Cystic fibrosis drug group Vertex sees 26% jump in revenues at Irish unit

Sales of Vertex’s groundbreaking cystic fibrosis drug, Kaftrio, was the main driver behind a 26 per cent jump in sales at the pharma group’s Irish business last year.

New accounts show that revenues at the Dublin-registered Vertex Pharmaceuticals (Ireland) Ltd jumped by $402.4 million to $1.955 billion (€1.78 billion). The Irish company fulfils all EU-wide sales of cystic fibrosis drugs, including Kalydeco and Orkambi.

However, the directors said the surge in revenues “was mainly driven by an increase in Kaftrio sales to Vertex affiliated companies in the EU”.

However, pretax profits at the company fell by 14 per cent to $8.89 million.

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Vertex expanded access to the group’s portfolio of cystic fibrosis medicines for younger age groups in many European countries, most notably in the Netherlands, Belgium and Sweden, directors said, adding that inventory had increased to ensure operational continuity in supplying medicines to patients.

Globally last year, Vertex’s sales from Kaftrio and its US brand version totalled $7.68 billion.

Cystic fibrosis is the most common life-threatening inherited disease in Ireland. In March of this year, the Minister for Health, Stephen Donnelly, announced a decision to grant access to Kaftrio for 35 children aged between six and 11 years old with cystic fibrosis who had been excluded from access to the therapy for almost a year.

At the time, Cystic Fibrosis Ireland chief executive Philip Watt described Kaftrio as “a ground-breaking drug”.

The drug prevents the damage done by cystic fibrosis, delaying the need for lung transplant and possibly meaning some people never need lung transplants.

Mr Watt said: “This drug has revolutionised CF care and is adding years and decades on to people’s lives.”

Shareholder funds at Vertex Pharmaceuticals (Ireland) LTD at the end of last year totalled $414.23 million. The firm’s cash funds last year increased from $32.79 million to $88 million.

The firm had five employees in 2022. A breakdown of the Irish business’s revenues shows that sales of $1.93 billion were recorded in Europe and revenues of $22.13 million in the rest of the world.