Vertex Pharmaceuticals 1Q Sales Up 13% on Cystic Fibrosis Drug
By Paul Ziobro
Vertex Pharmaceuticals posted double-digit sales growth in the first-quarter, topping Wall Street expectations, on continued growth of its drug that treats cystic fibrosis.
The biotechnology company on Monday reported a profit of nearly $1.1 billion, or $4.21 a share, compared with $699.8 million, or $2.69 a share, in the same quarter a year earlier.
Adjusted earnings were $4.76 a share. Analysts polled by FactSet expected $4.08 a share.
Revenue rose 13% to $2.69 billion, beating analyst estimates of $2.58 billion, with the top-line up 21% in international markets and 8% in the U.S. The company attributed the growth to both strong uptake and continued strong performance of its cystic fibrosis drug, known in the U.S. as Trikafta.
Despite the better-than-expected sales, Vertex backed its outlook for the year.
Vertex last month agreed to buy Alpine Immune Sciences for $4.9 billion, bolstering its portfolio on kidney diseases.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
May 06, 2024 16:37 ET (20:37 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks