Vertex Pharmaceuticals Inc

VRTX

Equity

ISIN US92532F1003 / Valor 983327

NASDAQ (2024-09-18)

USD 474.16-1.48%

Vertex Pharmaceuticals Inc
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About company

Vertex Pharmaceuticals Inc. is a global biotechnology firm focused on developing and commercializing innovative treatments for serious diseases. With headquarters in Boston and London, the company operates a network of research and development sites along with commercial offices worldwide. Vertex Pharmaceuticals is known for its commitment to scientific innovation, aiming to address unmet medical needs in various therapeutic areas. While the source does not specify the diseases or treatments the company focuses on, Vertex has gained recognition for its work in cystic fibrosis (CF) and other life-threatening conditions, developing a range of medications that have significantly impacted patients' lives. The company's global presence and dedication to transformative treatments underscore its role in the biotech industry, striving to improve health outcomes for patients facing serious diseases.

Summarized from source with an LLMView SourceSector: Technology

Revenue Growth

Vertex Pharmaceuticals Inc. reported a 6% increase in product revenue for the second quarter of 2024, reaching $2.65 billion. This growth was primarily driven by the continued strong performance of TRIKAFTA®/KAFTRIO®, especially in younger age groups.

Net Product Revenue

In the second quarter of 2024, Vertex Pharmaceuticals Inc. saw a 7% increase in net product revenue in the U.S., totaling $1.61 billion. Outside the U.S., net product revenue increased by 5% to $1.03 billion compared to the same period in 2023.

Increased Expenses

Vertex Pharmaceuticals Inc. reported combined GAAP and Non-GAAP R&D and SG&A expenses of $1.3 billion and $978 million, respectively, for Q2 2024. These increases were attributed to investments supporting global launches and multiple advanced clinical development programs.

Net Losses

For the second quarter of 2024, Vertex Pharmaceuticals Inc. reported GAAP and Non-GAAP net losses of $3.6 billion and $3.3 billion, respectively. This was a significant shift from net income in Q2 2023, primarily due to the $4.4 billion Acquired IPR&D expense related to the acquisition of Alpine Immune Sciences.

Updated Financial Guidance

Vertex Pharmaceuticals Inc. raised its full-year 2024 product revenue guidance to a range of $10.65 to $10.85 billion. This update reflects expectations for continued growth in cystic fibrosis treatments and the launch of CASGEVY® in approved indications and geographies.

Summarized from source with an LLMView Source

Key figures

34.7%1Y

152%3Y

172%5Y

Performance

22.7%1Y

26.1%3Y

31.6%5Y

Volatility