Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) stock rose 2.35% (As on May 7, 11:24:38 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 24. Cystic fibrosis (CF), an inherited disorder that causes severe damage to the lungs, digestive system and other organs, affects an estimated 105,000 people across 94 countries, according to data from U.S.-based CF Foundation. The company’s gene therapy, branded as Casgevy, earlier this year earned a second U.S. approval to treat a rare blood disorder requiring regular blood transfusions, after it was greenlighted in December for sickle cell disease. As of mid-April, Vertex said it activated more than 25 authorized treatment centers globally and multiple patients across all regions, where it has approval, have initiated cell collection. Five patients have already had cells collected. The company co-developed Casgevy with Swiss-American firm CRISPR Therapeutics opens new tab. The gene therapy maker also signed multiple agreements with both commercial and government health insurance providers in the U.S. to provide access to Casgevy. Meanwhile, GAAP and Non-GAAP net income increased by 57% and 56%, respectively, compared to the first quarter of 2023, primarily due to higher product revenues and lower Acquired IPR&D expenses. Cash, cash equivalents and total marketable securities as of March 31, 2024 were $14.6 billion, compared to $13.7 billion as of December 31, 2023.

VRTX in the first quarter of FY 24 has reported the adjusted earnings per share of $4.76, beating the analysts’ estimates for the adjusted earnings per share of $4.06, according to LSEG data. The company had reported the adjusted revenue growth of 13 percent to $2.69 billion in the first quarter of FY 24, beating the analysts’ estimates for revenue of $2.58 billion. This is primarily driven in ex-U.S. markets by the continued strong uptake of TRIKAFTA^®/KAFTRIO^®, including label extensions in younger age groups, and in the U.S. by the continued performance of TRIKAFTA, including the uptake in children with CF 2 to 5 years of age. Net product revenue in the first quarter of 2024 increased 8% to $1.52 billion in the U.S. and increased 21% to $1.17 billion outside the U.S., compared to the first quarter of 2023

The drugmaker reiterated its annual revenue forecast of between $10.55 billion and $10.75 billion. The total product revenue guidance includes expectations around contribution in the second half of the year from the commercial launch of Casgevy in approved indications and geographies.