Vertex Pharmaceuticals
Q3 2022 Earnings Call
Oct 27, 2022, 4:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, and welcome to the Vertex Pharmaceuticals third quarter 2022 earnings call. All participants will be in a listen-only mode. [Operator instructions] After today's presentation, there will be an opportunity to ask questions. [Operator instructions] Please note this event is being recorded.
I would now like to turn the conference over to Ms. Susie Lisa. Please go ahead, ma'am.
Susie Lisa -- Senior Vice President of Investor Relations
Good evening, all. My name is Susie Lisa, and I'm thrilled to have joined Vertex as the new senior vice president of investor relations. Welcome to our third quarter 2022 financial results conference call. On tonight's call, making prepared remarks, we have Dr.
Reshma Kewalramani, Vertex's CEO and president; Stuart Arbuckle, chief operating officer; and Charlie Wagner, chief financial officer. We recommend that you access the webcast slides as you listen to this call. The call is being recorded, and a replay will be available on our website. We will make forward-looking statements on this call that are subject to the risks and uncertainties discussed in detail in today's press release and in our filings with the Securities and Exchange Commission.
These statements, including, without limitation, those regarding Vertex's marketed cystic fibrosis medicines, our pipeline, and Vertex's future financial performance are based on management's current assumptions. Actual outcomes and events could differ materially. I would also note that select financial results and guidance that we will review on the call this evening are presented on a non-GAAP basis. I will now turn the call over to Reshma.
Reshma Kewalramani -- Chief Executive Officer and President
Thanks, Susie. We're delighted to have you on board. Good evening, all, and thank you for joining us on the call today. Vertex continues to execute exceptionally well and make significant progress toward our goals of: one, reaching all patients with cystic fibrosis resulting in strong sustainable growth; two, advancing our diverse mid- and late-stage clinical pipeline to develop transformative medicines in multiple disease areas; three, preparing for our next commercial launches; and four, progressing the next wave of innovation toward the clinic.
In the third quarter, global CF product revenues increased 18% year on year to $2.3 billion as more patients initiated treatment with our CFTR modulators. Based on the strong performance, we are raising full year 2022 product revenue guidance from $8.6 billion to $8.8 billion to $8.8 billion to $8.9 billion. Despite the growing numbers of CF patients on CFTR modulators, we still have many more patients to reach. And as you will hear from Stuart, we are working with focus and urgency to reach all patients around the globe who may benefit from our therapies.