Vertex Pharmaceuticals Upgrades Revenue Outlook on Cystic Fibrosis, Sickle-Cell Treatments

By Paul Ziobro

Vertex Pharmaceuticals raised its revenue guidance for the year, citing continued growth of its cystic-fibrosis drug and the upcoming launch of a treatment for sickle-cell disease.

The biotechnology company on Thursday said it swung to a loss of $3.59 billion, or $13.92 a share, for the second quarter, compared with a profit of $915.7 million, or $3.52 a share, in the same quarter a year earlier. The recently completed quarter's results were weighted down by acquired in-process research and development expenses tied to its $4.9 billion acquisition of Alpine Immune Sciences.

On an adjusted basis, Vertex reported a loss of $12.83 a share. Analysts polled by FactSet expected a loss of $11.63 a share.

Revenue rose 6% to $2.65 billion, short of analyst estimates of $2.66 billion, with the top-line up 7% in the U.S. and 5% in international markets. The top-line growth was primarily due to the continued strong performance of its cystic fibrosis drug, known in the U.S. as Trikafta, including in younger age groups.

For the full year, Vertex now expects total product revenue between $10.65 billion and $10.85 billion, up $100 million on either end, which it said was due to continued growth for cystic fibrosis treatments, as well as the future launch of Casgevy, a treatment for sickle-cell disease, in approved indications and geographies.

Write to Paul Ziobro at paul.ziobro@wsj.com

(END) Dow Jones Newswires

August 01, 2024 16:45 ET (20:45 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.