Vertex Pharma (NASDAQ: VRTX) reported Q1 EPS of $1.14, $0.16 better than the analyst estimate of $0.98. Revenue for the quarter came in at $857 million versus the consensus estimate of $850.93 million.

• First-quarter 2019 product revenues of $857 million, a 34% increase compared to $638 million in 2018-
• First-quarter 2019 GAAP operating income increased 115% to $277 million; non-GAAP operating income increased 81% to $377 million -
• On track to choose best triple combination regimen in Q2 2019; NDA submission planned for Q3 2019

"Our goal is to develop transformative medicines for all people with CF and other serious diseases and to ensure all eligible patients have access to these medicines as quickly as possible," said Jeffrey Leiden, M.D., Ph.D., Chairman, President and Chief Executive Officer of Vertex. "We have made significant progress toward achieving this goal by rapidly advancing our triple combination regimens through late-stage development, and we remain on track to submit a New Drug Application for one of these medicines in the third quarter of 2019. We also continue to advance our earlier-stage programs targeting AAT, pain, FSGS and sickle cell disease. In the first quarter, we again delivered strong revenue and earnings growth, which further enhances our ability to make significant investments in internal and external innovation."

GUIDANCE:

Vertex Pharma sees FY2019 revenue of $3.45-3.55 billion, versus the consensus of $3.56 billion.

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