Summary by Futu AI
Vertex Pharmaceuticals reported a 6% increase in net product revenues to $2.6 billion in Q2 2024 compared to $2.5 billion in Q2 2023, driven by the U.S. launch of TRIKAFTA for children and strong uptake in ex-U.S. markets. Total R&D and SG&A expenses rose to $1.3 billion in Q2 2024 from $1.0 billion in Q2 2023, largely due to the acquisition of Alpine Immune Sciences. The company's cash and equivalents decreased to $4.6 billion at the end of the period from $10.4 billion at the beginning, primarily due to the Alpine acquisition. Vertex continues to focus on cystic fibrosis (CF) treatments, with four approved medicines and a pipeline including programs in CF, sickle cell disease, beta thalassemia, and pain management. The company is preparing for near-term launches of new products in CF and acute pain. Vertex's future plans include advancing its diversified pipeline, with a focus on transformative medicines for serious diseases, and investing in research and development to balance the risks inherent in product development.
