Analyst Conference Summary

Biotechnology

conference date: May 6, 2024 @ 1:30 PM Pacific Time
for quarter ending: March 31, 2024 (first quarter, Q1 2024)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $2.52 billion, and up % from $ billion in the year-earlier quarter.

Net income was $ million, down % sequentially from $968 million and up % from $ million year-earlier.

Diluted Earnings Per Share (EPS) were $, down % sequentially from $3.71 and up % from $ year-earlier.

Guidance:

Conference Highlights:

Reshma Kewalramani, CEO, said ""

In Q1 2024 Vanzacaftor triple combo CF therapy three Phase 3 studies were reported as positive for cystic fibrosis.

Casgevy [formerly Exa-cel (Exagamglogene autotemcel)] for sickle cell disease and transfusion-dependent beta thalassemia received FDA approvals in January 2024. Also approved in Great Britain. Positive CHMP opinion in EU. All revenue will be booked by Vertex, the royalties to Crispr will be included in Cost of Goods sold.

VX-548 for acute pain completed enrolling Phase 3 trials in Q4 2023. Positive results were announced in Q1 2024. An NDA is planned for mid-2024. The Phase 2 trial in peripheral neuropathic pain announced positive results in Q4 2023, and other trials are ongoing or planned.

Work continues on VX-880 and VX-264 for Type 1 diabetes, with the first VX-264 patient dosed. VX-880 presented positive Phase 1/2 data in October 2023.

VX-522, partnered with Moderna, completed enrollment in a single ascending dose study for CF. In Q1 2024 initiated a multiple ascending dose study.

Enrolling healthy volunteers with VX-634 and VX-668 for Alpha-1 antitrypsin deficiency.

Non-GAAP results: Net income $ billion, up % sequentially from $1.10 billion, and up % from $ billion year-earlier. EPS $, up % sequentially from $4.20, and up % from from $ year-earlier.

I did not see or hear a breakdown of revenue for Syhmdeko, Orkambi, or Kalydeco. Lumped them into Other CF.

See also the Vertex Pharmaceuticals Pipeline page.

Cash and equivalents balance ended at $ billion, up sequentially from $13.7 billion. No debt.

Cost of sales was $ million. Research and development expense was $ million. Sales, general and administrative expenses were $ million. Acquired in-process R&D $ million; Change in contingent consideration $ million. Total costs and expenses were $ billion, leaving operating income of $ million. Interest income net $ million. Other expense $ million. Income taxes $ million.

Q&A selective summary:

OpenIcon
Analyst Conference Summaries Main Page

Search

More Analyst Conference Pages: