VERTEX PHARMACEUTICALS INC / MA Quarterly Report for Q3 Ended Sep 30, 2022

Summary

Vertex Pharmaceuticals reported strong financial performance for the nine months ended September 30, 2022, with total revenues reaching $6.63 billion, a 20% increase year-over-year, driven primarily by the continued success of TRIKAFTA/KAFTRIO. Net income for the period grew significantly to $2.50 billion, up 59% from the prior year, reflecting robust revenue growth and effective cost management, although the prior year's results were impacted by a large upfront payment for acquired in-process R&D. The company's balance sheet remains strong, with cash, cash equivalents, and marketable securities totaling $9.77 billion as of September 30, 2022. Vertex also made strategic advancements in its pipeline, notably the acquisition of ViaCyte, Inc., and continued progress in its gene-editing therapies for sickle cell disease and beta thalassemia.

Key Highlights

• 1Total revenues increased by 20% to $6.63 billion for the nine months ended September 30, 2022, compared to $5.50 billion in the same period last year.
• 2Net income surged by 59% to $2.50 billion for the nine months ended September 30, 2022, up from $1.57 billion in the prior year.
• 3TRIKAFTA/KAFTRIO sales showed strong growth, increasing by 41% to $5.67 billion for the nine months ended September 30, 2022.
• 4Research and development expenses increased by 35% to $1.85 billion for the nine months ended September 30, 2022, reflecting pipeline progression.
• 5The company acquired ViaCyte, Inc. for $315.0 million in the third quarter of 2022 to advance its Type 1 Diabetes program.
• 6Cash, cash equivalents, and marketable securities stood at $9.77 billion as of September 30, 2022, indicating a strong liquidity position.
• 7The company expects to submit a biologics licensing application (BLA) for exagamglogene autotemcel (exa-cel) beginning in November 2022.

Frequently Asked Questions