Klaus Vedfelt
Vertex Pharmaceuticals (NASDAQ:VRTX) has increased its full-year revenue guidance due to continued expected growth in its cystic fibrosis treatment as well as the upcoming launch of gene therapy Casgevy.
The drugmaker now sees 2024 revenue of $10.65B-$10.85B, up from $10.55B-$10.75B.
In Q2, Vertex saw its CF drug revenue increase ~6% year over year to ~$2.6B.
Casgevy (exagamglogene autotemcel) is U.S. FDA approved for sickle cell disease and transfusion-dependent beta thalassemia. Vertex is partnered with CRISPR Therapeutics (CRSP) on the product.
Although the drug won its first indication in sickle cell disease in December 2023, Vertex (VRTX) has yet to book any sales of the treatment. BMO Capital Markets’ Evan Seigerman commented that the need to collect patient cells in the making of the therapy has contributed to a longer lead time delaying the launch.
Vertex noted that as of mid-July, it had activated more than 35 treatment centers worldwide and cell collection from patients is increasing.
“Our focus for the second half of the year remains on commercial execution in CF and the global launch of Casgevy, readying for the upcoming potential launches of the vanzacaftor triple in CF and suzetrigine in acute pain,” CEO Reshma Kewalramani said in a press release.
Suzetrigine was just assigned a Jan. 25, 2025 FDA action date, while vanzacaftor triple’s is Jan. 2.
In Q2, Vertex missed on both the top and bottom lines.
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