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Investing.com -- Vertex Pharmaceuticals Inc (NASDAQ:VRTX) reported first-quarter results that fell short of analyst expectations, sending shares down 2.8% in after-hours trading on Monday.
The biotechnology company posted adjusted earnings per share of $4.06, missing the consensus estimate of $4.26. Revenue came in at $2.77 billion, up 3% YoY but below the $2.86 billion analysts were expecting.
Despite the earnings miss, Vertex raised the low end of its full-year 2025 revenue guidance to $11.85-$12 billion, compared to its previous range of $11.75-$12 billion. The new guidance still falls slightly below the consensus estimate of $11.982 billion.
"Vertex delivered a strong start to 2025 with notable execution across the business as we grow and diversify the revenue base, progress multiple launches and advance the R&D pipeline," said Reshma Kewalramani, CEO of Vertex.
The company reported continued growth of its cystic fibrosis franchise, with TRIKAFTA/KAFTRIO driving performance. U.S. revenue increased 9% to $1.66 billion on strong patient demand and higher net pricing. However, revenue outside the U.S. declined 5% to $1.11 billion, partly due to intellectual property issues in Russia.
Vertex highlighted progress with new product launches, including CASGEVY for sickle cell disease and beta thalassemia, as well as JOURNAVX for acute pain. The company has activated over 65 authorized treatment centers globally for CASGEVY, with approximately 90 patients having their first cell collection.
Looking ahead, Vertex expects to complete enrollment in key clinical trials this year, including a Phase 3 study of its diabetes therapy zimislecel. The company also plans to initiate a pivotal study for povetacicept in primary membranous nephropathy.