-Full year product revenues of $7.57 billion, a 22% increase compared to full year 2020-

-Company provides full year 2022 product revenue guidance of $8.4 to $8.6 billion-

- Advancing broad clinical pipeline across six disease areas; multiple programs in mid- and late-stage development with clinical readouts expected in 2022-

BOSTON--(BUSINESS WIRE)--Jan. 26, 2022-- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the fourth quarter and full year ended December 31, 2021 and provided full year 2022 financial guidance.

"In 2021, Vertex delivered exceptional financial performance, including 22% revenue growth, coupled with important progress across our business. We expanded our leadership in cystic fibrosis-- treating more patients than ever before and advancing our next-in-class triple regimen into pivotal studies. In addition, our pipeline beyond CF accelerated and delivered important clinical data in new disease areas,” said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. “As we move into 2022, with multiple programs in mid- and late-stage development, there are important milestones ahead. With continued innovation in CF and progress across our pipeline, we are poised to serve many more patients and drive revenue and earnings growth in 2022 and many years into the future.”

Fourth Quarter and Full Year 2021 Financial Highlights
Three Months Ended December 31, % Twelve Months Ended December 31, % 2021 2020
Change 2021 2020 Change
(in millions, except per share amounts)

Product revenues, net $2,073 $1,627 27% $7.573 $6,203 22%
TRIKAFTA/KAFTRIO $1,693 $1,091 $5,697 $3,864
SYMDEKO/SYMKEVI $80 $128 $420 $629
ORKAMBI $147 $215 $772 $908
KALYDECO $152 $193 $684 $803

GAAP operating income $878 $746 18% $2,782 $2,856 (3)%

Non-GAAP operating income $1,124 $887 27% $4,344 $3,491 24%
GAAP net income $770 $604 27% $2,342 $2,712 (14)%
Non-GAAP net income $866 $661 31% $3,384 $ 2,719 24%
GAAP net income per share - diluted $3.00 $2.30 30% $9.01 $10.29 (12)%
Non-GAAP net income per share - diluted $3.37 $2.51 34% $13.02 $10.32 26%

Full Year 2021 Results

Product revenues increased 22% to $7.57 billion compared to 2020, primarily driven by the launch of KAFTRIO in multiple countries internationally and the performance of TRIKAFTA in the U.S., including the launch of TRIKAFTA in children 6-11 years old in the U.S. Net product revenues in 2021 increased 10% to $5.29 billion in the U.S. and increased 66% to $2.29 billion outside the U.S., compared to 2020.

GAAP net income decreased compared to 2020, primarily due to a $900 million payment in connection with the amendment of Vertex's collaboration with CRISPR Therapeutics that was recorded as a GAAP R&D expense in the second quarter of 2021.

Non-GAAP net income increased compared to 2020, driven by strong product revenue growth.

Cash, cash equivalents and marketable securities as of December 31, 2021 were $7.5 billion, an increase of approximately $0.9 billion compared to December 31, 2020. The increase was primarily driven by strong operating cash flow partially offset by repurchases of our common stock authorized under our share repurchase programs and the $900 million payment to CRISPR Therapeutics.

Full Year 2021 Expenses

Twelve Months Ended December 31, 2021 2020

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