NASDAQ$VRTX
Vertex Pharmaceuticals Incorporated · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Vertex reported a strong second quarter with revenue growth and strategic advancements.
Vertex Pharmaceuticals reported a 6% increase in product revenue to $2.65 billion for Q2 2024, driven by TRIKAFTA/KAFTRIO. The company raised its full-year product revenue guidance to $10.65 to $10.85 billion. Key advancements include FDA acceptance of NDA for vanzacaftor triple in CF and suzetrigine for acute pain.
- Product revenue increased by 6% to $2.65 billion compared to Q2 2023, driven by TRIKAFTA/KAFTRIO.
- The FDA accepted NDA submissions for vanzacaftor triple in CF and suzetrigine for moderate-to-severe acute pain with Priority Review.
- Vertex raised its full-year product revenue guidance to $10.65 to $10.85 billion.
- GAAP and Non-GAAP net losses were $3.6 billion and $3.3 billion, respectively, primarily due to the Alpine acquisition-related charge.
Headline financials
Revenue & EPS history
Vertex · Revenue · Quarterly
$2.65B
Revenue by segment
Vertex · $2.27B total across 1 segment · Q3 2023
- TRIKAFTA/KAFTRIO$2.27B+13.1%100.0%
Forward guidance
Vertex raised its full year product revenue guidance from $10.55-$10.75 billion to $10.65-$10.85 billion. Vertex continues to expect combined Non-GAAP R&D and SG&A expenses to be in a range of $4.2 billion to $4.3 billion for the full year. Vertex now expects 2024 AIPR&D expenses of approximately $4.6 billion for the full year, including the Alpine acquisition-related charge in the second quarter of 2024.
Tailwinds
- Total product revenues are expected to be between $10.65 billion and $10.85 billion.
- Combined Non-GAAP R&D and SG&A expenses are projected to be between $4.2 billion and $4.3 billion.
- Guidance includes expectations for continued growth in CF.
- Guidance includes expectations for the launch of CASGEVY in approved indications and geographies.
- Guidance includes expectations for continued investment in multiple mid- and late-stage clinical development programs and commercial and manufacturing capabilities.
Headwinds
- AIPR&D expenses are expected to be approximately $4.6 billion, including the Alpine acquisition-related charge.
- Full year Non-GAAP tax rate is impacted by the Alpine AIPR&D expense, which is non-deductible for tax.
- Combined GAAP R&D and SG&A expenses are projected to be between $5.0 billion and $5.2 billion
- Acquired IPR&D expenses is expected to be $4.6 billion
- Impact of the Alpine acquisition affected the full year Non-GAAP tax rate
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 2024
-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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