The ground-breaking drug Kaftrio
Sales of the ground-breaking cystic fibrosis drug, Kaftrio was the main driver behind Vertex Pharmaceutical’s revenues surging to $2.3bn (€2.07bn) last year.
New accounts show that revenues at the Dublin-registered Vertex Pharmaceuticals (Ireland) Ltd last year increased by 18pc from $1.95bn.
The Irish company fulfils all EU-wide sales, and the firm now sells a suite of cystic fibrosis drugs that includes Kalydeco and Orkambi, across the EU.
Currently the firm’s four main cystic fibrosis medicines are used to treat three-quarters of the 92,000 people with the disease in North America, Europe and Australia.
Against the background of the sharp increase in revenues at the Dublin arm, pre-tax profits at the company increased by 56pc to $13.7m.
Globally, Vertex’s sales of Kaftrio/Trikata accounted for 90.6pc, or $8.8bn, of global sales of $9.89bn, where the Irish-based unit accounted for 23.4pc of global sales.
The Irish firm employs six people and pay last year totalled $1.3m in staff costs.
That was of salary costs of $941,000, $253,000 in share-based payments, and $113,000 in social security costs.
The directors for the Dublin unit say that during the year the company, Vertex Pharmaceuticals Inc and affiliated companies further expanded access to the group’s portfolio of cystic fibrosis medicines for younger age groups in European countries.
Globally, Vertex expects its revenues to increase this year as a result of the continued performance of Kaftrio/Trikata, label expansion into young age groups for previously approved products and expanded access to Vertex’s medicines.
The directors of the Irish company did not receive any pay in 2023. However, the pay package for the CEO of Vertex’s global operations, Reshma Kewalramani, last year totalled $20.59m.
At the end of December, shareholder funds totalled $425.94m. Cash funds totalled $262m.