Vertex Pharmaceuticals (VRTX) has raised its full-year guidance after posting better-than-expected third-quarter financial results.
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The biotechnology company announced earnings per share (EPS) of $4.38, which topped consensus expectations on Wall Street for $4.08. Revenue in the quarter came in at $2.77 billion, beating the $2.68 billion expected among analysts. The company’s sales were up 12% from a year earlier.
Along with the strong Q3 results, Vertex Pharmaceuticals raised its outlook for the entire year, saying it now expects revenue of $10.80 billion to $10.90 billion. Previously, the company had guided for revenue of $10.65 billion to $10.85 billion.
New Products
Vertex attributed the strong results and raised guidance to continued growth of its cystic fibrosis treatments. It also expects success with the upcoming launch of its Casgevy medication, which is a treatment for sickle-cell disease.
Vertex Pharmaceuticals focuses on developing treatments for viral infections, inflammatory and autoimmune disorders, and various cancers. Founded in 1989, the Boston-based company today has more than 5,000 employees and annual revenues approaching $10 billion.
VRTX stock has gained 15% so far in 2024.
Is VRTX Stock a Buy?
Vertex Pharmaceuticals stock has a consensus Moderate Buy rating among 26 Wall Street analysts. That rating is based on 16 Buy, nine Hold, and one Sell recommendations made in the last three months. The average VRTX price target of $515.11 implies 8.95% upside from current levels.
