Vertex Pharmaceuticals Raises FY24 Revenue Guidance From $10.55B-$10.75B To $10.65B-$10.85B Vs $10.76B Est.
Author: Benzinga Newsdesk | August 01, 2024 04:07pm
Full Year 2024 Financial Guidance
Vertex today raised its full year product revenue guidance from $10.55-$10.75 billion to $10.65-$10.85 billion. Vertex's product revenue guidance includes expectations for continued growth in CF as well as for the launch of CASGEVY® in approved indications and geographies. Given the impact of the Alpine acquisition, for 2024, Vertex is now providing guidance for both combined GAAP and Non-GAAP R&D and SG&A expenses and for AIPR&D expenses. Vertex continues to expect combined Non-GAAP R&D and SG&A expenses to be in a range of $4.2 billion to $4.3 billion for the full year. This includes Vertex's expectations for continued investment in multiple mid- and late-stage clinical development programs and commercial and manufacturing capabilities and the inclusion of Alpine operating expenses for the remainder of 2024. Vertex now expects 2024 AIPR&D expenses of approximately $4.6 billion for the full year, including the Alpine acquisition-related charge in the second quarter of 2024.
Vertex's updated financial guidance is summarized below:
Current FY 2024
Previous FY 2024
Total product revenues
$10.65 to $10.85 billion
$10.55 to $10.75 billion
Combined GAAP R&D and SG&A expenses (2)
$5.0 to $5.2 billion
$4.8 to $5.0 billion*
Combined Non-GAAP R&D and SG&A expenses (2)
Unchanged
$4.2 to $4.3 billion*
AIPR&D expenses
$4.6 billion**
$0.125 billion
Non-GAAP effective tax rate
~100%***
20% to 21%
*
Guidance ranges provided on May 6, 2024 included combined GAAP R&D, AIPR&D and SG&A expenses of $4.9-$5.1 billion and combined Non-GAAP R&D, AIPR&D and SG&A expenses of $4.3-$4.4 billion. Included in both ranges were approximately $125 million for AIPR&D expenses.
**
Includes Alpine AIPR&D expense of $4.4 billion.
***
Vertex's full year Non-GAAP tax rate is impacted by the Alpine AIPR&D expense, which is non-deductible for tax.