Vertex Pharma raises annual revenue forecast on strong demand for its cystic fibrosis treatments

4:08 pm Thursday, August 01st, 2024

(Reuters) – Vertex Pharmaceuticals raised its annual revenue forecast on Thursday, betting on robust demand for its cystic fibrosis (CF) treatments.

The drugmaker now expects 2024 product revenue in the range of $10.65 to $10.85 billion, compared to its prior forecast of $10.55 to $10.75 billion.

The company said that the forecast includes expectations for continued growth in its CF treatments as well as for the launch of Casgevy in approved indications and geographies.

CF is a genetic disorder that affects the lungs, digestive system and other organs. It affects about 35,000 people in the United States, according to CDC data, and an estimated 105,000 people across 94 countries, according to data from U.S.-based CF Foundation.

Sales of its top-selling CF drug Trikafta rose 9% to $2.45 billion for the quarter ended June 30, beating analysts’ estimate of $2.26 billion.

The Boston, Massachusetts-based company reported second-quarter revenue of $2.65 billion, compared to analysts’ estimates of $2.66 billion, according to LSEG data.

In January, the company’s gene therapy, Casgevy, earned a second U.S. approval to treat a rare blood disorder requiring regular blood transfusions, after it was greenlighted in December for sickle cell disease.

The drugmaker said that as of mid-July it had activated more than 35 authorized treatment centers globally for the therapy and added that an increasing number of patients across all regions have initiated cell collection.

On adjusted basis, the company reported a second-quarter loss of $12.83 per share, impacted by acquisition related costs for its $4.9 billion deal to buy Alpine Immune Sciences.

Analysts were expecting a profit of $4.14 per share.

Vertex recorded acquired in-process research and development expenses expenses of $4.4 billion during the second quarter, compared to $111 million a year ago associated with its acquisition of Alpine Immune.

(Reporting by Sneha S K in Bengaluru; editing by Alan Barona)