Vertex raises 2022 revenue guidance on back of Q2 top and bottom line beats
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Vertex Pharmaceuticals (NASDAQ:VRTX) has raised its 2022 revenue outlook after its Q2 results beat on the top and bottom lines.
The biotech is now expecting full-year revenue of $8.6B-$8.8B, up from a prior estimate of $8.4B-$8.6B.
In addition, Vertex (VRTX) now sees its non-GAAP effective tax rate as unchanged compared to 21%-22% before.
Non-GAAP net income of $930M compared to $43M in the prior-year period ($3.60 per share, diluted vs. $0.17). The company noted that beginning in Q1 2022, it stopped excluding R&D charges resulting from upfront or contingent milestone payments in connection with collaborations, asset acquisitions and/or licensing of third-party intellectual property rights from non-GAAP financial measures.
Product revenue of ~$2.2B in the quarter was a 22% increase compared to Q2 2021. This was driven by a ~51% increase in sales in its Trikatfa/Kaftrio franchise, which more than offset declines in other drugs.
Seeking Alpha's Quant Rating views Vertex (VRTX) as a hold with high grades for profitability and momentum.