Analyst Conference Summary

Biotechnology

conference date: May 5, 2025 @ 1:30 PM Pacific Time
for quarter ending: March 31, 2025 (first quarter, Q1 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $2.91 billion, and up % from $ billion in the year-earlier quarter.

Net income was $ million, up sequentially from $913 million and down % from $ million year-earlier.

Diluted Earnings Per Share (EPS) were $, up sequentially from $3.50 and up % from $ year-earlier.

Guidance:

Conference Highlights:

Reshma Kewalramani, CEO, said "" Expects five new product launches over five years.

Journavx (Suzetrigine or VX-548) for acute pain NDA was approved by the FDA on January 30, 2025. In Q3 2024 started a Phase 3 trial in diabetic peripheral neuropathy. Believes addresses a multi-billion dollar market.

In Cystic Fibrosis, Alyftrek (Vanzacaftor/tezacaftor/deutivacaftor) was approved in December 2024. Is enrolling a Phase 3 study for children 2 to 5 years old. Hopes will become the new standard of care in CF. It will have a substantially lower royalty burden than prior CF therapies. Vertex has also completed regulatory submissions for the vanzacaftor triple in the EU, United Kingdom, Canada, Australia, New Zealand and Switzerland.

Vertex continues to work to introduce gene therapy Casgevy for sickle cell disease and transfusion-dependent beta thalassemia.

Work continues on VX-880 and VX-264 for Type 1 diabetes.

Povetacicept for IgAN nephropathy Phase 3 study initiated in Q4 2024. Also in earlier stage studies for pMN, LN, and AAV.

VX-522, a CFTR mRNA therapy multiple ascending dose portion of Phase 1/2 is underway. Expects top line data in H1 2025. Partnered with Moderna. For about 5,000 CF patients who cannot benefit from CFTR modulators.

VX 993, the next generation Nav1.8 pain inhibitor, is in Phase 1 with an IV formulation, which initiated a Phase 2 oral study in Q3 2024.

Inaxaplin is in Phas 2 and 3 studies for APOL1 mediated kidney disease.

VX-407 ofr ADPKD (kidney with mutant PKD1 genes) is in a Phase 1 trial.

Non-GAAP results: Net income $ billion, down % sequentially from $1.04 billion, and down % from $ billion year-earlier. EPS $, down % sequentially from $3.98, and down % from from $ year-earlier.

No breakdown of revenue for Syhmdeko, Orkambi, or Kalydeco. Lumped them into Other.

See also the Vertex Pharmaceuticals Pipeline page.

Cash and equivalents balance ended at $ billion, flat sequentially from $11.2. No debt.

Cost of sales was $ million. Research and development expense was $ million. Sales, general and administrative expenses were $ million. Acquired in-process R&D $ million; Change in contingent consideration $ million. Total costs and expenses were $ billion, leaving operating income of $ billion. Interest income net $ million. Other expense $ million. Income taxes $ million.

Q&A selective summary:

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