Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) has announced its financial results for the third quarter ended September 30, 2023, with a 6% increase in product revenue compared to the same period in 2022. The company also raised its full-year guidance for product revenue to approximately $9.85 billion.

During the third quarter of 2023, Vertex reported product revenue of $2.48 billion, driven primarily by the continued strong performance of its cystic fibrosis (CF) medicine, TRIKAFTA, in the U.S. market. The launch of TRIKAFTA in children aged 2 to 5 years and the strong uptake of TRIKAFTA/KAFTRIO in international markets also contributed to the revenue growth. Net product revenue in the U.S. increased by 7% to $1.55 billion, while it increased by 6% to $929 million outside the U.S.

The company's consolidated GAAP and non-GAAP research and development (R&D), acquired IPR&D, and selling, general, and administrative (SG&A) expenses in the third quarter of 2023 were $1.1 billion and $993 million, respectively. This represents an increase compared to the third quarter of 2022, primarily due to increased investment in support of multiple mid- and late-stage clinical development programs, costs associated with global launches of Vertex's therapies, and higher acquired IPR&D expenses.

Vertex's GAAP effective tax rate for the third quarter of 2023 was 12.2%, compared to 20.9% in the same period last year. The decrease in the tax rate is attributed to increased research and development (R&D) tax credits for the current and prior years. The non-GAAP effective tax rate for the third quarter of 2023 was 19.4%, reflecting the impact of increased R&D tax credits for the current year.

Both GAAP and non-GAAP net income for the third quarter of 2023 increased compared to the same period in 2022, with strong revenue growth, higher interest income, and lower income tax expense being offset by increased investment in Vertex's clinical pipeline, global therapy launches, and higher acquired IPR&D expenses.

As of September 30, 2023, Vertex had cash, cash equivalents, and total marketable securities totaling $13.6 billion, an increase from $10.9 billion as of December 31, 2022. The increase in cash was driven by strong revenue growth and operating cash flow, partially offset by payments to collaboration partners, share repurchases, and income tax payments.

Looking ahead, Vertex has raised its full-year 2023 guidance for CF product revenue to approximately $9.85 billion. The guidance includes expectations for continued performance of TRIKAFTA in the U.S. market, including the launch in children aged 6 and above, as well as the uptake of TRIKAFTA/KAFTRIO in multiple countries internationally.

Vertex's CEO and President, Reshma Kewalramani, expressed confidence in the company's performance, stating, "Vertex has delivered another strong quarter across the business. We remain relentless in our commitment to reach more patients with our cystic fibrosis medicines, while preparing for the potential launch of exa-cel in multiple geographies."

The company is also advancing its pipeline with Phase 3 data expected in early 2024 for cystic fibrosis and acute pain, and Phase 2 data expected in late 2023 for neuropathic pain.

Overall, Vertex's strong financial results for the third quarter of 2023 reflect its continued growth and commitment to developing transformative medicines for serious diseases.

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