Vertex Pharmaceuticals First Quarter Earnings, Revenue Beat Estimates
$Vertex Pharmaceuticals (VRTX.US)$ reported on May 6 first quarter adjusted earnings and revenue that beat analysts' estimates.
The company reported adjusted earnings of $4.76 a share on product revenue of $2.69 billion for the three months that ended March 31. Analysts estimates compiled by LSEG called for adjusted earnings of $4.06 per share and product revenue of $2.58 billion, according to Reuters.
The company kept its product revenue outlook for fiscal year 2024 unchanged at a range of $10.55 billion to $10.75 billion.
The company said product revenue climbed 13% primarily driven in markets outside the U.S. amid continued strong uptake of TRIKAFTA®/KAFTRIO, including label extensions in younger age groups, and in the U.S. by the continued performance of TRIKAFTA, including the uptake in children with CF 2 to 5 years of age.
Net product revenue in the first quarter of 2024 increased 8% to $1.52 billion in the U.S. from a year earlier. Outside the U.S., net product revenue rose 21% to $1.17 billion.
The company said product revenue climbed 13% primarily driven in markets outside the U.S. amid continued strong uptake of TRIKAFTA®/KAFTRIO, including label extensions in younger age groups, and in the U.S. by the continued performance of TRIKAFTA, including the uptake in children with CF 2 to 5 years of age.
Net product revenue in the first quarter of 2024 increased 8% to $1.52 billion in the U.S. from a year earlier. Outside the U.S., net product revenue rose 21% to $1.17 billion.
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Luzi Ann Santos
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Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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