In This Story
Vertex Pharmaceuticals Incorporated (VRTX-0.82%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net product revenues of $11.0 billion for 2024, an increase from $9.9 billion in 2023. This growth was primarily driven by strong demand for TRIKAFTA/KAFTRIO, including expansions into younger age groups and label extensions.
Vertex's total research and development expenses increased to $3.6 billion in 2024 from $3.2 billion in 2023, reflecting continued investment in the company's pipeline, including mid-to-late stage development programs.
Acquired in-process research and development expenses rose significantly to $4.6 billion in 2024, largely due to the acquisition of Alpine Immune Sciences, Inc. and its lead molecule, povetacicept.
The company reported a net loss of $535.6 million for 2024, compared to a net income of $3.6 billion in 2023, primarily due to the significant increase in acquired in-process research and development expenses.
Vertex's cash, cash equivalents, and marketable securities totaled $11.2 billion as of December 31, 2024, down from $13.7 billion at the end of 2023, mainly due to the acquisition of Alpine and share repurchases.
The company continues to focus on expanding its CF business, with the FDA's approval of ALYFTREK and expanded use of TRIKAFTA. ALYFTREK is under regulatory review in several countries, including the U.K. and the E.U.
CASGEVY, Vertex's gene-edited cell therapy for SCD and TDT, is approved in multiple regions, including the U.S. and the E.U., with more than 50 authorized treatment centers globally.
Vertex launched JOURNAVX in January 2025 for moderate-to-severe acute pain, following FDA approval. The company is working to secure broad access and distribution for the drug in the U.S.
The company remains committed to advancing its pipeline, which includes programs in CF, SCD, TDT, pain, kidney diseases, and type 1 diabetes, among others.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vertex Pharmaceuticals Incorporated annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.