Vertex Pharmaceuticals, a leading drugmaker based in Boston, has announced impressive financial performance in the third quarter. The company’s profit has risen to $1.04 billion, or $3.97 per share, compared to $930.5 million, or $3.59 per share, in the same period last year. This exceeds analysts’ expectations of $3.50 per share. When adjusting for one-time items, the adjusted earnings per share reached $4.08, surpassing the forecast of $3.92 by analysts.
Although revenue increased by 6% to $2.48 billion, it fell slightly short of the anticipated $2.5 billion projected by analysts. However, the company attributes its positive results to the strong sales of its cystic fibrosis drug Trikafta. Notably, the launch of Trikafta in children aged two to five contributed significantly to this success.
Vertex Pharmaceuticals credits its revenue growth, higher interest income, and lower tax expense for its favorable performance. However, the company also incurred costs associated with supporting drug launches and investing in its pipeline.
In light of their outstanding performance, Vertex Pharmaceuticals has revised its full-year guidance for cystic fibrosis product revenue from a range of $9.7 billion to $9.8 billion to a solid $9.85 billion.