Vertex Reports First Quarter 2012 Financial Results and Provides Update on Launch of KALYDECO™ ($VRTX)

Vertex (Nasdaq: VRTX) creates new possibilities in medicine. Their team discovers, develops and commercializes innovative therapies so people with serious diseases can lead better lives. Vertex scientists and collaborators are working on new medicines to advance the treatment of hepatitis C, cystic fibrosis, epilepsy and other life-threatening diseases. Vertex isn’t a conventional pharmaceutical company. Each and every person at Vertex is driven by a passion for fearless innovation and a bold desire to transform the lives of millions with new medicines. Vertex has ongoing worldwide research programs and sites in the U.S., U.K. and Canada and employs over 1800 people.

Vertex has announced their first quarter financial results for 2012.  The Company released that it earned revenues of approximately $439 million, including net product revenues of approximately $357 million from INCIVEK^® (telaprevir) and approximately $18 million from KALYDECO^TM (ivacaftor).  KALYDECO^TM and INCIVEK^®, The Company reports continued investment which will allow them to continue multiple clinical studies including Phase 2b studies of all-oral, short-duration treatment regimens for hepatitis C and JAK3 inhibitor VX-509 for rheumatoid arthritis, as well of KALYDECO in people with types of cystic fibrosis. 

Jeffrey Leiden, M.D., Ph.D., President and Chief Executive Officer of Vertex commented,  

"Since January, approximately 600 people with cystic fibrosis have started treatment with KALYDECO in the U.S., underscoring the importance of this new medicine to the CF community and further demonstrating our ability to develop and launch transformative new medicines. With INCIVEK, we continue to treat thousands of people with hepatitis C, and we are highly encouraged by the early success seen with this medicine outside the U.S., where our collaborator Janssen has attained a market-leading position in Europe and availability of INCIVO in more than 15 countries around the world."

The full press release can be viewed here.  

Market watchers have also commented about these results.  Brean Murray Carret & Co. stated, 

"Vertex launched Kalydeco in 1Q12 and in a little more than two months captured a

large portion of G551D patients.    This is a strong indication that the closely knit CF

community was anxious for a new treatment option and reinforces the potential for a

blockbuster market opportunity if Vertex can expand beyond the G551D patient

population.   Incivek sales were disappointing coming in below our expectations. We

continue to see declining Incivek sales as a drag on the stock despite the positive early

signals from the company’s CF franchise.  Vertex launched Kalydeco in 1Q12 and in a little more than two months captured alarge portion of G551D patients.    This is a strong indication that the closely knit CFcommunity was anxious for a new treatment option and reinforces the potential for ablockbuster market opportunity if Vertex can expand beyond the G551D patientpopulation.   Incivek sales were disappointing coming in below our expectations. Wecontinue to see declining Incivek sales as a drag on the stock despite the positive earlysignals from the company’s CF franchise."

 

Read the Brean Murray full report here.