Vertex Reports First-Quarter 2017 Financial Results

BOSTON--(BUSINESS WIRE)--Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the quarter ended March 31, 2017. Vertex also reiterated guidance for total 2017 ORKAMBI® (lumacaftor/ivacaftor) revenues and combined GAAP and non-GAAP R&D and SG&A expenses, and increased its total 2017 guidance for KALYDECO® (ivacaftor) revenues.

Key financial results include:

Three Months Ended March 31, %
2017 2016 Change
(in millions, except per share and percentage data)
ORKAMBI product revenues, net $ 295 $ 223 32 %
KALYDECO product revenues, net $

186

$

171

9 %
TOTAL CF product revenues, net $

481

$

394

22 %
GAAP Collaborative revenues, net $ 233 $
GAAP net income (loss) $ 248 $ (42 )
GAAP net income (loss) per share - diluted $ 0.99 $ (0.17 )
Non-GAAP net income $ 101 $ 22
Non-GAAP net income per share - diluted $ 0.41 $ 0.09

"During the quarter, our progress toward treating more people with CF was marked by several important milestones, including expanding the number of people being treated with our approved medicines and developing potential new medicines to treat all people with CF in the future," said Jeffrey Leiden, M.D., Ph.D., Chairman, President and Chief Executive Officer of Vertex. "We saw continued uptake of ORKAMBI in eligible children ages 6 to 11 in the U.S. and completed an MAA submission for the same group of patients in Europe. Additionally, we reported positive data from two Phase 3 studies of the tezacaftor/ivacaftor combination, which we believe will bring us closer to treating more people with the disease. We remain focused on advancing key CF programs, including our triple combination regimens, to support our goal of providing treatments for all people with CF."

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