Vertex Pharma (VRTX) Tops Q2 EPS by 54c, Revenues Beat; Raises FY20 Revenue Guidance

Vertex Pharma (NASDAQ: VRTX) reported Q2 EPS of $2.61, $0.54 better than the analyst estimate of $2.07. Revenue for the quarter came in at $1.52 billion versus the consensus estimate of $1.39 billion.

"This has been an exceptional first half for Vertex on all fronts and most importantly, in our efforts to bring our CF medicines to more people around the world. We have seen remarkable uptake of TRIKAFTA in the U.S., with the majority of eligible patients now taking this medicine; and in Europe, we secured a positive CHMP opinion earlier than expected and entered into a landmark expansion of our reimbursement agreement with NHS England that will give patients in England access to this medicine rapidly following European Commission approval," said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. "Additionally, despite the challenges of this unprecedented year, we have continued to make steady progress in our research programs and across our clinical development pipeline that will position us for continued growth into the future.”

GUIDANCE:

Vertex Pharma sees FY2020 revenue of $5.7-5.9 billion, versus the consensus of $5.73 billion.

• Vertex today revised upward its guidance for full-year 2020 CF product revenues and reiterated its guidance for GAAP and non-GAAP combined R&D and SG&A expenses and for its non-GAAP effective tax rate

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

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