Vertex lifts revenue guidance as cystic fibrosis franchise drives strong second quarter

Vertex Pharmaceuticals (VRTX) raised the upper end of its full-year revenue forecast, citing robust demand across its cystic fibrosis portfolio after second-quarter sales came in ahead of Wall Street expectations.

The company now expects annual revenue of between $13.1bn and $13.2bn, up from a prior range of $12.95bn to $13.1bn. Analysts had forecast full-year revenue of $13.07bn, according to LSEG data.

Total revenue for the three months ending June rose 12% year over year to $3.33bn, beating consensus estimates of $3.23bn. The growth was attributed to continued demand across Vertex's cystic fibrosis therapies.

Alyftrek, the company's once-daily triple combination therapy and its newest cystic fibrosis treatment, generated second-quarter sales of $573.6mn, up sharply from $156.8mn in the same period a year earlier. The older combination therapy Trikafta posted quarterly sales of $2.50bn, however, falling short of analyst estimates of $2.65bn.

Vertex noted that its updated guidance excludes the pending $10bn acquisition of Crinetics Pharmaceuticals (CRNX), with a revised forecast to be provided once the deal closes, which is expected in the third quarter. The transaction broadens Vertex's reach beyond cystic fibrosis into endocrine disorders, adding to a diversification strategy that already spans povetacicept in kidney disease, Casgevy in sickle cell disease, and Journavx in pain management.

Cystic fibrosis is a rare, progressive genetic disorder stemming from the absence of a protein that regulates salt and water transport in and out of cells, causing severe respiratory and digestive complications.