Earnings call transcript: Vertex’s Q1 2025 earnings miss forecasts, stock dips

Vertex Pharmaceuticals Inc. (VRTX), a prominent player in the biotechnology industry with a market capitalization of $128.7 billion, reported its first quarter 2025 earnings, revealing a miss on both earnings per share (EPS) and revenue forecasts. The company’s EPS came in at $4.06, below the expected $4.26, while revenue reached $2.77 billion against a forecast of $2.86 billion. Following the announcement, Vertex’s stock fell by 3% in aftermarket trading, closing at $485.20. According to InvestingPro analysis, the stock appears to be trading near its Fair Value, with 7 analysts recently revising their earnings expectations downward.

Key Takeaways

• Vertex missed both EPS and revenue forecasts for Q1 2025.
• The stock price dropped by 3% in aftermarket trading.
• U.S. revenue showed strong growth at 9%, while ex-U.S. revenue declined by 5%.
• Vertex raised its 2025 revenue guidance to $11.85-$12 billion.
• New product launches, including Gernavix, highlight ongoing innovation.

Company Performance

Vertex Pharmaceuticals experienced a mixed performance in Q1 2025. While the company achieved a 3% year-over-year revenue growth, it fell short of analysts’ expectations. The U.S. market demonstrated robust growth, but this was offset by a 5% decline in international revenue. Despite the shortfall, Vertex continues to lead in cystic fibrosis treatments and is expanding its portfolio with new product launches. InvestingPro data reveals the company maintains a strong financial position with a current ratio of 2.69, indicating ample liquidity to meet short-term obligations. Get access to over 30 additional key metrics and insights with InvestingPro’s comprehensive research report.

Financial Highlights

• Revenue: $2.77 billion, up 3% year-over-year
• Earnings per share: $4.06
• Non-GAAP operating income: $1.18 billion
• Cash and investments: $11.4 billion

Earnings vs. Forecast

Vertex’s Q1 2025 EPS of $4.06 was below the forecast of $4.26, marking a miss of approximately 4.7%. Revenue also fell short by $90 million, or 3.1%, against the anticipated $2.86 billion. This performance contrasts with previous quarters where Vertex often met or exceeded expectations.

Market Reaction

Following the earnings announcement, Vertex’s stock declined by 3% in aftermarket trading, reflecting investor disappointment. Despite this setback, InvestingPro data shows the stock has delivered impressive returns, with a 24.45% gain year-to-date. The stock generally trades with low price volatility, maintaining a beta of 0.51, which indicates more stable price movements compared to the broader market. With an overall Financial Health Score of "GOOD" from InvestingPro, the company demonstrates solid fundamentals despite near-term challenges.

Outlook & Guidance

Despite the earnings miss, Vertex raised its 2025 revenue guidance to between $11.85 billion and $12 billion, indicating an 8% growth at the midpoint. The company anticipates significant contributions from new products, particularly in the second half of the year, with Gernavix expected to drive revenue.

Executive Commentary

CEO Reshma Kewalramani stated, "We continue to reach more patients with more products," emphasizing Vertex’s commitment to expanding its market presence. COO Stuart Arbuckle highlighted the impact of new treatments, saying, "Kashyvi patients now feel able to live their lives in ways they never have before."

Risks and Challenges

• International revenue decline: A 5% drop in ex-U.S. revenue raises concerns about global market performance.
• Competitive pressure: As Vertex expands into new therapeutic areas, it faces increased competition.
• Regulatory hurdles: New product approvals are critical to maintaining growth momentum.
• Market saturation: The cystic fibrosis market may face limitations as Vertex approaches coverage for 95% of patients.
• Economic uncertainty: Macro factors could impact consumer spending and healthcare budgets.

Q&A

During the earnings call, analysts inquired about the launch progress of Aliftrex and Casgevy, with executives noting positive uptake and expanding treatment centers. Questions also focused on the adoption of Gernavix, with Vertex reporting broad physician acceptance and a growing prescription base.

Full transcript - Vertex Pharmaceuticals Inc (VRTX) Q1 2025:

Conference Operator: Good day, and welcome to the Vertex Pharmaceuticals First Quarter twenty twenty five Earnings Call. All participants will be in a listen only mode. After today’s presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Ms.

Susie Lisa. Please go ahead, ma’am.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals: Good evening, all. My name is Susie Lisa, and as the Senior Vice President of Investor Relations, it is my pleasure to welcome you to our first quarter twenty twenty five financial results conference call. On tonight’s call, making prepared remarks, we have Doctor. Reshma Kewalramani, Vertex’s CEO and President Stuart Arbuckle, Chief Operating Officer Charlie Wagner, Chief Financial Officer and Duncan McKechnie, SVP, North America Commercial Operations and come July 1, Chief Commercial Officer. We recommend that you access the webcast slides as you listen to this call.

The call is being recorded and a replay will be available on our website. We will make forward looking statements on this call that are subject to the risks and uncertainties discussed in detail in today’s press release and in our filings with the Securities and Exchange Commission. These statements, without limitation, those regarding Vertex’s marketed medicines for cystic fibrosis, sickle cell disease, beta thalassemia, and moderate to severe acute pain are pipelined and Vertex’s future financial performance are based on management’s current assumptions. Actual outcomes and events could differ materially. I would also note that select financial results and guidance that we will review on the call this evening are presented on a non GAAP basis.

I will now turn the call over to Reshma.

Reshma Kewalramani, CEO and President, Vertex Pharmaceuticals: Thanks, Susie. Good evening all, and thank you for joining us on the call today. Continuing the momentum from 2024, we’ve kicked off 2025 with another quarter of strong performance across the board, growing and diversifying revenue as we execute on multiple launches, accelerating programs in pivotal development and advancing the R and D pipeline. We continue to reach more patients with more products and delivered $2,770,000,000 in revenue in the first quarter, representing 3% growth versus Q1 twenty twenty four. This year, we are keenly focused on commercialization, and we are pleased with the early launch dynamics and physician and patient feedback on Alivtrec, our fifth CF medicine, and Gernavix, the first oral non opioid for moderate to severe acute pain in more than two decades, both of which were approved in The U.

S. In just the last few months. With these approvals and the continued global launch of Kashgevi, our gene edited therapy for sickle cell disease in beta thalassemia, we are significantly expanding the number of patients we serve. We are also sharply focused on advancing the four programs currently in pivotal development: sousetrogene in diabetic peripheral neuropathy, zamylosel in type one diabetes, inaxaplin in APOL1 mediated kidney disease, and povi in IgA nephropathy. Importantly, three of these phase three programs are on track to complete enrollment of the interim analysis cohort, or the full study, this year, setting up a series of potential filings in 2026.

And as we approach the one year anniversary of the acquisition of Alpine Immune Sciences, I wanted to highlight two big recent povatacept related milestones. First, we completed enrollment in the interim analysis cohort in the phase three RENEER IGAN trial. And second, we reached agreement with the FDA to advance POV to pivotal development in a second indication, primary membranous nephropathy. This is a notable milestone as POV continues to deliver on its promise as a pipeline and a product with best in class potential. The start of the POBE membranous study will also mark our fifth program in pivotal development.

Tonight, I’ll limit my R and D comments on the pipeline programs with the most significant new information to share, specifically CF, pain, type one diabetes, and the kidney programs. Starting with CF. Following our December U. S. Approval of AlifTrex, we have gained MHRA approval in The UK and a positive CHMP opinion in The EU.

As a result, we expect potential approval from the European Commission for a Lift Truck in the second half of this year, along with potential approvals in Canada, Australia, and Switzerland. These approvals are in addition to the European Commission’s early April approval of Caf Trio for rare mutations, which followed similar approvals for Trikafta rare mutations in The U. S. And Canada late last year, adding hundreds of additional eligible patients in North America and thousands in Europe. These approvals are a direct result of the team’s decades long, painstaking work to establish and verify the hypothesis that the three unique binding sites of our CFTR modulators results in overall protein stabilization and have the potential to transform the lives of nearly ninety five percent of patients with CF.

Stuart will share more on The US Elephtrak launch shortly. Next on the horizon for our CF small molecule program is the next gen or NG3.0 CFTR regimen. With this program, we seek to reach our longstanding goal of bringing most, if not all, patients with CF to normal levels of CFTR function. The backbone of this NG3.0 combination is VX-eight twenty eight, the most efficacious CFTR corrector that we have ever studied in vitro. It is completing Phase I development, and we remain on track to initiate a study with VX-eight twenty eight in patients with CF before the end of this year.

For the ongoing Phase III study of VX-five twenty two for the approximately 5,000 or so patients who cannot benefit from our CFTR modulators, we have recently implemented a temporary pause to the study as we assess a tolerability issue. Given that this remains active clinical trial, we won’t be providing any additional details at this time so as to maintain study integrity. We will update you when we know more. Moving next to the pain programs. First, the phase three study of sousetrogene in diabetic peripheral neuropathy, a chronic peripheral neuropathic pain condition that affects over two million Americans annually, is well underway with ongoing enrollment and dosing.

As a reminder, susetralgene has Fast Track designation for peripheral neuropathic pain and breakthrough designation for diabetic peripheral neuropathy. Next, I’m very pleased to share that the study of oral VX-nine ninety three, another Nav1.8 inhibitor, in acute pain post bunionectomy is on track to complete this quarter, and we expect to report results from this trial in the second half of this year. VX-nine ninety three has fast track designation for acute pain in both the oral and IV formulations. Lastly, we continue to make solid progress with additional Nav1.8 inhibitors beyond VX-nine ninety three, as well as in our NAV1.7 pain signal inhibitor program that may be used alone or in combination with NAV1.8 inhibitors. Transitioning now to type one diabetes.

Cimilacel remains on track to complete enrollment and dosing of its pivotal study this quarter, positioning us for global regulatory submissions in 2026, if the data are supportive. Recall, we expect about sixty thousand severe type one diabetics who may potentially benefit from this first zamylosel submission. Based on the high unmet need in T1D and the transformative nature of this therapy, Zamylosel has multiple global regulatory designations, including RMAT and Fast Track in The US, PRIME in The EU, and the Innovation Passport in The UK. In our other T1D work, following the recent data from VX264 or the Cells Plus Device program, we have returned this approach to the research stage. We continue to make preclinical progress on our other approaches to cloak the VX-eight 80 cells from the immune system.

These cells have already demonstrated transformative efficacy. These approaches include alternative immunosuppressive regimens and gene editing to make hypoimmune islet cells, and we look forward to updating you as these programs advance. Finally, a few updates on our kidney portfolio, which now has clinical stage programs in four renal diseases: IgA nephropathy, AMKD, membranous nephropathy, and ADPKD, or autosomal dominant polycystic kidney disease, starting with povitacept, a potential best in class dual antagonist of the BAFF and APRIL cytokines, which play a key role in the pathogenesis of B cell mediated autoimmune diseases. First, in IgAN, as mentioned earlier, I am very pleased to share that we have completed enrollment in the interim analysis cohort of the RAINIER Phase III trial. Once this cohort completes thirty six weeks of treatment, we will conduct the interim analysis, and if positive, it will support filing in the first half of twenty twenty six for potential accelerated approval in The U.

S. In addition, our program to support the launch of PoV with a subcutaneous autoinjector for monthly at home administration is well underway, and for full approval, we are making strong progress towards our goal of enrolling the complete cohort of four eighty patients, in whom we will assess eGFR through week one hundred four. Second, based on the positive results from the RUBI-three basket study, we have reached agreement with the FDA to advance PoV to pivotal development in membranous nephropathy. Beginning in the second half of this year, we are planning to initiate a single phase twothree adaptive study of povy versus standard of care with the primary endpoint of complete remission at week seventy two. Next, two highlights on enaxaplin for APOL1 mediated kidney disease or AMKD.

First, we remain on track to complete enrollment in the interim analysis cohort of the AMPLITUDE pivotal trial this year. AMPLITUDE is a study of primary AMKD, that is to say, patients with two APOL1 variants and no additional renal related comorbidities. After completing enrollment, when this cohort reaches forty eight weeks of treatment, we will conduct an interim analysis. If positive, we will be poised to file for potential accelerated approval in The U. S.

Second, based on the positive proof of concept results of naxaplan in primary AMKD, the momentum in the Phase III study, and interest from the community, we recently initiated the AMPLIFIED study. AMPLIFIED is a phase two proof of concept study of enaxaplin in patients with AMKD and other comorbidities, including type two diabetes. This study is enrolling and dosing patients. To close on our kidney pipeline, a few comments on VX407 in autosomal dominant polycystic kidney disease or ADPKD. VX407 is a first in class small molecule protein folding corrector that is designed to target the underlying cause of ADPKD by restoring PC1 protein function, thereby reducing total kidney volume and preventing progression to kidney failure.

As a reminder, by way of its mechanism of action, VX407 addresses up to ten percent of ADPKD patients, and as in CF, we will seek to expand the eligible patient population with serial innovation over time. We have completed the phase I trial of VX407, and the PK and safety are supportive of advancement. The phase II proof of concept study is designed as a fifty two week, single arm study of 24 patients that will evaluate the efficacy of VX-four zero seven as measured by the height adjusted total kidney volume, and we are on track to initiate this study in the second half of this year. For five years now, at the end of my remarks, I’ve turned the call over to Stuart. I’ll do so for the final time tonight.

Let me acknowledge and thank Stuart once again for the incredible run at Vertex and wish him the very best in retirement. With that, I’ll now turn the call over to Stuart and Duncan for a commercial update.

Stuart Arbuckle, Chief Operating Officer, Vertex Pharmaceuticals: Thanks very much, Reshma. I’ll focus my comments tonight on the CF franchise, including the launch of a Lift Truck and the continuing global launch of Kashyvi, building on the foundation we established in 2024. I’ll then turn it over to Duncan to provide an update on The US launch of Genavix in acute pain. Starting with CF. With our existing portfolio of CF medicines, Kalydeco, Orkambi, Symdeko, Trikafta, we have continued to grow the number of eligible patients taking our CFTR modulators.

As expected, we also continue to make regulatory and reimbursement progress that enables us to expand to younger patients. KALYDECO is now approved down to one month olds. Patients with rare mutations. Trikafta recently secured US and EMA approvals to expand the label for additional mutations, which means that the triple combination is now approved for mutations present in nearly ninety five percent of all CF patients in our core markets, and patients in new geographies, such as Brazil. In addition, as a result of better patient care, including the availability of our CFTR modulators, people with CF are now living longer than ever before.

Now turning to the Elephthrex launch, our fifth CFTR modulator approved to treat the underlying cause of CF. In phase three studies, when compared head to head with Trikafta, Elephtrex demonstrated non inferiority on lung function and further improvements in CFTR function as measured by sweat chloride. Elyftrex was also approved by the FDA for an additional 31 mutations not covered by the Trikafta label and offers the convenience of once daily dosing. Recall too that Aliftrec carries a meaningfully lower royalty burden for Vertex, and extends our composition of matter patent protection from 2037 for Trikafta into 2039 for Aliftrec. We’re pleased with the early US launch progress, and we’re seeing uptake in all of the patient groups eligible for Elephtrex.

Those naive to CFTR modulators, or with newly approved rare mutations, where we have seen the fastest initial uptake. Patients who’ve discontinued one of our other CFTR modulators, and patients switching from Trikafta who seek greater improvement in CFTR function and or the convenience of once daily dosing. Elephantrex prescriptions are off to a strong start, as patients and physicians familiarize themselves with the Elephantrex clinical data, including statistically significant lower sweat chloride than Trikafta, the liver monitoring requirements when initiating therapy, and the convenience of once daily dosing. We continue to expect the majority of patients in The US who are currently on CFTR modulator therapy will switch to Elephtrec over time. We also look forward to launching Elefthrex later this year in The UK and other countries pending ongoing regulatory approvals.

Transitioning now to Kashyvi, our transformative one time treatment for patients with sickle cell disease and beta thalassemia. Since regulatory approvals in late twenty twenty three and early twenty twenty four, the rollout of Kashyvi is progressing as we expected and gathering momentum across all regions. ATC activations and patient initiations continue to increase, as we now have more than 65 authorized treatment centers, nearing our goal to activate approximately 75 total ATCs globally. We’re also encouraged to see many ATCs have now collected cells from multiple patients. As to specifics on the other important marker of our progress, since launch, approximately ninety patients have now had their first cell collections, meaning they have begun the patient treatment journey.

Encouragingly, more than twice that number of patients has been referred by their physicians to ATCs to initiate the treatment process. And in Q1, ’8 patients completed their treatment journey and received their infusions of Casjevi edited cells. With regard to access and reimbursement, we continue to make progress on the Kashyvi payer front. In The US, formal commercial coverage is either in place or provided through single case agreements. For Medicaid patients, who represent about 45% of total patients, the majority of states have joined the CMMI demonstration project for cell and gene therapy access model, enabling fertility coverage for these patients and providing an alternative, seamless approach for ATCs and states to the existing case by case coverage and state agreements.

In Europe, we have now secured reimbursed access for both sickle cell disease and beta thalassemia patients in England, Wales, Denmark, Austria, and Luxembourg. And in The Middle East, we have reimbursement in Bahrain, Saudi Arabia, and recently added coverage in the majority of Emirates in The UAE. The interest in Kashyvi continues to be incredibly high in the sickle cell disease and beta thalassemia patient and physician communities globally, and uptake is accelerating as access and reimbursement are secured and familiarity with the process for collecting cells and infusing this truly transformative treatment grows. The impact of Kashyavi is best captured by the real world feedback from patients, caregivers, and physicians. It’s been inspiring to hear that Kashyavi patients now feel able to live their lives in ways they never have before, Whether that means having the energy to play with their kids, taking up snowboarding without fear that the cold might bring on a pain crisis, or investing in their education and careers, given expectations now for a longer and healthier life.

It is a privilege to be part of their journey. I’ll close my comments today by saying what a true honor it has been to serve patients, employees, and shareholders as the chief commercial officer and chief operating officer at Vertex. The company has never been better positioned from a scientific, commercial, financial, or people perspective, and I look forward to following its continued success, including with Duncan as the new chief commercial officer. I’ll now hand over to Duncan to provide an update on the latest chapter in our commercial diversification with the exciting launch of Genavix in moderate to severe acute pain. Thank you, Stuart.

It has been a privilege to know you for over thirty five years and work with

Duncan McKechnie, SVP, North America Commercial Operations (Future Chief Commercial Officer), Vertex Pharmaceuticals: you at Vertex for the last twelve. I wish you every happiness in your retirement. Genavix received FDA approval on January 30, and has been available at retailers since mid March. Although it’s early days, we are seeing for a novel non opioid option for the treatment of moderate to severe acute pain. We are pleased with the early launch, including broad retail pharmacy stocking, progress of reimbursement discussions and payer coverage, P and T committee reviews, the breadth of usage to date, and media coverage.

To give you a sense of Genavix’s progress thus far, I’ll detail several key elements of our launch plan. One, let me start with retail pharmacy stocking, which is crucial given the acute nature of pain. By mid March, Genavix was available at approximately 33,000 pharmacy locations, including nearly every location for the three largest pharmacy chains in the country, as well as over a dozen regional chains nationwide. Two, I’m also happy to report that we’ve made rapid progress with payers, which is a testament to their appreciation for the Genavix clinical profile and the importance of a novel non opioid option in the treatment of acute pain. As of May 1, across commercial and government payers, ninety four million lives already have covered access to Genavix, and forty two million have unrestricted access without the need to complete prior authorizations or step edits.

With commercial payers, our negotiations continue to progress favorably. We’ve recently reached a formal coverage agreement with one of the large national pharmacy benefit managers to make Genavix available to their customers, collectively representing twenty two million commercial lives. In Medicare, we continue to engage with Medicare plans to secure off cycle coverage in 2025 and 2026 coverage in line with Medicare bid cycle timing. For Medicaid patients, 10 state Medicaid plans are now providing unrestricted access to Genovix, meaning no prior authorization or step edit requirements and copays as low as $3 to $5 as is common practice for Medicaid. We expect the coverage across commercial, Medicare and Medicaid payers will expand through 2025.

’3, a key area of focus is hospital P and T committees. As a reminder, we are prioritising approximately 2,000 hospitals, many of which will add up to 150 healthcare systems or integrated delivery networks. More than a third of these target healthcare systems have already taken steps to initiate P and T reviews of Genavix, and some have already added it onto their formulary. Four, turning to patients, our patient support programmes are working as designed, to provide a smooth and positive patient experience so that eligible patients who are prescribed Genavix for their acute pain get access to the medicine for an interim period while payer coverage decisions are made. Five, shifting to the policy landscape.

We are encouraged by the continued momentum and interest by federal and state policymakers to provide equal access to non opioids. The critical need for non opioid options was underscored by the presentation of new research at the American Academy of Pain Medicine in April. Our health economics analysis indicates that replacing just twenty five percent of current acute pain prescriptions for opioids with non opioids, like Genavix, could deliver annual cost savings of $4,500,000,000 to the health care system and could prevent up to two hundred and sixty thousand cases of opioid use disorder and approximately nine thousand overdose deaths over the next fifteen years. With respect to state legislation, to date, nearly 35 states have already either enacted or proposed legislation to support the use of non opioids. At the federal level, I’ll highlight the No Pain Act, which in January began providing an add on payment for non opioids used in Medicare patients in the hospital outpatient or ambulatory surgery center settings.

We continue to expect Genavix to be added near term to the list of medicines approved for this add on payment. Lastly, an important indicator of our launch progress and a reflection of the unmet need in moderate to severe acute pain is that more than 20,000 prescriptions were successfully filled for Genavix as of April. While it is early days in the launch, we are very encouraged by the breadth of physician types writing prescriptions for Genavix, as well as the wide range of pain types being treated, which is aligned with Genavix’s broad label. We continue to execute on the opportunity to transform the treatment of pain, while also creating another multibillion dollar franchise for Vertex. To conclude, we are in a new era of commercial diversification at Vertex, and we look forward to bringing our transformative therapies to more and more patients and to keeping you updated on our progress.

I’ll now turn the call over to Charlie to review the financials.

Charlie Wagner, Chief Financial Officer, Vertex Pharmaceuticals: Thanks, Duncan. Vertex’s Q1 twenty twenty five results demonstrate our consistent strong performance and attractive growth profile. First quarter twenty twenty five total revenue increased 3% year over year to $2,770,000,000 U. S. Revenue growth of 9% year over year was driven by ongoing patient demand, higher net realized pricing and the early launch of AlifTrex.

As expected, ex U. S. Revenue in the quarter declined and was down 5% year on year. Recall that outside The U. S, Q1 Twenty Twenty Four benefited from increased channel inventory due to the majority of Russia shipments occurring early in that year.

In Q1 twenty twenty five, Russia revenue was negatively impacted by the availability of an illegal copy product. Excluding the impact of the revenue decline in Russia, ex U. S. CF revenue growth would have increased in the low single digits. Included in Q1 total revenue was $14,000,000 from CASJEVI and $10,000,000 of collaboration revenue.

First quarter twenty twenty five combined non GAAP R and D, acquired IPR and D and SG and A expenses were $1,230,000,000 an increase of 21 compared to $1,020,000,000 in the first quarter of twenty twenty four. The most significant increases in R and D and SG and A expenses versus prior year were due to rapid advancement of our broad pipeline, including clinical trials for IGAN, pain and type one diabetes, as well as the build out of commercial capabilities in pain. First quarter twenty twenty five non GAAP acquired IPR and D expenses were $20,000,000 compared to $77,000,000 in the first quarter of twenty twenty four. First quarter ’20 ’20 ’5 non GAAP operating income was $1,180,000,000 compared to $1,340,000,000 in non GAAP operating income in the first quarter of twenty twenty four. First quarter ’20 ’20 ’5 non GAAP effective tax rate was 18.8%.

First quarter twenty twenty five non GAAP earnings per share were $4.06 compared to $4.76 in the first quarter of twenty twenty four, primarily due to increased operating expenses as well as lower interest income. We ended the quarter with $11,400,000,000 in cash and investments after deploying approximately $425,000,000 to repurchase more than 930,000 shares in the first quarter. Overall, our priorities for cash deployment remain unchanged. Now switching to guidance. Given the strong start and clear line of sight to the balance of the year, we are raising the low end of our 2025 total revenue guidance from $11,750,000,000 to a revised range of 11,850,000,000.00 to $12,000,000,000 representing growth of approximately 8% at the midpoint at current exchange rates.

This outlook reflects our expectation for continued growth from our portfolio of CF medicines, including the ongoing launch of AlifTrek in The U. S. Followed by other regions later this year. We believe the illegal copy issue is isolated to Russia and is fully included in our outlook. Guidance also includes a continued ramp up in CASJEVI revenue, as we treat more patients in geographies where we have secured regulatory approval and reimbursement.

In addition, guidance reflects a revenue contribution from Gernavix primarily in the second half of twenty twenty five. As a reminder, we expect volumes will ramp ahead of revenue due to financial assistance programs that are designed to provide eligible patients with immediate access while we work to secure broad sustainable payer coverage. Recently announced positive coverage decisions are included in our revenue guidance. As a result of these positive trends and as implied in our guidance range, we expect growth to accelerate over the remainder of the year, delivering another strong year for Vertex in 2025. For combined non GAAP R and D, acquired IPR and D expenses and SG and A, there is no change to our guidance range of 4,900,000,000.0 to $5,000,000,000 for the full year 2025.

Consistent with prior guidance, this includes approximately $100,000,000 in projected IPR and D charges. We will continue to invest a majority of our operating expenses into R and D, given the momentum in our multiple mid and late stage clinical development programs with four and soon to be five Phase III studies ongoing and multiple Phase IIs. The planned increase in commercial costs in 2025 supports our increasingly diversified commercial portfolio, a full year of investments to support the launch of DERNAVIX and potential near term launches. Given our differentiated business model and focus on specialty markets, we can make these targeted investments while maintaining attractive profitability and cash flow. We expect an immaterial cost impact from tariffs based on what we know today due to our low exposure to China and a geographically diverse supply chain.

Additionally, much of our intellectual property is either in The U. S. Or The UK. Of course, given the dynamic nature of the tariff situation, including the potential for sector specific tariffs, this outlook is subject to change. And finally on guidance, there is no change expected full year 2025 non GAAP effective tax rate in the range of 20.5% to 21.5%.

In closing, Vertex yet again delivered strong results in line with our expectations in Q1 twenty twenty five, growing and diversifying our revenue with the launch of two new products in The U. S, AlifTrac and Gernavix, continuing the global launch of KASJEVY and making significant pipeline progress across the portfolio. In addition, we now have five programs that are in Phase III or soon will be, and multiple additional programs with first in class and or best in class potential in the clinic in our early and mid stage pipeline. These and other anticipated milestones of continued progress in multiple disease areas are detailed on slide 17. We look forward to updating you on our progress on future calls.

Before turning the call to Susie to begin the Q and A period, let me also add my thanks and congratulations to Stuart. Stuart is a talented executive and team player who has contributed enormously to Vertex. He’s also a friend. As Stuart passes the baton, we look forward to welcoming Duncan to the executive team and to future earnings calls. I’ll now ask Susie to begin the Q and A.

Speaker 6: Thanks, Charlie. Chuck, can you get us started, please?

Conference Operator: We will now begin the question and answer session. And the first question will come from Geoff Meacham with Citibank. Please go ahead.

Speaker 7: Afternoon, guys. Thanks for the question. Stuart, congrats again on the retirement, Duncan, looking forward to working together. I just had a couple of quick ones. One on Leaf Trek on the launch.

What’s been the feedback on utilizing sweat chloride as a biomarker more in practice? I wasn’t sure if the conversations that you guys are having with pulmonologists on switching from TRIKAFTA is more related to the dosing differential or the sweat chloride or maybe a combination? And then just on GERNAVICS, to get an update, maybe give us a sense for how you’re thinking about the chronic pain indications and the design of those studies? I know you haven’t had full FDA discussions, but as you look at the prior data, maybe give us a sense for where you are with implementing maybe more novel strategies for that study. Thank you.

Speaker 8: Sure thing. Hey, Jeff, it’s Rationale. Let me start with the Geronavix and chronic pain work and then I’ll turn it over to Stuart to talk Elliptrex. Really no new news to report to you, Jeff. We’re on track to have our end of Phase two meeting with the FDA this summer.

I really like the study designs the team has come up with. We’ve done a

Conference Operator: lot of

Speaker 8: work on innovating and optimizing the clinical trial designs. And I do expect that we’ll have an update for you this summer. Separately, but on a related note, the DPN study, the diabetic peripheral neuropathy study with the X-five forty eight is well underway. Enrollment dosing in that study is going well. Stuart, Olyphtrex?

Speaker 9: Yes, Jeff. On Olyftrex, I would say sweat chloride is not routinely used in clinical practice to assess CFTR function, although it’s well understood as a measure of CFTR function, but it’s not something that’s being increasingly adopted in clinical practice despite the Elliptrex data. And in terms of what do people find compelling about the Elliptrex profile, would say it’s really the sum of the parts, Jeff. So it’s firstly, the fact that it’s demonstrated in large, long, robust clinical trials that it’s non inferior to TRIKAFTA, which as we all know sets a very high bar in terms of FEV1. And then it is the improvements in CFTR function that people have the potential to access as measured by sweat chloride.

Then reinforcing that improved potential efficacy, it’s the additional 31 mutations in the Elephantrex label that the FDA granted us versus the TRIKAFTA label. And then lastly, but still very importantly for CF patients, it’s the once a day versus the twice a day for TRIKAFTA. So I wouldn’t say it’s one thing more than the others. It’s really that combination of benefits that I think people are finding attractive about the Elephtrak profile.

Conference Operator: Your next question will come from Jessica Fye with JPMorgan. Please go ahead.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals0: Hey, guys. Good afternoon. Thanks for taking my questions. Stuart, congrats again. First, when you maybe for Charlie, when you said you expect immaterial impact from tariffs, just to confirm, is that from the current tariffs?

Or is that if biopharma specific tariffs are implemented? And maybe just for our comfort, can you give us a little more detail on Vertex’s manufacturing footprint, particularly for LiftTrak, Trikafta and DraNavix? And how you think about the company’s potential exposure to tariffs if they are implemented? And then just separately on the CF business, can you recap how we should think about the impact of the Russia issue and just lapping last year’s sales that included Russia? Is that impact largely contained to 1Q?

Or if it also impacts 2Q in subsequent quarters, can you just quantify what that headwind is? Thank you. Charlie?

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals1: Yes. Jess, I’m going start with the CF impact. Listen, the year is off to a great start and it’s very much in line with our internal expectations. We commented in the fourth quarter about this isolated issue in Russia and it’s worked out exactly as we expected. The impact in the first quarter is about $100,000,000 and for the full year, it’s $200,000,000 total.

And so all of that is included in our current guidance, which as you know is 8% growth at the midpoint, which implies acceleration over the balance of the year. So we feel really good about where we’re at and we can talk more about some of the drivers. I’m going to move on to the second part of your question on tariffs. Given how dynamic the situation is, just I have to limit my comments to what we know today. And so for tariffs that have been announced and are in effect, there is an immaterial impact to Vertex.

We have I think a very well balanced global supply chain. We have minimal exposure to China. The vast majority of our drug product manufacturing for CF is in The United States and most of our IP is concentrated in The U. S. And The UK.

So for those reasons, the impact is immaterial. Again, there are all sorts of different tariff concepts that are being discussed, including sector specific tariffs. Until we know more about what might be implemented, I can’t really size the impact for you.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals2: Thank you.

Conference Operator: The next question will come from Salveen Richter with Goldman Sachs. Please go ahead.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals0: Just following up on Alephrek, could you just walk us through who the early adopters are, whether there seems to be a significant portion coming from a certain pool of patients? And then on Joynivax, with regard to the commercial payers here, can you speak to the nuances with regard to tiered and preferred versus non preferred status in your overall plan for positioning? Thank you.

Speaker 8: Sure. Thanks, Savi. And let me split that question and ask Stuart to comment on AlifTrack and the segments we’ve talked about on the kinds of patients. And then I’ll ask Duncan to give you a little bit more color and texture behind the Geronavix launch in general, including where we are with payers. Stuart?

Speaker 9: Yes. So we are seeing uptake from Elephthrex in all of the patient groups that we identified. There are those that are newly eligible for a CFTR modulator, people who are sort of truly naive, have never been on one previously, which includes the rare mutations that TRIKAFTA was approved for and the additional mutations that AlifTrack was approved for. And perhaps not surprisingly, we’re seeing the fastest uptake as a percentage of the total pool in that group. But we are also seeing patients who’ve discontinued coming back to a CFTR modulator now that a new option like a LiftRec is available.

And we are also seeing transitions primarily from TRIKAFTA because that is where the lion’s share of CF patients are. And on those transitions, we continue to expect the majority of patients will transition to a LiftRec over time. So we’re really seeing uptake in all three of those patient groups. The fastest, perhaps not surprisingly, in people who’ve never had a treatment option to treat the underlying cause of their disease before. Duncan?

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals3: Thank you, Stuart. So to provide you with a little bit of context to the overall launch of Genavix today, we are incredibly pleased with the early progress. Although it’s early days, we’re seeing tremendous receptivity to a novel non opioid option for the treatment of moderate to severe acute pain. And over the last three months, we’ve made great progress in terms of broad retail pharmacy stocking, advancing discussions with payers, initiating P and T committee reviews, as well as broad usage of the product by physicians in multiple different pain settings and conditions in line with label. To get to your question specifically with regard to tiers and preferred versus non preferred, I would say there’s an enormous number of payers in The U.

S. With an enormous number of different plan designs and even within the same payer, different tiers can mean different things. So what I would focus on are our goals in this area and that is to ensure that we have payer coverage in line with label, but to ensure that that coverage has as few restrictions as possible, for physician prescribing and that we ensure the product is affordable for patients and that we get to all of those outcomes whilst ensuring of course that we’re optimizing the long term value for Vertex. And so in terms of the progress to date, of the three big PBMs in The U. S, we have one of those three big PBMs now covering Genavix for a total of ninety four million lives.

And I can tell you that the progress that we’re making is in line with those overall goals to minimize restrictions for physicians, maximize access for patients and optimize long term value for Vertex.

Conference Operator: The next question will come from Tazeen Ahmad with Bank of America. Please go ahead.

Speaker 6: Hi, good afternoon. Thanks for taking my questions. I wanted to ask one a couple actually on Gernabix. You talk about the momentum that you’ve been seeing in the early innings of uptake. I’m just curious as to what the profile of the patients are that are the earliest on boarders and where in the treatment regimen are these scripts being written?

Are they being written for patients on their way home from the hospital? Are they being written while in the hospital for use in the hospital? Or is there any other scenario that we’re not thinking about? And as you think about the second half of the year, in terms of acceleration of recorded sales, would you expect to start to see that already in 2Q? Or is most of that going to be back end loaded towards the end of the year?

Thanks.

Speaker 8: All right. Duncan, can I ask you to comment on settings of care types of pain on the one hand and then a on the volume versus revenue that we’ve talked about?

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals3: Absolutely. So in terms of the settings of care that we’re seeing at this point, we’re seeing Genavix used in surgery settings, in non surgery settings. So for example, we’re seeing it used in knee, hip, shoulder replacement, for example, all the way through to ankle sprains, fractured wrists, etcetera. So we’re seeing broad uptake of Genavix in line with its broad indication, and it’s being used by a broad range of physicians, for example, orthopedic surgeons, plastics general surgeons, anesthesiologists and of course pain specialists. And perhaps importantly, we’re also seeing repeat use by physicians and we’re seeing very, very positive feedback from physicians in terms of the clinical effect of Genavix to date.

In terms of the recorded sales, I think we’ve always said that we would see volume ramp in the first half of the year and then revenue in the latter part of the year as we secure payer coverage and can thus pay back some of our patient support programs.

Conference Operator: Your next question will come from Evan Seigerman with BMO Capital Markets. Please go ahead.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals1: Hi, guys. Thank you so much for taking my question. I really wanted to touch on the uptake of Kashyvi and really what are some of the key hurdles that are accelerate that are kind of preventing the acceleration of the uptake? Is it fertility issues, health system trust issues, involvement intensity of the procedure? How can you really work to overcome those so we can see really this product hit its maximum potential?

Speaker 8: Evan, let me ask Stuart to take that one.

Speaker 9: Yes. Evan, thanks for the question. So we did see acceleration in Kashyabi in the first quarter building on the foundation that we built in 2024. The things that I think are leading to that acceleration and that we expect to continue as we work through the balance of 2025 is firstly, establishing authorized treatment centers. Obviously, we need to have those so that patients can get treated.

Securing access and reimbursement, we’ve done that in large part here in The U. S. In both commercial and government paid. And increasingly, we are securing reimbursed access for sickle cell disease and beta thalassemia outside of The U. S.

And we announced a number of those in my prepared remarks. We’re also seeing centers get more familiar with the treatment process. Clearly, is a very innovative medicine. This is a very innovative and new treatment process for them and their patients to consider. And as they get more experience with the process, then that’s also encouraging them to treat more patients.

And I mentioned again in my prepared remarks that we’ve seen a number of our authorized treatment centers have treated multiple patients now. So I think all of those things contribute to the acceleration we saw in the first quarter and we expect that to continue through the balance of 2025 and beyond. And it’s that which gives me confidence that KASJEVY truly does have the potential to be a multibillion dollar product for Vertex.

Conference Operator: Your next question will come from Michael Yee with Jefferies. Please go ahead.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals4: Great. Thanks. We had two questions on pain. I guess a lot of Wall Street is looking at third party data, actually the script data in total tracks with what you guys are talking about, but a lot of people are seeing it sort of decelerate week over week. So maybe could you just confirm or talk to what you see week over week?

And are you seeing an acceleration? And don’t pay too much attention to data there. And then on September, we have historically talked about with David and Fred about how that could have significantly better exposure than Suzy. So could you just tell us about the data coming up in Acute Pain in the second half? And how would you compare that to the acute pain data we’ve already seen and figure out what to do with that?

Thanks.

Speaker 8: Hey, Mike, it’s Reshma. I’ll take your second question first on VX-nine ninety three and then I’ll turn it over to Duncan to tell you a little bit about Gernavix, the momentum, the data we see and help you sort of think through the commonly available IMS data and the data that we see, which also includes hospital. On VX-nine ninety three, so the big news from my prepared remarks on this one is the Phase II trial in acute pain post bunionectomy is going to complete in the near term. And I do expect to be able to share results with you in the second half of this year. What we’re looking for in this program, it is a more potent molecule.

It is a molecule where we can dose higher. And so we’re looking forward to exploring the full dose range of nine ninety three. And what we’re really looking for here is two things. One is to have yet another safe and efficacious NAV1.8 inhibitor. And we want that because we are looking for options for NAV1.7, which is making its way preclinically.

Certainly, NAV1.7 inhibitor, when it makes its way into the clinic, could be co formulated with Geronavix. That’s one possibility. And a different possibility is that we have additional options like VX-nine ninety three. So that’s one thing we’re looking for. And second is, of course, if it is possible to do better than GERNAVICS on efficacy, boy, we’re going to be the ones who do that.

And nine ninety three is the first option behind Geronavix to tell us if that’s possible. Clearly, will require cross study comparisons and the limits that come with that. But I’m really happy to see this program move as fast as it has and to share results when available. Duncan, can you say a few words about the momentum of the Geronavix scripts and the data sources?

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals3: Yes. Thank you, Mike, for the question. So maybe just to step back briefly, quickly. Our goals in 2025 are really focused on securing payer coverage for Genabics as well as P and T wins, whilst providing, of course, a seamless experience for patients. And as you’ve seen from our prepared remarks, we’re incredibly encouraged by the progress we’re making with payers and in terms of PNT coverage as well.

In terms of the prescription data, I would make a couple of points. Firstly, the latest total prescription data ending the week of April 25, so Friday, April 25, is 25,000 prescriptions. But I suspect that in the data you’re seeing, you’re seeing the IMS retail data, which does not include usage in hospitals where we are seeing of course uptake. So the total number we’re giving you includes both the retail data as well as hospital usage. I would say also that we are incredibly early in the launch and it is incredibly common to see variability week by week in prescription numbers.

For example, actually last week’s data showed the fastest growth in retail since Genavix became available. So overall, I think as the payer coverage improves and our formulary adoption increases in hospitals and as physicians get more experience with Genavix, we’ll continue to see growth of the products. So overall, we’re incredibly happy with the progress, happy with the 25,000 prescriptions to date and looking forward to seeing those numbers grow over time.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals4: Thank you.

Conference Operator: The next question will come from Lisa Bayko with Evercore ISI. Please go ahead.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals5: Hi, congratulations on the quarter and thanks for taking the question. I was wondering if you could just provide a little more granularity as a follow-up question to one of the earlier ones on Jornavix. In terms of the prescriptions, how many of those patients were kind of fully paying patients? What are gross to nets? And how do you anticipate that evolving as the year goes on?

What should be the target gross to net, say, by the end of the year? And just then one on Type one diabetes, if you could just give us a little bit of color on the product Zimmocell, the sixty ks patients, who those patients are exactly. I know there’s a certain blood type within that as well. Thank you.

Speaker 8: Yes. Thanks so much, Lisa. Let me ask Charlie to comment on gross to net and I’ll come back and tell you a little bit about Zamylosel.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals1: Yes. Lisa, keep in mind that we’re only reporting out first quarter results here and the approval was only in the first quarter as well. So gross to net is impacted by our patient assistance programs. That’s going to have a significant impact early in the launch while we work to secure broad and sustainable access. As we gain access, the patient assistance programs will fall away and gross to net will start to normalize over the balance of the year.

So I’m not going to get any more specific than that, but as we exit 2025 and into 2026, we should be approaching something that’s a bit more normalized.

Speaker 8: And then Lisa, on the zamylosel program, you’ll remember that this first program targets about sixty thousand people in The U. S. And Canada and Europe that are the most severe of our Type one diabetes. These are people who have very brittle diabetes, high highs in terms of sugar and low lows and multiple SHEs or symptomatic hypoglycemic episodes. So this first filing that we’re looking for the enrollment and dosing should be done in the near term.

I said by the end of the quarter we’ll set us up for that filing sometime next year that is for about sixty thousand patients. We’re then looking to expand that not only in terms of the patient numbers that can be served, including immunosuppression, but also then moving to alternative immunosuppression and then, of course, our gene edited programs and other programs to cloak our cells so that immunosuppression is not necessary. So that’s sort of the trajectory that we’re looking at. First filings, I expect will start next year and that’s for about sixty thousand patients. Those are the most severe of our T1D patients.

Speaker 6: Thanks.

Conference Operator: The next question will come from Ellie Merle with UBS. Please go ahead.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals6: Yes. Thanks for taking my question. For Jornavix, the retail pharmacy stocking, you mentioned stocking now in around 30,000 retail locations. Can you put this in the context relative to the total number of retail locations you hope to be stocked at? And then in terms of the mix of scripts being filled in the retail versus the hospital setting, how do you expect that to trend over the course of the year?

And then just lastly, what’s the average duration for the script that you’re seeing for GERNAVEX in terms of those that are being written so far? Thanks.

Speaker 8: Sure thing. Duncan, all three are for you.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals3: Okay. Thank you for the question, Ellie. So to take them in order, in terms of retail pharmacy stocking, it has always been a key part of our launch plan to ensure that Genavix is easily available for patients. Obviously, are being treated for acute pain and need to be able to get the medicine rapidly. So at the point of retail stocking, we were in about 95% of retail locations across The U.

S. Obviously, that number varies day by day depending on when Genabix is being used and prescribed and comes out of the pharmacy store. But overall, we’re looking for broad coverage and thus easy access in retail for patients throughout the year. In terms of the retail and hospital setting, maybe to step back a little bit, you may remember that in the acute pain market, about fifteen percent of patients are in the pure hospital setting, about thirty five percent of treatment days in discharge and about fifty percent are in retail. And we always communicated that we expected to see the initial prescriptions for Genavix focused heavily in the discharge setting as the hospital formularies get up to speed and that essentially is exactly what we are seeing that trend will we think persist for the rest of the year.

And in terms of the average duration of a prescription, in moderate to severe acute pain, it of course varies by setting of care as to whether someone’s inpatient or whether they are outpatient or in the retail setting and also by type of medicine, say an opioid versus an NSAID, but the average is about fourteen days and essentially that is what we’re seeing, the prescription duration for Genavix at this point.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals2: Chuck, we’ll take two more Yes,

Conference Operator: ma’am. The next question will come from David Risinger with Leerink. Please go ahead.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals7: Yes, thanks very much. So I’m just hoping clarify regarding the PBM with twenty two million lives, are those within the ninety four million figure or on top? And are they unrestricted or restricted lives? And then separately, just a higher level question please, Reshma. How is Vertex engaging with Washington leadership to educate elected leadership about the importance of both proven medical science and biotechnology innovation to The United States.

Thanks very much.

Speaker 8: Yes. Hey, David, thanks for the question. Let me the second question first and then I’ll turn it over to Duncan to tell you a little bit more about the lives covered. We are and have been engaged with DC as well as with state governments on all of our medicines, CF, Kashyvi, Geronavix as well as the pipeline. I found those meetings to be constructive.

And as far as our ability to ensure that the programs are reviewed in a timely fashion that we get feedback from regulators and that we are able to speak with those providing coverage, that has also continued. It’s been business as usual and nothing out of the ordinary for us. Duncan, over to you.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals3: Dave, thank you for the question. So yes, the twenty two million lives that you’re referring to are included in the total 94,000,000. And in general, those 22,000,000 lives fall into our definition of unrestricted where we’re looking for either no prior authorizations or no step edits.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals2: Last question, Chuck?

Conference Operator: The last question will come from Gena Wang with Barclays. Please go ahead.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals2: Thank you for taking my questions. Maybe one regarding the VX-five 22. I know you cannot comment too much, but for the temporary pause, was that due to the so I don’t know if you can give a little bit more color regarding what are the tolerability issue that raised? And then yes, so that’s the first question. And then second question is regarding the LF Track.

If we look at the first quarter revenue and when we compare to the other CF launch in the past, how do you see this compared to the past? And do you expect the trend to pick up in the next few quarters?

Speaker 8: Gina, let me take the question on 05/22 and then I’ll ask Stuart to comment about the Elephtrak launch. Obviously, have the great benefit of having Stuart here who has been involved in every single CF launch. So he’ll have good line of sight on that. I don’t have much more to add, Gina, because VX-five 22 is an active program and because we want to maintain study integrity, I’ll just leave it at the fact that the team is assessing a tolerability issue. And once we’re able to say more, we certainly will.

And I’ll turn it over to Stuart to tell you about AlifTrak.

Speaker 9: Yes, Gina, I think it’s a little bit difficult to compare AlifTrac to other of our CFTR modulator approvals. But for one main reason, if you think about ORKAMBI, when it was first approved, it was approved for mutations, which accounted for approximately fifty percent of CF patients, where previously all we had was KALYDECO, which at the time, I think, probably around seven percent -ish of genotypes for all CF patients. And then if you think back to when TRIKAFTA came along, TRIKAFTA took us from the sort of the fifty percent to the on its first approval to almost ninety percent. So there was such a lot of newly eligible patients who had never had a treatment to treat the underlying cause of their disease. Alifrac is slightly different to that, right?

There are additional mutations. There are additional patients who are now eligible for a CFTR modulator with the approval of Alifrac. I talked about the thirty one additional mutations here in The U. S, but that’s really hundreds of patients, whereas for ORKAMBI and TRIKAFTA, we were talking about thousands, if not tens of thousands of newly eligible patients. So I think it’s really difficult to compare and contrast the approvals this early on.

What I can tell you is we’re seeing uptake in all the groups of patients that we anticipated, naive patients, those who are discontinued, and those who are already on a CFTR modulator. And so we’re very pleased with the launch of ELLIFTRIC to date and we look forward to keeping you updated, over coming quarters.

Susie Lisa, Senior Vice President of Investor Relations, Vertex Pharmaceuticals2: Thank you. That will conclude.

Speaker 6: Chuck, if you could please relay the information.

Conference Operator: Yes, ma’am. This concludes our question and answer session as well as our conference call for today. Thank you for attending today’s presentation. A replay of today’s event will be available shortly after the call concludes here by dialing +1 87040529 or 8 using replay access code +1. Thank you for your participation today.

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