Vertex Pharmaceuticals 1Q Sales Up 13% on Cystic Fibrosis Drug
By Paul Ziobro
Vertex Pharmaceuticals posted double-digit sales growth in the first-quarter, topping Wall Street expectations, on continued growth of its drug that treats cystic fibrosis.
The biotechnology company on Monday reported a profit of nearly $1.1 billion, or $4.21 a share, compared with $699.8 million, or $2.69 a share, in the same quarter a year earlier.
Adjusted earnings were $4.76 a share. Analysts polled by FactSet expected $4.08 a share.
Revenue rose 13% to $2.69 billion, beating analyst estimates of $2.58 billion, with the top-line up 21% in international markets and 8% in the U.S. The company attributed the growth to both strong uptake and continued strong performance of its cystic fibrosis drug, known in the U.S. as Trikafta.
Despite the better-than-expected sales, Vertex backed its outlook for the year.
Vertex last month agreed to buy Alpine Immune Sciences for $4.9 billion, bolstering its portfolio on kidney diseases.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
May 06, 2024 16:37 ET (20:37 GMT)
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