Vertex Pharmaceuticals reported strong third-quarter 2024 financial results and raised its full-year product revenue guidance. The company anticipates continued growth driven by existing products and upcoming launches.
Third-quarter product revenue reached $2.77 billion, a 12% increase compared to the same period in 2023. This growth was primarily fueled by the consistent performance of TRIKAFTA/KAFTRIO. U.S. net product revenue saw a 10% increase to $1.71 billion, while revenue outside the U.S. grew by 14% to $1.06 billion. Increased investment in research and development (R&D), sales, general, and administrative (SG&A) expenses reflect both global launch support for current therapies and ongoing investment in advancing pipeline programs to Phase 3 clinical development. These expenses totaled $1.2 billion (GAAP) and $1.1 billion (Non-GAAP). Acquired in-process R&D (AIPR&D) expenses decreased to $15 million, compared to $52 million in Q3 2023. Both GAAP and Non-GAAP net income were stable at approximately $1 billion for both Q3 2024 and Q3 2023.
The company’s cash, cash equivalents, and marketable securities totaled $11.2 billion at the end of the third quarter, down from $13.7 billion at the end of 2023. This decrease is attributed to the acquisition of Alpine Immune Sciences and share repurchases, partially offset by positive cash flow from operations. Vertex raised its full-year 2024 product revenue guidance to between $10.8 billion and $10.9 billion, reflecting anticipated growth in cystic fibrosis (CF) treatment and the launch of CASGEVY. The company expects combined Non-GAAP R&D and SG&A expenses to remain in the range of $4.2 billion to $4.3 billion. Full-year AIPR&D expenses are anticipated to be approximately $4.6 billion, including a $4.4 billion charge related to the Alpine acquisition.
Vertex anticipates continued growth in the number of CF patients using its medications, driven by new approvals and expanded reimbursement coverage for younger patients. The company also highlighted the ongoing launch of CASGEVY, a gene-editing therapy for sickle cell disease (SCD) and transfusion-dependent beta thalassemia (TDT). CASGEVY has received approvals in several countries, including the U.S., U.K., EU, and Canada. Vertex is also preparing for the potential launch of suzetrigine (VX-548), a novel treatment for moderate-to-severe acute pain. Suzetrigine represents a new class of pain medication, offering potential relief without the drawbacks of opioids.
Vertex’s pipeline continues to advance, with three programs progressing to Phase 3: suzetrigine for diabetic peripheral neuropathy, povetacicept for IgA nephropathy, and VX-880 for Type 1 diabetes. The company remains committed to developing innovative treatments for serious diseases. Current research efforts include next-generation CFTR modulators for CF, advancements in SCD and TDT therapies, and the development of novel pain medications. Further areas of focus include APOL1-mediated kidney disease, additional B cell-mediated diseases, stem cell-derived islet cell therapies for Type 1 diabetes, myotonic dystrophy Type 1, and autosomal dominant polycystic kidney disease.
Source link: http://www.businesswire.com/news/home/20241104366846/en/Vertex-Reports-Third-Quarter-2024-Financial-Results
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.