Vertex Pharmaceuticals (VRTX) retained its full-year outlook Monday despite beating quarterly expectations, and VRTX stock toppled in late trades.
For the year, the company still expects $9.55 billion to $9.7 billion in product sales. That doesn’t include other sources of revenue, such as licensing deals or royalties. The guidance is in line with analyst projections for nearly $9.7 billion.
In after-hours trading on today’s stock market, VRTX stock fell 2.2% near 337.50.
Vertex is the leading maker of cystic fibrosis treatments. Product sales climbed 13% to $2.37 billion and beat forecasts for $2.34 billion. The company’s triple regimen, dubbed Trikafta in the U.S., brought in the lion’s share of sales at nearly $2.1 billion. Other CF treatments generated $278.1 million in sales.
VRTX Stock: Drop In Earnings
The company’s adjusted earnings declined 13% to $3.05 per share, but were still above projections for $3.01 a share, according to FactSet.
“Vertex delivered a strong start to 2023, with outstanding execution across our business,” Chief Executive Reshma Kewalramani said in a written statement.
She noted Vertex and partner Crispr Therapeutics (CRSP) have finished filing their request for approval of a CRISPR-based gene-editing treatment for two blood diseases. Approval of that treatment, dubbed exa-cel, could buoy VRTX stock.
“Over the course of this year, we look forward to continuing to expand our leadership in CF, preparing for near-term launches, including exa-cel and advancing multiple potentially transformative medicines through mid- and late-stage clinical trials,” she said.
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