Narrow-Moat Vertex's Sales Soar in 1Q; Symdeko Strengthens Its Moaty Cystic Fibrosis Franchise
Vertex's first-quarter results were slightly ahead of our expectations, with the company's strong portfolio of cystic fibrosis therapies continuing to support a narrow economic moat. Total product revenue of $857 million was up 34% from last year, driven by reimbursement and pricing agreements in Europe. We anticipated that Symdeko, which launched in the U.S. in 2018 and recently in Germany as Symkevi, would be a key driver this year, but the uptake in the first quarter was much better than we h...Vertex Pharmaceuticals is focused on developing and commercializing therapies for the treatment of cystic fibrosis (CF) and developing research and development programs in other indications. The company's marketed products are TRIKAFTA (elexacaftor/tezacaftor/ivacaftor and ivacaftor), SYMDEKO/SYMKEVI (tezacaftor in combination with ivacaftor), ORKAMBI (lumacaftor in combination with ivacaftor) and KALYDECO (ivacaftor), which are approved to treat patients with CF who have specific mutations in their cystic fibrosis transmembrane conductance regulator gene. The company is evaluating CTX001, a genetic therapy as a potential treatment for sickle cell disease and beta-thalassemia.
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