Vertex Reports First-Quarter 2019 Financial Results
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the first quarter ended March 31, 2019 and reiterated full-year 2019 financial guidance.
"Our goal is to develop transformative medicines for all people with CF and other serious diseases and to ensure all eligible patients have access to these medicines as quickly as possible," said Jeffrey Leiden, M.D., Ph.D., Chairman, President and Chief Executive Officer of Vertex. "We have made significant progress toward achieving this goal by rapidly advancing our triple combination regimens through late-stage development, and we remain on track to submit a New Drug Application for one of these medicines in the third quarter of 2019. We also continue to advance our earlier-stage programs targeting AAT, pain, FSGS and sickle cell disease. In the first quarter, we again delivered strong revenue and earnings growth, which further enhances our ability to make significant investments in internal and external innovation."
First-Quarter 2019 Financial Highlights
|Three Months Ended March 31,||%|
|(in millions, except per share amounts)|
|Total product revenues, net||$||857||$||638||34%|
|GAAP Operating income||$||277||$||129||115%|
|Non-GAAP Operating income||$||377||$||208||81%|
|GAAP Net income||$||269||$||210||28%|
|Non-GAAP Net income||$||296||$||196||51%|
|GAAP Net income per share - diluted||$||1.03||$||0.81||27%|
|Non-GAAP Net income per share - diluted||$||1.14||$||0.76||50%|
Total product revenues increased 34% compared to the first quarter of 2018, primarily driven by the uptake of SYMDEKO in the U.S. since launch.