Vertex reports strong 1st-qtr sales growth

US biopharma company Vertex Pharmaceuticals (Nasdaq: VRTX) has reported consolidated financial results for the first quarter of 2021 and reiterated full-year 2021 guidance for product revenues.

Product revenues increased 14% to $1.72 billion compared to the first quarter of 2020, topping the average analysts' revenue estimate of $1.66 billion, primarily driven by the uptake of cystic fibrosis (CF) treatments Kaftrio/Trikafta (ivacaftor/tezacaftor/elexacaftor) in Europe and continued performance of Trikafta in the USA. Net product revenues in the first quarter of 2021 increased 6% to $1.25 billion in the USA and increased 43% to $470 million outside the USA, compared to the prior year.

Vertex announced net income of $653 million, or $2.49 per share, based on generally accepted accounting principles (GAAP). In the prior-year period, its GAAP earnings totaled $603 million, or $2.29 per share. Adjusted net income of $781 million, or $2.98 per share, well ahead of Wall street’s estimate of $2.69 per share.