Vertex tops Q1 profit estimates on robust demand for cystic fibrosis treatments
May 6 (Reuters) -Vertex Pharmaceuticals VRTX.O beat Wall Street estimates for first-quarter profit on Monday, driven by robust uptake for its cystic fibrosis treatments.
Cystic fibrosis (CF) - an inherited disorder that causes severe damage to the lungs, digestive system and other organs - affects an estimated 105,000 people across 94 countries, according to data from U.S.-based CF Foundation.
Sales from Vertex's top-selling CF drug Trikafta, also sold as Kaftrio in some markets, rose more than 18% from a year earlier to $2.48 billion in the quarter, beating analysts' expectations of $2.38 billion.
Vertex reported adjusted earnings per share of $4.76 on revenue of $2.69 billion, topping market estimates $4.06 on revenue of $2.58 billion, according to LSEG data, for the quarter ended March 31.
The drugmaker reiterated its annual revenue forecast of between $10.55 billion and $10.75 billion.
The Boston, Massachusetts-based company has been making efforts to expand its product pipeline by adding new products for different disease indications while also focusing on development of other CF treatments.
Vertex's gene therapy, branded as Casgevy, earlier this year earned a second U.S. approval to treat a rare blood disorder requiring regular blood transfusions, after it was greenlighted in December for sickle cell disease. The company co-developed Casgevy with Swiss-American firm CRISPR Therapeutics CRSP.BN.
As of mid-April, Vertex said it activated more than 25 authorized treatment centers globally and multiple patients across all regions, where it has approval, have initiated cell collection.
The gene therapy maker also signed multiple agreements with both commercial and government health insurance providers in the U.S. to provide access to Casgevy.
Reporting by Pratik Jain and Sriparna Roy in Bengaluru; Editing by Krishna Chandra Eluri
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