Summary by Futu AI
Vertex Pharmaceuticals reported robust Q3 2024 financial results, with total product revenues increasing 12% to $2.77 billion compared to $2.48 billion in Q3 2023. The growth was primarily driven by TRIKAFTA/KAFTRIO sales of $2.59 billion, up 14% year-over-year, reflecting strong global demand and higher U.S. pricing. The company also recorded initial CASGEVY revenue of $2.0 million following recent approvals.Research and development expenses rose 8% to $875.9 million as the company advanced multiple clinical programs. Cost of sales increased to 14% of revenue versus 13% last year due to CASGEVY-related expenses. Net income reached $1.05 billion or $4.01 per diluted share, compared to $1.04 billion or $3.97 per share in Q3 2023.The company maintained a strong balance sheet with $11.2 billion in cash and marketable securities as of September 30, 2024. Vertex continues to expand its CF business globally while advancing pipeline programs in sickle cell disease, pain management, and other therapeutic areas. The company has also activated 45 authorized treatment centers globally for CASGEVY and secured multiple reimbursement agreements.
