Vertex Q1 beats thanks to strong Trikafta year-over-year sales increase
Zerbor

A 19% year-over-year increase in sales of the cystic fibrosis treatment Trikafta led Vertex Pharmaceuticals (NASDAQ:VRTX) to Q1 2023 beats on the top and bottom lines.
In Q1, the pharma had ~$2.1B in Trikafta (elexacaftor/tezacaftor/ivacaftor and ivacaftor) sales.
Net income, though a beat, declined in the quarter ~8% year over year to $699.8M ($2.69 per share, diluted vs $2.96).

Vertex was negatively impacted in the quarter by $347.1M in acquired in-process research and development expenses. Total costs and expenses rose 51% year over year to ~$1.6B.
The company ended the quarter with cash, cash equivalents, and marketable securities of ~$10.4B, a ~3% decline from Dec. 31, 2022.

More on Vertex Pharmaceuticals

Vertex Pharmaceuticals: A Promising Portfolio After A Year Of Growth
Vertex Pharmaceuticals For Strong CF Franchise Growth Plus Exciting Pipeline
Vertex: On The Verge Of Becoming A Very Serious Proposition For Buyers