Vertex Pharmaceuticals Reports Second Quarter 2024 Earnings
by
KAREN STERLING, PhD, CFA
- On August 1, 2024, Vertex Pharmaceuticals reported consolidated financial results for the second quarter ended June 30, 2024, and updated its full year 2024 guidance. Product revenue of $2,645.6 million was in line with Kingswood Capital estimates of $2,660.0 million. GAAP EPS of $(13.92) reflected the $5.0 billion acquisition of Alpine Immune Sciences.
- We update our FY 2024 earnings estimate to $(1.78) to account for the impact of the Alpine acquisition on FY 2024 EPS.
- Vertex continues to exhibit strong momentum behind its multiple product development programs, anticipating two potential new product launches during 2025.
- Vertex sustained its strong operating margins and maintains a healthy cash position post-acquisition, allowing for significant investments in its pipeline and commercial capabilities.