Vertex Pharmaceuticals Raises Revenue Forecast

(Reuters) – Vertex Pharmaceuticals (NASDAQ: VRTX) raised its annual revenue forecast on Monday after it beat third-quarter estimates due to strong demand for its cystic fibrosis (CF) treatments.

The drugmaker now expects 2024 product revenue to be between $10.8 billion and $10.9 billion, adjusted from its previous expectations of $10.65 billion to $10.85 billion.

Analysts predict an annual revenue of $10.75 billion, according to estimates from LSEG.

The forecast reflects anticipated growth in its CF treatments alongside the launch of its gene therapy, Casgevy, in approved indications and regions, as stated by the company.

Cystic fibrosis is a genetic disorder affecting the lungs, digestive system, and other organs, impacting approximately 35,000 individuals in the United States according to government data.

Sales of Vertex's leading CF treatment, Trikafta, increased over 13% to $2.59 billion for the quarter ending September 30, surpassing analysts' prediction of $2.33 billion.

Additionally, the company reported third-quarter revenue of $2.77 billion, up 12% from the previous year, exceeding analysts' expectations of $2.72 billion.

In January, Casgevy received a second U.S. approval to target a rare blood disorder needing regular transfusions, after its previous approval for sickle cell disease in December. As of mid-October, Vertex has activated 45 authorized treatment centers globally for Casgevy, with an upward trend in patient cell collection across regions.

Investors are also closely watching the progress of the company's pain drug suzetrigine. The U.S. health regulator is expected to decide by January on Vertex's application for this non-opioid treatment for moderate-to-severe acute pain.

On an adjusted basis, the company disclosed a profit of $4.38 per share for the quarter, surpassing analysts' expectations of $4.14 per share.