NASDAQ$VRTX
Vertex Pharmaceuticals Incorporated · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Vertex reported strong second-quarter results, driven by increased product revenue and progress in clinical development programs.
Vertex Pharmaceuticals reported a 14% increase in product revenue to $2.49 billion for Q2 2023, driven by strong uptake of TRIKAFTA/KAFTRIO internationally and continued performance in the U.S. The company raised its full-year 2023 revenue guidance to $9.7 to $9.8 billion.
- Product revenue increased by 14% to $2.49 billion compared to Q2 2022, driven by TRIKAFTA/KAFTRIO uptake.
- The FDA accepted exa-cel BLAs for severe sickle cell disease (SCD) and transfusion-dependent beta thalassemia (TDT), granting Priority Review for SCD with a PDUFA date of December 8, 2023.
- Full year 2023 product revenue guidance raised to $9.7 to $9.8 billion.
- Clinical pipeline advanced with multiple near-term milestones expected.
Headline financials
Revenue & EPS history
Vertex · Revenue · Quarterly
$2.49B
Revenue by segment
Vertex · $2.49B total across 2 segments · Q2 2023
- TRIKAFTA/KAFTRIO$2.24B+18.3%89.9%
- Other Product Revenues$253M-16.6%10.1%
Forward guidance
Vertex is raising its full year 2023 CF product revenue guidance to $9.7 to $9.8 billion. The company is also increasing full year 2023 combined GAAP and non-GAAP R&D, Acquired IPR&D and SG&A expense guidance.
Tailwinds
- CF product revenues: $9.7 to $9.8 billion
- Combined GAAP R&D, Acquired IPR&D and SG&A expenses: $4.55 to $4.8 billion
- Combined Non-GAAP R&D, Acquired IPR&D and SG&A expenses: $4.1 to $4.2 billion
- Non-GAAP effective tax rate: 21% to 22%
- The increase reflects the expected full-year impact of the strong uptake of TRIKAFTA/KAFTRIO in multiple countries internationally and continued performance of TRIKAFTA in the U.S.
Headwinds
- This guidance includes an approximately 150-basis-point negative impact from changes in foreign currency rates, inclusive of our foreign exchange risk management program.
- The increase accounts for higher acquired IPR&D expenses incurred year-to-date, including a $70 million milestone payment to CRISPR Therapeutics.
- Combined GAAP R&D, Acquired IPR&D and SG&A expenses: $4.55 to $4.8 billion
- Combined Non-GAAP R&D, Acquired IPR&D and SG&A expenses: $4.1 to $4.2 billion
- Non-GAAP effective tax rate: 21% to 22%
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-0.3%
Avg return
Earnings day
-0.2%
Avg return
5 days after
+1.1%
Avg return
30 days after
46%
32 / 70 earnings
Positive
+6.1%
Q3 2024
Best reaction
-9.4%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.2% | -0.1% | +3.0% | |
| Q4 2025 | +5.7% | +1.1% | +0.9% | |
| Q3 2025 | -1.1% | -3.9% | +7.4% | |
| Q2 2025 | +2.8% | -0.1% | +5.6% | |
| Q1 2025 | -9.4% | -15.0% | -11.3% | |
| Q4 2024 | -3.1% | -2.3% | +7.0% | |
| Q3 2024 | +6.1% | +9.7% | -1.5% | |
| Q2 2024 | +0.9% | +2.4% | -1.9% | |
| Q1 2024 | +2.3% | +5.4% | +20.4% | |
| Q4 2023 | -2.0% | -0.4% | -3.0% | |
| Q3 2023 | +0.5% | -0.7% | -6.0% | |
| Q2 2023 | -2.4% | -1.6% | -2.2% | |
| Q1 2023 | +1.6% | +2.2% | -5.0% | |
| Q4 2022 | -3.8% | -2.5% | -5.9% | |
| Q3 2022 | +0.9% | +1.0% | +0.6% | |
| Q2 2022 | +4.7% | +8.7% | +2.2% | |
| Q1 2022 | -7.2% | -12.3% | -1.6% | |
| Q4 2021 | +0.5% | +7.0% | +1.4% | |
| Q3 2021 | +2.0% | +4.0% | +10.3% | |
| Q2 2021 | -0.3% | -1.1% | -1.1% | |
| Q1 2021 | +2.2% | +0.6% | -2.3% | |
| Q4 2020 | -5.1% | -6.0% | -9.0% | |
| Q3 2020 | +0.0% | +1.3% | +8.8% | |
| Q2 2020 | -2.4% | -1.1% | -3.1% | |
| Q1 2020 | -2.2% | +3.0% | +12.1% | |
| Q4 2019 | -2.3% | +3.1% | -3.6% | |
| Q3 2019 | -1.2% | +0.8% | +12.1% | |
| Q2 2019 | +5.8% | +3.6% | +6.2% | |
| Q1 2019 | +0.0% | +0.8% | -1.3% | |
| Q4 2018 | -3.0% | -3.5% | -5.0% | |
| Q3 2018 | -4.9% | -2.2% | -7.9% | |
| Q2 2018 | +0.6% | -0.3% | +1.1% | |
| Q1 2018 | +0.6% | -1.7% | +1.5% | |
| Q4 2017 | +3.9% | -6.8% | +2.1% | |
| Q3 2017 | -4.9% | -1.0% | -3.0% | |
| Q2 2017 | -3.6% | -6.3% | -5.4% | |
| Q1 2017 | +1.7% | +1.8% | +3.1% | |
| Q4 2016 | +3.8% | +2.6% | +4.7% | |
| Q3 2016 | -0.0% | -1.5% | +10.9% | |
| Q2 2016 | +1.3% | +3.4% | +2.2% | |
| Q1 2016 | +3.1% | — | — | |
| Q4 2015 | +0.6% | — | — | |
| Q3 2015 | +4.3% | — | — | |
| Q2 2015 | +5.6% | — | — | |
| Q1 2015 | -1.7% | — | — | |
| Q4 2014 | -7.7% | — | — | |
| Q3 2014 | -1.5% | — | — | |
| Q2 2014 | -3.7% | — | — | |
| Q1 2014 | -2.0% | — | — | |
| Q4 2013 | +3.6% | — | — | |
| Q3 2013 | -7.8% | — | — | |
| Q2 2013 | +1.5% | — | — | |
| Q1 2013 | -1.9% | — | — | |
| Q4 2012 | -2.8% | — | — | |
| Q3 2012 | -6.8% | — | — | |
| Q2 2008 | -1.6% | — | — | |
| Q1 2012 | +2.5% | — | — | |
| Q4 2011 | +2.3% | — | — | |
| Q3 2011 | -0.7% | — | — | |
| Q2 2011 | +4.5% | — | — | |
| Q1 2011 | -1.8% | — | — | |
| Q4 2008 | -1.2% | — | — | |
| Q4 2010 | -1.2% | — | — | |
| Q3 2009 | -0.1% | — | — | |
| Q3 2010 | -0.1% | — | — | |
| Q2 2010 | +5.1% | — | — | |
| Q2 2009 | +5.1% | — | — | |
| Q1 2010 | -0.8% | — | — | |
| Q1 2009 | -0.8% | — | — | |
| Q4 2009 | -0.8% | — | — |
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