Vertex Pharmaceuticals (NASDAQ:VRTX) surpassed Wall Street’s expectations for first-quarter profit on Monday, driven by the robust adoption of its cystic fibrosis treatments.
Cystic fibrosis (CF), a hereditary condition causing severe damage to the lungs, digestive system, and other organs, impacts approximately 105,000 individuals across 94 countries, according to data from the U.S.-based CF Foundation.
Sales of Vertex’s leading CF medication, Trikafta (also known as Kaftrio in some markets), surged by over 18% from the previous year to $2.48 billion in the quarter, surpassing analysts’ projections of $2.38 billion.
Vertex reported adjusted earnings per share of $4.76 on revenue of $2.69 billion, outpacing market estimates of $4.06 on revenue of $2.58 billion for the quarter ended March 31, according to LSEG data.
The pharmaceutical company reiterated its annual revenue outlook, forecasting between $10.55 billion and $10.75 billion.
Based in Boston, Massachusetts, Vertex has been expanding its product pipeline by introducing new treatments for various diseases while maintaining a focus on developing additional CF therapies.
Vertex’s gene therapy, branded as Casgevy, received a second U.S. approval earlier this year to treat a rare blood disorder necessitating regular blood transfusions, following its clearance in December for sickle cell disease. Casgevy was co-developed by Vertex and the Swiss-American firm CRISPR Therapeutics.
As of mid-April, Vertex reported activating over 25 authorized treatment centers worldwide, with numerous patients across all regions where it has approval initiating cell collection.
The gene therapy manufacturer also inked multiple agreements with commercial and government health insurance providers in the U.S. to facilitate access to Casgevy.
Featured Image: Megapixl
