New accounts show that revenues at Vertex Pharmaceuticals (Ireland) Ltd last year increased by 13pc from $2.31bn to $2.63bn.
The Dublin-registered company fulfils all EU-wide sales, and the firm now sells a range of CF drugs that includes Kalydeco and Orkambi across the EU.
Vertex has five approved CF medicines that treat nearly three-quarters of the approximately 94,000 people suffering from CF in the US, Europe, Australia and Canada.
Pre-tax profits at the company rose by 27pc to $17.6m
Against the background of the sharp increase in revenues at the Dublin arm, pre-tax profits at the company rose by 27pc to $17.6m.
The company’s operating profits increased by 14pc to $10.16m and interest income of $7.4m resulted in the pre-tax profit of $17.6m.
The company recorded post-tax profits of $13.2m after incurring a corporation tax charge of $4.39m.
The corporation tax charge included $1.23m in adjustments in respect of prior years.
Globally, Vertex’s sales of Kaftrio/Trikata accounted for 93pc, or $10.2bn, of $11.02bn in global sales. The Irish-based unit accounted for 24pc of global sales.
The directors for the Irish-based unit state: “The increase in revenue for the financial year was due to the continued growth of Kaftrio sales to Vertex-affiliated companies in the EU.”
Pay of Reshma Kewalramani, CEO of Vertex’s global operations, totalled $23.68m
Numbers employed last year increased to eight and staff costs rose by 70pc from $1.3m to $2.2m that included salary costs of $1.5m, $492,000 in share-based payments and $186,000 in social security costs.
The directors state that in December 2024, the Food and Drug Administration (FDA) in the US approved Alyftrek for the treatment of people with CF aged six and over, and the directors state that Alyftrek is currently under regulatory review in the EU.
The directors of the Irish company did not receive any pay from the firm in 2024. However, the pay package for the CEO and president of Vertex’s global operations, Reshma Kewalramani, last year totalled $23.68m.
The CEO’s 2024 pay package included stock awards of $17.14m along with non-equity bonus pay of $4.94m.
At the end of December last, shareholder funds at the Irish unit totalled $439.16m.
Cash funds increased sharply from $262m to $395m.
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