Categories AlphaGraphs, Earnings, Health Care

Vertex Pharma (VRTX) expands cystic fibrosis pipeline; raises FY21 outlook

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.

Vertex Pharmaceuticals Q3 2021 earnings infographic

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.


Read management/analysts’ comments on quarterly results


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%.

Prior Performance

  • Vertex Pharma Q1 2021 earnings
  • Vertex Pharmaceuticals Q3 2019 Earnings Infographic

Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!

Most Popular

MCD Earnings: McDonald’s comp sales up 12.6% in Q4; profit increases

Fast-food chain McDonald’s Corporation (NYSE: MCD) on Tuesday reported an increase in adjusted earnings for the fourth quarter of 2022 when its revenues remained broadly unchanged. The company said fourth-quarter

GM Earnings: All you need to know about General Motors Q4 2022 earnings results

General Motors Co. (NYSE: GM) reported fourth quarter 2022 earnings results today. Revenue increased 28.4% year-over-year to $43.1 billion. Net income attributable to stockholders increased 14.8% to $2 billion while EPS rose 19.8%

CAT Earnings: Highlights of Caterpillar’s Q4 2022 results

Construction-equipment manufacturer Caterpillar Inc. (NYSE: CAT) reported double-digit growth in fourth-quarter revenues and adjusted earnings. Adjusted net profit increased to $3.86 per share in the December quarter from $2.69 per

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top