’s historical results, Logitech has included non-GAAP adjusted measures, which exclude share-based compensation expense, amortization of intangible assets, purchase accounting effect on inventory, acquisition-related costs, change in fair value of contingent consideration for business acquisition, restructuring charges (credits), loss (gain) on investments, non-GAAP income tax adjustment, and other items detailed under “Supplemental Financial Information” after the tables below. Logitech also presents percentage sales growth in constant currency to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales. Logitech believes this information, used together with the GAAP financial information, will help investors to evaluate its current period performance and trends in its business. With respect to the Company’s outlook for non-GAAP operating income, most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy. Therefore, no reconciliation to the GAAP amounts has been provided for Fiscal Year 2020.

About Logitech

Logitech designs products that have an everyday place in people's lives, connecting them to the digital experiences they care about. More than 35 years ago, Logitech started connecting people through computers, and now it’s a multi-brand company designing products that bring people together through music, gaming, video and computing. Brands of Logitech include Logitech, Logitech G, ASTRO Gaming, Ultimate Ears, Jaybird and Blue Microphones. Founded in 1981, and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech at www.logitech.com, the company blog or @Logitech.

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws, including, without limitation, statements regarding: our preliminary financial results for the three months ended June 30, 2019, innovation, secular trends, opportunities, and outlook for Fiscal Year 2020 operating income and sales growth. The forward-looking statements in this release involve risks and uncertainties that could cause Logitech’s actual results and events to differ materially from those anticipated in these forward-looking statements, including, without limitation: if our product offerings, marketing activities and investment prioritization decisions do not result in the sales, profitability or profitability growth we expect, or when we expect it; if we fail to innovate and develop new products in a timely and cost-effective manner for our new and existing product categories; if we do not successfully execute on our growth opportunities or our growth opportunities are more limited than we expect; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; if our products and marketing strategies fail to separate our products from competitors’ products; if we do not fully realize our goals to lower our costs and improve our operating leverage; if there is a deterioration of business and economic conditions in one or more of our sales regions or product categories, or significant fluctuations in exchange rates; changes in trade policies and agreements and the imposition of tariffs that affect our products or operations and our ability to mitigate; risks associated with acquisitions. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in Logitech’s periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2019, available at www.sec.gov, under the caption Risk Factors and elsewhere. Logitech does not undertake any obligation to update any forward-looking statements to reflect new information or events or circumstances occurring after the date of this press release.

Note that unless noted otherwise, comparisons are year over year.

Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS *

 

 

 

 

(In thousands, except per share amounts) - unaudited

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

June 30,

GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

2019

 

2018

 

 

 

 

 

Net sales

 

$

644,225

 

 

$

608,480

 

Cost of goods sold

 

401,978

 

 

382,171

 

Amortization of intangible assets and purchase accounting effect on inventory

 

3,271

 

 

2,372

 

Gross profit

 

238,976

 

 

223,937

 

 

 

 

 

 

Operating expenses:

 

 

 

 

Marketing and selling

 

123,033

 

 

114,584

 

Research and development

 

42,243

 

 

38,987

 

General and administrative

 

22,159

 

 

25,473

 

Amortization of intangible assets and acquisition-related costs

 

3,596

 

 

2,521

 

Restructuring charges, net

 

478

 

 

9,921

 

Total operating expenses

 

191,509

 

 

191,486

 

 

 

 

 

 

Operating income

 

47,467

 

 

32,451

 

Interest income

 

2,553

 

 

2,369

 

Other income (expense), net

 

1,861

 

 

(1,571

)

Income before income taxes

 

51,881

 

 

33,249

 

Provision for (benefit from) income taxes (A)

 

6,536

 

 

(5,217

)

Net income

 

$

45,345

 

 

$

38,466

 

 

 

 

 

 

Net income per share:

 

 

 

 

Basic

 

$

0.27

 

 

$

0.23

 

Diluted

 

$

0.27

 

 

$

0.23

 

 

 

 

 

 

Weighted average shares used to compute net income per share:

 

 

 

 

Basic

 

166,302

 

 

165,317

 

Diluted

 

168,797

 

 

168,756

 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS *

 

 

 

 

(In thousands) - unaudited

 

 

 

 

 

 

 

 

 

 

 

June 30, 2019

 

March 31, 2019

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

596,956

 

 

$

604,516

 

Accounts receivable, net

 

418,816

 

 

383,309

 

Inventories

 

297,007

 

 

293,495

 

Other current assets

 

68,927

 

 

69,116

 

Total current assets

 

1,381,706

 

 

1,350,436

 

Non-current assets:

 

 

 

 

Property, plant and equipment, net

 

76,713

 

 

78,552

 

Goodwill

 

343,702

 

 

343,684

 

Other intangible assets, net

 

112,132

 

 

118,999

 

Other assets (B)

 

173,448

 

 

132,453

 

Total assets

 

$

2,087,701

 

 

$

2,024,124

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

338,748

 

 

$

283,922

 

Accrued and other current liabilities (B)

 

394,675

 

 

433,897

 

Total current liabilities

 

733,423

 

 

717,819

 

Non-current liabilities:

 

 

 

 

Income taxes payable

 

36,133

 

 

36,384

 

Other non-current liabilities (B)

 

120,111

 

 

93,582

 

Total liabilities

 

889,667

 

 

847,785

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

Registered shares, CHF 0.25 par value:

 

30,148

 

 

30,148

 

Issued shares — 173,106 at June 30 and March 31, 2019

 

 

 

 

Additional shares that may be issued out of conditional capitals — 50,000 at June 30 and March 31, 2019

 

 

 

 

Additional shares that may be issued out of authorized capital — 34,621 at June 30 and March 31, 2019

 

 

 

 

Additional paid-in capital

 

35,048

 

 

56,655

 

Shares in treasury, at cost — 6,642 at June 30, 2019 and 7,244 at March 31, 2019

 

(170,140

)

 

(169,802

)

Retained earnings

 

1,410,381

 

 

1,365,036

 

Accumulated other comprehensive loss

 

(107,403

)

 

(105,698

)

Total shareholders’ equity

 

1,198,034

 

 

1,176,339

 

Total liabilities and shareholders’ equity

 

$

2,087,701

 

 

$

2,024,124

 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS *

 

 

 

 

(In thousands) - unaudited

 

 

 

 

 

 

Three Months Ended

 

 

June 30,

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

2019

 

2018

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

Net income

 

$

45,345

 

 

$

38,466

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation

 

10,802

 

 

10,699

 

Amortization of intangible assets

 

6,867

 

 

4,893

 

Loss (gain) on investments

 

(211

)

 

13

 

Share-based compensation expense

 

12,218

 

 

13,259

 

Deferred income taxes

 

(3,381

)

 

(9,659

)

Other

 

(4

)

 

124

 

Changes in assets and liabilities, net of acquisitions:

 

 

 

 

Accounts receivable, net

 

(34,264

)

 

(68,557

)

Inventories

 

(2,681

)

 

(18,200

)

Other assets

 

(5,387

)

 

(4,225

)

Accounts payable

 

55,592

 

 

51,188

 

Accrued and other liabilities

 

(48,380

)

 

(5,719

)

Net cash provided by operating activities

 

36,516

 

 

12,282

 

Cash flows from investing activities:

 

 

 

 

Purchases of property, plant and equipment

 

(9,340

)

 

(8,744

)

Investment in privately held companies

 

(170

)

 

(225

)

Acquisitions, net of cash acquired

 

 

 

(243

)

Purchases of trading investments

 

(1,155

)

 

(2,500

)

Proceeds from sales of trading investments

 

1,196

 

 

2,867

 

Net cash used in investing activities

 

(9,469

)

 

(8,845

)

Cash flows from financing activities:

 

 

 

 

Purchases of registered shares

 

(15,127

)

 

(9,982

)

Proceeds from exercises of stock options and purchase rights

 

393

 

 

1,104

 

Tax withholdings related to net share settlements of restricted stock units

 

(19,370

)

 

(25,081

)

Net cash used in financing activities

 

(34,104

)

 

(33,959

)

Effect of exchange rate changes on cash and cash equivalents

 

(503

)

 

(7,309

)

Net decrease in cash and cash equivalents

 

(7,560

)

 

(37,831

)

Cash and cash equivalents, beginning of the period

 

604,516

 

 

641,947

 

Cash and cash equivalents, end of the period

 

$

596,956

 

 

$

604,116

 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

 

 

PRELIMINARY RESULTS *

 

 

 

 

(In thousands) - unaudited

 

 

 

 

 

 

 

 

 

 

 

NET SALES

 

Three Months Ended

 

 

June 30,

SUPPLEMENTAL FINANCIAL INFORMATION

 

2019

 

2018

 

Change

 

 

 

 

 

 

 

Net sales by product category:

 

 

 

 

 

 

Pointing Devices

 

$

121,983

 

 

$

127,790

 

 

(5

)%

Keyboards & Combos

 

128,679

 

 

128,222

 

 

 

PC Webcams

 

28,128

 

 

29,674

 

 

(5

)

Tablet & Other Accessories

 

38,339

 

 

32,436

 

 

18

 

Video Collaboration

 

73,424

 

 

58,792

 

 

25

 

Mobile Speakers

 

50,416

 

 

34,327

 

 

47

 

Audio & Wearables

 

58,624

 

 

52,154

 

 

12

 

Gaming

 

134,515

 

 

136,026

 

 

(1

)

Smart Home

 

9,864

 

 

9,011

 

 

9

 

Other (1)

 

253

 

 

48

 

 

427

 

Total sales

 

$

644,225

 

 

$

608,480

 

 

6

%

(1) Other category includes products that we currently intend to phase out, or have already phased out, because they are no longer strategic to our business.

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS *

 

 

 

 

(In thousands, except per share amounts) - Unaudited

 

 

 

 

 

 

 

 

 

GAAP TO NON-GAAP RECONCILIATION (C)

 

Three Months Ended

 

 

June 30,

SUPPLEMENTAL FINANCIAL INFORMATION

 

2019

 

2018

 

 

 

 

 

Gross profit - GAAP

 

$

238,976

 

 

$

223,937

 

Share-based compensation expense

 

1,158

 

 

1,130

 

Amortization of intangible assets and purchase accounting effect on inventory

 

3,271

 

 

2,372

 

Gross profit - Non-GAAP

 

$

243,405

 

 

$

227,439

 

 

 

 

 

 

Gross margin - GAAP

 

37.1

%

 

36.8

%

Gross margin - Non-GAAP

 

37.8

%

 

37.4

%

 

 

 

 

 

Operating expenses - GAAP

 

$

191,509

 

 

$

191,486

 

Less: Share-based compensation expense

 

11,060

 

 

12,129

 

Less: Amortization of intangible assets and acquisition-related costs

 

3,596

 

 

2,521

 

Less: Restructuring charges, net

 

478

 

 

9,921

 

Operating expenses - Non-GAAP

 

$

176,375

 

 

$

166,915

 

 

 

 

 

 

% of net sales - GAAP

 

29.7

%

 

31.5

%

% of net sales - Non - GAAP

 

27.4

%

 

27.4

%

 

 

 

 

 

Operating income - GAAP

 

$

47,467

 

 

$

32,451

 

Share-based compensation expense

 

12,218

 

 

13,259

 

Amortization of intangible assets

 

6,867

 

 

4,893

 

Restructuring charges, net

 

478

 

 

9,921

 

Operating income - Non - GAAP

 

$

67,030

 

 

$

60,524

 

 

 

 

 

 

% of net sales - GAAP

 

7.4

%

 

5.3

%

% of net sales - Non - GAAP

 

10.4

%

 

9.9

%

 

 

 

 

 

Net income - GAAP

 

$

45,345

 

 

$

38,466

 

Share-based compensation expense

 

12,218

 

 

13,259

 

Amortization of intangible assets

 

6,867

 

 

4,893

 

Restructuring charges, net

 

478

 

 

9,921

 

Loss (gain) on investments

 

(211

)

 

13

 

Non-GAAP income tax adjustment

 

907

 

 

(9,109

)

Net income - Non - GAAP

 

$

65,604

 

 

$

57,443

 

 

 

 

 

 

Net income per share:

 

 

 

 

Diluted - GAAP

 

$

0.27

 

 

$

0.23

 

Diluted - Non - GAAP

 

$

0.39

 

 

$

0.34

 

 

 

 

 

 

Shares used to compute net income per share:

 

 

 

 

Diluted - GAAP and Non - GAAP

 

168,797

 

 

168,756

 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS *

 

 

 

 

(In thousands) - unaudited

 

 

 

 

 

 

 

 

 

SHARE-BASED COMPENSATION EXPENSE

 

Three Months Ended

 

 

June 30,

SUPPLEMENTAL FINANCIAL INFORMATION

 

2019

 

2018

 

 

 

 

 

Share-based Compensation Expense

 

 

 

 

Cost of goods sold

 

$

1,158

 

 

$

1,130

 

Marketing and selling

 

6,849

 

 

5,786

 

Research and development

 

2,154

 

 

1,549

 

General and administrative

 

2,057

 

 

4,794

 

Total share-based compensation expense

 

12,218

 

 

13,259

 

Income tax benefit

 

(6,800

)

 

(9,529

)

Total share-based compensation expense, net of income tax benefit

 

$

5,418

 

 

$

3,730

 

* Note: These preliminary results for the three months ended June 30, 2019 are subject to adjustments, including subsequent events that may occur through the date of filing our Quarterly Report on Form 10-Q.

(A) Swiss Federal Tax Reform

On May 19, 2019, the Swiss electorate approved the Federal Act on Tax Reform & AHV Financing ("TRAF"), a major reform to better align the Swiss tax system with international tax standards. TRAF specifies mandatory and/or voluntary provisions in the cantonal tax law to the extent the federal reform measures are to be implemented through the modification of the cantonal tax law. The harmonization is expected to take effect on January 1, 2020.

The income tax provision for the three months ended June 30, 2019 was $6.5 million based on an effective income tax rate of 12.6% of pre-tax income, compared to an income tax benefit of $5.2 million based on an effective income tax rate of (15.7)% of pre-tax income for the three months ended June 30, 2018. The increase in our tax rate reflects the transitional income tax impact in Switzerland. The transitional income tax impact represents income tax provision at the current full statutory income tax rate of 13.62%, without taking account of the federal and cantonal tax reform yet to be enacted. We expect a gradual and modest increase in our cash tax payments in Switzerland each year until we fully reflect the new Swiss tax rate.

(B) Adoption of ASC Topic 842

We adopted the new standards for leases under Accounting Standards Codification ("ASC") Topic 842 using the modified retrospective approach as of April 1, 2019 and did not restate the financial statements of the comparative periods as is allowed by election of the transition option under ASC 842. Adoption of the standard resulted in the recognition of $32.0 million of right-of-use assets, $12.4 million of short-term lease liabilities and $25.8 million of long-term lease liabilities related to our leases on June 30, 2019.

(C) Non-GAAP Financial Measures

To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a number of financial measures, both GAAP and non-GAAP, in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance, ongoing operations and prospects for the future as well as understanding financial and business trends relating to our financial condition and results of operations.

While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance and to provide incremental insight into the underlying factors and trends affecting both our performance and our cash-generating potential, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP financial measures, can offer insight in the review of our financial and operational performance and enables investors to more fully understand trends in our current and future performance. In assessing our business during the quarter ended June 30, 2019 and previous periods, we excluded items in the following general categories, each of which are described below:

Share-based compensation expenses. We believe that providing non-GAAP measures excluding share-based compensation expense, in addition to the GAAP measures, allows for a more transparent comparison of our financial results from period to period. We prepare and maintain our budgets and forecasts for future periods on a basis consistent with this non-GAAP financial measure. Further, companies use a variety of types of equity awards as well as a variety of methodologies, assumptions and estimates to determine share-based compensation expense. We believe that excluding share-based compensation expense enhances our ability and the ability of investors to understand the impact of non-cash share-based compensation on our operating results and to compare our results against the results of other companies.

Amortization of intangible assets. We incur intangible asset amortization expense, primarily in connection with our acquisitions of various businesses and technologies. The amortization of purchased intangibles varies depending on the level of acquisition activity. We exclude these various charges in budgeting, planning and forecasting future periods and we believe that providing the non-GAAP measures excluding these various non-cash charges, as well as the GAAP measures, provides additional insight when comparing our gross profit, operating expenses, and financial results from period to period.

Purchase accounting effect on inventory. Business combination accounting principles require us to measure acquired inventory at fair value. The fair value of inventory reflects the acquired company’s cost of manufacturing plus a portion of the expected profit margin. The non-GAAP adjustment excludes the expected profit margin component that is recorded under business combination accounting principles associated with our business acquisitions. We believe the adjustment is useful to investors because such charges are not reflective of our ongoing operations.

Acquisition-related costs and change in fair value of contingent consideration for business acquisition. We incurred expenses and credits in connection with our acquisitions which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. Acquisition related costs include all incremental expenses incurred to effect a business combination. Fair value of contingent consideration is associated with our estimates of the value of earn-outs in connection with certain acquisitions. We believe that providing the non-GAAP measures excluding these costs and credits, as well as the GAAP measures, assists our investors because such costs are not reflective of our ongoing operating results.

Restructuring charges (credits). These expenses are associated with re-aligning our business strategies based on current economic conditions. We have undertaken several restructuring plans in recent years. In connection with our restructuring initiatives, we incurred restructuring charges related to employee terminations, facility closures and early cancellation of certain contracts. We believe that providing the non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges (credits) are not reflective of our ongoing operating results in the current period.

Loss (gain) on investments. We recognized loss (gain) related to our investments in various companies, which varies depending on the operational and financial performance of those companies in which we invested. We believe that providing the non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges are not reflective of our ongoing operations.

Non-GAAP income tax adjustment. Non-GAAP income tax adjustment primarily measures the income tax effect of non-GAAP adjustments excluded above and other events; the determination of which is based upon the nature of the underlying items, the mix of income and losses in jurisdictions and the relevant tax rates in which we operate.

Each of the non-GAAP financial measures described above, and used in this press release, should not be considered in isolation from, or as a substitute for, a measure of financial performance prepared in accordance with GAAP. Further, investors are cautioned that there are inherent limitations associated with the use of each of these non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measures reflect the exclusion of items that are recurring and may be reflected in the Company’s financial results for the foreseeable future. We compensate for these limitations by providing specific information in the reconciliation included in this press release regarding the GAAP amounts excluded from the non-GAAP financial measures. In addition, as noted above, we evaluate the non-GAAP financial measures together with the most directly comparable GAAP financial information.

Additional Supplemental Financial Information - Constant Currency

In addition, Logitech presents percentage sales growth in constant currency to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales.

(LOGIIR)

Contact information

Ben Lu, Vice President, Investor Relations - USA (510) 713-5568

Krista Todd, Vice President, Global Communications - USA (510) 713-5834

Ben Starkie, Corporate Communications - Europe +41 (0) 79-292-3499

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Vertex and Republic of Ireland Expand Long-Term Cystic Fibrosis Medicines Reimbursement Agreement to Include Triple Combination Therapy for All Eligible Patients Ages 12 and Over Once Licensed13.12.2019 21:55:00 EETPress release

Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today confirmed that, following recent collaborative discussions, it has negotiated an agreement with the Health Service Executive (HSE) in the Republic of Ireland to expand the existing long-term cystic fibrosis (CF) reimbursement agreement to include the triple combination regimen (elexacaftor, tezacaftor and ivacaftor), which is under review and pending approval by the European Medicines Agency, for all eligible patients ages 12 and older in line with the potential future licensed indication. This expands the existing agreement which had already included access to current and future Vertex medicines for people in Ireland with CF of any age who: Have one of the specified mutations as included in the KALYDECO® marketing authorization (G551D, G551S, S549R, G1244E, S1251N, G1349D, S1255P, G178R or S549N) or Are homozygous for the F508del mutation or Are heterozygous for the F508del mutation and have a specified mutation (P67L, D579G, D1

CreditLens™ Solution Receives SOC 2 Attestation Report13.12.2019 18:17:00 EETPress release

Moody’s Analytics announced today that the CreditLens software-as-a-service (SaaS) solution has received an attestation report from the American Institute of Certified Public Accountants (AICPA) System and Organization Controls (SOC 2). The SOC 2 report details the security and availability of customer data in the CreditLens SaaS solution, and denotes its adherence to the AICPA’s security and availability controls standards. Built on the latest cloud-based technology, the CreditLens platform helps businesses digitally transform their commercial credit processes to make faster and better-informed decisions. It facilitates process automation and helps clients improve their efficiency, reduce errors, and streamline workflows. A SOC 2 report ensures that a company’s information security measures are in line with the unique parameters of today’s cloud requirements. The report addresses a service organization's controls that relate to operations and compliance, as outlined by the AICPA's Tru

CHMP Grants Positive Opinion for Expanded Use of Darzalex®▼ (daratumumab) in Combination with Bortezomib, Thalidomide and Dexamethasone (VTd) for Patients with Newly Diagnosed Multiple Myeloma Who Are Transplant Eligible13.12.2019 14:47:00 EETPress release

The Janssen Pharmaceutical Companies of Johnson & Johnson announced today that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has recommended broadening the existing marketing authorisation for Darzalex®▼ (daratumumab) to include the use of daratumumab in combination with bortezomib, thalidomide and dexamethasone (VTd) for the treatment of adult patients with newly diagnosed patients with multiple myeloma who are eligible for autologous stem cell transplant (ASCT). The Positive Opinion is supported by data from Part 1 of the Phase 3 CASSIOPEIA (MMY3006) study, published in The Lancet 3 in June 2019, and presented at the 2019 American Society of Clinical Oncology (ASCO) Meeting. Additional information about this study can be found at www.ClinicalTrials.gov (NCT02541383). “Today’s Opinion takes us a step closer to offering the first daratumumab combination regimen to transplant eligible patients, redefining treatment for those people newl

Janssen Receives Positive CHMP Opinion for Expanded Use of Erleada® (apalutamide) for Patients with Metastatic Hormone-Sensitive Prostate Cancer13.12.2019 14:40:00 EETPress release

The Janssen Pharmaceutical Companies of Johnson & Johnson today announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has issued a Positive Opinion recommending approval for expanding the use of Erleada® (apalutamide) to include the treatment of adult men with metastatic hormone-sensitive prostate cancer (mHSPC) in combination with androgen deprivation therapy (ADT).2 The CHMP’s Positive Opinion will now be reviewed by the European Commission (EC), which has the authority to grant approval for the new use of apalutamide. The Positive Opinion is based on data from the Phase 3 TITAN study, which assessed the addition of apalutamide to ADT – the current standard of care in mHSPC – in a broad range of patients with mHSPC, regardless of disease volume, prior treatment with docetaxel or staging at initial diagnosis. The dual primary endpoints of the study were overall survival (OS) and radiographic progression-free survival (rPFS). Ap

German Player Karl Rupprec Wins 2019 Boyaa Poker Tournament Europe13.12.2019 12:24:00 EETPress release

On December 8, the sixth edition of the BPT (Boyaa Poker Tournament) came to an end. King's Resort in the Czech Republic celebrated this BPT Europe that enjoyed 600 cumulative participants from 20 countries. In the end, Karl Rupprec, from Germany, won the Main Event Championship. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191213005109/en/ (Photo: Business Wire) Highlights of the BPT Europe 2019 final The BPT Europe 2019 Main Event began on December 8 at 2:00 p.m., Czech Republic time. After 9 hours of Texas Poker, players Ondrej Drozd from the Czech Republic and Karl Rupprec from Germany reached the last heads-up. In the end, Karl Rupprec, who started with half of his opponent's chips, reversed the situation with his two nines, winning the championship. Heads-up Highlights: Karl Rupprec pair 9 and Ondrej Drozd 2, 5. The flop was 2, Q, 9, so Karl Rupprec got three of a kind, and Ondrej Drozd got pair 2. Rupprec pretended

Seoul Semiconductor’s SunLike Series Natural Spectrum LEDs Adopted by Italian Designed Architectural Lighting Brand for Motorized Luminaire with Smart Wireless Controls13.12.2019 12:00:00 EETPress release

Seoul Semiconductor Co., Ltd. (KOSDAQ 046890), a leading global innovator of LED technology, announced that it has achieved smart lighting design with SunLike Series natural spectrum LEDs in cooperation with Casambi Technologies Oy (“Casambi”), a leading developer of wireless lighting control systems based on Bluetooth Low Energy (BLE), and it has been adopted for the Italian designed architectural lighting brand formalighting Ltd. (“formalighting”), a global manufacturer of Italian designed architectural lighting systems and solutions for a new product line which offers motorized luminaire with smart wireless controls. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191213005009/en/ SunLike implemented in motion lamps (Photo: Business Wire) The SunLike COB LED packages have been adopted by formalighting for the new fixtures, Moto-Zero 40 Compasso and Moto-Zero 66 Zoom, in track mounted motorized spotlight range. In this sect

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