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Jun 30, 2023
Vertex Q2 2023 Earnings Report
Vertex reported strong second-quarter results, driven by increased product revenue and progress in clinical development programs.
Key Takeaways
Vertex Pharmaceuticals reported a 14% increase in product revenue to $2.49 billion for Q2 2023, driven by strong uptake of TRIKAFTA/KAFTRIO internationally and continued performance in the U.S. The company raised its full-year 2023 revenue guidance to $9.7 to $9.8 billion.
Product revenue increased by 14% to $2.49 billion compared to Q2 2022, driven by TRIKAFTA/KAFTRIO uptake.
The FDA accepted exa-cel BLAs for severe sickle cell disease (SCD) and transfusion-dependent beta thalassemia (TDT), granting Priority Review for SCD with a PDUFA date of December 8, 2023.
Full year 2023 product revenue guidance raised to $9.7 to $9.8 billion.
Clinical pipeline advanced with multiple near-term milestones expected.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Vertex is raising its full year 2023 CF product revenue guidance to $9.7 to $9.8 billion. The company is also increasing full year 2023 combined GAAP and non-GAAP R&D, Acquired IPR&D and SG&A expense guidance.
Positive Outlook
- CF product revenues: $9.7 to $9.8 billion
- Combined GAAP R&D, Acquired IPR&D and SG&A expenses: $4.55 to $4.8 billion
- Combined Non-GAAP R&D, Acquired IPR&D and SG&A expenses: $4.1 to $4.2 billion
- Non-GAAP effective tax rate: 21% to 22%
- The increase reflects the expected full-year impact of the strong uptake of TRIKAFTA/KAFTRIO in multiple countries internationally and continued performance of TRIKAFTA in the U.S.
Challenges Ahead
- This guidance includes an approximately 150-basis-point negative impact from changes in foreign currency rates, inclusive of our foreign exchange risk management program.
- The increase accounts for higher acquired IPR&D expenses incurred year-to-date, including a $70 million milestone payment to CRISPR Therapeutics.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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