Oppenheimer raised the firm’s price target on Vertex Pharmaceuticals to $550 from $500 and keeps an Outperform rating on the shares. The firm notes the company reported Q2 financial results with $2.65B in cystic fibrosis product revenue, above expectations and up 6% year-over-year, driven by TRIKAFTA’s growth and uptake in younger age groups. The company raised FY revenue guidance to $10.65-$10.85B from $10.55-$10.75B, based on CF growth expectations, implying a~9% midpoint-growth year-over-year, Oppenheimer adds.
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Read More on VRTX:
- Vertex Pharmaceuticals (NASDAQ:VRTX) Slides despite Raising Revenue Guidance
- Vertex Pharmaceuticals price target raised to $600 from $500 at H.C. Wainwright
- Vertex raises FY24 product revenue view $10.65B-$10.85B from $10.55B-$10.75B
- Vertex Pharmaceuticals reports Q2 EPS ($13.92), consensus $4.14
- Notable companies reporting after market close
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