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Thursday, Vertex Pharmaceuticals Incorporated (NASDAQ:VTRX) reported second-quarter revenues of $2.65 billion, almost in line with the consensus of estimate of $2.66 billion.
Vertex Pharmaceuticals reported an adjusted EPS loss of $(12.83), compared to $3.89 a year ago, missing the consensus of $4.14.
Product revenue increased by 6%, primarily driven by the continued strong performance of Trikafta/Kaftrio, including in younger age groups.
In its earnings release, the company said that, based on Phase 1 biomarker analyses, it has determined that VX-634 and VX-668, two investigational small-molecule AAT correctors, would not deliver transformative efficacy for people with AATD. As such, Vertex has discontinued the development of both molecules.
Guidance: Vertex raised its 2024 product revenue guidance from $10.55 billion-$10.75 billion to $10.65 billion-$10.85 billion.
Vertex’s product revenue guidance includes expectations for continued growth in cystic fibrosis and the launch of Casgevy (for sickle cell disease and transfusion-dependent beta-thalassemia) in approved indications and geographies.
William Blair views the company’s guidance raise positively, indicating continued growth in its core cystic fibrosis franchise.
The analyst also notes that the recent NDA acceptances for the Vanza triple and suzetrigine with priority review could lead to two commercial launches in early 2025.
In July, the FDA accepted Vertex Pharmaceuticals’ New Drug Application (NDA) submission for suzetrigine, an investigational, oral, selective NaV1.8 pain signal inhibitor for moderate-to-severe acute pain.
Suzetrigine has the potential to be the first new class of medicine to treat acute pain in over twenty years.
In the acute pain market, the analyst sees significant potential due to reduced abuse liability and improved tolerability compared to opioids, projecting sales of over $3.7 billion by 2030.
Additionally, the analyst is optimistic about Casgevy’s prospects, noting strong patient uptake across various regions and indications, and notes the market potential in Saudi Arabia and Bahrain is underappreciated.
William Blair reiterates the Outperform rating on Vertex.
Price Action: VRTX stock is down 2.39% at $493.65 at last check Friday.
Photo via Shutterstock
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