Vertex Pharmaceuticals reported third quarter 2024 product revenue of $2.77 billion, marking a 12% increase compared to the third quarter of 2023. This growth was primarily driven by the continued strong performance of TRIKAFTA/KAFTRIO.
U.S. net product revenue increased 10% to $1.71 billion, while international net product revenue increased 14% to $1.06 billion compared to the prior year's third quarter. The company's GAAP net income for the quarter was $1.0 billion, or $4.01 per diluted share, with non-GAAP earnings per share reaching $4.38, exceeding analyst estimates of $4.08.
Vertex raised its full-year 2024 product revenue guidance to a range of $10.8 billion to $10.9 billion, up from the previous guidance of $10.65 billion to $10.85 billion. This updated outlook includes expectations for continued growth in the cystic fibrosis portfolio and the launch of CASGEVY in approved indications and geographies.
Cash, cash equivalents, and total marketable securities stood at $11.2 billion as of September 30, 2024. The company noted ongoing investment in its expanding pipeline, with three additional programs advancing to Phase 3 development in the last quarter alone.
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