Vertex Pharmaceuticals raised its outlook for both sales and expenses to include growth from its recent acquisition of Crinetics Pharmaceuticals.
The Boston drug company said it now expects annual revenue to be $13.15 billion to $13.25 billion, up from its prior guidance of $13.1 billion to $13.2 billion.
Shares rose 5% to $579 in after-hours trading Monday.
The higher outlook includes an expected $40 million to $50 million in revenue from the hormone treatment Palsonify following Vertex's acquisition of Crinetics Pharmaceuticals, which closed Sept. 1. Vertex also expects certain expenses to increase, primarily related to the acquisition.
Third-quarter profit fell to $653.6 million, or $2.56 a share, compared with $1.08 billion, or $4.20 a share, a year earlier. The lower profit came as total costs and expenses climbed to $2.73 billion from $1.89 billion.
Stripping out certain one-time items, adjusted per-share earnings were $4.76, below the $4.83 anticipated by analysts, according to FactSet. Vertex said it is spending more to fund pipeline and commercial opportunities.
Revenue rose 12% to $3.44 billion. Analysts surveyed by FactSet forecast revenue of $3.42 billion.
Sales growth in the quarter was driven by a strong performance in Vertex's cystic fibrosis therapies, as well as diversification beyond that portfolio.
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