Vertex 2nd-qtr sales jump 14% driven by Trikafta/Kaftrio

US biopharma company Vertex Pharmaceuticals (Nasdaq: VRTX) has reported consolidated financial results for the second quarter ended June 30, 2023 and updated its full year 2023 financial guidance.

Product revenue increased 14% to $2.49 billion compared to the second quarter of 2022, which is 3% above consensus, and non-generally accepted accounting principles (GAPP) earnings per share (EPS) of $3.89 was in line with consensus’ $3.88. Pipeline updates were encouraging and suggest R&D programs are on track., noted Leerink Partners (formally SVB Securities) analyst David Risinger.

Sales were primarily driven by the strong uptake of Trikafta/Kaftrio (elexacaftor/tezacaftor/ivacaftor), Vertex’ newest cystic fibrosis drug, multiple countries internationally and continued performance of Trikafta in the USA, including the launch in children with cystic fibrosis (CF) two to five years of age. Trikafta/Kaftrio sales of $2,240 million was +$64 million or +3% vs consensus' estimates of $2,177 million. Net product revenue in the second quarter of 2023 increased 7% to $1.51 billion in the USA and increased 26% to $985 million outside the USA, compared to the second quarter of 2022.