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.