Here's our initial take on Vertex Pharmaceuticals' (VRTX 0.14%) fourth-quarter financial report.
| Metric | Q4 2023 | Q4 2024 | Change | vs. Expectations |
|---|---|---|---|---|
| Revenue | $2.52 billion | $2.91 billion | 16% | Beat |
| Earnings per share | $3.71 | $3.50 | -6% | Missed |
| Trikafta/Kaftrio revenue | $2.33 billion | $2.72 billion | 17% | n/a |
| Other product revenue | $184.4 million | $191.2 million | 4% | n/a |
Vertex reported solid fourth-quarter numbers throughout its business. While the company's earnings per share came in slightly shy of expectations, top-line revenue growth was a significant beat. In fact, Vertex's 16% year-over-year revenue growth rate was an acceleration over the 12% rate it reported for the previous quarter. As expected, the bulk of Vertex's revenue came from its flagship cystic fibrosis (CF) treatment, Trikafta/Kaftrio.
However, the "other product revenue" category could start to become more of a factor. Both the Alyftrek CF treatment and Jornavx pain relief drug recently received FDA approval, and there are several other products in late-stage development. Its Casgevy sickle-cell disease treatment continues to launch worldwide, and there are several late-stage candidates with applications in pain relief, CF, kidney disease, type 1 diabetes, and more.
Looking ahead, Vertex issued 2025 guidance that calls for revenue of $11.75 billion to $12 billion, which, at the midpoint, is slightly higher than analysts had been expecting.
The immediate market reaction to Vertex's numbers was slightly positive, with the stock up by less than 1% at 4:25 p.m. EST, about 25 minutes after the numbers were released. The revenue beat and strong guidance seem to be balanced out by the slight earnings miss. However, it's worth noting that this reaction was before the company's earnings call started, and the items discussed there can certainly move the stock in one direction or another.
One of the most significant news items involving Vertex isn't reflected in the company's numbers just yet. Vertex's non-opioid pain relief drug, Journavx, received FDA approval on Jan. 30. The drug is non-addictive and is the first entirely new class of pain reliever approved in more than 20 years.
Vertex hopes that it will become a widely prescribed opioid alternative, and with a wholesale price in the United States of $15.50 per pill, it could become a serious revenue driver in the quarters and years ahead. To be sure, the company's core CF drugs are still paying the bills and are likely to be the main revenue sources for the foreseeable future (see the table above), but there is significant growth potential in other treatments.
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