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Vertex Pharmaceuticals sees 34% YOY jump in Q2 profit

Vertex Pharmaceuticals Inc.'s second-quarter non-GAAP net income totaled $1.26 per share, compared with the S&P Global Market Intelligence consensus normalized EPS estimate of $1.07 per share.

Non-GAAP net income totaled $327.0 million, up 34% from $244.0 million in the year-ago period. On a per-share basis, non-GAAP net income climbed 34% year over year from 94 cents.

Revenue saw a 25% increase to $940.0 million in the second quarter from $750.0 million in the same period a year ago, primarily driven by the uptake of Symdeko in the U.S. and Symkevi in Germany.

GAAP net income attributable to the Boston-based company rose 29% to $267.0 million, or $1.03 per share, from $207.0 million, or 80 cents per share. The company said GAAP net income for the period was driven by the strong growth in total product revenues. It was also affected by rising operating costs, including a $50 million up-front payment as part of Vertex's recent collaboration with Kymera Therapeutics LLC, and income taxes.

The U.S. biotechnology company expects total product revenue in the range of $3.60 billion to $3.70 billion for the full year 2019, up from the prior guidance of $3.45 billion to $3.55 billion.

The company said its board has authorized a share repurchase program of up to $500 million of common stock through Dec. 31, 2020, to reduce the impact of dilution from employee equity programs.