Press release
Vertex Reports Second Quarter 2023 Financial Results
— Product revenue of $2.49 billion, a 14% increase compared to Q2 2022 — — Company raises full year 2023 product revenue guidance to $9.7 to $9.8 billion — —
About this update from Vertex Pharmaceuticals Incorporated
[{"type":"text","content":"\n— Product revenue of $2.49 billion, a 14% increase compared to Q2 2022 —\n\n\n— Company raises full year 2023 product revenue guidance to $9.7 to $9.8 billion —\n\n\n— FDA has accepted the exa-cel BLAs in both severe sickle cell disease (SCD) and transfusion-dependent beta thalassemia (TDT); Priority Review granted for SCD with PDUFA date of December 8, 2023 —\n\n\n— Pipeline continues to advance with multiple near-term clinical milestones —\n\n\n BOSTON--(BUSINESS WIRE)--\nVertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the second quarter ended June 30, 2023 and updated its full year 2023 financial guidance.\n\n\n“The second quarter of 2023 marked another period of strong progress across our business. We are reaching more patients globally with our cystic fibrosis medicines, advancing our late-stage clinical programs and making rapid progress across our research and development pipeline of transformative medicines,” said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. “In the second half of the year, we look forward to expanding our leadership in CF; continuing to prepare for several near-term potential launches, starting with exa-cel; and completing major Phase 3 trials including VX-548 in acute pain and the vanzacaftor triple in cystic fibrosis.”\n\n\nSecond Quarter 2023 Results\n\n\nProduct revenue increased 14% to $2.49 billion compared to the second quarter of 2022, primarily driven by the strong uptake of TRIKAFTA/KAFTRIO in multiple countries internationally and continued performance of TRIKAFTA in the U.S., including the launch in children with CF 2 to 5 years of age. Net product revenue in the second quarter of 2023 increased 7% to $1.51 billion in the U.S. and increased 26% to $985 million outside the U.S., compared to the second 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 $877 million and $750 million, respectively, in the second quarter of 2022. The increases were due to increased investment in support of multiple programs that have advanced in mid- and late-stage clinical development, increased acquired IPR&D expenses, and the costs to support launches of Vertex's therapies globally.\n\n\nGAAP effective tax rate was 21.2% compared ...