Vertex ups guidance as sales rise 6% in 2nd-qtr 2024

2 August 2024

US drugmaker Vertex Pharmaceuticals’ (Nasdaq: VRTX) shares closed up 2% at $505.78 yesterday, after it reported consolidated financial results for the second quarter of 2024, and raised its full year product revenue guidance.

The company noted that product revenue increased 6% to $2.65 billion compared to the second quarter of 2023.

On a generally accepted accounting principles (GAAP) and non-GAAP, net losses were $3.6 billion and $3.3 billion, respectively, compared to net income of $916 million and $1.0 billion for the second quarter of 2023, respectively, given the impact of the Alpine AIPR&D expense in the second quarter of 2024.

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