Summary by Moomoo AI
Vertex Pharmaceuticals Incorporated (Vertex) reported a robust financial performance for the year 2023, with net product revenues climbing to $9.9 billion, an 11% increase from the $8.9 billion in 2022. This growth was primarily attributed to the strong uptake of TRIKAFTA/KAFTRIO in ex-U.S. markets and label extensions in younger age groups. Operating costs and expenses saw a significant rise to $6.0 billion, a 31% increase from the previous year, mainly due to increased research and development activities. Despite this, the company's income from operations stood at $3.8 billion, although it marked an 11% decrease from 2022. Vertex's cash reserves, including cash equivalents and marketable securities, grew to $13.7 billion, up from $10.9 billion at the end of 2022.
In terms of business development, Vertex continues to be a...Show More