‘Vertex continued to reach more CF patients, delivering $2.7 billion in revenue in Q1, representing 13% growth versus the prior year.’ - Dr. Reshma Kewalramani
— Dr. Reshma Kewalramani
03Detailed Report
VRTX
Vertex Pharmaceuticals Incorporated
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 14, 2026
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Executive Summary
In the first quarter of 2024, Vertex Pharmaceuticals demonstrated robust financial performance with total revenues reaching $2.7 billion, marking a 13% year-over-year increase. This growth was driven by continued demand for its cystic fibrosis (CF) therapies, particularly TRIKAFTA, and initial contributions from the newly launched CASGEVY targeting sickle cell disease and beta thalassemia. With a solid operational framework bolstered by recent clinical and regulatory advancements, Vertex is well-positioned for sustained growth. The pipeline diversification into pain management, specifically with the anticipated approval of suzetrigine, enhances its growth narrative. The planned acquisition of Alpine Immune Sciences is expected to further expand Vertex's therapeutic footprint and revenue potential.
Key Performance Indicators
Revenue
Increasing
2.69B
QoQ: 6.73% | YoY: 13.15%
Gross Profit
Increasing
2.34B
87.25% margin
QoQ: 9.07% | YoY: 11.23%
Operating Income
Increasing
1.14B
QoQ: 18.48% | YoY: 45.83%
Net Income
Increasing
1.10B
QoQ: 13.50% | YoY: 57.13%
EPS
Increasing
4.26
QoQ: 13.30% | YoY: 56.62%
Revenue Trend
Margin Analysis
Financial Highlights
Financial Performance Summary
- Revenue: $2.7 billion (+13% YoY, +6.73% QoQ)
- Gross Profit: $2.34 billion (+11.23% YoY, +9.07% QoQ)
- Operating Income: $1.14 billion (+45.83% YoY, +18.48% QoQ)
- Net Income: $1.10 billion (+57.13% YoY, +13.50% QoQ)
- Diluted EPS: $4.21 (+56.62% YoY, +13.30% QoQ)
- Cash Position: $9.16 billion at quarter-end, down from $10.37 billion at the beginning of the period, reflecting increased investment in growth initiatives.
Key Ratio Highlights
- Current Ratio: 3.50
- Net Profit Margin: 40.92%
- Return on Equity: 5.93%
- Debt to Equity Ratio: 0.0389, demonstrating strong balance sheet health with minimal leverage.
Performance Insights: The revenue surge is sourced predominantly from sales of TRIKAFTA, with contributions from new markets and patient populations driving future growth prospects. Management emphasized strong pipeline progression, notably in the CF segment and pain management therapies.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
2.69B
13.15%
6.73%
Gross Profit
2.34B
11.23%
9.07%
Operating Income
1.14B
45.83%
18.48%
Net Income
1.10B
57.13%
13.50%
EPS
4.26
56.62%
13.30%
Key Financial Ratios
Gross Profit Margin
Excellent
87.30%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Excellent
42.30%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
40.90%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Fair
4.60%
Return on assets is acceptable but below top-tier companies
Return on Equity
Fair
5.93%
Return on equity is acceptable but below top-tier companies
Current Ratio
Strong
3.50
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.04
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Fair Value
24.68x
P/E ratio in line with market averages
Price to Book
Premium
5.85x
Trading at premium to book value, reflects strong intangibles or growth
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