Vertex Pharmaceuticals 3Q Profit Rises on Continued Sales Strength

By Ben Glickman

Vertex Pharmaceuticals' profit rose in the third quarter on continued strength in sales of its cystic fibrosis treatments.

The Boston-based drugmaker posted a third-quarter profit of $1.04 billion, or $3.97 a share, compared with $930.5 million, or $3.59 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $3.50.

Stripping out certain one-time items, adjusted per-share earnings came to $4.08, ahead of the $3.92 forecast by analysts, according to FactSet.

Revenue rose 6% to $2.48 billion, missing the $2.5 billion expected by analysts polled by FactSet.

The results were lifted by strong sales of Vertex's cystic fibrosis drug Trikafta, including the launch of the drug in children age two to five, the company said.

Vertex said revenue growth, higher interest income and lower tax expense, were offset by increased investment in the company's pipeline and the cost to support drug launches.

The company increased its full-year guidance for cystic-fibrosis product revenue to $9.85 billion, compared with prior guidance of $9.7 billion to $9.8 billion.

Write to Ben Glickman at [e-mail]

(END) Dow Jones Newswires

11-06-23 1631ET