Vertex Pharmaceuticals Inc. reported profit increased in the fourth quarter after sales of its Trikafta cystic fibrosis medication rose.
The Boston-based pharmaceuticals maker said net income rose to $770.1 million from $604 million in the same period a year earlier. Earnings per share reached $3.00 from $2.30 a year earlier and adjusted earnings per share rose to $3.37 from $2.51. Net product revenue increased to $2.07 billion in the quarter, from $1.63 billion a year earlier.
Revenue from Trikafta, by far the company's biggest seller, rose to $1.69 billion from $1.09 billion a year earlier. Revenue from the company's next-biggest seller in the fourth quarter, Kalydeco, fell to $152 million from $193 million.
The company reported full-year 2021 product revenue of $7.57 billion, beating its guidance from the third quarter earnings report of $7.4 billion to $7.5 billion. For 2022, Vertex issued product revenue guidance of $8.4 billion to $8.6 billion.
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