The chart below shows how VRTX performed 10 days before and after its earnings report, based on data from the past quarters. Typically, VRTX sees a -0.25% change in stock price 10 days leading up to the earnings, and a -0.16% change 10 days following the report. On the earnings day itself, the stock moves by -0.01%. This data can give you a slight idea of what to expect for the next quarter's release.
Positive
Q3 2024 Revenue Growth: Q3 2024 revenue grew 12% year-over-year to $2.77 billion, with strong growth of 10% in the U.S. and 14% outside the U.S.
Year-to-Date Revenue Growth: Year-to-date revenue of $8.1 billion represents 10% growth over the comparable nine-month period in 2023, including 9% growth in the U.S. and 13% growth outside the U.S.
Third Quarter Revenue Update: Reported third quarter revenue included $2 million from the first patient dosed with CASGEVY.
Operating Income Increase: Q3 2024 non-GAAP operating income of $1.31 billion, compared to $1.17 billion in Q3 2023.
Cash and Investments Balance: We ended the quarter with $11.2 billion in cash and investments.
Negative
Operating Expenses Increase: Q3 2024 operating expenses increased to $1.08 billion, compared to $993 million in Q3 2023, indicating a significant rise in costs.
R&D Expense Increase: Q3 2024 non-GAAP R&D expenses of $764 million increased by 5% year-over-year, reflecting ongoing investment in R&D despite rising costs.
Operating Income Decline: The company reported a Q3 2024 non-GAAP operating income of $1.31 billion, compared to $1.17 billion in Q3 2023, suggesting a decline in profitability despite revenue growth.
R&D and SG&A Expenses: Q3 2024 combined non-GAAP R&D and SG&A expenses were $4.2 billion to $4.3 billion, unchanged from previous guidance, indicating a lack of cost management improvements.
Q4 2024 Tax Rate Impact: The anticipated tax rate for Q4 2024 is expected to be between 20% to 21%, which may impact net income negatively.
Vertex Pharmaceuticals Incorporated (VRTX) Q3 2024 Earnings Call Transcript
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