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 [e-mail]

(END) Dow Jones Newswires

05-06-24 1637ET