Biotechnology company Vertex Pharmaceuticals (NASDAQ: VRTX) has reported higher earnings and revenues for the third quarter of 2021. The bottom line also exceeded Wall Street’s projection amid a 29% growth in revenues. The management has raised its full-year outlook for product revenue, citing the continued expansion of the company’s cystic fibrosis drug pipeline.
Third-quarter earnings, on an adjusted basis, rose sharply to $3.56 per share from $2.64 per share in the corresponding period of last year. The number also came in above analysts’ forecast. Unadjusted net income was $851.9 million or $3.28 per share, compared to $667.4 million or $2.53 per share in the third quarter of 2020.
The impressive earnings performance reflects a 29% increase in revenues to $1.98 billion. Market watchers were looking for slower growth. The top-line benefitted from the continued expansion of the company’s pipeline in cystic fibrosis and incremental investment to support the launches of medicines globally.
“Our financial performance in the third quarter was outstanding, marked by the exceptional continued growth of TRIKAFTA/KAFTRIO. Based on these results, we are again raising our 2021 product revenue guidance, and we see significant additional growth ahead as we continue to deliver this transformational medicine to more people with CF,” said Reshma Kewalramani, CEO of Vertex.
VRTX’s shares have made strong gains after the recent earnings announcement but lost momentum since then. In the past twelve months, the stock has lost about 42%.
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