Press release
Vertex Reports Fourth Quarter and Full Year 2023 Financial Results
— Full year product revenue of $9.87 billion, an 11% increase compared to full year 2022 — — Company provides full year 2024 product revenue guidance of
About this update from Vertex Pharmaceuticals Incorporated
[{"type":"text","content":"\n— Full year product revenue of $9.87 billion, an 11% increase compared to full year 2022 —\n\n\n— Company provides full year 2024 product revenue guidance of $10.55 to $10.75 billion —\n\n\n— CASGEVYTM approved in the U.S., Great Britain, the Kingdom of Saudi Arabia and Bahrain —\n\n\n— Vertex on track to submit new drug applications (NDAs) to the FDA by mid-2024 for both VX-548 in Acute Pain and the Vanzacaftor Triple in CF —\n\n\n— Broad and deep clinical-stage pipeline continues to advance across 10 disease areas —\n\n\n BOSTON--(BUSINESS WIRE)--\nVertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the fourth quarter and full year ended December 31, 2023 and provided full year 2024 financial guidance.\n\n\n“2023 was a transformative year for Vertex as we continued our strong performance, including 11% revenue growth, combined with significant advancement across the business. We expanded our leadership in CF, diversified our commercial opportunity with CASGEVY regulatory approvals in multiple regions, and rapidly advanced a broad pipeline with multiple additional near-term potential launch opportunities in disease areas outside of CF,” said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. “Our progress in 2023 lays the foundation for the anticipated regulatory submissions for the vanzacaftor triple and VX-548 by mid-2024 and sets us on a path to expand our business in CF and beyond, beginning with the commercialization of CASGEVY in multiple geographies.”\n\n\nFourth Quarter 2023 Results\n\n\nProduct revenue increased 9% to $2.52 billion compared to the fourth quarter of 2022, primarily driven in the U.S. by the continued performance of TRIKAFTA, including the uptake in children with CF 2 to 5 years of age, and in ex-U.S. markets by the continued strong uptake of TRIKAFTA/KAFTRIO, including label extensions in younger age groups. Net product revenue in the fourth quarter of 2023 increased 8% to $1.57 billion in the U.S. and increased 12% to $943 million outside the U.S., compared to the fourth quarter of 2022.\n\n\nCombined GAAP and Non-GAAP R&D, Acquired IPR&D and SG&A expenses were $1.2 billion and $1.0 billion, respectively, compared to $984 million and $872 million, respectively, in the fourth quarter of 2022. The increases were due to increased i...