By Vertex Pharmaceuticals has reported impressive financial results for the fourth quarter, driven in part by the high demand for its cystic fibrosis treatment, trikafta. The biotechnology company’s net income for the quarter ended Dec. 31 surged to $968.8 million, or $3.71 per share, compared to $818.9 million, or $3.15 per share, in the same period the previous year. Adjusted earnings per share stood at $4.20, surpassing analysts’ estimates of $4.07.
The company also witnessed a 9% increase in revenue, reaching $2.52 billion from $2.3 billion. This growth was primarily attributed to the robust performance of trikafta in the U.S., among other contributing factors.
Vertex’s Chief Executive, Reshma Kewalramani, expressed confidence in the company’s future prospects, stating, “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.”
Looking ahead to 2024, Vertex has forecasted revenue ranging between $10.55 billion and $10.75 billion, surpassing the expectations of analysts polled by FactSet, who projected revenue of $10.59 billion.
This successful performance highlights Vertex Pharmaceuticals’ strong position in the market and signals promising opportunities for growth in the future.
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