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Vertex Lifts Revenue Outlook on Growth of Cystic Fibrosis Drugs

Vertex Pharmaceuticals Inc. signage is displayed at the entrance to the company's building in Boston, Massachusetts, U.S., on Wednesday, Oct. 19, 2016. Vertex Pharmaceuticals will receive an upfront payment of $75 million and additional payments of up to $6 million a year for the development of new cystic fibrosis medicines under an amended research agreement with the Cystic Fibrosis Foundation. Photographer: Scott Eisen/Bloomberg (Scott Eisen/Bloomberg)

(Bloomberg) -- Vertex Pharmaceuticals Inc. raised its sales expectations for the year, citing continued growth of its cystic fibrosis drugs and the launch of its new treatment for sickle cell disease.

Vertex now expects 2024 revenue of between $10.65 billion to $10.85 billion, $100 million higher at the midpoint than its prior projection, the Boston-based drugmaker said in a statement Thursday.

The increased sales outlook underscores the steady growth of Vertex’s mainstay cystic fibrosis drugs, even as the company tries to diversify into other areas. 

Second-quarter drug sales rose to $2.65 billion, roughly in line with analysts’ estimates. The 6% year-over-year growth was largely driven by increased sales of its cystic fibrosis treatment, known in the US as Trikafta.

Vertex said “increasing numbers of patients” have started the process to receive Casgevy, its treatment for sickle cell disease that uses gene-editing technology. US regulators are expected to decide on whether to approve Vertex’s nonaddictive drug to treat acute pain by January.

In April, Vertex agreed to buy Alpine Immune Sciences Inc. for a total equity value of about $4.9 billion, its biggest acquisition ever.

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