Vertex Pharmaceuticals Q1 net income rises 17% on strong increase in Trikafta sales
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Vertex Pharmaceuticals' (NASDAQ:VRTX) Q1 2022 net income of $762M on a GAAP basis was a 17% increase compared to the prior-year period thanks to a ~48% increase in sales of its cystic fibrosis treatment Trikafta (elexacaftor, tezacaftor, ivacaftor; and ivacaftor).
The biotech missed on the bottom line but beat on the top line.
Trikafta sales in the quarter were about ~$1.8B. Overall sales were ~$2.1B, a 22% increase from Q1 2021.
Vertex (VRTX) attributed the Trikafta growth to launches in other countries, as well as the approval in children 6-11 years older in the U.S.
The company ended the quarter with cash of $8.2B.
Check out why Seeking Alpha contributor Edmund Ingham says a dip in Vertex's (VRTX) stock price may be coming.