Vertex(US:VRTX)2024-11-05 01:44Financial Performance - Third quarter product revenue reached $2.77 billion[7], compared to $2.48 billion in Q3 2023[36] - The company is raising full year product revenue guidance to $10.8 - $10.9 billion[7], from a previous guidance of $10.65 - $10.85 billion[38] - Non-GAAP operating income for Q3 2024 was $1.31 billion[36], representing a 47% operating margin[36] - Non-GAAP net income for Q3 2024 was $1.14 billion, or $4.38 per diluted share[36] - Cash, cash equivalents, and total marketable securities at the end of Q3 2024 were $11.2 billion[36] Key Pipeline and Product Updates - Vanzacaftor triple has a U.S PDUFA target action date of January 2, 2025[6], and submissions are complete in multiple geographies[9] - VX-522, a CFTR mRNA therapy, is in development for over 5,000 cystic fibrosis patients who cannot benefit from CFTR modulators, with data expected in H1 2025[9, 29] - CASGEVY launch is underway for sickle cell disease and transfusion-dependent beta thalassemia, with the first patient dosed with commercial product in Q3[6] - Suzetrigine for moderate to severe acute pain has a PDUFA target action date of January 30, 2025[6] - Povetacicept (pove) Phase 3 trial is underway in IgAN, with a potential for accelerated approval in the U.S if the interim analysis at Week 36 is positive[7, 15]