Vertex Pharma (VRTX) Tops Q1 EPS by 72c, Revenues Beat; Raises FY20 Revenues Guidance

Vertex Pharma (NASDAQ: VRTX) reported Q1 EPS of $2.56, $0.72 better than the analyst estimate of $1.84. Revenue for the quarter came in at $1.52 billion versus the consensus estimate of $1.29 billion.

"The COVID-19 pandemic has presented unprecedented challenges to societies, communities and businesses around the world, and while these global challenges will continue for some time to come, I am very proud of how Vertex has responded to ensure that we continue to deliver on our mission for patients, keep our employees safe and achieve our business goals," said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. "Importantly, our business continues to grow, and throughout the first quarter, thousands of patients initiated treatment with our medicines worldwide. The U.S. launch of TRIKAFTA has been remarkable, with the majority of eligible patients having now initiated treatment with this medicine. This strong interest reflects TRIKAFTA's substantial benefits for patients and has resulted in significant increases in revenue to support continued investment in both our internal pipeline and business development efforts to support future growth. Looking ahead, we continue to be differentiated by our focus on serial innovation, investment in transformative medicines aimed at the underlying cause of disease, the breadth of our pipeline and capabilities and our financial strength."

GUIDANCE:

Vertex Pharma sees FY2020 revenue of $5.3-5.6 billion, versus the consensus of $5.33 billion.

For earnings history and earnings-related data on Vertex Pharma (VRTX) click here.

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