Vertex Pharmaceuticals Lifts Revenue Forecast After Crinetics Buyout

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.

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.