Summary by Moomoo AI
Vertex Pharmaceuticals Incorporated reported a robust financial performance for the first quarter of 2024, with net product revenues increasing by 13% year-on-year to $2.7 billion, primarily driven by the strong uptake of TRIKAFTA/KAFTRIO in ex-U.S. markets and the U.S. launch in younger CF patients. Operating income surged by 46% to $1.14 billion, while net income saw a significant 57% increase to $1.1 billion. Diluted earnings per share rose from $2.69 to $4.21. The company's total cash, cash equivalents, and marketable securities grew to $14.6 billion, a 6% increase from the previous quarter. Vertex also highlighted the acquisition of Alpine Immune Sciences, Inc. for approximately $4.9 billion in cash, expected to close in Q2 2024. This acquisition brings in Alpine's lead molecule, povetacicept, showing potential best-in...Show More