Vertex Pharmaceuticals hiked its full-year sales outlook late Thursday, but Vertex stock slumped on the company's second-quarter miss.
During the second quarter, Vertex lost $12.83 per share and reported $2.65 billion in sales. The loss reversed from a year-earlier gain of $3.89, and missed forecasts for an $11.63 per-share loss. Vertex noted in its news release that it incurred a $4.4 billion expense tied to its acquisition of Alpine Immune Sciences.
Sales grew 12% to $2.65 billion, and were roughly in line with analysts' $2.66 billion call.
The company cited growth in Trikafta for its second-quarter growth. Trikafta can treat nine in 10 patients with cystic fibrosis. The drug generated $2.45 billion in sales, surging 9% year over year.
Notably, Vertex has yet to log sales from its CRISPR-based gene therapy Casgevy, developed in partnership with Crispr Therapeutics for patients with beta thalassemia and sickle cell disease. But the company cited Casgevy as one of the reasons for hiking its full-year sales outlook.
In late trades on today's stock market, Vertex stock fell 1.5% to 498. Shares are trading above their key moving averages and have a strong Composite Rating of 98. This means the biotech stock ranks in the leading 2% of all stocks in terms of fundamental and technical measures, according to IBD Digital.
Vertex Stock: Casgevy Launch Underway
For the year, Vertex now expects $10.65 billion to $10.85 billion in sales, up from its prior outlook for $10.55 billion to $10.75 billion. That's roughly in line with forecasts for $10.76 billion.
"Vertex's product revenue guidance includes expectations for continued growth in (cystic fibrosis) as well as for the launch of Casgevy in approved indications and geographies," the company said in its news release.
Vertex stock analysts, though, expected the company to register the first sales of Casgevy in the June quarter. But the treatment process is lengthy and involves removing and then editing a patient's cells, before reinfusing them. Vertex has said it won't have any sales until the cells have been infused.
The company says as of mid-July it has activated more than 35 treatment centers for Casgevy, and has added to the number of patients who have begun treatment. Vertex has also completed regulatory submissions for Casgevy in Switzerland and Canada, where it could soon gain approval.
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