Vertex Pharmaceuticals has reported a net income of $1.04bn, or $4.01 per diluted share, for the third quarter ended 30 September 2024, a 1% rise compared to $1.03bn, or $3.97 per diluted share, for the same period in 2023.
The company reported net revenues of $2.77bn for the third quarter (Q3) of 2024, a 12% rise compared to $2.48bn for the same quarter in 2023, and a 5% increase compared to $2.64bn for the second quarter of 2023 (Q3 2023).
Vertex reported total costs and expenses of $1.65bn for Q3 2024, a 15% increase compared to $1.44bn for the respective quarter in the previous year.
The pharmaceutical company reported an income before tax of $1.22bn for Q3 2024, a 4% rise compared to $1.17bn for the same period in 2023.
Vertex said the increase in product revenue was primarily driven by the continued strong performance of its drug TRIKAFTA/KAFTRIO.
The company attributed the increase in expenses to the commercial launch of its therapies worldwide and continued investment in additional advanced programmes.
Vertex president CEO Reshma Kewalramani said: “The third quarter marked another period of strong progress, with continued revenue growth and outstanding execution across the business, and we are again increasing our full-year product revenue guidance.
“Launch preparedness is well underway as we look forward to the potential approvals of the vanzacaftor triple for cystic fibrosis and suzetrigine, a new class of medicine for moderate-to-severe acute pain.
“With a broad and deep pipeline and three additional programs advancing to Phase 3 development in the last quarter alone, Vertex is well positioned for continued long-term growth.”
Vertex reported a net loss of $1.44bn, or $5.61 per diluted share, for the nine months ended 30 September 2024, compared to a net income of $2.65bn, or $10.18 per diluted share, for the same period in 2023.
The US drugmaker reported net revenues of $8.10bn for the first nine months (9M) of 2024, a 10% rise compared to $7.35bn for the same period in the previous year.
The pharmaceutical company reported total costs and expenses of $9.36bn for 9M 2024, a 108% increase compared to $4.50bn for the same period in 2023.
Vertex reported a loss before tax of $888m for 9M 2024, compared to a net income of $3.23bn for the respective period in the previous year.
