Healthcare firm Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) on Monday reported a decline in adjusted earnings for the first quarter, despite an increase in revenues.
Total revenues increased to $2.37 billion in the first quarter from $2.10 billion in the corresponding period of 2022. For the full fiscal year, the management expects product revenues to be between $9.55 billion and $9.70 billion.
Meanwhile, adjusted earnings dropped to $3.05 per share in the March quarter from $3.52 per share in the prior-year period. Unadjusted profit was $699.8 million or $2.69 per share, compared to $762.1 million or $2.96 per share last year.