The upward revision accounts for an anticipated $40 million to $50 million in revenue from Palsonify, a hormone treatment gained when the Crinetics deal closed on Sept. 1. While the firm raised its top-line outlook, it simultaneously signaled a rise in operational expenses tied to the integration of these new assets and continued investment in its drug pipeline.
In section Market Quotes
Vertex Pharmaceuticals Lifts Revenue Forecast After Crinetics Buyout
A 5% jump in after-hours trading followed Vertex Pharmaceuticals' decision to hike its annual revenue guidance to a range of $13.15 billion to $13.25 billion. The Boston-based company is betting on its $1-billion-plus acquisition of Crinetics Pharmaceuticals to fuel growth despite a recent dip in quarterly profits.
Third-quarter financials revealed a profit decline to $653.6 million, or $2.56 per share, down from $1.08 billion during the same period last year. Total costs ballooned to $2.73 billion as the company ramped up spending on commercial opportunities. Adjusted earnings of $4.76 per share missed the $4.83 consensus estimate from FactSet analysts, even as total revenue climbed 12% to $3.44 billion, bolstered by the company's established cystic fibrosis franchise.
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