Press release
Vertex Reports First Quarter 2022 Financial Results
— Product revenues of $2.10 billion, a 22% increase compared to Q1 2021 — — Company reiterates full year 2022 product revenue guidance of $8.4 to $8.6
About this update from Vertex Pharmaceuticals Incorporated
[{"type":"text","content":"\n— Product revenues of $2.10 billion, a 22% increase compared to Q1 2021 —\n\n— Company reiterates full year 2022 product revenue guidance of $8.4 to $8.6 billion —\n\n— Mid- and late-stage clinical pipeline now spans 6 disease areas —\n\n BOSTON--(BUSINESS WIRE)--\nVertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the first quarter ended March 31, 2022 and reiterated full year 2022 product revenue guidance.\n\n“Following upon our success in transforming the treatment of cystic fibrosis, Vertex's unique and differentiated R&D strategy continues to deliver with positive Phase 2 proof-of-concept studies in multiple disease areas, and another wave of therapies set to enter the clinic in the second half of this year,\" said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. \"With yet another quarter of strong revenue performance characterized by 22% year-over-year growth, we are well positioned for continued innovation and sustained growth as we work to bring additional transformative medicines to more patients around the globe.\"\n\nFirst Quarter 2022 Financial Highlights\n\n\n\n \n\n\n\nThree Months Ended March 31,\n\n\n\n \n\n\n\n%\n\n\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\nChange\n\n\n\n\n\n \n\n\n\n(in millions, except per share amounts)\n\n\n\n\n\nProduct revenues, net\n\n\n\n$\n\n\n\n2,097\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1,723\n\n\n\n \n\n\n\n \n\n\n\n22\n\n\n\n%\n\n\n\n\n\nTRIKAFTA/KAFTRIO\n\n\n\n$\n\n\n\n1,762\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1,193\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nSYMDEKO/SYMKEVI\n\n\n\n$\n\n\n\n65\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n125\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nORKAMBI\n\n\n\n$\n\n\n\n132\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n219\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nKALYDECO\n\n\n\n$\n\n\n\n139\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n186\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nGAAP operating income\n\n\n\n$\n\n\n\n1,041\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n888\n\n\n\n \n\n\n\n \n\n\n\n17\n\n\n\n%\n\n\n\n\n\nNon-GAAP operating income *\n\n\n\n$\n\n\n\n1,167\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1,002\n\n\n\n \n\n\n\n \n\n\n\n16\n\n\n\n%\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n ...