Financial Performance - Total cash, cash equivalents, and marketable securities decreased by 18% to $11.2 billion in 2024 from $13.7 billion in 2023[465] - Working capital decreased by 43% to $6.0 billion in 2024, down from $10.6 billion in 2023, primarily due to cash paid for the acquisition of Alpine[466] - Cash used in operating activities was $492.6 million in 2024, a significant decrease from cash provided of $3.5 billion in 2023, largely driven by the acquisition of Alpine[468] - Cash used in investing activities increased to $3.8 billion in 2024 from $3.1 billion in 2023, mainly due to net purchases of available-for-sale debt securities[469] - Cash used in financing activities rose to $1.5 billion in 2024 from $562.2 million in 2023, primarily related to stock repurchases and employee stock benefit plan payments[470] Taxation - The provision for income taxes was $784.1 million in 2024, with an effective tax rate of 315.5%, significantly impacted by $4.4 billion of non-deductible AIPR&D from the acquisition of Alpine[463] - The company has a liability of $706.2 million for uncertain tax positions as of December 31, 2024[504] - The company maintains a valuation allowance of $272.9 million related primarily to U.S. state tax attributes as of December 31, 2024[503] Research and Development - The company plans to continue investing in research and development programs and anticipates sharing data from ongoing clinical trials in 2025[380] - As of December 31, 2024, the company had $603.6 million of in-process research and development assets on its consolidated balance sheet[491] - The company recorded a $13.0 million impairment of an in-process research and development intangible asset in 2022 due to a revision in the scope of certain acquired programs[492] - The company began capitalizing inventories for JOURNAVX in Q1 2024 following positive Phase 3 trial results, with FDA approval received in January 2025[501] Revenue and Accruals - The company reported a balance of $1,701.6 million for product revenue accruals related to rebates as of December 31, 2023, with a provision of $3,481.4 million for 2023 sales[485] - The company made a provision of $3,673.0 million for 2024 sales, with an expected balance of $1,607.1 million for product revenue accruals by December 31, 2024[485] Acquisitions and Goodwill - The company accounted for a $5.0 billion acquisition of Alpine in 2024 as an asset acquisition, expensing $4.4 billion attributed to the lead molecule povetacicept[488] - The company has goodwill of $1.1 billion on its consolidated balance sheets as of December 31, 2024, with no business combinations accounted for during 2024[497] - The company has contingent consideration liabilities of $76.9 million and $77.4 million as of December 31, 2024 and 2023, respectively, related to Exonics[494] Share Repurchase Program - The company has $1.4 billion remaining authorization under its $3.0 billion Share Repurchase Program approved in February 2023[480] Future Capital Requirements - Future capital requirements include expected operating expenses for research and development, taxes, and royalties related to CF product sales[474] Investments - The fair value of investments in publicly traded companies was $36.6 million as of December 31, 2024, with expectations of continued fluctuations due to stock price volatility[461]

Core Viewpoint - Vertex Pharmaceuticals reported mixed financial results for Q4 2024, with adjusted earnings slightly missing estimates while total revenues exceeded expectations, driven by strong sales of its cystic fibrosis products, particularly Trikafta/Kaftrio [1][2][3]. Financial Performance - Adjusted earnings for Q4 2024 were $3.98 per share, missing the Zacks Consensus Estimate of $3.99, and reflecting a 5.2% decline year-over-year [1] - Total revenues for the quarter reached $2.91 billion, surpassing the Zacks Consensus Estimate of $2.77 billion, and representing a 16% increase year-over-year [2] - Net product sales in the U.S. rose 17% to $1.84 billion, while international sales increased 14% to $1.07 billion [3] - Trikafta sales amounted to $2.72 billion, up 16.6% year-over-year, exceeding both the Zacks Consensus Estimate and internal model estimates [3] Product Performance - Vertex markets four cystic fibrosis products, with Trikafta being the primary revenue driver [3] - Sales from other CF products increased 3.7% year-over-year to $191.2 million, although these products have seen a decline in sales as patients switch to Trikafta [4] - The company recorded $8 million in sales from its newly approved gene therapy, Casgevy, during the quarter [6] Research and Development - Adjusted R&D expenses rose 28.8% year-over-year to $899.8 million due to increased investment in clinical studies [7] - Adjusted SG&A expenses increased 8.6% to $310.1 million, attributed to the commercial launch of Casgevy and Journavx [7] - Acquired in-process R&D costs were $87.5 million, significantly higher than the $17.8 million reported in the previous year [8] Full-Year Results and Guidance - For 2024, Vertex generated total revenues of $11.02 billion, reflecting a 12% growth year-over-year [9] - The company expects total product sales for 2025 to be in the range of $11.75-$12 billion, with a consensus estimate of $11.72 billion [10] New Product Approvals - The FDA approved Journavx, a non-opioid pain signal inhibitor, for treating moderate-to-severe acute pain, marking a significant milestone as the first new class of pain medicine approved in over 20 years [11] - Alyftrek, a new CFTR modulator therapy, was approved for treating cystic fibrosis in December 2024, potentially offering enhanced benefits over Trikafta [12][13] Pipeline Developments - Vertex is advancing its pipeline in various disease areas, including APOL1-mediated kidney diseases and type I diabetes [18] - The acquisition of Alpine in May 2024 added povetacicept to Vertex's pipeline, which is being investigated for multiple autoimmune diseases [19]

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Q4 2024 Earnings Conference Call February 10, 2025 4:30 PM ET Company Participants Susie Lisa - Senior Vice President, Investor Relations Reshma Kewalramani - President and Chief Executive Office Stuart Arbuckle - Chief Operating Officer Charlie Wagner - Chief Financial Officer Conference Call Participants Salveen Richter - Goldman Sachs Evan Seigerman - BMO Capital Markets Jessica Fye - JPMorgan Geoff Meacham - Citibank Michael Yee - Jefferies William Picke ...

FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS FEBRUARY 10, 2025 ©2025 Vertex Pharmaceuticals Incorporated AGENDA Introduction Susie Lisa, CFA, Senior Vice President, Investor Relations CEO Perspective and Pipeline Update Reshma Kewalramani, M.D., Chief Executive Officer and President Commercial Update Stuart Arbuckle, Executive Vice President and Chief Operating Officer Financial Results Charlie Wagner, Executive Vice President and Chief Financial Officer ©2025 Vertex Pharmaceuticals Incorporated 2 SA ...

Vertex Pharmaceuticals (VRTX) came out with quarterly earnings of $3.98 per share, missing the Zacks Consensus Estimate of $3.99 per share. This compares to earnings of $4.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -0.25%. A quarter ago, it was expected that this drugmaker would post earnings of $4.13 per share when it actually produced earnings of $4.38, delivering a surprise of 6.05%.Over the last four quarters, the ...

Revenue Performance - Full year product revenue reached $11.02 billion, a 12% increase compared to 2023[1] - Fourth quarter product revenue increased 16% to $2.91 billion compared to Q4 2023, driven by strong performance of TRIKAFTA/KAFTRIO[4] - Net product revenue in the U.S. for the full year increased 11% to $6.68 billion, while outside the U.S. it increased 13% to $4.34 billion[9] - Vertex reported product revenues of $2,912.0 million for Q4 2024, a 15.7% increase from $2,517.7 million in Q4 2023[39] - For the full year 2024, product revenues reached $11,020.1 million, up 11.6% from $9,869.2 million in 2023[39] Financial Guidance and Projections - The company provided full year 2025 total revenue guidance of $11.75 to $12.0 billion, anticipating continued growth from new product launches[15] - Vertex expects to launch ALYFTREK for cystic fibrosis and JOURNAVX for acute pain in 2025, contributing to revenue growth[2] - Vertex anticipates the number of cystic fibrosis patients using its medicines to grow, supported by recent approvals and reimbursement agreements[19] Expenses and Losses - Combined GAAP and Non-GAAP R&D and SG&A expenses for the full year 2024 were $5.1 billion and $4.2 billion, respectively, reflecting increased investment in R&D and commercial activities[10] - GAAP net loss for 2024 was $(536) million, compared to net income of $3.6 billion in 2023, primarily due to higher AIPR&D expenses related to the acquisition of Alpine Immune Sciences[13] - Vertex's total costs and expenses for Q4 2024 were $1,886.0 million, an increase from $1,529.2 million in Q4 2023[39] Research and Development - Research and development expenses for Q4 2024 were $998.7 million, compared to $824.6 million in Q4 2023, reflecting a 21.1% increase[39] - Vertex expects to complete enrollment in the interim analysis cohort for the AMPLITUDE trial in 2025, with potential accelerated approval for inaxaplin in the U.S. thereafter[29] - The company is also enrolling patients in the global Phase 3 RAINIER study for povetacicept, with expected completion of enrollment in 2025[30] - Vertex's lead approach for Myotonic Dystrophy Type 1, VX-670, is currently in the multiple ascending dose portion of a global Phase 1/2 clinical trial[32] - The company anticipates advancing VX-407 into a Phase 2 proof-of-concept study for Autosomal Dominant Polycystic Kidney Disease in 2025[33] - Plans to advance VX-522, a nebulized mRNA therapy, with data expected in the first half of 2025[52] - The company aims to complete dosing in studies evaluating CASGEVY in children aged 5 to 11 years in 2025[52] - Vertex is focused on developing new oral small molecule combination therapies for CF and advancing its pipeline across various serious diseases[50] Cash and Equity - Vertex's cash, cash equivalents, and total marketable securities decreased to $11.2 billion as of December 31, 2024, from $13.7 billion in 2023, due to acquisition costs and stock repurchases[14] - Total current assets decreased to $9,596.4 million in December 2024 from $14,144.2 million in December 2023, a decline of 32.2%[49] - Cash, cash equivalents, and marketable securities decreased to $6,115.9 million in December 2024 from $11,218.3 million in December 2023, a drop of 45.5%[49] - Shareholders' equity decreased to $16,409.6 million in December 2024 from $17,580.4 million in December 2023, a decrease of 6.7%[49] Tax Rates - Vertex's effective tax rates for 2024 were significantly higher at 315.5% GAAP and 91.0% Non-GAAP, primarily due to non-deductible AIPR&D expenses[12] Collaborations and Market Expansion - The company has entered into a collaboration with Zai Lab for the development of povetacicept in several Asian markets, signed in January 2025[34] - The company anticipates continued growth in cystic fibrosis (CF) treatments, including the launch of ALYFTREK and expansion into additional geographies[52] - Expectations for the commercial launch of JOURNAVX for acute pain treatment, with retail availability beginning shortly after the end of the month[52]

Vertex Pharmaceuticals Incorporated (VRTX) will report fourth-quarter and full-year 2024 earnings result on Feb. 10, after market close. The Zacks Consensus Estimate for sales and earnings for the fourth quarter is pegged at $2.77 billion and $3.99 per share, respectively. Earnings estimates for Vertex for 2025 have declined from $18.25 to $18.19 per share over the past 30 days.See the Zacks Earnings Calendar to stay ahead of market-making news.Image Source: Zacks Investment ResearchVRTX's Earnings Surprise ...

The upcoming report from Vertex Pharmaceuticals (VRTX) is expected to reveal quarterly earnings of $3.99 per share, indicating a decline of 5% compared to the year-ago period. Analysts forecast revenues of $2.77 billion, representing an increase of 10% year over year.Over the last 30 days, there has been a downward revision of 2% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the co ...

Vertex Pharmaceuticals (VRTX) shares soared 5.3% in the last trading session to close at $461.68. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8% gain over the past four weeks.Last week, the company announced that the FDA has approved its oral, non-opioid, highly selective NaV1.8 pain signal inhibitor, suzetrigine, for the treatment of adults with moderate-to-severe acute pain. The drug will be marketed by the name of Journavx ...

Vertex Pharmaceuticals Incorporated (VRTX) announced that the FDA has approved its oral, non-opioid, highly selective NaV1.8 pain signal inhibitor, suzetrigine, for the treatment of adults with moderate-to-severe acute pain. The pain drug will be marketed by the name of Journavx.Following the nod, Journavx has become the first and only non-opioid oral pain signal inhibitor and the first new class of pain medicine to be approved by the FDA in more than 20 years.Per the company, Journavx has the potential to ...