Vertex indicates slowdown in growth; announces share buybacks
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Even after announcing a new share repurchase program with its Q4 2022 results Vertex Pharmaceuticals (NASDAQ:VRTX) lost ~2% post-market Tuesday as the companyâs full-year topline growth indicated a sharp slowdown.
Product revenue for the full year expanded ~18% YoY to $8.9B, the slowest pace since December 2015, while net product revenue in the U.S. and overseas increased ~8% YoY and ~41% YoY to $5.7B and $3.2B, respectively. 
Powered by the strong uptake of the companyâs best-selling cystic fibrosis therapy Trikafta, quarterly product revenue climbed ~11% YoY to $2.3B as the revenue contribution from the U.S. expanded ~5% YoY to $1.5B.
Quarterly GAAP income jumped ~6% YoY to $818.9M, while full-year GAAP income climbed ~42% YoY to $3.3B, and the companyâs cash, cash equivalents, and marketable securities surged ~44% from 2021 year-end to $10.8B.
Vertex (VRTX) said that on Feb. 01, its board authorized a new share repurchase program to buy back up to $3B of the companyâs common stock. 
The company also initiated its 2023 guidance indicating $9.5B â $9.7B in net product revenue in line with the consensus at $9.6B.
Vertex (VRTX) detailed several pipeline updates, including plans to complete the submission of biologics licensing application (BLA) for gene editing candidate exa-cel for sickle cell disease and transfusion-dependent beta-thalassemia in Q1 2023.
Exa-cel, also known as exagamglogene autotemcel, is a partnership between Vertex (VRTX) and CRISPR Therapeutics (CRSP). Seeking Alpha contributor, ONeil Trader expects U.S. and EU approval for exa-cel in H2 2023.