Vertex Reports Second-Quarter 2017 Financial Results
BOSTON--(BUSINESS WIRE)--Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the second quarter ended June 30, 2017. Vertex reiterated its full-year 2017 financial guidance for ORKAMBI® (lumacaftor/ivacaftor) and KALYDECO® (ivacaftor) net revenues and updated its guidance for combined GAAP and non-GAAP R&D and SG&A expenses. The company also reviewed its recent progress toward treating all people with CF, including the completion of an asset purchase agreement with Concert Pharmaceuticals for worldwide development and commercialization rights to CTP-656 and other assets related to the treatment of CF.
Key financial results include:
| Three Months Ended June 30, |
% |
||||||||||||||||
| 2017 | 2016 |
Change |
|||||||||||||||
| (in millions, except per share and percentage data) | |||||||||||||||||
| ORKAMBI product revenues, net | $ | 324 | $ | 245 | 32 | % | |||||||||||
| KALYDECO product revenues, net | $ |
190 |
$ |
180 |
5 | % | |||||||||||
| TOTAL CF product revenues, net | $ |
514 |
$ |
426 |
21 | % | |||||||||||
| GAAP net income (loss) | $ | 18 | $ | (65 | ) | n/a | |||||||||||
| GAAP net income (loss) per share - diluted | $ | 0.07 | $ | (0.26 | ) | n/a | |||||||||||
| Non-GAAP net income | $ | 99 | $ | 58 | 71 | % | |||||||||||
| Non-GAAP net income per share - diluted | $ | 0.39 | $ | 0.24 | 63 | % | |||||||||||
"During the first half of 2017, Vertex has made significant progress throughout the business and in particular, across our CF development programs," said Jeffrey Leiden, M.D., Ph.D., Chairman, President and Chief Executive Officer of Vertex. "Our progress has been marked by the progression of multiple combination regimens that allow us to treat more people with CF today and to potentially treat up to 90% of patients with this disease in the future."
Financial Highlights