"The early launch of CASGEVY is going very well..." - Dr. Reshma Kewalramani, highlighting the success of their new product.
— Dr. Reshma Kewalramani
03Detailed Report
VRTX
Vertex Pharmaceuticals Incorporated
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 14, 2026
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Executive Summary
Vertex Pharmaceuticals delivered robust results for Q3 2024, with revenue reaching $2.77 billion, marking a 12% increase year-over-year. This growth has been primarily attributed to strong sales from its cystic fibrosis (CF) products, including the newly launched CASGEVY. Management increased its full-year revenue guidance to a range of $10.8 billion to $10.9 billion. The company is also making progress in its pipeline, with several therapies advancing to pivotal stages, which positions Vertex to diversify its revenue streams effectively beyond cystic fibrosis, although challenges remain in navigating the competitive landscape and regulatory hurdles. Overall, the results indicate solid financial health, investor confidence, and a well-prepared strategy for growth.
Key Performance Indicators
Revenue
Increasing
2.77B
QoQ: 5.21% | YoY: 11.61%
Gross Profit
Increasing
2.38B
85.84% margin
QoQ: 5.15% | YoY: 9.91%
Operating Income
Increasing
1.12B
QoQ: 131.67% | YoY: 7.53%
Net Income
Increasing
1.05B
QoQ: 129.09% | YoY: 0.98%
EPS
Increasing
4.05
QoQ: 129.09% | YoY: 1.00%
Revenue Trend
Margin Analysis
Financial Highlights
- Revenue: $2.77 billion, up 12% YoY, 5% QoQ.
- Operating Income: $1.12 billion, with a strong operating income margin of 40.3%.
- Net Income: $1.05 billion, net income ratio of 37.71%.
- Research & Development Expenses: $875.9 million, reflecting continued investment in innovation.
- Free Cash Flow: $1.49 billion, indicating strong operational cash generation.
- Cash & Short-term Investments: $6.52 billion, highlighting a solid liquidity position.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
2.77B
11.61%
5.21%
Gross Profit
2.38B
9.91%
5.15%
Operating Income
1.12B
7.53%
131.67%
Net Income
1.05B
0.98%
129.09%
EPS
4.05
1.00%
129.09%
Key Financial Ratios
Gross Profit Margin
Excellent
85.80%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Excellent
40.30%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
37.70%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Fair
4.70%
Return on assets is acceptable but below top-tier companies
Return on Equity
Fair
6.69%
Return on equity is acceptable but below top-tier companies
Current Ratio
Healthy
2.47
Current ratio shows adequate liquidity to meet short-term obligations
Debt to Equity
Conservative
0.11
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Growth
28.69x
Elevated P/E suggests growth expectations or premium valuation
Price to Book
High Premium
7.68x
Very high premium suggests asset-light business model or lofty expectations
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