Vertex Pharmaceuticals (NASDAQ:VRTX) stumbled in the third quarter, missing Wall Street’s sales predictions, primarily due to lower-than-expected demand for its older cystic fibrosis (CF) treatments.
The company experienced a significant 35.4% decline in sales of its traditional CF treatments, recording a figure of $209.2 million.
Cystic fibrosis, impacting roughly 100,000 individuals worldwide, is an inherited condition that inflicts severe harm on the lungs, digestive system, and various organs.
Vertex indicated a revision in its annual sales projection for its CF treatments, now expecting around $9.85 billion, a tad below LSEG’s estimates of $9.86 billion.
The flagship CF drug, Trikafta, boasted sales of $2.27 billion for the quarter, slightly surpassing estimates pegged at $2.26 billion.
The overall third-quarter sales for Vertex amounted to $2.48 billion, slightly lagging behind the anticipated $2.50 billion.
In recent developments, a U.S. health regulator advisory panel granted Vertex and its partner CRISPR Therapeutics the opportunity to evaluate potential safety risks associated with their gene therapy for sickle cell disease, a form of blood disorder, post-approval.
Forecasts predict that this groundbreaking therapy, the first of its kind to be reviewed by the U.S. Food and Drug Administration, might secure regulatory approval by December 8.
Vertex remains optimistic about an increase in the number of CF patients using the company’s medications, especially with new approvals and better reimbursement for treating younger patients.
On an adjusted basis, the company secured earnings of $4.08 per share in the third quarter, surpassing analyst expectations of $3.97 in profit.