By Paul Ziobro

Vertex Pharmaceuticals reported a slight increase in first-quarter sales, while profit fell due to higher operating expenses and an impairment charge tied to the discontinuation of a diabetes treatment program.

The biotecnology company on Monday reported a profit of $646.3 million, or $2.49 a share, compared with a profit of $1.10 billion, or $4.21 a share, in the same quarter a year earlier.

Adjusted earnings were $4.06 a share. Analysts polled by FactSet expected $4.25 a share.

Revenue rose 3%, to $2.77 billion, short of the $2.86 billion expected by analysts. The top-line gains were primarily driven by its cystic-fibrosis drug, which is known as Trikafta in the U.S., and an early contribution form the U.S. launch of Alyftrek, which also treats cystic fibrosis.

Revenue rose 9% in the U.S. and 5% in international markets.

Vertex said its profit fell due to higher operating expenses and a $379 million intangible asset impairment charge associated with treatment for Type 1 diabetes patients, which the company said in March wouldn't advance past clinical trials.

Vertex raised the low-end of its revenue guidance range for the year, and now expects between $11.85 billion and $12 billion.

It maintained other parts of its guidance, which also includes an immaterial cost effect from tariffs.

Write to Paul Ziobro at paul.ziobro@wsj.com

(END) Dow Jones Newswires

May 05, 2025 16:45 ET (20:45 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.