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Shares of Vertex Pharmaceuticals (NASDAQ:VRTX) slipped nearly 2% in after-hours trading Monday after the company’s Q3 revenue report and guidance came in a bit short of Wall Street estimates.
Vertex reported that Q3 net product revenue climbed 6% year-over-year to $2.48B. Analysts, on average, had been expecting Q3 revenue of $2.5B.
Q3 revenue from the company’s top-selling drug, Trikafta for cystic fibrosis, or CF, increased to $2.27B from $2B the prior year. Revenue from its legacy CF drugs, meanwhile, dropped to $209M from $324M in the 2022 quarter.
Although Vertex raised its 2023 product revenue guidance, it’s still short of many Street estimates. Vertex said it now sees reporting CF product revenue of $9.85B, up from its earlier range of $9.7B to $9.8B. Analysts had been expecting 2023 revenue of $9.87B, on average, according to SA data.
Vertex shares advanced ahead of the report, climbing nearly 5% over the past five days and 7% over the past 30. The stock is up 32% year-to-date, compared with the S&P 500, which has risen 14%.
The biotech company has been diligently working to expand beyond its CF franchise. The FDA is expected to decide whether to approve its gene therapy for sickle cell disease, which was co-developed with CRISPR (CRSP), by Dec. 8.