Vertex Pharmaceuticals 2Q Profit Up On Higher Cystic Fibrosis Drug Revenue

 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.

https://www.morningstar.com/news/dow-jones/2023080112790/vertex-pharmaceuticals-2q-profit-up-on-higher-cystic-fibrosis-drug-revenue