Vertex 2nd-qtr results beat expectations

Shares of Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) rose 1% late yesterday, after it reported consolidated financial results for the second quarter ended June 30, 2020, which exceeded expectations, and revised upward its full-year 2020 financial guidance for total cystic fibrosis (CF) product revenues.

Total product revenues increased 62% to $1.52 billion, compared to the second quarter of 2019, primarily driven by the uptake of Trikafta in the USA and the uptake of Vertex’ medicines outside the USA following the completion of key reimbursement agreements in 2019, and beating analysts’ forecasts of $1.39 billion.

Vertex earnings per share, on an adjusted basis, more than doubled from the year-earlier quarter to $2.61 per share. Analysts polled by FactSet had projected $2.06.