Vertex Reports First-Quarter 2020 Financial Results
-Product revenues of $1.52 billion, a 77% increase compared to Q1 2019-
-Company raises revenue guidance; now expects 2020 CF revenues of $5.3 to $5.6 billion-
BOSTON -- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the first quarter ended March 31, 2020 and revised upward its full-year 2020 financial guidance for total cystic fibrosis (CF) product revenues.
"The COVID-19 pandemic has presented unprecedented challenges to societies, communities and businesses around the world, and while these global challenges will continue for some time to come, I am very proud of how Vertex has responded to ensure that we continue to deliver on our mission for patients, keep our employees safe and achieve our business goals," said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. "Importantly, our business continues to grow, and throughout the first quarter, thousands of patients initiated treatment with our medicines worldwide. The U.S. launch of TRIKAFTA has been remarkable, with the majority of eligible patients having now initiated treatment with this medicine. This strong interest reflects TRIKAFTA's substantial benefits for patients and has resulted in significant increases in revenue to support continued investment in both our internal pipeline and business development efforts to support future growth. Looking ahead, we continue to be differentiated by our focus on serial innovation, investment in transformative medicines aimed at the underlying cause of disease, the breadth of our pipeline and capabilities and our financial strength."

First-Quarter 2020 Financial Highlights
 
Three Months Ended March 31,
 
%
 
2020
 
2019
 
Change
 
(in millions, except per share amounts)
Product revenues, net
$
1,515

 
 
$
857

 
 
77%
TRIKAFTA
$
895

 
 
$

 
 
 
SYMDEKO/SYMKEVI
$
173

 
 
$
320

 
 
 
ORKAMBI
$
234

 
 
$
293

 
 
 
KALYDECO
$
213

 
 
$
244

 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP Operating income
$
720

 
 
$
277

 
 
160%
Non-GAAP Operating income
$
877

 
 
$
377

 
 
133%
 
 
 
 
 
 
 
 
 
 
GAAP Net income
$
603

 
 
$
269

 
 
124%
Non-GAAP Net income
$
674

 
 
$
296

 
 
128%
 
 
 
 
 
 
 
 
 
 
GAAP Net income per share - diluted
$
2.29

 
 
$
1.03

 
 
122%
Non-GAAP Net income per share - diluted
$
2.56

 
 
$
1.14

 
 
125%

1

The following information was filed by Vertex Pharmaceuticals Inc Ma (VRTX) on Wednesday, April 29, 2020 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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