Benzinga | Jan 27, 2022 06:54AM EST

Vertex Pharmaceuticals Clocks 27% Growth In Product Revenues, Issues FY22 Guidance

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) posted Q4 FY21 product revenues increased 27% Y/Y to $2.07 billion, slightly better than the consensus of $2.00 billion.

* The growth is primarily driven by the strong launches of Kaftrio in Europe and the performance of Trikafta in the U.S.

* Kaftrio/Trikafta sales jumped 55% to $1.69 billion. In contrast sales declined from Symdeko/Symkevi (-37% to $80 million), Orkambi (-32% to $147 million), and Kalydeco (-21% at $152 million).

* The adjusted operating income increased 27% to $1.12 billion, while the margin remained almost stagnant at 54% in Q4.

* Adjusted net income increased 31% to $866 million.

* The Company held cash, cash equivalents, and marketable securities of $7.5 billion.

* Combined non-GAAP R&D and SG&A expenses reached $703 million from $539 million reported a year ago.

* Guidance: Vertex forecasts FY22 sales of $8.4 billion - $8.6 billion, with combined Non-GAAP R&D and SG&A expense of $2.70 to $2.75 billion.

* The Company is advancing a broad clinical pipeline across six disease areas multiple programs in mid-and late-stage development, with clinical readouts expected in 2022.

* Price Action: VRTX shares closed at $226.58 on Wednesday.