Vertex Reports Full-Year and Fourth-Quarter 2020 Financial Results – Business Wire

BOSTON--(BUSINESS WIRE)--Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the full year and fourth quarter ended December 31, 2020 and provided full-year 2021 financial guidance.

"Our achievements in 2020 were marked by a significant increase in the number of people treated with the triple combination in the U.S. and the EU. It was also a year marked by meaningful pipeline advancement. We now have clinical programs in seven disease areas, spanning multiple modalities including small molecules for alpha-1 antitrypsin deficiency and APOL1-mediated kidney diseases, gene editing for sickle cell disease and beta thalassemia, and cell therapy for type 1 diabetes, said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. "As we enter 2021, we look forward to treating more CF patients and reaching important R&D milestones in multiple additional diseases which will fuel our growth this year and for many years to come."

Fourth-Quarter and Full-Year 2020 Financial Highlights

Three Months Ended December 31,

%

Twelve Months Ended December 31,

%

2020

2019

Change

2020

2019

Change

(in millions, except per share amounts)

GAAP Product revenues, net

$

1,627

$

1,413

15

%

$

6,203

$

4,161

49

%

Non-GAAP Product revenues, net (1)

$

1,627

$

1,257

29

%

$

6,203

$

4,005

55

%

GAAP Operating income

$

746

$

551

35

%

$

2,856

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Vertex Reports Full-Year and Fourth-Quarter 2020 Financial Results - Business Wire