- Vertex Pharmaceuticals missed Wall Street estimates for Q3 sales, primarily due to weaker demand for older cystic fibrosis (CF) treatments.
- The company recorded a 35.4% drop in sales of its older CF treatments, totaling $209.2 million.
- Vertex now expects annual sales of approximately $9.85 billion from its CF treatments.
- Top-selling CF drug Trikafta exceeded estimates, generating $2.27 billion in the quarter.
- Overall, Vertex reported total Q3 sales of $2.48 billion, slightly under estimates of $2.50 billion.
- A panel of advisers to the U.S. health regulator recommended Vertex and its partner CRISPR Therapeutics could assess the safety risks of their gene therapy for sickle cell disease after approval.
- Healthcare professionals expect the therapy to receive the regulator’s approval by December 8.
- Vertex anticipates that the number of CF patients taking the company’s medicines will continue to grow.
- On an adjusted basis, Vertex earned $4.08 per share in the third quarter, exceeding expected profits of $3.97.
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[Source: Reuters, November 6th, 2023]