Vertex Pharmaceuticals Incorporated, a global biotechnology company, reported its consolidated financial results for the fourth quarter and full year ended December 31, 2023. The company announced an 11% increase in full-year product revenue, reaching $9.87 billion compared to the previous year. Vertex also provided revenue guidance for the full year 2024, projecting product revenues between $10.55 and $10.75 billion. This guidance includes expectations for continued growth in cystic fibrosis (CF) treatments and the launch of CASGEVY in approved indications and geographies. The company's recent approvals of CASGEVY in the U.S., Great Britain, the Kingdom of Saudi Arabia, and Bahrain, and its progress in regulatory submissions, underscore its commitment to expanding treatment options for serious diseases. Vertex also highlighted its broad and deep clinical-stage...Show More

Vertex Pharmaceuticals Incorporated, a global biotechnology company, reported its consolidated financial results for the fourth quarter and full year ended December 31, 2023. The company announced an 11% increase in full-year product revenue, reaching $9.87 billion compared to the previous year. Vertex also provided revenue guidance for the full year 2024, projecting product revenues between $10.55 and $10.75 billion. This guidance includes expectations for continued growth in cystic fibrosis (CF) treatments and the launch of CASGEVY in approved indications and geographies. The company's recent approvals of CASGEVY in the U.S., Great Britain, the Kingdom of Saudi Arabia, and Bahrain, and its progress in regulatory submissions, underscore its commitment to expanding treatment options for serious diseases. Vertex also highlighted its broad and deep clinical-stage pipeline, with advancements across 10 disease areas. The company is 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. Vertex's financial results showed an increase in net income by 18% on a GAAP basis and 12% on a non-GAAP basis compared to the fourth quarter of 2022, attributed to higher interest income and lower taxes. The company's effective tax rate decreased due to increased benefits from R&D tax credits. As of December 31, 2023, Vertex's cash, cash equivalents, and total marketable securities stood at $13.7 billion, an increase from the previous year's $10.9 billion.