The company said product revenue for Q2 2024 was $2.65 billion, up 6% from Q2 2023. It cited the performance of TRIKAFTA/KAFTRIO as the main driver. Net product revenue in the U.S. rose 7% to $1.61 billion, and outside the U.S. it rose 5% to $1.03 billion.

1. 01

   The company said product revenue for Q2 2024 was $2.65 billion, up 6% from Q2 2023. It cited the performance of TRIKAFTA/KAFTRIO as the main driver. Net product revenue in the U.S. rose 7% to $1.61 billion, and outside the U.S. it rose 5% to $1.03 billion.

2. 02

   The company said it recognized about $4.4 billion of Acquired IPR&D expenses in Q2 2024 related to its acquisition of Alpine Immune Sciences, and that its GAAP net loss was $3.6 billion (net income of $916 million in Q2 2023).

3. 03

   The company said cash, cash equivalents and total marketable securities were $10.2 billion as of June 30, 2024, down from $13.7 billion as of December 31, 2023. It cited the cash consideration paid for the Alpine acquisition in Q2 as the reason for the decrease.

4. 04

   The company said it raised its full-year product revenue guidance from $10.55 to $10.75 billion to $10.65 to $10.85 billion. It also said it expects full-year AIPR&D expenses of approximately $4.6 billion.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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