Vertex Pharmaceuticals retained its full-year outlook and beat quarterly views, pushing VRTX stock higher early Tuesday.
For the year, the company still expects $9.55 billion to $9.7 billion in product sales. That doesn't include other sources of revenue, such as licensing deals or royalties. The guidance is in line with analyst projections for nearly $9.7 billion.
On today's stock market, VRTX stock rose 0.3% to close at 346.03.
Vertex is the leading maker of cystic fibrosis treatments. Product sales climbed 13% to $2.37 billion and beat forecasts for $2.34 billion. The company's triple regimen, dubbed Trikafta in the U.S., brought in the lion's share of sales at nearly $2.1 billion. Other CF treatments generated $278.1 million in sales.
VRTX Stock: Drop In Earnings
The company's adjusted earnings declined 13% to $3.05 per share, but were still above projections for $3.01 a share, according to FactSet.
"Vertex delivered a strong start to 2023, with outstanding execution across our business," Chief Executive Reshma Kewalramani said in a written statement.
She noted Vertex and partner Crispr Therapeutics have finished filing their request for approval of a CRISPR-based gene-editing treatment for two blood diseases. Approval of that treatment, dubbed exa-cel, could buoy VRTX stock.
"Over the course of this year, we look forward to continuing to expand our leadership in CF, preparing for near-term launches, including exa-cel and advancing multiple potentially transformative medicines through mid- and late-stage clinical trials," she said.
Shares Recently Broke Out
Vertex shares recently broke out of a cup base with a buy point at 325.29, according to MarketSmith.com. Vertex stock is now trading above its buy zone, which runs from 325.29-341.55.
VRTX stock has a strong IBD Digital Composite Rating of 98. This means shares rank in the leading 2% of all stocks in terms of fundamental and technical measures.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
