financetom
Business
financetom
/
Business
/
Vertex Pharma raises annual revenue forecast on strong demand for its cystic fibrosis treatments
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Vertex Pharma raises annual revenue forecast on strong demand for its cystic fibrosis treatments
Aug 1, 2024 1:35 PM

Aug 1 (Reuters) - Vertex Pharmaceuticals ( VRTX ) raised

its annual revenue forecast on Thursday, betting on robust

demand for its cystic fibrosis (CF) treatments.

The drugmaker now expects 2024 product revenue in the range

of $10.65 to $10.85 billion, compared to its prior forecast of

$10.55 to $10.75 billion.

The company said that the forecast includes expectations for

continued growth in its CF treatments as well as for the launch

of Casgevy in approved indications and geographies.

CF is a genetic disorder that affects the lungs, digestive

system and other organs. It affects about 35,000 people in the

United States, according to CDC data, and an estimated 105,000

people across 94 countries, according to data from U.S.-based CF

Foundation.

Sales of its top-selling CF drug Trikafta rose 9% to $2.45

billion for the quarter ended June 30, beating analysts'

estimate of $2.26 billion.

The Boston, Massachusetts-based company reported

second-quarter revenue of $2.65 billion, compared to analysts'

estimates of $2.66 billion, according to LSEG data.

In January, the company's gene therapy, Casgevy, earned a

second U.S. approval to treat a rare blood disorder requiring

regular blood transfusions, after it was greenlighted in

December for sickle cell disease.

The drugmaker said that as of mid-July it had activated more

than 35 authorized treatment centers globally for the therapy

and added that an increasing number of patients across all

regions have initiated cell collection.

On adjusted basis, the company reported a second-quarter

loss of $12.83 per share, impacted by acquisition related costs

for its $4.9 billion deal to buy Alpine Immune Sciences.

Analysts were expecting a profit of $4.14 per share.

Vertex recorded acquired in-process research and development

expenses expenses of $4.4 billion during the second quarter,

compared to $111 million a year ago associated with its

acquisition of Alpine Immune.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Metalla Royalty Appoints Jason Cho as President
Metalla Royalty Appoints Jason Cho as President
Jul 24, 2024
08:54 AM EDT, 07/24/2024 (MT Newswires) -- Metalla Royalty & Streaming ( MTA ) on Wednesday appointed Jason Cho as president, effective immediately. Cho was most recently Executive Vice President, Strategy & Corporate Development with Eldorado Gold (ELD.TO) from 2013 to 2023. Metalla also announced a $1 million equity investment by Cho, to acquire 250,000 common shares at $4 each...
Rivian Reportedly to Face Trial in Tesla Trade Secrets Case
Rivian Reportedly to Face Trial in Tesla Trade Secrets Case
Jul 24, 2024
08:49 AM EDT, 07/24/2024 (MT Newswires) -- Rivian Automotive ( RIVN ) is likely headed to court over a lawsuit that alleges the electric vehicle maker poached employees from rival Tesla (TESLA) and encouraged them to steal trade secrets before leaving the company, according to media reports. A Santa Clara County Superior Court judge tentatively denied Rivian's motion to dismiss...
Middlefield Sustainable Global Dividend ETF Distributions
Middlefield Sustainable Global Dividend ETF Distributions
Jul 24, 2024
08:54 AM EDT, 07/24/2024 (MT Newswires) -- Middlefield Sustainable Global Dividend ETF (MDIV.TO) announced Wednesday that distributions for the third quarter of 2024 will be payable to unitholders of Sustainable Global Dividend ETF. Distributions per trust unit of $0.06 will be payable on Aug. 15, Sept. 13 and Oct. 15, which is consistent with the Q2 distributions. Middlefield is a...
Flex Fiscal Q1 Adjusted Earnings Rise, Revenue Declines; Issues Fiscal Q2 Outlook; Finance Chief Paul Lundstrom to Depart
Flex Fiscal Q1 Adjusted Earnings Rise, Revenue Declines; Issues Fiscal Q2 Outlook; Finance Chief Paul Lundstrom to Depart
Jul 24, 2024
08:54 AM EDT, 07/24/2024 (MT Newswires) -- Flex (FLEX) reported fiscal Q1 adjusted earnings Wednesday of $0.51 per diluted share, up from $0.47 a year earlier. Analysts polled by Capital IQ expected $0.41. Revenue for the quarter ended June 28 was $6.31 billion, compared with $6.89 billion a year earlier. Analysts surveyed by Capital IQ expected $5.90 billion. For fiscal...
Copyright 2023-2026 - www.financetom.com All Rights Reserved