Vertex raises annual revenue forecast on cystic fibrosis drugs strength
VRTX•Second-quarter sales and product details
- Vertex's $10 billion acquisition of Crinetics expands its reach beyond cystic fibrosis, adding endocrine disorders to a diversification strategy that already includes povetacicept in kidney, Casgevy in sickle cell and Journavx in pain, analysts had said.
- The company's new cystic fibrosis drug, once-daily triple combination therapy Alyftrek, brought in sales of $573.6 million during the second quarter, compared with $156.8 million a year ago.
- The company's older cystic fibrosis drug, combination therapy Trikafta, posted quarterly sales of $2.50 billion, missing estimates of $2.65 billion.
- Cystic fibrosis is a rare and progressive genetic disorder caused by the absence of a protein regulating salt and water transport in and out of cells, leading to severe respiratory and digestive problems.
- Second-quarter total revenue rose 12% to $3.33 billion from a year ago, beating estimates of $3.23 billion. The growth was driven by the continued performance of cystic fibrosis therapies, the company said.
- Vertex reported quarterly profit of $4.73 per share on an adjusted basis, in line with estimates.
