By Emon Reiser
Vertex Pharmaceuticals posted a double-digit increase in its quarterly revenue thanks to strong sales for its cystic-fibrosis treatment.
The biotechnology company on Monday reported a profit of $913 million, or $3.50 a share, for the fourth quarter, compared with $968.8 million, or $3.76 a share, in the same quarter a year earlier.
Adjusting for one-time items, Vertex reported earnings of $3.98 a share, below the $4.02 adjusted earnings a share that analysts polled by FactSet expected.
Revenue rose 16%, to $2.91 billion, exceeding analyst estimates of $2.78 billion. The top-line growth was primarily driven by performance of Trikafta, which treats cystic fibrosis.
For the full year, Vertex guided for revenue between $11.75 billion and $12 billion, which includes the U.S. launch of cystic fibrosis treatment for patients aged six and older Alyftrek and early contributions from Journavx, a treatment for adults with moderate-to-severe acute pain.
The company also said Operating Chief Stuart Arbuckle would retire July 1 as part of a planned transition. He is credited with helping to lead the company for over 13 years. Financial Chief Charlie Wagner will assume the additional role of operating chief.
Write to Emon Reiser at emon.reiser@wsj.com
(END) Dow Jones Newswires
February 10, 2025 16:56 ET (21:56 GMT)
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