Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) has announced a strong start to 2024, reporting a 13% increase in revenue to $2.7 billion for the first quarter. This growth was primarily driven by the continued expansion of its cystic fibrosis (CF) franchise and the initial launch of CASGEVY, a gene-editing therapy for sickle cell disease and beta-thalassemia.
Cystic Fibrosis Program
Vertex continues to dominate the CF market, with significant contributions from TRIKAFTA. The company has completed regulatory submissions in both the U.S. and EU for its next-generation triple combination therapy, vanzacaftor, for patients aged 6 years and older. Phase III data demonstrated that vanzacaftor was non-inferior to TRIKAFTA in lung function and superior in reducing sweat chloride levels, with a significant proportion of patients achieving levels below the diagnostic threshold for CF. According to Dr. Reshma Kewalramani, Vertex's CEO, vanzacaftor could "set a new standard in the treatment of CF."
Vertex is also progressing with VX-522, an mRNA therapy being developed with Moderna for the 5,000+ CF patients who do not produce any CFTR protein and are therefore ineligible for CFTR modulators. Data from this program is expected in late 2024 or early 2025.
Pain Management Pipeline
Vertex is making strides in the pain management space with suzetrigine (VX-548), a selective NaV1.8 inhibitor. The FDA has granted a rolling NDA submission for suzetrigine in moderate-to-severe acute pain, and multiple modules have already been submitted. The company is also planning Phase III trials for painful diabetic peripheral neuropathy (DPN) in the second half of this year. The trials will consist of two randomized sister studies of approximately 1,000 patients each with three arms in each study: suzetrigine 70-milligram arm once daily, a placebo arm and a pregabalin or Lyrica arm. The primary endpoint is the comparison of suzetrigine versus placebo in the weekly average of the daily pain intensity score or NPRS. The first key secondary endpoint will test for non-inferiority of suzetrigine to pregabalin on the same NPRS pain score, and if successful, we will test for superiority. And finally, the second key secondary is quality of life measures versus placebo.
Beyond suzetrigine, Vertex is developing VX-993, another NaV1.8 inhibitor, and advancing preclinical programs targeting NaV1.7 for pain relief.
Type 1 Diabetes Program
The VX-880 study, evaluating a stem cell-derived islet cell therapy for type 1 diabetes (T1D) patients with impaired hypoglycemic awareness, has resumed after data review by the independent data monitoring committee. Parts A, B, and C of the global 17-patient study are fully enrolled, and updated data is expected at the American Diabetes Association Annual Meeting in June. Vertex is also progressing with VX-264, a cell-plus-device program using the same VX-880 cells, and a hyperimmune program to evade the immune system.
Acquisition of Alpine Immune Sciences
Vertex's acquisition of Alpine Immune Sciences is expected to close this quarter, adding povetacicept (pove), a Phase III-ready molecule for IgA nephropathy (IgAN), to its portfolio. Povetacicept targets both APRIL and BAFF pathways and has shown promising clinical data in IgAN. Vertex plans to initiate a Phase III study in IgAN in the second half of this year and anticipates potential approval in 2027, with revenue contribution beginning in 2028.
Commercial Performance and Outlook
In addition to the pipeline advancements, Vertex is actively launching CASGEVY in sickle cell disease and beta-thalassemia. The company has activated over 25 authorized treatment centers (ATCs) globally and has initiated cell collections from patients across the U.S., Europe, and the Middle East. Reimbursement agreements are in place or in progress with payers in multiple regions.
Vertex has maintained its 2024 total product revenue guidance of $10.55 billion to $10.75 billion, representing an 8% growth at the midpoint. The company anticipates continued growth in CF and contributions from the CASGEVY launch in the second half of the year.
