On August 1, 2024, Vertex Pharmaceuticals Incorporated, a global biotechnology company based in Boston, Massachusetts, reported its financial results for the second quarter ending June 30, 2024. The company announced a 6% increase in product revenue to $2.65 billion compared to Q2 2023 and raised its full-year product revenue guidance to between $10.65 and $10.85 billion. The revenue growth was primarily attributed to the strong performance of TRIKAFTA/KAFTRIO, particularly in younger age groups. Vertex also reported a significant increase in R&D and SG&A expenses, largely due to investments in global launches and clinical development programs. Notably, the company incurred $4.4 billion in Acquired IPR&D expenses related to its acquisition of Alpine Immune Sciences. As a result, Vertex experienced a GAAP net loss of $3.6 billion and a...Show More

On August 1, 2024, Vertex Pharmaceuticals Incorporated, a global biotechnology company based in Boston, Massachusetts, reported its financial results for the second quarter ending June 30, 2024. The company announced a 6% increase in product revenue to $2.65 billion compared to Q2 2023 and raised its full-year product revenue guidance to between $10.65 and $10.85 billion. The revenue growth was primarily attributed to the strong performance of TRIKAFTA/KAFTRIO, particularly in younger age groups. Vertex also reported a significant increase in R&D and SG&A expenses, largely due to investments in global launches and clinical development programs. Notably, the company incurred $4.4 billion in Acquired IPR&D expenses related to its acquisition of Alpine Immune Sciences. As a result, Vertex experienced a GAAP net loss of $3.6 billion and a Non-GAAP net loss of $3.3 billion for the quarter, in contrast to net income in Q2 2023. The company's cash, cash equivalents, and marketable securities totaled $10.2 billion as of June 30, 2024, a decrease from $13.7 billion at the end of 2023, primarily due to the cash paid for the Alpine acquisition. Vertex also highlighted its robust clinical pipeline, including the FDA's acceptance of NDAs for vanzacaftor triple in CF and suzetrigine for acute pain, both with Priority Review. The company continues to advance its clinical programs across various diseases, with multiple milestones expected in the second half of 2024.