Vertex Pharmaceuticals 2Q Profit Up On Higher Cystic Fibrosis Drug Revenue
August 01 2023 - 04:48PM
Dow Jones News
By Paul Ziobro
Vertex Pharmaceuticals posted higher second-quarter earnings,
boosted by higehr sales of its cystic fibrosis drugs.
The Boston-based drugmaker on Tuesday reported a profit of
$915.7 million, or $3.52 a share, for the quarter ended June 30,
compared with a profit of $810.5 million, or $3.13 a share, in the
same quarter a year earlier. Adjusted for certain items, the
company said per-share earnings were $3.89.
Analysts recently polled by FactSet had expected a profit of
$3.86 a share.
Revenue rose 14% to $2.49 billion, ahead of analyst estimates
for $2.42 billion, primarily on strong uptake of its cystic
fibrosis drug, known as Trikafta in the U.S. Revenue increased 7%
in the U.S. and 26% in international markets.
Profit was lifted by the higher revenue and increased interest
income, offset by increased investment in mid- and late-stage drugs
and other costs.
Vertex also lifted full-year revenue guidance for
cystic-fibrosis products to between $9.7 billion and $9.8 billion
from $9.55 billion to $9.7 billion.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
August 01, 2023 16:33 ET (20:33 GMT)
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