Shares in Vertex rose following the lifted guidance for 2024. Image credit: Shutterstock / JHVEPhoto.
Vertex Pharmaceuticals
has seen a 12% revenue uptick in Q3 compared to the same period in 2023 as it prepares launches for two new separate therapies in cystic fibrosis and pain.
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Reporting on its Q3 financials this year, Vertex said its full-year product revenue rose from $10.65bn-$10.85bn to $10.8bn-$10.9bn.
The 12% revenue increase has notched sales up to $2.77bn, as per a 4 November press release.
Shares in the US company closed 0.35% higher on 4 November compared to the previous close pre-announcement. Shares rose again by 2.11% at market open on 5 November compared to the previous market close. Vertex has a market cap of $122bn.
Vertex’s lead cystic fibrosis treatment Trikafta (elexacaftor / tezacaftor / ivacaftor) was once again the primary driver behind the drugmaker’s positive financial performance. The triple-combination therapy generated nearly $2.6bn in Q3 sales, compared to $2.27bn made in the same period last year.
The pharma company could soon be bolstering its cystic fibrosis portfolio in the form of a once-daily vanzacaftor triple therapy (vanzacaftor / tezacaftor / deutivacaftor). The treatment has a Prescription Drug User Fee Act (PDUFA) target action date of January 2025 in the US, with the US Food and Drug Administration (FDA) also granting it priority review. Vertex added it has also completed regulatory submissions for the vanzacaftor triple therapy in the EU, UK, and Canada, among others.
In development is an mRNA therapy for cystic fibrosis, with Vertex stating it has completed a single ascending dose (SAD) portion of a Phase I/II study evaluating the candidate named VX-522.
Vertex also has another PDUFA in January 2025 as the vanzacaftor triple therapy, with the
FDA set to review suzetrigine
for the treatment of moderate-to-severe pain. Suzetrigine is estimated to reach blockbuster status by 2029 and achieve $1.4bn in sales by 2030, according to an analysis by GlobalData’s Pharma Intelligence Centre.
GlobalData is the parent company of
Pharmaceutical Technology
.
Vertex also issued an update for its cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT) cell therapy Casgevy (exagamglogene autotemcel). The company has now activated 45 treatment centres around the world for the therapy, which had its revenue from the first infused patient included in the Q3 financials. In August, the UK’s NHS
rolled out the treatment
following a positive recommendation by the National Institute for Health and Care Excellence (NICE), which Vertex said impacted the guidance change.
Also notching up the guidance was Vertex’s acquisition of
Alpine Immune Sciences
earlier this year, a
deal that saw the drugmaker spend $4.9bn
to bolster its immunotherapy pipeline.
Vertex CEO Reshma Kewalramani said: “The third quarter marked another period of strong progress […] and we are again increasing our full-year product revenue guidance. Launch preparedness is well underway as we look forward to the potential approvals of the vanzacaftor triple for cystic fibrosis and suzetrigine.”
Free Report
How is the Biopharmaceutical industry evolving?
2021 was a year of continued innovation and change in the Biopharmaceutical industry. As the COVID-19 pandemic continues to take its toll on businesses worldwide, it’s time to look for new ways to create value, prepare for the future, and remain competitive in the ever-changing landscape.
GlobalData’s expansive report examines the business environment and trends that shape the Biopharmaceutical industry. We highlight the most impactful emerging technologies, as well as the industry, regulatory, and macroeconomic factors that influence growth prospects.
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