Vertex Pharmaceuticals reported third quarter revenue that exceeded expectations and raised its full-year guidance as a result, which analysts described as a typical quarter for the company. What generated greater interest within Vertex’s Q3 report, however, were its research and development updates, with several late-stage milestones revealed, including highly anticipated progress within the company’s pain pipeline.
Key Takeaways
Vertex reported $2.77bn in Q3 product revenues, beating consensus of $2.69bn, and raised its 2024 revenue guidance to $10.8bn-$10.9bn from $10.65bn-$10.85bn.
The positive earnings report was overshadowed by the company’s R&D pipeline updates, particularly its pain programs, including suzetrigine, pending at the US FDA for acute pain.
Near-term readouts are expected in late 2024 for suzetrigine from a Phase II LSR pain study, in the first half of 2025 from a Phase I/II trial of an inhaled mRNA therapeutic for CF, and in 2025 for a second cell therapy for type 1 diabetes.
Boston-based Vertex reported after the stock market closed on 4 November that its commercial products delivered $2.77bn in Q3 revenue,...
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