-Product revenues of $1.72 billion, a 14% increase compared to Q1 2020-
- Company advancing clinical programs in six additional diseases beyond cystic fibrosis-
-Multiple Phase 2 proof-of-concept study results expected in 2021 -
BOSTON--(BUSINESS WIRE)--Apr. 29, 2021-- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the first quarter ended March 31, 2021 and reiterated full-year 2021 guidance for product revenues.
"In CF, our goal is that all eligible patients have access to and can benefit from CFTR modulators. In the first quarter, we continued to make significant progress towards this goal, and in so doing again delivered strong revenue and earnings growth,” said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. "Beyond CF, we have also seen continued significant progress across our broad pipeline, including advancement of VX-548 to Phase 2 in acute pain, initiation of the Phase 1/2 clinical trial with VX-880 in type 1 diabetes and completion of enrollment and dosing in our Phase 2 proof-of-concept study with the AAT corrector, VX-864. The recent amendment of our agreement with CRISPR Therapeutics for the CTX001 program further enhances our leadership position in cell and genetic therapies and we look forward to completing enrollment of our ongoing trials for CTX001 in sickle cell disease and beta thalassemia this year and bringing this first-in-class treatment to patients with these devastating diseases as soon as possible.”
First-Quarter 2021 Financial Highlights
Three Months Ended March 31, 2021 2020 % Change
(in millions, except per share amounts)
Product revenues, net $ 1,723 $ 1,515 14 %
TRIKAFTA/KAFTRIO $ 1,193 $ 895
SYMDEKO/SYMKEVI $ 125 $ 173
ORKAMBI $ 219 $ 234
KALYDECO $ 186 $ 213
GAAP Operating income $ 888 $ 720 23 %
Non-GAAP Operating income $ 1,003 $ 877 14 %
GAAP Net income $ 653 $ 603 8 %
Non-GAAP Net income $ 781 $ 674 16 %
GAAP Net income per share - diluted $ 2.49 $ 2.29 9 %
Non-GAAP Net income per share - diluted $ 2.98 $ 2.56 16 %
Product revenues increased 14% compared to the first quarter of 2020, primarily driven by the uptake of KAFTRIO in Europe and continued performance of TRIKAFTA in the U.S. Net product revenues in the first quarter of 2021 increased 6% to $1.25 billion in the U.S. and increased 43% to $470 million outside the U.S., compared to the prior year.
GAAP and non-GAAP net income increased compared to the first quarter of 2020, largely driven by strong growth in total product revenues.
Cash, cash equivalents and marketable securities as of March 31, 2021 were $6.9 billion, an increase of $265 million compared to $6.7 billion as of December 31, 2020 primarily driven by strong revenue and profitability offset by the repurchase of our common stock authorized under our stock repurchase plan.
First-Quarter 2021 Expenses
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