Vertex Pharmaceuticals Incorporated reported a robust financial performance for the third quarter of 2024, with net product revenues rising to $2.8 billion, a 12% increase from $2.5 billion in the same quarter of 2023. This growth was primarily driven by strong global demand for TRIKAFTA/KAFTRIO, particularly in younger age groups, and higher net pricing in the U.S. However, total cash, cash equivalents, and marketable securities saw a decline to $11.2 billion, an 18% decrease from the end of 2023, mainly due to the cash acquisition of Alpine and stock repurchases, offset by other operating activities. Research and development (R&D) and selling, general and administrative (SG&A) expenses rose to $1.2 billion, up from $1.1 billion in the previous year, reflecting increased commercial investments and continued support for...Show More

Vertex Pharmaceuticals Incorporated reported a robust financial performance for the third quarter of 2024, with net product revenues rising to $2.8 billion, a 12% increase from $2.5 billion in the same quarter of 2023. This growth was primarily driven by strong global demand for TRIKAFTA/KAFTRIO, particularly in younger age groups, and higher net pricing in the U.S. However, total cash, cash equivalents, and marketable securities saw a decline to $11.2 billion, an 18% decrease from the end of 2023, mainly due to the cash acquisition of Alpine and stock repurchases, offset by other operating activities. Research and development (R&D) and selling, general and administrative (SG&A) expenses rose to $1.2 billion, up from $1.1 billion in the previous year, reflecting increased commercial investments and continued support for mid-to-late stage therapy development. The company's business development has been marked by the approval of CASGEVY in multiple regions for severe sickle cell disease (SCD) and transfusion-dependent beta thalassemia (TDT), with preparations underway for near-term product launches in cystic fibrosis (CF) and acute pain. Vertex's future plans include advancing a diversified pipeline with clinical-stage programs in various diseases, pursuing mRNA and genetic therapies for CF, and progressing through preclinical and clinical development with new oral small molecule combination therapies. Strategic transactions have also been a focus, with the acquisition of Alpine for its promising molecule povetacicept and a multi-target license agreement with Orum Therapeutics.