Vertex 4Q Results Beat Expectations, Driven by Cystic Fibrosis Business

 Vertex Pharmaceuticals Inc. reported higher profit and revenue for the quarter and year ended in December, driven by strong results from its cystic fibrosis business.

PROFIT: Net income for the quarter rose to $604.2 million from $583.2 million a year earlier. On a per-share basis, profit rose to $2.30 from $2.23. On an adjusted basis, the profit rose to $2.51 a share. Analysts surveyed by FactSet expected $2.21 a share, or $2.57 a share on an adjusted basis.

REVENUE: Total revenue for the quarter rose to $1.63 billion from $1.41 billion a year earlier.

YEAR: The company ended the year with a profit of $2.71 billion on $6.21 billion in revenue, compared with a profit of $1.18 billion on $4.16 billion in revenue a year earlier.

OUTLOOK: This year, it expects $6.7 billion to $6.9 billion in product revenue.

CEO: Chief Executive Reshma Kewalramani said the company's 2020 performance was "marked by a significant increase in the number of people treated with the triple combination in the U.S. and the EU."

"It was also a year marked by meaningful pipeline advancement," Dr. Kewalramani said. "We now have clinical programs in seven disease areas, spanning multiple modalities including small molecules for alpha-1 antitrypsin deficiency and APOL1-mediated kidney diseases, gene editing for sickle cell disease and beta thalassemia, and cell therapy for type 1 diabetes."

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