Shares of Vertex Pharmaceuticals Inc (NASDAQ:VRTX) declined in early trading on Tuesday after the company reported mixed first-quarter results.

The company's CF franchise shows strength, but investor focus is on the non-CF pipeline for additional growth opportunities, according to Needham.

The Vertex Pharmaceuticals Analyst: Analyst Joseph Stringer reiterated a Hold rating on the stock.

The Vertex Pharmaceuticals Thesis: Although the company's revenues grew 8% year-on-year to $2.99 billion, this represented a 6% sequential contraction and came below consensus of $3.01 billion, Stringer said in the note.

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Vertex Pharmaceuticals generated $1.78 billion in revenues in the U.S. and $1.21 billion internationally, he added.

"Revenue was driven again by the strong demand from the CF franchise and continued uptake of Alyftrek," the analyst wrote.

Despite the revenue miss, the company's non-GAAP earnings came in at $4.47 ...