Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) has recently released its financial results for the first quarter of 2024, showing a strong performance and positive growth. The company reported a 13% increase in product revenue, reaching $2.69 billion compared to the same period in 2023.
The growth in revenue was mainly driven by the strong uptake of TRIKAFTA/KAFTRIO in ex-U.S. markets, including label extensions in younger age groups. In the U.S., the performance of TRIKAFTA, especially its uptake in children with CF aged 2 to 5 years, contributed to the revenue increase.
Net product revenue in the U.S. rose by 8% to $1.52 billion, while outside the U.S., it surged by 21% to $1.17 billion compared to the first quarter of 2023.
Vertex also reported on its expenses for the quarter, with combined GAAP and Non-GAAP R&D, Acquired IPR&D, and SG&A expenses totaling $1.2 billion and $1.0 billion, respectively. These figures represent a decrease compared to the same period in 2023, attributed to lower Acquired IPR&D expenses offset by increased investments to support global therapy launches and ongoing program development.
Reshma Kewalramani, M.D., the Chief Executive Officer and President of Vertex, expressed satisfaction with the company’s performance in the first quarter of 2024. Kewalramani highlighted the 13% growth in product revenue and praised the overall execution across Vertex’s business segments. The company’s achievements in expanding its leadership in CF, advancing global launches, and progressing its pipeline were also acknowledged.
Furthermore, Vertex recently announced the acquisition of Alpine Immune Sciences, a move seen as a strategic fit for the company. This acquisition aims to accelerate the development of povetacicept, a potential leading treatment for IgAN, and explore the broader pipeline opportunities associated with this product.
As Vertex Pharmaceuticals continues to deliver strong financial results and make strategic moves to enhance its portfolio, investors and industry analysts are closely watching the company’s progress in the pharmaceutical sector.
