Vertex Pharmaceuticals Misses Q3 Sales Estimates Due to Weak Demand for Older CF Treatments

1. Vertex Pharmaceuticals missed Wall Street estimates for Q3 sales, primarily due to weaker demand for older cystic fibrosis (CF) treatments.
2. The company recorded a 35.4% drop in sales of its older CF treatments, totaling $209.2 million.
3. Vertex now expects annual sales of approximately $9.85 billion from its CF treatments.
4. Top-selling CF drug Trikafta exceeded estimates, generating $2.27 billion in the quarter.
5. Overall, Vertex reported total Q3 sales of $2.48 billion, slightly under estimates of $2.50 billion.
6. 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.
7. Healthcare professionals expect the therapy to receive the regulator’s approval by December 8.
8. Vertex anticipates that the number of CF patients taking the company’s medicines will continue to grow.
9. 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]