(Reuters) – Vertex Pharmaceuticals on Monday raised its annual revenue guidance after beating estimates in the third quarter for demand for its cystic fibrosis (CF) treatments.
The drugmaker now expects product revenues to be between $10.8 billion and $10.9 billion in 2024, compared to previous expectations of $10.65 billion to $10.85 billion.
Analysts expect annual revenue of $10.75 billion, according to LSEG estimates.
The forecast includes expectations for continued growth in CF treatments and for the launch of its gene therapy, Casgevy, in approved indications and regions, the company said.
Cystic fibrosis is a genetic condition that affects the lungs, digestive system and other organs and affects about 35,000 people in the United States, according to government data.
Sales of Vertex’s top-selling CF drug Trikafta rose more than 13% to $2.59 billion for the quarter ended September 30, beating analyst expectations of $2.33 billion.
The company also exceeded third-quarter revenue expectations on Monday, helped by strong demand for its CF treatments.
Third-quarter revenue rose 12% to $2.77 billion, compared to analyst estimates of $2.72 billion.
The company’s gene therapy, Casgevy, received a second U.S. approval in January for the treatment of a rare blood disease that requires regular blood transfusions, after being given the green light in December due to sickle cell disease.
In mid-October, the drugmaker activated 45 authorized treatment centers for the therapy worldwide, adding that an increasing number of patients in all regions have started collecting cells.
Investors have also been closely watching the development of the company’s pain drug suzetrigine. The U.S. health care regulator is expected to rule in January on Vertex’s application for the non-opioid drug as a treatment for moderate to severe acute pain.
On an adjusted basis, the company reported earnings of $4.38 per share for the reported quarter, compared to analysts’ expectations of earnings per share of $4.14.
(Reporting by Sriparna Roy and Sneha SK in Bengaluru; Editing by Shailesh Kuber)
