Vertex Pharmaceuticals has reported a net income of $913m, or $3.50 per diluted share, for the fourth quarter ended 31 December 2024, a 6% decline compared to $968.8m, or $3.71 per diluted share, for the respective quarter in 2023.
The biopharmaceutical company’s net income for the fourth quarter of 2024 (Q4 2024) decreased by 8% compared to $1.04bn for the third quarter of 2024 (Q3 2024).
Vertex reported net revenues of $2.91bn for Q4 2024, a 16% rise compared to $2.51bn for the same quarter in 2023, and a 10% increase compared to $2.77bn for Q3 2024.
The US drugmaker attributed the increase in its product revenue primarily to the continued performance of its TRIKAFTA/KAFTRIO fixed-dose combination medication.
Vertex reported total costs and expenses of $1.88bn for Q4 2024, a 23% rise compared to $1.52bn for the respective quarter in the previous year.
The company reported an income before tax of $1.13bn for Q4 2024, a 1% decrease compared to $1.14bn for the same quarter in 2023.
Vertex CEO and president Reshma Kewalramani said: “2024 marked a year of tremendous growth for Vertex and we anticipate 2025 will be another important year.
“We are excited to drive diversification of the revenue base, disease areas of focus, R&D pipeline, and geographies to continue to deliver long-term value to both patients and shareholders.”
“I would like to express my deep gratitude to Stuart for his exceptional leadership and many contributions to Vertex over the last 13 years.”
Vertex reported a net loss of $535.6m, or $2.08 per diluted share, for the full year 2024, compared to a net income of $3.61bn, or $13.89 per diluted share, for the full year 2023.
The US drugmaker reported net revenues of $11.02bn for the full year 2024, a 12% rise compared to $9.86bn for the full year 2023.
The pharmaceutical company reported total costs and expenses of $11.25bn for the full year 2024, an 86.4% increase compared to $6.03bn for the full year 2023.
Vertex reported an income before tax of $248.5m for the full year 2024, a $94.3% decline compared to $4.37bn for the full year 2023.
Recently, Vertex secured a reimbursement agreement with the National Health Service (NHS) England for Casgevy (exagamglogene autotemcel) in sickle cell disease (SCD).
