Vertex Pharmaceuticals reported strong third-quarter results for 2024, leading to an increased full-year product revenue guidance of $10.8 to $10.9 billion. This growth is primarily attributed to the continued success of TRIKAFTA/KAFTRIO in treating cystic fibrosis (CF) and anticipation surrounding the launches of vanzacaftor triple for CF and suzetrigine (VX-548) for moderate-to-severe acute pain.
Financial Performance
Product revenue for Q3 2024 reached $2.77 billion, a 12% increase compared to the same period in 2023. U.S. revenue increased by 10% to $1.71 billion, while revenue outside the U.S. grew by 14% to $1.06 billion. However, cash, cash equivalents, and total marketable securities decreased from $13.7 billion at the end of 2023 to $11.2 billion as of September 30, 2024, due to the acquisition of Alpine Immune Sciences and share repurchases.
Pipeline Advancements
Vertex is making significant strides in its pipeline, with three additional programs advancing to Phase 3 development: suzetrigine in diabetic peripheral neuropathy (DPN), povetacicept in IgA nephropathy (IgAN), and VX-880 in type 1 diabetes (T1D). According to Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex, the company is "well positioned for continued long-term growth" due to its broad and deep pipeline.
Regulatory Milestones
The U.S. Food and Drug Administration (FDA) has granted Priority Review to both the once-daily vanzacaftor triple for CF (PDUFA date: January 2, 2025) and suzetrigine for moderate-to-severe acute pain (PDUFA date: January 30, 2025). Regulatory submissions for the vanzacaftor triple are also complete in the European Union (EU), the United Kingdom (U.K.), Canada, Australia, New Zealand, and Switzerland.
CASGEVY Approvals and Launches
CASGEVY, a non-viral, ex vivo CRISPR/Cas9 gene-edited cell therapy, has received regulatory approvals in the U.S., Great Britain, the EU, the Kingdom of Saudi Arabia (KSA), the Kingdom of Bahrain (Bahrain), Canada, and Switzerland for treating sickle cell disease (SCD) and transfusion-dependent beta thalassemia (TDT) in eligible patients 12 years and older. The therapy has demonstrated the ability to reduce or eliminate vaso-occlusive crises (VOCs) in SCD patients and transfusion requirements in TDT patients. Vertex has activated 45 authorized treatment centers (ATCs) globally, with increasing numbers of patients initiating cell collection. The company also announced a reimbursement agreement with NHS England for eligible TDT patients to access CASGEVY and is in commercial discussions to secure access for SCD patients.
Other Key Developments
- A Phase 2 study has been initiated for an oral formulation of VX-993, a next-generation selective NaV1.8 pain signal inhibitor, for moderate-to-severe acute pain following bunionectomy surgery. The FDA has granted Fast Track Designation to VX-993 in both oral and intravenous formulations.
- Vertex presented updated data on povetacicept from the RUBY-3 Phase 1b/2 study at the American Society of Nephrology (ASN) Annual Meeting, demonstrating a mean 66% reduction from baseline in urine protein creatinine ratio (UPCR) in patients with IgAN after 48 weeks of treatment.
- Following successful end of Phase 2 meetings with regulatory agencies, VX-880, a fully differentiated islet cell therapy for T1D, will advance into pivotal development with the conversion of the ongoing Phase 1/2 study to a Phase 1/2/3 study.
