Despite beating quarterly expectations, Vertex Pharmaceuticals (VRTX) saw a decline in its stock price during late trades as the company maintained its full-year outlook. Vertex still expects product sales of $9.55 billion to $9.7 billion for the year, which is in line with analyst projections. The company’s adjusted earnings for the quarter fell 13% to $3.05 per share but still surpassed projections for $3.01 per share.
Vertex, a leading manufacturer of cystic fibrosis treatments, reported a 13% increase in product sales, which reached $2.37 billion, beating the forecasted $2.34 billion. Trikafta, the company’s triple regimen, contributed almost $2.1 billion to the total sales, while other CF treatments generated $278.1 million.
CEO Reshma Kewalramani expressed her confidence in Vertex’s future success, stating that the company is “expanding our leadership in CF, preparing for near-term launches, including exa-cel, and advancing multiple potentially transformative medicines through mid- and late-stage clinical trials.” Vertex recently broke out of a cup base with a buy point at 325.29 and currently trades above its buy zone of 325.29-341.55, with a strong IBD Digital Composite Rating of 97.
