Vertex Q3 net income rises 14% as it raises full-year revenue guidance
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Vertex Pharmaceuticals (NASDAQ:VRTX) saw its net income in Q3 2022 increase 14% to ~$1B compared to the prior-year period, helping the biotech to beat on both the top and bottom lines.
Revenue increased ~18% year over year to ~$2.3B.
Vertex (VRTX) boosted its revenue guidance for 2022 to $8.8B-$8.9B (consensus $8.78B).
Sales of the company's best selling drug, Trikafta/Kaftrio, increased 29%.
Vertex ended the quarter with cash and cash equivalents of $9.8B, a $2.2B increase from Dec. 31, 2021.
Read why Seeking Alpha contributor William Meyers considers Vertex (VRTX) a buy.