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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vertex Pharmaceuticals Inc | NASDAQ:VRTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.92 | 0.23% | 401.08 | 371.34 | 408.70 | 405.665 | 397.59 | 401.50 | 1,063,962 | 05:00:08 |
— Product revenues of $2.20 billion, a 22% increase compared to Q2 2021 —
— Company raises full year 2022 product revenue guidance to $8.6 to $8.8 billion —
— Recent exa-cel and VX-880 clinical data presentations demonstrate transformative potential for patients with sickle cell disease, beta thalassemia and type 1 diabetes—
— Multiple clinical programs entering or progressing through late-stage clinical development—
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the second quarter ended June 30, 2022 and updated its full year 2022 financial guidance.
“With sustained and growing leadership in CF, programs in five disease areas now entering or progressing through late-stage clinical development and the next wave of innovation beginning to enter the clinic later this year, Vertex has reached a new inflection point,” said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. “As we reach more CF patients, we are poised to deliver significant, durable financial returns for years to come. In parallel, we are advancing a broad and deep clinical pipeline of potentially transformative medicines across multiple serious diseases, spanning small molecules, cell and genetic therapies, and we expect this diversified portfolio of medicines will serve many more patients and drive substantial growth in the future.”
Second Quarter 2022 Financial Highlights
Three Months Ended June 30,
%
2022
2021
Change
(in millions, except per share amounts)
Product revenues, net
$
2,196
$
1,793
22
%
TRIKAFTA/KAFTRIO
$
1,893
$
1,256
SYMDEKO/SYMKEVI
$
43
$
134
ORKAMBI
$
122
$
221
KALYDECO
$
139
$
183
GAAP operating income (loss)
$
1,106
$
(38
)
Non-GAAP operating income *
$
1,187
$
71
GAAP net income
$
810
$
67
Non-GAAP net income *
$
930
$
43
GAAP net income per share - diluted
$
3.13
$
0.26
Non-GAAP net income per share - diluted *
$
3.60
$
0.17
*Starting in the first quarter of 2022, Vertex no longer excludes research and development charges resulting from upfront or contingent milestone payments in connection with collaborations, asset acquisitions and/or licensing of third-party intellectual property rights from its Non-GAAP financial measures. Non-GAAP financial measures for the second quarter of 2021 have been recast to reflect this change.
Product revenues increased 22% to $2.20 billion compared to the second quarter of 2021, primarily driven by the strong uptake of TRIKAFTA/KAFTRIO in multiple countries internationally and continued strong performance of TRIKAFTA in the U.S., including the June 2021 launch of TRIKAFTA in children 6-11 years old in the U.S. Net product revenues in the second quarter of 2022 increased 13% to $1.42 billion in the U.S. and increased 46% to $781 million outside the U.S., compared to the second quarter of 2021.
GAAP and Non-GAAP net income increased compared to the second quarter of 2021, primarily due to strong product revenue growth and a one-time $900 million payment in connection with the amendment of Vertex's collaboration with CRISPR Therapeutics in the second quarter of 2021. The payment to CRISPR is included in acquired in-process research and development expenses ("Acquired IPR&D") in the second quarter of 2021.
Cash, cash equivalents and marketable securities as of June 30, 2022 were $9.3 billion, an increase of approximately $1.7 billion compared to December 31, 2021. The increase was primarily driven by strong revenue growth and operating cash flow.
Second Quarter 2022 Expenses
Three Months Ended June 30,
2022
2021
(in millions)
Combined GAAP R&D, Acquired IPR&D and SG&A expenses
$
877
$
1,602
Combined Non-GAAP R&D, Acquired IPR&D and SG&A expenses *
$
750
$
1,496
GAAP R&D expenses
$
600
$
449
Non-GAAP R&D expenses *
$
515
$
383
Acquired IPR&D *
$
62
$
958
GAAP SG&A expenses
$
215
$
195
Non-GAAP SG&A expenses
$
173
$
154
GAAP income taxes (1)
$
214
$
(111
)
Non-GAAP income taxes *
$
259
$
11
GAAP effective tax rate (1)
21
%
251
%
Non-GAAP effective tax rate
22
%
20
%
*Starting in the first quarter of 2022, Vertex no longer excludes research and development charges resulting from upfront or contingent milestone payments in connection with collaborations, asset acquisitions and/or licensing of third-party intellectual property rights from its Non-GAAP financial measures. These charges are included as "Acquired in-process research and development expenses," and were previously included in "Research and development expenses," in Vertex's consolidated statements of operations. Non-GAAP financial measures for the second quarter of 2021 have been recast to reflect this change.
Combined GAAP and Non-GAAP R&D, Acquired IPR&D and SG&A expenses decreased compared to the second quarter of 2021, primarily due to the one-time $900 million payment to CRISPR in the second quarter of 2021, partially offset by increased investment in support of multiple programs that have advanced in mid- and late-stage clinical development and the costs to support launches of Vertex's therapies globally.
GAAP and Non-GAAP income taxes increased compared to the second quarter of 2021, primarily due to the income tax impact of the $900 million payment to CRISPR in the second quarter of 2021. GAAP income taxes also increased due to a discrete tax benefit recorded in the second quarter of 2021. Please refer to Note 1 for further details.
Full Year 2022 Financial Guidance
Vertex is raising its full year 2022 product revenue guidance to $8.6 to $8.8 billion. The increase primarily reflects the robust uptake of KAFTRIO/TRIKAFTA in countries outside the U.S. where Vertex has recently achieved reimbursement. Vertex is also increasing full year 2022 combined GAAP and non-GAAP R&D, Acquired IPR&D and SG&A expense guidance. The increase results from the advancement of the company's clinical pipeline, including a number of programs that have recently entered or are initiating late-stage development, and from incremental expenses related to recent business development activity.
Updated guidance is summarized below:
Current FY 2022
Previous FY 2022
Product revenues
$8.6 to $8.8 billion
$8.4 to $8.6 billion
Combined GAAP R&D, Acquired IPR&D and SG&A expenses (2)
$3.48 to $3.63 billion
$3.30 to $3.45 billion
Combined Non-GAAP R&D, Acquired IPR&D and SG&A expenses (2) *
$3.0 to $3.1 billion
$2.82 to $2.92 billion
Non-GAAP effective tax rate
Unchanged
21% to 22%
*Starting in the first quarter of 2022, Vertex no longer excludes research and development charges resulting from upfront or contingent milestone payments in connection with collaborations, asset acquisitions and/or licensing of third-party intellectual property rights from its Non-GAAP financial measures. These charges are included as "Acquired in-process research and development expenses," and were previously included in "Research and development expenses," in Vertex's consolidated statements of operations.
Key Business Highlights
Cystic Fibrosis (CF) Marketed Products
Vertex anticipates the number of CF patients treated with its medicines will continue to grow as a result of the uptake of TRIKAFTA in the U.S. and the launches of KAFTRIO outside the U.S., additional reimbursement agreements outside the U.S., and new approvals for the treatment of younger patients. Recent progress includes:
TRIKAFTA/KAFTRIO is now approved and reimbursed or accessible in more than 25 countries.
R&D pipeline
Vertex is delivering on a diversified pipeline of potentially transformative small molecule, cell and genetic therapies aimed at serious diseases. Recent and anticipated progress for key pipeline programs is summarized below.
Cystic Fibrosis
Vertex continues to pursue next-in-class, small molecule CFTR modulator therapies as well as new treatment options for the approximately 5,000 patients who cannot benefit from CFTR modulators.
Beta Thalassemia and Sickle Cell Disease
The exa-cel (CTX001) program employs a non-viral ex vivo CRISPR gene-editing therapy, which is being developed as a potential functional cure for transfusion-dependent thalassemia (TDT) and severe sickle cell disease (SCD). Vertex is developing exa-cel in collaboration with CRISPR Therapeutics.
APOL1-Mediated Kidney Disease (AMKD)
Vertex has discovered multiple oral, small molecule inhibitors of APOL1, pioneering a new class of medicines that target an underlying genetic driver of kidney disease.
Pain (NaV1.8)
Vertex has discovered multiple selective small molecule inhibitors of NaV1.8 with the objective of creating a new class of pain medicines that have the potential to provide effective pain relief, without the limitations of opioids and other standard-of-care pain medicines.
Type 1 Diabetes (T1D)
Vertex is evaluating cell therapies using stem cell-derived islets to replace the endogenous insulin-producing islet cells that are destroyed in people with T1D, with the goal of developing a potential functional cure for this disease.
Alpha-1 Antitrypsin (AAT) Deficiency
Vertex is working to address the underlying genetic cause of alpha-1 antitrypsin (AAT) deficiency by developing novel small molecule correctors of Z-AAT protein folding, with the goal of increasing the secretion of functional AAT into the blood and addressing both the lung and the liver aspects of AAT deficiency.
Duchenne Muscular Dystrophy (DMD)
Vertex is investigating a novel approach to treating DMD by delivering CRISPR/Cas9 gene-editing technology to muscle cells, with the goal of restoring near-full length dystrophin protein expression by targeting specific mutations in the dystrophin gene that cause the disease.
Consistent with its overall strategy, Vertex takes a portfolio approach to all of its programs, with additional assets in CF, SCD, Beta Thalassemia, AMKD, T1D, Pain, and AATD in earlier stages of development.
Investments in External Innovation
Consistent with its strategy to develop transformative medicines for serious diseases, Vertex recently entered into the following transactions:
Non-GAAP Financial Measures
In this press release, Vertex's financial results and financial guidance are provided in accordance with accounting principles generally accepted in the United States (GAAP) and using certain non-GAAP financial measures. In particular, non-GAAP financial results and guidance exclude from Vertex's pre-tax income (i) stock-based compensation expense, (ii) gains or losses related to the fair value of the company's strategic investments, (iii) increases or decreases in the fair value of contingent consideration, (iv) acquisition-related costs, (v) an intangible asset impairment charge and (vi) other adjustments. The company's non-GAAP financial results also exclude from its provision for income taxes the estimated tax impact related to its non-GAAP adjustments to pre-tax income described above and certain discrete items. These results should not be viewed as a substitute for the company’s GAAP results and are provided as a complement to results provided in accordance with GAAP. Management believes these non-GAAP financial measures help indicate underlying trends in the company's business, are important in comparing current results with prior period results and provide additional information regarding the company's financial position that the company believes is helpful to an understanding of its ongoing business. Management also uses these non-GAAP financial measures to establish budgets and operational goals that are communicated internally and externally, to manage the company's business and to evaluate its performance. The company’s calculation of non-GAAP financial measures likely differs from the calculations used by other companies. A reconciliation of the GAAP financial results to non-GAAP financial results is included in the attached financial information.
The company provides guidance regarding combined R&D, Acquired IPR&D and SG&A expenses and effective tax rate on a non-GAAP basis. The guidance regarding combined GAAP and non-GAAP R&D, Acquired IPR&D and SG&A expenses does not include estimates associated with any potential future business development transactions, including collaborations, asset acquisitions and/or licensing of third-party intellectual property rights. The company does not provide guidance regarding its GAAP effective tax rate because it is unable to forecast with reasonable certainty the impact of excess tax benefits related to stock-based compensation and the possibility of certain discrete items, which could be material.
Vertex Pharmaceuticals Incorporated Consolidated Statements of Operations (in millions, except per share amounts) (unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Revenues:
Product revenues, net
$
2,196.2
$
1,793.4
$
4,293.7
$
3,516.7
Other revenues
—
—
—
1.0
Total revenues
2,196.2
1,793.4
4,293.7
3,517.7
Costs and expenses:
Cost of sales
261.8
228.0
507.6
420.3
Research and development expenses
600.1
448.7
1,201.2
903.0
Acquired in-process research and development expenses (3)
61.9
958.4
63.9
960.1
Selling, general and administrative expenses
215.3
194.6
430.5
386.7
Change in fair value of contingent consideration
(49.2
)
1.6
(56.7
)
(2.3
)
Total costs and expenses
1,089.9
1,831.3
2,146.5
2,667.8
Income (loss) from operations
1,106.3
(37.9
)
2,147.2
849.9
Interest income
10.8
1.1
12.4
2.6
Interest expense
(14.6
)
(15.5
)
(29.5
)
(31.2
)
Other (expense) income, net
(78.1
)
8.1
(150.9
)
(44.6
)
Income (loss) before provision for (benefit from) income taxes
1,024.4
(44.2
)
1,979.2
776.7
Provision for (benefit from) income taxes
213.9
(111.2
)
406.6
56.6
Net income
$
810.5
$
67.0
$
1,572.6
$
720.1
Net income per common share:
Basic
$
3.17
$
0.26
$
6.15
$
2.78
Diluted
$
3.13
$
0.26
$
6.09
$
2.75
Shares used in per share calculations:
Basic
255.9
259.0
255.5
259.2
Diluted
258.7
261.0
258.3
261.5
Vertex Pharmaceuticals Incorporated Reconciliation of GAAP to Non-GAAP Net Income and Operating Income (in millions, except per share amounts) (unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
GAAP net income
$
810.5
$
67.0
$
1,572.6
$
720.1
Stock-based compensation expense
113.9
104.6
244.2
219.8
Decrease (increase) in fair value of strategic investments (4)
84.2
(10.6
)
159.8
41.7
(Decrease) increase in fair value of contingent consideration (5)
(49.2
)
1.6
(56.7
)
(2.3
)
Intangible asset impairment charge (5)
13.0
—
13.0
—
Acquisition-related costs (6)
2.8
2.8
5.6
5.6
Total non-GAAP adjustments to pre-tax income *
164.7
98.4
365.9
264.8
Tax adjustments (1) *
(44.7
)
(122.1
)
(100.9
)
(160.3
)
Non-GAAP net income *
$
930.5
$
43.3
$
1,837.6
$
824.6
Net income per diluted common share:
GAAP
$
3.13
$
0.26
$
6.09
$
2.75
Non-GAAP *
$
3.60
$
0.17
$
7.11
$
3.15
Shares used in diluted per share calculations:
GAAP and Non-GAAP
258.7
261.0
258.3
261.5
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
GAAP operating income (loss)
$
1,106.3
$
(37.9
)
$
2,147.2
$
849.9
Stock-based compensation expense
113.9
104.6
244.2
219.8
(Decrease) increase in fair value of contingent consideration (5)
(49.2
)
1.6
(56.7
)
(2.3
)
Intangible asset impairment charge (5)
13.0
—
13.0
—
Acquisition-related costs (6)
2.8
2.8
5.6
5.6
Non-GAAP operating income *
$
1,186.8
$
71.1
$
2,353.3
$
1,073.0
Vertex Pharmaceuticals Incorporated Reconciliation of GAAP to Non-GAAP Expenses (in millions, except percentages) (unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
GAAP cost of sales
$
261.8
$
228.0
$
507.6
$
420.3
Stock-based compensation expense
(2.4
)
(1.6
)
(4.6
)
(3.0
)
Non-GAAP cost of sales
$
259.4
$
226.4
$
503.0
$
417.3
GAAP research and development expenses
$
600.1
$
448.7
$
1,201.2
$
903.0
Stock-based compensation expense
(69.5
)
(62.6
)
(149.9
)
(135.4
)
Intangible asset impairment charge (5)
(13.0
)
—
(13.0
)
—
Acquisition-related costs (6)
(2.8
)
(2.8
)
(5.6
)
(5.6
)
Non-GAAP research and development expenses *
$
514.8
$
383.3
$
1,032.7
$
762.0
Acquired in-process research and development expenses *
$
61.9
$
958.4
$
63.9
$
960.1
GAAP selling, general and administrative expenses
$
215.3
$
194.6
$
430.5
$
386.7
Stock-based compensation expense
(42.0
)
(40.4
)
(89.7
)
(81.4
)
Non-GAAP selling, general and administrative expenses
$
173.3
$
154.2
$
340.8
$
305.3
Combined non-GAAP R&D, Acquired IPR&D and SG&A expenses *
$
750.0
$
1,495.9
$
1,437.4
$
2,027.4
GAAP other (expense) income, net
$
(78.1
)
$
8.1
$
(150.9
)
$
(44.6
)
Decrease (increase) in fair value of strategic investments (4)
84.2
(10.6
)
159.8
41.7
Non-GAAP other income (expense), net
$
6.1
$
(2.5
)
$
8.9
$
(2.9
)
GAAP provision for (benefit from) income taxes
$
213.9
$
(111.2
)
$
406.6
$
56.6
Tax adjustments (1) *
44.7
122.1
100.9
160.3
Non-GAAP provision for income taxes *
$
258.6
$
10.9
$
507.5
$
216.9
GAAP effective tax rate
21
%
251
%
21
%
7
%
Non-GAAP effective tax rate
22
%
20
%
22
%
21
%
*Starting in the first quarter of 2022, Vertex no longer excludes research and development charges resulting from upfront or contingent milestone payments in connection with collaborations, asset acquisitions and/or licensing of third-party intellectual property rights from its Non-GAAP financial measures. These charges are included as "Acquired in-process research and development expenses," and were previously included in "Research and development expenses," in Vertex's consolidated statements of operations. Non-GAAP financial measures for the three and six months ended June 30, 2021 have been recast to reflect this change.
Vertex Pharmaceuticals Incorporated Condensed Consolidated Balance Sheets (in millions) (unaudited)
June 30, 2022
December 31, 2021
Assets
Cash, cash equivalents and marketable securities
$
9,253.4
$
7,524.9
Accounts receivable, net
1,332.9
1,136.8
Inventories
367.7
353.1
Property and equipment, net
1,100.1
1,094.1
Goodwill and intangible assets
1,389.2
1,402.2
Deferred tax assets
1,143.8
934.5
Other assets
995.1
986.9
Total assets
$
15,582.2
$
13,432.5
Liabilities and Shareholders' Equity
Accounts payable and accrued expenses
$
2,317.5
$
1,873.6
Finance lease liabilities
531.6
556.7
Contingent consideration
129.8
186.5
Other liabilities
669.8
715.7
Shareholders' equity
11,933.5
10,100.0
Total liabilities and shareholders' equity
$
15,582.2
$
13,432.5
Common shares outstanding
256.0
254.5
Notes and Explanations
1: In the three and six months ended June 30, 2022 and 2021, "Tax adjustments" included the estimated income taxes related to non-GAAP adjustments to the company's pre-tax income (loss) and excess tax benefits related to stock-based compensation. "Tax adjustments" in the three and six months ended June 30, 2021 also included a $100 million discrete tax benefit related to an increase in the U.K.'s corporate tax rate from 19% to 25%, which was enacted in June 2021 and will become effective in April 2023.
2: The difference between the company’s full year 2022 combined GAAP R&D, Acquired IPR&D and SG&A expenses and combined non-GAAP R&D, Acquired IPR&D and SG&A expenses guidance relates primarily to $445 million to $500 million of stock-based compensation expense. The guidance regarding combined GAAP and non-GAAP R&D, Acquired IPR&D and SG&A expenses does not include estimates associated with any potential future business development transactions, including collaborations, asset acquisitions and/or licensing of third-party intellectual property rights.
3: Vertex classifies upfront, contingent milestone, and other payments pursuant to its business development transactions, including collaborations, licenses of third-party technologies, and asset acquisitions as “Acquired in-process research and development expenses” in its consolidated statements of operations. These amounts were previously classified as "Research and development expenses." To conform prior periods to current presentation, the company reclassified $958 million and $960 million from “Research and development expenses” to “Acquired in-process research and development expenses” for the three and six months ended June 30, 2021, respectively. In the three and six months ended June 30, 2021, "Acquired in-process research and development expenses" primarily related to the $900 million upfront payment to CRISPR.
4: "Other (expense) income, net" includes net gains and losses related to changes in the fair value of the company's strategic investments.
5: In June 2022, the company revised the scope of certain acquired programs, resulting in a $13 million “Intangible asset impairment charge” and a decrease in the associated fair value of contingent consideration.
6: "Acquisition-related costs" in the three and six months ended June 30, 2022 and 2021 related to costs associated with the company's acquisition of Exonics.
Note: Amounts may not foot due to rounding.
About Vertex
Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases. The company has multiple approved medicines that treat the underlying cause of cystic fibrosis (CF) — a rare, life-threatening genetic disease — and has several ongoing clinical and research programs in CF. Beyond CF, Vertex has a robust pipeline of investigational small molecule, cell and genetic therapies in other serious diseases where it has deep insight into causal human biology, including sickle cell disease, beta thalassemia, APOL1-mediated kidney disease, pain, type 1 diabetes, alpha-1 antitrypsin deficiency and Duchenne muscular dystrophy.
Founded in 1989 in Cambridge, Mass., Vertex's global headquarters is now located in Boston's Innovation District and its international headquarters is in London. Additionally, the company has research and development sites and commercial offices in North America, Europe, Australia and Latin America. Vertex is consistently recognized as one of the industry's top places to work, including 12 consecutive years on Science magazine's Top Employers list and one of the 2021 Seramount (formerly Working Mother Media) 100 Best Companies. For company updates and to learn more about Vertex's history of innovation, visit www.vrtx.com or follow us on Facebook, Twitter, LinkedIn, YouTube and Instagram.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, Dr. Kewalramani's statements in this press release, the information provided regarding future financial performance and operations, the section captioned "Full Year 2022 Financial Guidance" and statements regarding (i) anticipated regulatory discussions and filings, data availability, and timing thereof, (ii) the expectations, development plans and anticipated timelines for the company's products and product candidates and pipeline programs, including study designs, patient enrollment, data availability and timing thereof, (iii) expectations for continued growth in the number of CF patients treated with our medicines, including the number of children newly eligible for TRIKAFTA, uptake of and expanded access to the company’s medicines, additional reimbursement agreements, new approvals, including market authorizations and label extensions outside of the U.S., and expansion of treatment options for the patients who cannot benefit from CFTR modulators alone, (iv) expectations regarding our collaboration with Moderna to develop CF mRNA therapeutics, including our plans to submit an IND for this program in 2022, (v) expectations regarding two additional Phase 3 studies of exa-cel in pediatric patients and anticipated regulatory filings for exa-cel, (vi) our plans regarding our Phase 2/3 study of inaxaplin in AMKD, and our beliefs regarding anticipated results of the study and the possibility for accelerated approval in the U.S. and Europe, (vii) expectations regarding the potential benefits of our pain program and products, and plans for the advancement of VX-548 into a Phase 3 program in acute pain in the second half of 2022 and to initiate a Phase 2 study in neuropathic pain by the end of 2022, and the possibility for accelerated approval in the U.S., (viii) the potential benefits and safety of VX-880, and our plans to continue to progress the Phase 1/2 program for VX-880, (ix) our plans and expectations regarding our additional programs in T1D, including the completion of IND-enabling studies for the encapsulated islet cell program and anticipated regulatory filings in 2022, (x) plans to advance one or more novel small molecule Z-AAT correctors into the clinic in 2022, (xi) our plans regarding our DMD program, and (xii) our investments and expectations in external innovation, including collaborations and acquisitions. While Vertex believes the forward-looking statements contained in this press release are accurate, these forward-looking statements represent the company's beliefs only as of the date of this press release and there are a number of risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Those risks and uncertainties include, among other things, that the company's expectations regarding its 2022 product revenues, expenses and effective tax rates may be incorrect (including because one or more of the company's assumptions underlying its expectations may not be realized), that the company may not be able to submit the anticipated regulatory filings on the expected timeline, or at all, that external factors may have different or more significant impacts on the company's business or operations than the company currently expects, that data from preclinical testing or clinical trials, especially if based on a limited number of patients, may not be indicative of final results or available on anticipated timelines, that the company may not realize the anticipated benefits from our collaborations with third parties, that data from the company's development programs may not support registration or further development of its potential medicines in a timely manner, or at all, due to safety, efficacy or other reasons, and other risks listed under the heading “Risk Factors” in Vertex's annual report and subsequent quarterly reports filed with the Securities and Exchange Commission (SEC) and available through the company's website at www.vrtx.com and on the SEC’s website at www.sec.gov. You should not place undue reliance on these statements, or the scientific data presented. Vertex disclaims any obligation to update the information contained in this press release as new information becomes available.
Conference Call and Webcast
The company will host a conference call and webcast at 4:30 p.m. ET. To access the call, please dial (877) 270-2148 (U.S.) or +1 (412) 902-6510 (International) and reference the “Vertex Pharmaceuticals Second Quarter 2022 Earnings Call”.
The conference call will be webcast live and a link to the webcast can be accessed through Vertex's website at www.vrtx.com in the "Investors" section. To ensure a timely connection, it is recommended that participants register at least 15 minutes prior to the scheduled webcast. An archived webcast will be available on the company's website.
(VRTX-E)
View source version on businesswire.com: https://www.businesswire.com/news/home/20220804005875/en/
Vertex:
Investors: Manisha Pai, 617-961-1899 or Miroslava Minkova, 617-341-6135
Media: 617-341-6992 mediainfo@vrtx.com
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