Vertex Pharmaceuticals 4Q Net, Revenue Beat Estimates

By Denny Jacob

Vertex Pharmaceuticals posted better-than-expected top and bottom line results in its latest quarter, boosted in part by demand for the cystic fibrosis treatment trikafta.

The biotechnology company recorded net income of $968.8 million, or $3.71 a share, for the fourth quarter ended Dec. 31, up from $818.9 million, or $3.15 a share, a year earlier. Adjusted earnings were $4.20 a share, above analysts' estimates of $4.07 a share.

Revenue climbed 9% to $2.52 billion from $2.3 billion. Analysts polled by FactSet expected $2.51 billion.

Vertex said the increase in revenue was primarily driven in the U.S. by the continued performance of trikafta, among other factors.

"Our progress in 2023 lays the foundation for the anticipated regulatory submissions for the vanzacaftor triple and VX-548 by mid-2024 and sets us on a path to expand our business in CF and beyond, beginning with the commercialization of casgevy in multiple geographies," said Chief Executive Reshma Kewalramani.

For 2024, Vertex forecast revenue between $10.55 billion and $10.75 billion. Analysts polled by FactSet expected $10.59 billion.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

February 05, 2024 16:40 ET (21:40 GMT)

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