Vertex Reports Third-Quarter 2018 Financial Results

-Third-quarter 2018 total CF product revenues of $783 million, a 42% increase compared to $550 million in the third quarter of 2017-

-Company reiterates full-year 2018 total CF product revenue guidance of $2.9 to $3.0 billion; reiterates full-year 2018 combined non-GAAP R&D and SG&A expense guidance of $1.50 to $1.55 billion-
   
BOSTON -- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the third quarter ended September 30, 2018 and reviewed recent progress with its approved and investigational medicines. Vertex also reiterated its guidance for full-year 2018 total CF product revenues and guidance for combined GAAP and non-GAAP R&D and SG&A expenses.

Third-Quarter 2018 Financial Highlights
 
Three Months Ended September 30,
 
 
 
2018
 
2017
 
% Change
 
(in millions, except per share and percentage data)
TOTAL CF product revenues, net
$
783

 
$
550

 
42%
 
 
 
 
 
 
 
 
GAAP net income (loss)
$
129

 
$
(103
)
 
 
GAAP net income (loss) per share - diluted
$
0.50

 
$
(0.41
)
 
 
 
 
 
 
 
 
 
 
Non-GAAP net income
$
282

 
$
136

 
107%
Non-GAAP net income per share - diluted
$
1.09

 
$
0.53

 
106%

“We continue to make significant progress toward our goal of developing medicines for all people with CF as marked by the recent approvals of KALYDECO and ORKAMBI in younger children, the launch of SYMDEKO in the U.S. and the rapid progress we have made with our triple combination pivotal studies," said Jeffrey Leiden, M.D., Ph.D., Chairman, President and Chief Executive Officer of Vertex. "In our development pipeline, we are advancing potential medicines for pain, sickle cell disease and beta thalassemia and are also beginning to advance additional compounds from research into early clinical development that could fundamentally change the treatment of other serious diseases in the future."

Dr. Leiden continued, "Our ability to treat more and more people with CF is driving revenue and earnings growth and significant cash flow generation, which enables the company to invest to discover and develop transformative future medicines for the treatment of CF and other life-threatening diseases."


1

The following information was filed by Vertex Pharmaceuticals Inc Ma (VRTX) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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