Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) stock fell 1.13% (As on November 7, 11:41:59 AM UTC-4, Source: Google Finance) after the company missed Wall Street estimates for third-quarter sales, hurt by weaker-than-expected demand for its older cystic fibrosis (CF) treatments. The drugmaker recorded a 35.4% fall in sales of its older CF treatments to $209.2 million. Sales of the company’s top-selling CF drug Trikafta came in at $2.27 billion in the quarter, compared with estimates of $2.26 billion. Vertex reported third-quarter total sales of $2.48 billion, missing estimates of $2.50 billion. Last month, a panel of advisers to the U.S. health regulator said Vertex and its partner CRISPR Therapeutics could assess potential safety risks of their gene therapy for sickle cell disease, a type of blood disorder, after approval. Analysts expect the therapy, a first-of-its-kind product to reach the U.S. Food and Drug Administration for review, to win the health regulator’s nod by Dec. 8. Vertex anticipates the number of CF patients taking the company’s medicines will continue to grow, including through new approvals and reimbursement for treatment of younger patients.

VRTX in the third quarter of FY 23 has reported the adjusted earnings per share of $4.08, beating the analysts’ estimates for the adjusted earnings per share of $3.97. The company had reported 6 percent rise in the adjusted revenue to $2.48 billion in the third quarter of FY 23, missing the analysts’ estimates for revenue by 0.06%. This is primarily driven by the continued performance of TRIKAFTA in the U.S., including the launch in children with CF 2 to 5 years of age and continued strong uptake of TRIKAFTA/KAFTRIO in ex-U.S. markets with recently achieved reimbursements, as well as label extensions in younger age groups. Net product revenue in the third quarter of 2023 increased 7% to $1.55 billion in the U.S. and increased 6% to $929 million outside the U.S., compared to the third quarter of 2022. Cash, cash equivalents and total marketable securities as of September 30, 2023 were $13.6 billion, compared to $10.9 billion as of December 31, 2022. The increase was primarily driven by strong revenue growth and operating cash flow, partially offset by our payments to Entrada Therapeutics, CRISPR Therapeutics and other collaboration partners, repurchases of our common stock pursuant to our share repurchase program, and income tax payments.

Vertex said it now expects annual sales of about $9.85 billion from its CF treatments, compared with LSEG estimates of $9.86 billion.