Vertex Pharmaceuticals (NASDAQ:VRTX) reported first-quarter results that came in below Wall Street expectations, sending shares down more than 5% in pre-market trading. Despite the miss, the company raised the low end of its full-year revenue guidance, pointing to continued strength in its core cystic fibrosis business.

Adjusted earnings for the quarter came in at $4.06 per share, missing the $4.26 consensus estimate. Revenue rose 3% year-over-year to $2.77 billion but fell short of the $2.86 billion forecast.

The company lifted the bottom end of its 2025 revenue outlook to a range of $11.85 billion to $12 billion, up from $11.75 billion previously. While still slightly below analysts’ consensus of $11.98 billion, the revised guidance reflects management’s confidence in sustained product demand and new launches.

Vertex’s cystic fibrosis portfolio, led by TRIKAFTA/KAFTRIO, continued to perform well. U.S. revenue grew 9% to $1.66 billion, driven by higher demand and favorable pricing. International revenue declined 5% to $1.11 billion, impacted by intellectual property constraints in Russia.

CEO Reshma Kewalramani emphasized strong business execution and the company’s ongoing focus on expanding its pipeline and diversifying its revenue base, as Vertex works to extend its leadership beyond cystic fibrosis.