Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) stock rose 2.90% (As on August 2, 11:55:30 AM UTC-4, Source: Google Finance) after the company raised its full-year sales forecast, banking on strong demand for its cystic fibrosis (CF) treatment. The company’s one-dose gene-editing therapy for sickle cell disease, which it is manufacturing with CRISPR Therapeutics AG, is currently under review by the U.S. Health and Drug Administration. The regulator is set to make its decision known by Dec. 8 this year. The two companies are hoping to get approval for the world’s first therapy based on the Nobel Prize-winning CRISPR technology, for two types of blood disorder – sickle cell disease and transfusion-dependent beta thalassemia. Vertex is also developing another drug, VX-548, as a treatment for acute pain and neuropathic pain, which could bring in potential sales of more than $5 billion.

VRTX in the second quarter of FY 23 has reported the adjusted earnings per share of $3.89, beating the analysts’ estimates for the adjusted earnings per share of $3.88. The company had reported the adjusted revenue growth of 14 percent to $2.49 billion in the second quarter of FY 23, beating the analysts’ estimates for revenue of $2.42 billion, according to Refinitiv data. The beat was driven by strong uptake of its top-selling drug Trikafta, which recorded sales of $2.24 billion in the quarter, beating analysts’ estimate of $2.16 billion. Net product revenue in the second quarter of 2023 increased 7% to $1.51 billion in the U.S. and increased 26% to $985 million outside the U.S., compared to the second quarter of 2022.  Non-GAAP net income increased by 9%, compared to the second quarter of 2022, primarily driven by strong revenue growth and increased interest income partially offset by increased investment in our mid- and late-stage clinical pipeline, increased acquired IPR&D expenses, and the costs to support launches of Vertex’s therapies globally. Cash, cash equivalents and total marketable securities as of June 30, 2023 were $12.6 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 the 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.

The company now sees full-year sales from its CF treatments to be between $9.7 billion and $9.8 billion, from a prior forecast of $9.55 billion to $9.7 billion. This compares with $9.75 billion as estimated by analysts.