On August 10, Vertex Pharmaceuticals rose 9.21% in regular trading, trading at $544.2/share, with turnover of $159 million. The surge was driven by the company's strong Q2 earnings report and an upward revision to full-year revenue guidance.
Vertex reported Q2 revenue of $3.33 billion, exceeding the consensus estimate of $3.23 billion and representing a 12.5% year-over-year increase. Adjusted EPS came in at $4.73, up 4.6% from the prior year. The company raised its full-year revenue guidance to $13.1 billion-$13.2 billion, up from the prior range of $12.95 billion-$13.1 billion and above the Street estimate of $13.06 billion. Following the results, multiple institutions lifted their price targets: Cantor Fitzgerald raised to $595, Rothschild to $580, and Goldman Sachs had previously adjusted to $652.
Additionally, the approximately $10 billion acquisition of Crinetics Pharmaceuticals is expected to close this quarter, adding an endocrinology business pillar with an estimated $5 billion peak sales opportunity to Vertex's portfolio.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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