Press release
Vertex Reports Second Quarter 2024 Financial Results
— Product revenue of $2.65 billion, a 6% increase compared to Q2 2023 — — Company raises full year product revenue guidance to $10.65 to $10.85 billion — —
About this update from Vertex Pharmaceuticals Incorporated
[{"type":"text","content":"\n— Product revenue of $2.65 billion, a 6% increase compared to Q2 2023 —\n\n\n— Company raises full year product revenue guidance to $10.65 to $10.85 billion —\n\n\n— FDA accepted NDA for vanzacaftor triple in CF with Priority Review and PDUFA target action date of January 2, 2025; additionally, MAA submissions validated in EU and U.K. —\n\n\n— FDA accepted NDA for suzetrigine (VX-548) for moderate-to-severe acute pain with Priority Review and PDUFA target action date of January 30, 2025 —\n\n\n— Advancing broad and deep clinical pipeline with multiple milestones expected in H2:24 —\n\n\n BOSTON--(BUSINESS WIRE)--\nVertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the second quarter ended June 30, 2024, and raised its full year product revenue guidance to $10.65 to $10.85 billion.\n\n\n“Vertex delivered another strong quarter of revenue growth coupled with outstanding execution across the business, and we are increasing our full year product revenue guidance,” said Reshma Kewalramani, M.D., Chief Executive Officer, and President of Vertex. “Our focus for the second half of the year remains on commercial execution in CF and the global launch of CASGEVY, readying for the upcoming potential launches of the vanzacaftor triple in CF and suzetrigine in acute pain, while rapidly advancing a robust pipeline that is poised to deliver value for patients and shareholders for the long term.”\n\n\nSecond Quarter 2024 Results\n\n\nProduct revenue increased 6% to $2.65 billion compared to the second quarter of 2023, primarily driven by the continued strong performance of TRIKAFTA®/KAFTRIO®, including in younger age groups. Net product revenue in the second quarter of 2024 increased 7% to $1.61 billion in the U.S. and increased 5% to $1.03 billion outside the U.S., compared to the second quarter of 2023.\n\n\nCombined GAAP and Non-GAAP R&D and SG&A expenses were $1.3 billion and $978 million, respectively, compared to $1.0 billion and $928 million, respectively, in the second quarter of 2023. The increases were due to increased investments to support launches of Vertex's therapies globally and continued investment in support of multiple programs that have advanced in mid- and late-stage clinical development.\n\n\nAcquired IPR&D expenses were $4.4 billion compared to $111 million in the second ...