Sales of the ground breaking cystic fibrosis drug KAFTRIO was the main driver behind Vertex Pharmaceutical's revenues surging to $1.955 billion (€1.79 billion) last year.
New accounts show that revenues at the Dublin-registered Vertex Pharmaceuticals (Ireland) Ltd last year increased by 26% or $402.4m from $1.55 billion to $1.955 billion last year.
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.
However, the directors state that the increase in revenues "was mainly driven by an increase in KAFTRIO sales to Vertex affiliated companies in the EU".
Despite the sharp increase in sales, pre-tax profits at the company declined by 14% from $10.36m to $8.89m.
The comparatively low profits on the strong revenues resulted in corporation tax charge of $471,000.
The directors state that during the year, Vertex expanded access to the group's portfolio of CF medicines for younger age groups in many European countries, most notably in Netherlands, Belgium and Sweden.
The directors further state that inventory has increased to ensure operational continuity in supplying medicines to patients.
Cystic fibrosis is the most common life-threatening inherited disease in Ireland.
Globally last year, Vertex’s sales from KAFTRIO and its US brand version totalled $7.68 billion.
In March of this year, the Minister for Health Stephen Donnelly announced a decision to grant access toKAFTRIO for 35 children age 6-11 years with cystic fibrosis who have been excluded from access to the therapy for almost a year.
At the time, the CEO of Cystic Fibrosis Ireland, Philip Watt, described KAFTRIO as "a ground-breaking drug".
The drug prevents the damage done by cystic fibrosis and can delay lung transplant and may mean people may never need lung transplants.
"This drug has revolutionised CF care and is adding years and decades on to people’s lives," Mr Watt said.
Other CF drugs produced by Vertex include Kaldydeco and Symdeko.
Shareholder funds at Vertex Pharmaceuticals (Ireland) LTd at the end of last year totalled $414.23m.
The firm's cash funds last year increased from $32.79m to $88
The firm had five employees in 2022. A breakdown of revenues shows that revenues of $1.93 billion were recorded in Europe and revenues of $22.13m in the "rest of the world".
Reporting by Gordon Deegan
