Vertex Pharmaceuticals posted second-quarter revenue of $2.96 billion, a 12% increase from a year earlier, and adjusted earnings of $4.52 a share that exceeded the $4.26 consensus. Management kept its full-year sales outlook of $11.85 billion to $12 billion, citing continued demand for cystic-fibrosis therapies and early contributions from recently launched products. The earnings beat was overshadowed by a setback in the company’s pain franchise. Vertex said VX-993, an investigational NaV1.8 inhibitor, failed to outperform placebo in a Phase 2 bunionectomy pain study and will no longer be advanced as a stand-alone therapy for acute pain. Separately, the U.S. Food and Drug Administration indicated that a broad peripheral-neuropathic-pain label for the approved pill Journavx is unlikely without additional evidence, prompting Vertex to start a second Phase 3 trial focused narrowly on diabetic neuropathy. Investors reacted sharply: Vertex shares fell roughly 15% in after-hours trading, wiping out about $17 billion in market capitalization, as the twin blows raised questions about the near-term potential of the company’s non-opioid pain portfolio even as its core cystic-fibrosis business continues to deliver.