Market Overview

Vertex Reports Third-Quarter 2019 Financial Results

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- Product revenues of $950 million, a 21% increase compared to Q3 2018 -

- Continued progression of pipeline of investigational medicines in multiple diseases -

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) today reported consolidated financial results for the third quarter ended September 30, 2019 and reiterated its full-year 2019 total product revenue guidance.

"2019 has been a year of significant progress for Vertex across all parts of our business. With the historic approval of TRIKAFTA, we are now one step closer to providing treatment for up to 90% of all people with CF. We've also had tremendous success bringing our CF medicines to more patients globally with reimbursement agreements recently reached in England, Spain, Australia, and Scotland, and through label expansions to younger patients," said Jeffrey Leiden, M.D., Ph.D., Chairman, President and Chief Executive Officer of Vertex. "The company also continues to successfully execute on our strategy of creating transformative medicines for serious diseases through serial innovation. The rapid progress of our pipeline is expected to yield proof-of-concept data in multiple diseases in 2020, which will position Vertex for continued growth in the years ahead."

Third-Quarter 2019 Financial Highlights

 

Three Months Ended September 30,

 

%

 

2019

 

2018

 

Change

 

(in millions, except per share amounts)

Total product revenues, net

$

950

 

 

 

$

783

 

 

 

21%

KALYDECO

$

249

 

 

 

$

246

 

 

 

 

ORKAMBI

$

297

 

 

 

$

282

 

 

 

 

SYMDEKO/SYMKEVI

$

404

 

 

 

$

255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Operating income

$

99

 

 

 

$

206

 

 

 

(52)%

Non-GAAP Operating income

$

403

 

 

 

$

295

 

 

 

37%

 

 

 

 

 

 

 

 

 

 

GAAP Net income

$

58

 

 

 

$

129

 

 

 

(55)%

Non-GAAP Net income

$

322

 

 

 

$

282

 

 

 

14%

 

 

 

 

 

 

 

 

 

 

GAAP Net income per share - diluted

$

0.22

 

 

 

$

0.50

 

 

 

(56)%

Non-GAAP Net income per share - diluted

$

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