Vertex Pharmaceuticals Inc (NASDAQ:VRTX) reported financial results for the first quarter after the market close on Monday. Here’s a rundown of the report.
- Vertex Pharmaceuticals stock is holding steady today. What’s the outlook for VRTX shares?
Vertex Q1 Highlights
Vertex reported first-quarter revenue of $2.99 billion, missing analyst estimates of $3.03 billion, according to Benzinga Pro. The company posted first-quarter adjusted earnings of $4.47 per share, beating estimates of $4.31 per share.
Total revenue was up 8% on a year-over-year basis, primarily driven by cystic fibrosis therapies and growth from diversification into additional disease areas.
“CASGEVY and JOURNAVX delivered more than 25 percent of our growth this quarter, underscoring the strength of the increasingly diversified revenue base. As we execute across the commercial portfolio and pipeline and build our fourth franchise in nephrology, Vertex is poised to continue to deliver for patients and create long-term value,” said Reshma Kewalramani, president and CEO of Vertex.
Vertex affirmed its full-year revenue guidance of $12.95 billion to $13.10 billion versus estimates of $13.06 billion.
Vertex executives are currently discussing the quarter on a conference call that started at 4:30 p.m. ET. A link to the call has been provided below.
VRTX Shares Stall After The Bell
VRTX Price Action: Vertex shares were down 1.13% in after-hours Monday, trading at $424 at the time of publication on Monday, according to Benzinga Pro.
Image: courtesy of Vertex.
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