Vertex Pharma Boosts 2024 Revenue Forecast on KF Drug Sales

Vertex Pharmaceuticals Inc. has updated its annual revenue forecast, expecting product revenues for 2024 to be between $10.8 billion and $10.9 billion. This revision follows the company exceeding its third-quarter revenue estimates and is largely driven by strong demand for cystic fibrosis (CF) treatments.

The revised forecast marks an increase from the previously projected range of $10.65 billion to $10.85 billion. According to LSEG estimates, analysts were anticipating annual revenue of $10.75 billion.

The pharmaceutical company attributes its optimistic revenue outlook to the ongoing growth in CF treatments and the anticipated launch of gene therapy Casgevy across various approved indications and regions.

Cystic fibrosis, a genetic disorder affecting the lungs and other organs, impacts approximately 35,000 individuals in the U.S. Vertex's leading CF drug, Trikafta, increased sales by over 13% in the quarter ending September 30, reaching $2.59 billion, surpassing analyst estimates of $2.33 billion.

Overall, Vertex's third-quarter revenue rose 12% to $2.77 billion, exceeding analysts' expectations of $2.72 billion.

The company's gene therapy Casgevy recently received its second approval in the U.S. for the treatment of a rare blood disorder requiring regular blood transfusions, following its first approval in December for sickle cell disease. As of mid-October, Vertex has established 45 authorized treatment centers worldwide for Casgevy and reported an increase in the number of patients starting cell collection.

Investors are also monitoring the progress of Vertex's pain medication, suzetrigine. The U.S. health regulator is expected to make a decision by January on the company's application for this non-opioid drug designed for the management of moderate to severe acute pain.

For the reported quarter, Vertex announced an adjusted profit per share of $4.38, exceeding analysts’ estimated $4.14 per share.