Vertex Pharmaceuticals' 4Q Results Beat Expectations, Driven by Cystic Fibrosis Business -- Earnings Review
February 01 2021 - 04:44PM
Dow Jones News
By Maria Armental
Vertex Pharmaceuticals Inc. reported higher profit and revenue
for the quarter and year ended in December, driven by strong
results from its cystic fibrosis business. Here's what you need to
know.
PROFIT: Net income for the quarter rose to $604.2 million from
$583.2 million a year earlier. On a per-share basis, profit rose to
$2.30 from $2.23. On an adjusted basis, the profit rose to $2.51 a
share. Analysts surveyed by FactSet expected $2.21 a share, or
$2.57 a share on an adjusted basis.
REVENUE: Total revenue for the quarter rose to $1.63 billion
from $1.41 billion a year earlier.
YEAR: The company ended the year with a profit of $2.71 billion
on $6.21 billion in revenue, compared with a profit of $1.18
billion on $4.16 billion in revenue a year earlier.
OUTLOOK: This year, it expects $6.7 billion to $6.9 billion in
product revenue.
CEO: Chief Executive Reshma Kewalramani said the company's 2020
performance was "marked by a significant increase in the number of
people treated with the triple combination in the U.S. and the
EU."
"It was also a year marked by meaningful pipeline advancement,"
Dr. Kewalramani said. "We now have clinical programs in seven
disease areas, spanning multiple modalities including small
molecules for alpha-1 antitrypsin deficiency and APOL1-mediated
kidney diseases, gene editing for sickle cell disease and beta
thalassemia, and cell therapy for type 1 diabetes."
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
February 01, 2021 16:29 ET (21:29 GMT)
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