Pharma stock to watch: Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX)

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Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) posted decent results for the first quarter of FY 20. The company’s Q1 CF product revenues are up 77% to $1.52 billion compared to last year, on the back of the highly successful launch of TRIKAFTA in the US, and the growth of ORKAMBI and SYMKEVI outside the US. The company posted 133% increase in the non-GAAP operating income to $877 million.

VRTX in the first quarter of FY 20 has reported the adjusted earnings per share of $2.56, beating the analysts’ estimates for the adjusted earnings per share of $1.83, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $1.52 billion in the first quarter of FY 20, beating the analysts’ estimates for revenue by 19.60%.

Due to the strong performance of the CF products in Q1, the company has raised the revenue guidance for the year to be in a range of $5.3 billion to $5.6 billion.

Meanwhile, the company continues to make progress in the ongoing CF trials. The company has completed the submission of the sNDA in the US, as well as the type II variation to the EMA in Europe, for KALYDECO for infants with CF down to four months of age. The company is also progressing with the FSGS program. The company’s clinical team for the APOL1-mediated kidney diseases program has been able in the past few weeks to initiate the Phase II study of VX-147 in APOL1-mediated FSGS, and now have 13 sites open. On the other hand, the company has recently, temporarily paused enrollment or treatment in some ongoing clinical studies, including the Phase II study of VX-814 in our AAT program

Additionally, the company is working to maintain momentum in the late stage pre-clinical programs, so that they can move forward when it is possible to do so into first-in-human studies. This includes the cell therapy program for Type 1 diabetes, where the company intends to start the clinical development in patients in late 2020 or early 2021.

The company is also continuing to progress with the business development strategy and investing in external innovation. Very recently, the company had announced a new collaboration with Affinia Therapeutics, which will support the discovery and development of novel AAV capsids for in-vivo delivery of genetic therapies in a number of disease areas.

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