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Vertex tops Q1 profit estimates on robust demand for cystic fibrosis treatments
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Vertex tops Q1 profit estimates on robust demand for cystic fibrosis treatments
May 6, 2024 1:37 PM

May 6 (Reuters) - Vertex Pharmaceuticals ( VRTX ) beat

Wall Street estimates for first-quarter profit on Monday, driven

by robust uptake for its cystic fibrosis treatments.

Cystic fibrosis (CF) - an inherited disorder that causes

severe damage to the lungs, digestive system and other organs -

affects an estimated 105,000 people across 94 countries,

according to data from U.S.-based CF Foundation.

Sales from Vertex's top-selling CF drug Trikafta, also sold

as Kaftrio in some markets, rose more than 18% from a year

earlier to $2.48 billion in the quarter, beating analysts'

expectations of $2.38 billion.

Vertex reported adjusted earnings per share of $4.76 on

revenue of $2.69 billion, topping market estimates $4.06 on

revenue of $2.58 billion, according to LSEG data, for the

quarter ended March 31.

The drugmaker reiterated its annual revenue forecast of

between $10.55 billion and $10.75 billion.

The Boston, Massachusetts-based company has been making

efforts to expand its product pipeline by adding new products

for different disease indications while also focusing on

development of other CF treatments.

Vertex's gene therapy, branded as Casgevy, earlier this year

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 company co-developed

Casgevy with Swiss-American firm CRISPR Therapeutics.

As of mid-April, Vertex said it activated more than 25

authorized treatment centers globally and multiple patients

across all regions, where it has approval, have initiated cell

collection.

The gene therapy maker also signed multiple agreements with

both commercial and government health insurance providers in the

U.S. to provide access to Casgevy.

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