- Full-year 2020 GAAP product revenues of $6.20 billion-
-Full-year 2020 non-GAAP product revenues of $6.20 billion, a 55% increase compared to full-year 2019-
-Company provides full-year 2021 product revenue guidance of $6.7 to $6.9 billion-
BOSTON--(BUSINESS WIRE)--Feb. 1, 2021-- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the full year and fourth quarter ended December 31, 2020 and provided full-year 2021 financial guidance.
"Our achievements in 2020 were marked by a significant increase in the number of people treated with the triple combination in the U.S. and the EU. It was also a year marked by meaningful pipeline advancement. We now have clinical programs in seven disease areas, spanning multiple modalities including small molecules for alpha-1 antitrypsin deficiency and APOL1-mediated kidney diseases, gene editing for sickle cell disease and beta thalassemia, and cell therapy for type 1 diabetes,” said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. "As we enter 2021, we look forward to treating more CF patients and reaching important R&D milestones in multiple additional diseases which will fuel our growth this year and for many years to come."
Fourth-Quarter and Full-Year 2020 Financial Highlights
Three Months Ended December 31, % Twelve Months Ended December 31, % 2020 2019 Change 2020 2019 Change
(in millions, except per share amounts)
GAAP Product revenues, net $1,627 $1,413 15 % $ 6,203 $ 4,161 49 %
Non-GAAP Product revenues, net (1) $1,627 $1,257 29 % $6,203 $4,005 55 %
GAAP Operating income $ 746 $ 551 35 % $ 2,856 $ 1,198 139 %
Non-GAAP Operating income $ 887 $ 593 50 % $ 3,491 $ 1,786 95 %
GAAP Net income $ 604 $ 583 4 % $ 2,712 $ 1,177 130 %
Non-GAAP Net income $ 661 $ 444 49 % $ 2,719 $ 1,389 96 %
GAAP Net income per share - diluted $ 2.30 $ 2.23 3 % $ 10.29 $ 4.51 128 %
Non-GAAP Net income per share - diluted $ 2.51 $ 1.70 48 % $ 10.32 $ 5.33 94 %
Full-Year 2020 Results
Twelve Months Ended December 31, 2020 2019
(in millions)
GAAP Product revenues, net $ 6,203 $ 4,161
Non-GAAP Product revenues, net (1) $ 6,203 $ 4,005
TRIKAFTA/KAFTRIO $ 3,864 $ 420
SYMDEKO/SYMKEVI $ 629 $ 1,418
ORKAMBI $ 908 $ 1,176
KALYDECO $ 803 $ 991
GAAP and Non-GAAP product revenues increased 49% and 55%, respectively, compared to 2019, primarily driven by the uptake of TRIKAFTA in the U.S., KAFTRIO in Europe and our other medicines outside the U.S. following the completion of several significant reimbursement agreements. Net product revenues in 2020 were $4.8 billion in the U.S. and $1.4 billion outside the U.S.
GAAP and Non-GAAP net income increased compared to 2019, largely driven by strong growth in product revenues.
Cash, cash equivalents and marketable securities as of December 31, 2020 were $6.7 billion, an increase of approximately $2.9 billion compared to $3.8 billion as of December 31, 2019 driven by strong revenue and profitability.
Full-Year 2020 Expenses
see & read more on
https://investors.vrtx.com/news-releases/news-release-details/vertex-reports-full-year-and-fourth-quarter-2020-financial |
