(Reuters) – Vertex Pharmaceuticals fell short of Wall Street expectations for third-quarter sales, citing weaker demand for its older cystic fibrosis (CF) treatments.
The drugmaker experienced a significant decline of 35.4% in sales for its older CF treatments, recording a total of $209.2 million.
Cystic fibrosis, a hereditary disorder that causes severe damage to the lungs, digestive system, and other organs, affects approximately 100,000 individuals worldwide.
Vertex now projects annual sales of around $9.85 billion from its CF treatments, slightly below the estimated $9.86 billion by LSEG.
The company’s leading CF drug, Trikafta, generated $2.27 billion in sales for the quarter, surpassing estimates of $2.26 billion.
For the third quarter, Vertex reported total sales of $2.48 billion, missing the projected $2.50 billion.
In a recent development, a group of advisers to the U.S. health regulator stated that Vertex and its partner CRISPR Therapeutics could evaluate potential safety risks of their gene therapy for sickle cell disease, a blood disorder, following approval.
Analysts anticipate that the groundbreaking therapy, the first of its kind to undergo review by the U.S. Food and Drug Administration, will receive approval by December 8.
Vertex expects continued growth in the number of CF patients using their medications, driven by new approvals and reimbursement for the treatment of younger patients.
Adjusted for various factors, the company’s earnings per share for the third quarter amounted to $4.08, surpassing the anticipated profit of $3.97.
(Reporting by Pratik Jain in Bengaluru; Editing by Shilpi Majumdar and Shounak Dasgupta)
