Vertex Pharmaceuticals Incorporated, a global biotechnology company, reported its financial results for the first quarter ended March 31, 2024. The company announced a 13% increase in product revenue to $2.69 billion compared to Q1 2023, attributing the growth to strong performance in ex-U.S. markets and the uptake of TRIKAFTA/KAFTRIO, particularly in younger age groups. Vertex also reiterated its full-year 2024 financial guidance, projecting product revenue between $10.55 to $10.75 billion. The company highlighted its continued leadership in cystic fibrosis (CF) treatments with the completion of regulatory submissions for the vanzacaftor triple and the initiation of a rolling submission for suzetrigine in moderate-to-severe acute pain. Additionally, Vertex announced the acquisition of Alpine Immune Sciences, aiming to accelerate the development of povetacicept for IgA nephropathy...Show More

Vertex Pharmaceuticals Incorporated, a global biotechnology company, reported its financial results for the first quarter ended March 31, 2024. The company announced a 13% increase in product revenue to $2.69 billion compared to Q1 2023, attributing the growth to strong performance in ex-U.S. markets and the uptake of TRIKAFTA/KAFTRIO, particularly in younger age groups. Vertex also reiterated its full-year 2024 financial guidance, projecting product revenue between $10.55 to $10.75 billion. The company highlighted its continued leadership in cystic fibrosis (CF) treatments with the completion of regulatory submissions for the vanzacaftor triple and the initiation of a rolling submission for suzetrigine in moderate-to-severe acute pain. Additionally, Vertex announced the acquisition of Alpine Immune Sciences, aiming to accelerate the development of povetacicept for IgA nephropathy. The financial report also detailed a decrease in combined GAAP and Non-GAAP R&D, Acquired IPR&D, and SG&A expenses compared to the previous year, and a lower GAAP effective tax rate due to discrete adjustments and tax benefits. Net income saw a significant increase of 57% on a GAAP basis and 56% on a Non-GAAP basis, driven by higher product revenues and lower Acquired IPR&D expenses. Cash, cash equivalents, and total marketable securities were reported at $14.6 billion as of March 31, 2024. Vertex's CEO, Reshma Kewalramani, expressed confidence in the company's strong start to the year and its pipeline of transformative medicines.