Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) stock fell over 1.2% on July 26th, 2018 (as of 10:44 AM GMT-4; Source: google finance) though the company reported better than expected results for the second quarter.
VRTX in the second quarter of FY 18 has reported the adjusted earnings per share of 94 cents, beating the analysts’ estimates for the adjusted earnings per share of 75 cents. The company had reported the adjusted revenue growth of 45.9 percent to $750 million in the second quarter of FY 18, beating the analysts’ estimates for revenue of $673.3 million.
Moreover, VRTX to the launch of SYMDEKO in the U.S. The demand for this medicine has been strong across a wide range of eligible patients, including those who previously discontinued or never started ORKAMBI. Patient access to SYMDEKO is excellent and similar to prior launches in the U.S. for KALYDECO and ORKAMBI. And feedback from patients and physicians has been highly positive. Treating more patients is driving significant revenue growth. And on the basis of the rapid uptake of SYMDEKO in the first half of 2018, the company has raised the total revenue guidance for 2018. Second, the company is moving toward achieving the goal to treat CF patients at younger and younger ages, so the company may help deliver transformative benefits early in life and slow or prevent the progression of disease. This progress is exemplified by the pending approvals for KALYDECO in children as young as one year of age and for ORKAMBI in children ages 2 to 5 years where the company expect decisions from the FDA this summer. The company is also evaluating SYMDEKO in children ages 6 to 11 and expect data from this study later this year. Third, the company’s two triple-combination regimens that contain a next-generation corrector are proceeding rapidly through Phase 3 development. VRTX expect to complete enrollment of the Phase 3 studies for both VX-659 and VX-445 triple-combination regimens in the second half of this year.
Additionally, VRTX is advancing CTX001 as the first gene-editing treatment for both sickle cell disease and beta thalassemia using the CRISPR/Cas9 technology. In beta thalassemia, the company has obtained approval in the UK for a clinical trial application, or CTA, for CTX001 earlier this year and recently obtained a CTA approval in Canada. VRTX remain on track to initiate the first study of CTX001 in beta thalassemia later this year. In sickle cell disease, the company also recently obtained CTA approvals in Canada and the UK. And VRTX continue to work with the U.S. FDA to address the agency’s questions regarding the IND for CTX001 that was submitted earlier this year.