Vertex Pharmaceuticals
 | |
| Company type | Public company |
|---|---|
| |
| Industry | |
| Founded | 1989 |
| Headquarters | Boston, Massachusetts, U.S. |
Key people |
|
| Products | Pharmaceuticals |
| Revenue |  US$9.87 billion (2023) |
 US$3.83 billion (2023) | |
| US$3.62 billion (2023) | |
| Total assets | US$22.7 billion (2023) |
| Total equity | US$17.6 billion (2023) |
Number of employees | c. 5,400 (2023) |
| Website | vrtx |
| Footnotes / references [1][2] | |
Vertex Pharmaceuticals Incorporated is an American biopharmaceutical company in Boston, Massachusetts. It was one of the first biotech firms to use an explicit strategy of rational drug design rather than combinatorial chemistry. Its headquarters are in South Boston, Massachusetts. It has three research facilities, in San Diego, California, and Milton Park, Oxfordshire, England.
History[change | change source]
Vertex was founded in 1989 by Joshua Boger[3] and Kevin J. Kinsella[4] to "transform the way serious diseases are treated."[5]
Barry Werth described the company in his 1994 book, The Billion-Dollar Molecule.[4] His 2014 book, The Antidote: Inside the World of New Pharma, described the company's development over the next20 years.[6]
By 2004, its productwere mostly for viral infections, inflammatory and autoimmune disorders, and cancer.[7]
In 2009, the company had about 1,800 employees, including 1,200 in the Boston area.[3] By 2019 there were about 2,500 employees.[8]
The Cystic Fibrosis Foundation invested $150 million in the company to encourage development of drugs for Cystic Fibrosis. In 2014 it sold the rights to the royalties of the drugs for $3.3 billion. [9] The drug, Trikafta, could extend the lives of some young patients by up to 45 years. In the USA, it costs $300,000 per patient, per year. Because it is so expensive only 12% of people in the world with Cystic Fibrosis get it.
It has a new painkiller drug which is not dangerous. It plans to market it and replace the opioid painkillers which have killed many people in the USA.
in 2019 the company made $4.2 billion. In 2023 it made $9.9 billion.[10]
References[change | change source]
- ↑ "Vertex Pharmaceuticals Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 15, 2024.
- ↑ "Vertex Pharmaceuticals Incorporated". Hoover's. Retrieved 24 June 2012.
- ↑ 3.0 3.1 Weisman, Robert (24 April 2011). "Rearranging the Corporate DNA". Boston Sunday Globe. p. G1. Retrieved 25 June 2012.
- ↑ 4.0 4.1 Werth, Barry (1994). The Billion-Dollar Molecule: One Company's Quest for the Perfect Drug. New York: Simon & Schuster. ISBN 0671510576. OCLC 32047662. The Billion-Dollar Molecule at Google Books.
- ↑ Roth, Michael S. (21 May 2011). "Why liberal arts matter". CNN. Retrieved 7 January 2022.
- ↑ Werth, Barry (2014). The Antidote: Inside the World of New Pharma. New York: Simon & Schuster. ISBN 9781451655667. OCLC 859375019.
- ↑ "Vertex Pharmaceuticals Reports Fourth Quarter and Full Year 2004 Financial Results and Full Year 2005 Guidance". Vertex Pharmaceuticals. Retrieved 30 May 2019.
- ↑ "Vertex Pharmaceuticals on the Forbes Global 2000 List". Forbes. Retrieved 30 May 2019.
- ↑ Pollack, Andrew (2014-11-19). "Deal by Cystic Fibrosis Foundation Raises Cash and Some Concern". The New York Times. ISSN 0362-4331. Retrieved 2024-04-27.
- ↑ Barnes, Oliver (2024-04-26). "Its blockbuster cystic fibrosis treatment costs $300,000 a year. Now Vertex wants to solve the opioid crisis". Financial Times. Retrieved 2024-04-27.