Vertex Pharmaceuticals 1Q Net Down On Higher Costs

By Paul Ziobro

Vertex Pharmaceuticals on Monday said first-quarter profit fell as higher expenses tied to drug development and international launches offset increased revenue from its cystic fibrosis drugs.

The Boston-based drugmaker reported a profit of nearly $700 million, or $2.69 a share, for the quarter ended March 31, compared with a profit of $762.1 million, or $2.96 a share, in the same quarter a year earlier. Adjusted for certain items, the company said per-share earnings were $3.05.

Analysts recently polled by FactSet had expected a profit of $3.01 a share.

Revenue rose 13% to $2.37 billion, slightly ahead of analyst estimates for $2.34 billion, primarily on strong uptake of its cystic fibrosis drug, which is known as Trikafta in the U.S. Revenue increased 3% in the U.S. and 33% in international markets.

Its profit was weighed down by higher research and development expenses, increased investment in its mid- and late-stage clinical pipeline and costs to support launches of Vertex therapies globally.

Vertex backed its guidance for the full year.

Write to Paul Ziobro at paul.ziobro@wsj.com

(END) Dow Jones Newswires

May 01, 2023 16:33 ET (20:33 GMT)

Vertex Pharmaceuticals (NASDAQ:VRTX)
Historical Stock Chart
From Nov 2023 to Dec 2023