Vertex Pharmaceuticals Surpasses Q3 Expectations, Boosts Annual Revenue Forecast on Strong Cystic Fibrosis Sales

Revenue Growth:
Vertex Pharmaceuticals reported a 12% increase in total revenue to $2.77 billion in Q3 2024, exceeding analysts' consensus estimate of $2.69 billion.

Earnings Performance:
Non-GAAP earnings per share were $4.38, surpassing analysts' expectations of $4.08.

Cystic Fibrosis Sales:
Sales of Trikafta, the company's top-selling cystic fibrosis drug, rose more than 13% to $2.59 billion, beating analysts' estimates.

Full-Year Guidance:
Vertex raised its full-year product revenue guidance to $10.8 billion to $10.9 billion, up from the previous range of $10.65 billion to $10.85 billion.

Pipeline Progress:
The company is preparing for potential near-term launches of vanzacaftor triple in cystic fibrosis and suzetrigine (VX-548) for moderate-to-severe acute pain, with FDA target action dates in January 2025.

Genetic Therapies:
Vertex's genetic therapies segment saw significant progress, including regulatory approvals for Casgevy in sickle cell disease and transfusion-dependent beta thalassemia.

R&D Expenses:
Combined GAAP and Non-GAAP R&D and SG&A expenses increased, reflecting the company's aggressive investment in pipeline advancements and strategic acquisitions.