-Second quarter 2016 cystic fibrosis product
revenues of $426 million; $245 million for ORKAMBI®
(lumacaftor/ivacaftor) and $180 million for KALYDECO®
(ivacaftor)-
-Vertex reiterates 2016 guidance for ORKAMBI
product revenues of $1.0 to $1.1 billion and KALYDECO product
revenues of $685 to $705 million-
-Pipeline of investigational CF medicines
continues to progress and expand with addition of recent Moderna
mRNA collaboration-
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today
reported consolidated financial results for the quarter ended
June 30, 2016 and reviewed recent progress with its approved
and investigational cystic fibrosis (CF) medicines. Vertex also
reiterated its financial guidance for total 2016 ORKAMBI® and
KALYDECO® revenues and expenses. Key financial results include:
Three Months Ended June 30, 2016
2015 % Change (in millions, except per share and
percentage data)
ORKAMBI product revenues, net $ 245 $ — N/A
KALYDECO product revenues, net $
180
$
155
16 %
TOTAL CF product revenues, net $
426
$
155
175 %
GAAP net loss $ (65 ) $ (189 ) (66 )%
GAAP
net loss per share $ (0.26 ) $ (0.78 ) (67 )%
Non-GAAP net income (loss) $ 58 $ (131 ) N/A
Non-GAAP net
income (loss) per share $ 0.24 $ (0.54 ) N/A
"Just over a year ago, we received FDA approval for ORKAMBI,
marking the most significant step to date in our journey to develop
new medicines for potentially all people with CF,” said Jeffrey
Leiden, M.D., Ph.D., Chairman, President and Chief Executive
Officer of Vertex. "Today, approximately 27,000 people are eligible
for a medicine to treat the cause of their CF, and we're making
significant progress toward bringing ORKAMBI and KALYDECO to even
more patients while also advancing our pipeline of other potential
medicines to enhance the future treatment of CF."
Vertex today reviewed recent progress from across its CF
program:
ORKAMBI
Supplemental New Drug Application for the
treatment of children ages 6 to 11 accepted for Priority Review by
the U.S. FDA: In late May 2016, the U.S. Food and Drug
Administration (FDA) granted Vertex's request for Priority Review
of a supplemental New Drug Application (sNDA) for approval of
ORKAMBI for children ages 6 through 11 who have two copies of the
F508del mutation. The FDA set a target review date of September 30,
2016 for a decision on the sNDA. There are approximately 2,400
children ages 6 through 11 who have two copies of the F508del
mutation in the U.S. The sNDA was based on data from an open label
Phase 3 safety study of ORKAMBI. Data from this study were
presented at the 39th European Cystic Fibrosis Society (ECFS)
conference on June 10, 2016.
Enrollment complete in Phase 3 study in
children ages 6 to 11 to support approval in Europe: Vertex has
completed enrollment in a six-month Phase 3 efficacy study
evaluating ORKAMBI in children ages 6 through 11 who have two
copies of the F508del mutation. The primary endpoint is the
absolute change in lung clearance index. Pending data from the
study, Vertex plans to submit a Marketing Authorization Application
variation in the European Union in the first half of 2017. In
Europe, there are approximately 3,400 children ages 6 through 11
who have two copies of the F508del mutation.
Initiation of Phase 3 study of ORKAMBI in
children ages 2 to 5: Vertex recently initiated a Phase 3 study
of ORKAMBI in children ages 2 to 5. Similar to the study of
KALYDECO in children in this age group, the first part of the
two-part study is evaluating pharmacokinetics and safety to inform
dose selection for the second part of the study. The primary
endpoint of the second part of the study is safety and
tolerability, with multiple efficacy measurements as secondary
endpoints.
KALYDECO
Regulatory filing for patients with
residual function mutations: In October 2015, Vertex submitted
an sNDA for approval of KALYDECO for treatment of people with CF
ages 2 and older who have one of 23 residual function mutations and
received a Complete Response Letter on this sNDA in February 2016.
There are approximately 1,500 people ages 2 and older in the U.S.
who have one of the 23 residual function mutations included in the
sNDA, and Vertex continues to pursue FDA approval of KALYDECO for
these patients as soon as possible.
VX-661 in Combination with Ivacaftor
Data from Phase 3 study in people with two
copies of F508del mutation expected in first half of 2017:
Vertex today announced that it expects to complete enrollment of a
24-week Phase 3 placebo-controlled study evaluating the
investigational combination of VX-661 and ivacaftor in people ages
12 and older who have two copies of the F508del mutation in August
2016. Data from this study are expected in the first half of 2017.
The remaining three Phase 3 studies of VX-661 in combination with
ivacaftor are proceeding as outlined in the company's April 27,
2016 press release. Vertex plans to submit a New Drug Application
(NDA) to the FDA for VX-661 in combination with ivacaftor in the
second half of 2017, pending data from the Phase 3 program.
Next-Generation Correctors
Ongoing Phase 1 studies in healthy
volunteers: Vertex's two next-generation correctors known as
VX-152 and VX-440 are being evaluated alone and as part of a triple
combination with VX-661 and ivacaftor in ongoing Phase 1 studies in
healthy volunteers. Pending data from the Phase 1 studies, the
company expects to begin Phase 2 clinical development in people
with CF to evaluate one or both of the next-generation correctors
with VX-661 and ivacaftor in the second half of 2016.
New Collaboration to Advance Future Treatment of CF
Collaboration with Moderna Therapeutics
focused on mRNA Therapeutics for CF: In early July, Vertex
entered into an exclusive research collaboration and licensing
agreement with Moderna Therapeutics aimed at the discovery and
development of messenger Ribosomal Nucleic Acid (mRNA) therapies
for the treatment of CF. The collaboration will focus on the use of
mRNA therapies to treat the underlying cause of CF by enabling
cells in the lungs to produce functional copies of the cystic
fibrosis transmembrane conductance regulator (CFTR) protein, which
is known to be defective in people with CF. As part of the
collaboration, Vertex made an up-front payment of $20 million to
Moderna as well as a $20 million equity investment. The investment
will provide Vertex with an ownership stake in Moderna. Vertex will
also pay Moderna future development and regulatory milestones of up
to $275 million, including $220 million in approval and
reimbursement milestones, as well as tiered royalty payments on
future sales.
Second Quarter 2016 Financial
Highlights
Revenues:
- Net product revenues from ORKAMBI were
$245.5 million. ORKAMBI was launched in the U.S. in July 2015.
- Net product revenues from KALYDECO were
$180.2 million, compared to $154.9 million for the second quarter
of 2015.
Expenses:
- GAAP operating expenses were $428.3
million compared to $337.2 million for the second quarter of 2015.
Non-GAAP operating expenses (combined non-GAAP R&D and
SG&A) were $306.3 million compared to $253.9 million for the
second quarter of 2015. The increases were primarily driven by
increased costs related to the progression of our CF pipeline and
to increased investment in global commercial support for the launch
of ORKAMBI.
- GAAP R&D expenses were $271.0
million compared to $223.9 million for the second quarter of 2015.
Non-GAAP R&D expenses were $217.7 million compared to $181.9
million for the second quarter of 2015. The increases were
primarily driven by increased investment to progress our portfolio
of CF medicines.
- GAAP SG&A expenses were $111.7
million compared to $94.4 million for the second quarter of 2015.
Non-GAAP SG&A expenses were $88.6 million compared to $72.0
million for the second quarter of 2015. The increases were
primarily driven by increased investment to support the global
launch of ORKAMBI.
Net Income (Loss) Attributable to Vertex:
- GAAP net loss was $(64.5) million, or
$(0.26) per diluted share, compared to GAAP net loss of $(188.8)
million, or $(0.78) per diluted share, for the second quarter of
2015. Non-GAAP net income was $58.0 million, or $0.24 per diluted
share, compared to a non-GAAP net loss of $(130.7) million, or
$(0.54) per diluted share, for the second quarter of 2015.
Cash Position:
- As of June 30, 2016, Vertex had
$1.07 billion in cash, cash equivalents and marketable securities
compared to $1.04 billion in cash, cash equivalents and marketable
securities as of December 31, 2015.
- As of June 30, 2016, Vertex had
$300 million outstanding from a credit agreement, repayable by the
end of the third quarter of 2017.
2016 Financial Guidance:
Vertex today reiterated its 2016 revenue guidance for ORKAMBI
and KALYDECO. The company also reiterated guidance for its 2016
combined non-GAAP R&D and SG&A expenses. The guidance is
summarized below:
- ORKAMBI: The company continues
to expect total 2016 product revenues for ORKAMBI of $1.0 to $1.1
billion. As of June 30, 2016, approximately 6,000 patients had
initiated treatment with ORKAMBI in the U.S. In addition to
revenues from the use of ORKAMBI in patients ages 12 and older in
the U.S., the 2016 ORKAMBI guidance also reflects potential
revenues from the anticipated use of ORKAMBI in the U.S. for the
treatment of people ages 6 to 11 who have two copies of the F508del
mutation in the fourth quarter of 2016, pending FDA approval, and
revenues from sales of ORKAMBI outside the U.S., primarily in
Germany.
- KALYDECO: The company continues
to expect total 2016 product revenues for KALYDECO of $685 to $705
million. 2016 guidance for KALYDECO currently excludes any revenues
related to the potential approval of KALYDECO for people in the
U.S. who have residual function mutations.
- Operating Expenses (Combined
Non-GAAP R&D and SG&A Expenses): Vertex continues to
expect that its combined non-GAAP R&D and SG&A expenses in
2016 will be in the range of $1.18 to $1.23 billion. Vertex's
expected non-GAAP R&D and SG&A expenses exclude stock-based
compensation expense and certain other expenses.
Non-GAAP Financial
Measures
In this press release, Vertex's financial results and financial
guidance are provided in accordance with accounting principles
generally accepted in the United States (GAAP) and using certain
non-GAAP financial measures. In particular, non-GAAP financial
results and guidance exclude stock-based compensation expense,
revenues and expenses related to consolidated variable interest
entities, costs and credits related to the relocation of the
company's corporate headquarters and hepatitis C-related revenues
and costs and other adjustments. These results are provided as a
complement to results provided in accordance with GAAP because
management believes these non-GAAP financial measures help indicate
underlying trends in the company's business, are important in
comparing current results with prior period results and provide
additional information regarding the company's financial position.
Management also uses these non-GAAP financial measures to establish
budgets and operational goals that are communicated internally and
externally and to manage the company's business and to evaluate its
performance. The company adjusts, where appropriate, for both
revenues and expenses in order to reflect the company's operations.
The company provides guidance regarding product revenues in
accordance with GAAP and provides guidance regarding combined
non-GAAP research and development and sales, general, and
administrative expenses. The company does not provide guidance
regarding GAAP research and development and sales, general, and
administrative expenses because of the difficulty of estimating
stock-based compensation expenses, and predicting whether or not
there will be additional expense items for which adjustments are
appropriate. A reconciliation of the GAAP financial results to
non-GAAP financial results is included in the attached financial
information.
Vertex Pharmaceuticals
Incorporated
Second Quarter Results
Consolidated Statements of Operations
Data
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended June 30, Six Months Ended June
30, 2016 2015 2016
2015 Revenues: Product revenues, net $ 425,651 $ 160,388 $
820,061 $ 291,263 Royalty revenues 5,282 5,077 8,878 11,869
Collaborative revenues 675 611 749 1,453
Total revenues 431,608 166,076 829,688 304,585 Costs and
expenses: Cost of product revenues (Note 1) 44,154 15,409 93,943
24,790 Royalty expenses 1,098 1,451 1,958 4,377 Research and
development expenses 271,008 223,858 526,868 439,457 Sales, general
and administrative expenses 111,652 94,394 216,866 180,254
Restructuring expenses (income) 343 2,128 1,030
(1,144 ) Total costs and expenses 428,255 337,240
840,665 647,734 Income (loss) from operations
3,353 (171,164 ) (10,977 ) (343,149 ) Interest expense, net (20,155
) (21,111 ) (40,853 ) (42,418 ) Other (expenses) income, net (1,219
) 1,414 3,192 (3,699 ) Loss from operations before
provision for income taxes (18,021 ) (190,861 ) (48,638 ) (389,266
) Provision for income taxes 18,130 30,131 23,615
30,430 Net loss (36,151 ) (220,992 ) (72,253 )
(419,696 ) (Income) loss attributable to noncontrolling interest
(28,374 ) 32,144 (33,903 ) 32,242 Net loss
attributable to Vertex $ (64,525 ) $ (188,848 ) $ (106,156 ) $
(387,454 ) Amounts per share attributable to Vertex common
shareholders: Net loss: Basic and diluted $ (0.26 ) $ (0.78 ) $
(0.43 ) $ (1.61 ) Shares used in per share calculations: Basic and
diluted
244,482
240,757
244,124
240,129
Reconciliation of GAAP to Non-GAAP Net
Income/(Loss)
Second Quarter Results
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended June 30, Six Months Ended June
30, 2016 2015 2016
2015 GAAP loss attributable to Vertex $ (64,525 ) $
(188,848 ) $ (106,156 ) $ (387,454 ) Stock-based compensation
expense 61,942 63,261 117,414 120,645 Real estate restructuring
costs and income (Note 2) 137 1,178 575 (2,400 ) HCV related
revenues and costs (Note 3) 627 (6,004 ) (810 ) (10,473 ) Other
adjustments (Notes 4 and 5) 59,791 (270 ) 69,371 623
Non-GAAP net income (loss) attributable to Vertex $
57,972 $ (130,683 ) $ 80,394 $ (279,059 )
Amounts per diluted share attributable to Vertex common
shareholders: GAAP $ (0.26 ) $ (0.78 ) $ (0.43 ) $ (1.61 ) Non-GAAP
$ 0.24 $ (0.54 ) $ 0.33 $ (1.16 ) Shares used in diluted per share
calculations: GAAP
244,482
240,757
244,124
240,129 Non-GAAP 246,426 240,757
246,872
240,129
Reconciliation of GAAP to Non-GAAP
Revenues and Expenses
Second Quarter Results
(in thousands)
(unaudited)
Three Months Ended June 30, Six Months Ended June
30, 2016 2015 2016
2015 GAAP total revenues $ 431,608 $ 166,076 $
829,688 $ 304,585 HCV related revenues (Note 3) 489 (6,094 ) (362 )
(8,963 ) Other adjustments (Note 4) (573 ) (74 ) (647 ) (274 )
Non-GAAP total revenues
$ 431,524 $ 159,908 $ 828,679 $ 295,348
Three Months Ended June 30, Six Months
Ended June 30, 2016 2015 2016 2015
GAAP cost of product revenues and royalty expenses $ 45,252
$ 16,860 $ 95,901 $ 29,167 HCV related costs (Note 3) 6 (371
) (133 ) (1,968 )
Non-GAAP cost of product revenues and
royalty expenses
$ 45,258 $ 16,489 $ 95,768 $ 27,199
GAAP research and
development expenses $ 271,008 $ 223,858 $ 526,868 $ 439,457
Stock-based compensation expense (40,640 ) (41,632 ) (75,088 )
(79,849 ) HCV related costs (Note 3) 51 512 877 1,000 Other
adjustments (Note 4) (12,746 ) (827 ) (12,937 ) (1,520 )
Non-GAAP research and development
expenses
$ 217,673 $ 181,911 $ 439,720 $ 359,088
GAAP sales,
general and administrative expenses $ 111,652 $ 94,394 $
216,866 $ 180,254 Stock-based compensation expense (21,302 )
(21,629 ) (42,326 ) (40,796 ) HCV related costs (Note 3) (61 ) (54
) (29 ) 2,851 Other adjustments (Note 4) (1,698 ) (695 ) (2,241 )
(1,147 )
Non-GAAP sales, general and administrative expenses
$ 88,591 $ 72,016 $ 172,270 $ 141,162
Combined non-GAAP R&D and SG&A expenses $ 306,264
$ 253,927 $ 611,990 $ 500,250
Three Months Ended June 30, Six Months Ended June
30, 2016 2015 2016 2015 GAAP
interest expense, net and other expense, net $ (21,374 ) $
(19,697 ) $ (37,661 ) $ (46,117 ) Other adjustments (Note 4) (36 )
— 177 —
Non-GAAP interest expense, net and
other expense, net $ (21,410 ) $ (19,697 ) $ (37,484 ) $
(46,117 )
GAAP provision for income taxes $ 18,130 $
30,131 $ 23,615 $ 30,430 Other adjustments (Note 4) (17,510 )
(29,653 ) (20,572 ) (29,589 )
Non-GAAP provision for income
taxes $ 620 $ 478 $ 3,043 $ 841
Condensed Consolidated Balance Sheets
Data
(in thousands)
(unaudited)
June 30, 2016 December 31, 2015 Assets
Cash, cash equivalents and marketable securities $ 1,071,436 $
1,042,462 Restricted cash and cash equivalents (VIE) (Note 5)
70,513 78,910 Accounts receivable, net 189,356 177,639 Inventories
66,589 57,207 Property and equipment, net 690,607 697,715
Intangible assets and goodwill 334,724 334,724 Other assets 125,757
109,930
Total assets $ 2,548,982 $ 2,498,587
Liabilities and Shareholders' Equity Other
liabilities $ 394,870 $ 426,482 Deferred tax liability 132,810
110,439 Accrued restructuring expense 12,484 15,358 Deferred
revenues 18,879 26,010 Capital leases 51,763 58,468 Fan Pier lease
obligation 472,834 473,043 Senior secured term loan 296,497 295,159
Shareholders' equity 1,168,845 1,093,628
Total
liabilities and shareholders' equity $ 2,548,982 $
2,498,587 Common shares outstanding 247,704 246,307
Note 1 : Cost of product revenues in the six months ended
June 30, 2016 includes the second and final $13.9 million
commercial milestone that was earned by CFFT in the first quarter
of 2016 related to sales of ORKAMBI.
Note 2: The company excludes restructuring expense
(income) from its non-GAAP income (loss) attributable to Vertex. In
the three and six months ended June 30, 2016 and 2015, "Real estate
restructuring costs and income" consisted of restructuring charges
related primarily to the company's relocation from Cambridge to
Boston, Massachusetts.
Note 3: In the three and six months ended June 30, 2016
and 2015, "HCV related revenues and costs" included net product
revenues from Incivek, royalty revenues from Incivo, HCV
collaborative revenues and operating costs and expenses related to
HCV. The Company withdrew Incivek from the market in the United
States in 2014.
Note 4: In the three and six months ended June 30, 2016,
"Other adjustments" was primarily attributable to a $48.4 million
and $57.4 million, respectively, increase in the fair value of
contingent milestone payments and royalties payable by Vertex to
Parion due to the Phase 2 study meeting its primary safety
endpoint. "Other adjustments" also includes payments for the
acquisition of certain early stage assets.
Note 5: The company consolidates the financial statements
of two of its collaborators as variable interest entities ("VIEs")
as of June 30, 2016 and December 31, 2015. These VIEs are
consolidated because Vertex has licensed the rights to develop the
company's collaborators' most significant intellectual property
assets. The company's interest and obligations with respect to
these VIEs' assets and liabilities are limited to those accorded to
the company in its collaboration agreements with these
collaborators. Restricted cash and cash equivalents (VIE) reflects
the VIEs’ cash and cash equivalents, which Vertex does not have any
interest in and which will not be used to fund the collaboration.
Each reporting period Vertex estimates the fair value of the
contingent milestone payments and royalties payable by Vertex to
these collaborators. Any increase in the fair value of these
contingent milestone and royalty payments results in a decrease in
net income attributable to Vertex (or an increase in net loss
attributable to Vertex) on a dollar-for-dollar basis. The fair
value of contingent milestone and royalty payments is evaluated
each quarter and any change in the fair value is reflected in the
company's statement of operations.
U.S. INDICATION AND IMPORTANT SAFETY INFORMATION FOR
ORKAMBI® (lumacaftor/ivacaftor) TABLETS
ORKAMBI is a combination of lumacaftor and ivacaftor indicated
for the treatment of cystic fibrosis (CF) in patients age 12 years
and older who are homozygous for the F508del mutation in the CFTR
gene. The efficacy and safety of ORKAMBI have not been established
in patients with CF other than those homozygous for the F508del
mutation.
Worsening of liver function, including hepatic encephalopathy,
in patients with advanced liver disease has been reported in some
patients with CF while receiving ORKAMBI.
Serious adverse reactions related to elevated transaminases have
been reported in patients with CF receiving ORKAMBI and, in some
instances, associated with concomitant elevations in total serum
bilirubin.
Respiratory events (e.g., chest discomfort, shortness of breath,
and chest tightness) were observed more commonly in patients during
initiation of ORKAMBI compared to those who received placebo.
Clinical experience in patients with percent predicted FEV1 < 40
is limited, and additional monitoring of these patients is
recommended during initiation of therapy.
Co-administration of ORKAMBI with sensitive CYP3A substrates or
CYP3A substrates with a narrow therapeutic index is not recommended
as ORKAMBI may reduce their effectiveness. ORKAMBI may
substantially decrease hormonal contraceptive exposure, reducing
their effectiveness and increasing the incidence of
menstruation-associated adverse reactions. Co-administration with
strong CYP3A inducers is not recommended as they may reduce the
therapeutic effectiveness of ORKAMBI.
Abnormalities of the eye lens (cataracts) have been reported in
pediatric patients treated with ivacaftor, a component of
ORKAMBI.
Increased blood pressure has been observed in some patients
treated with ORKAMBI. Blood pressure should be monitored
periodically in all patients being treated with ORKAMBI.
The most common adverse reactions associated with ORKAMBI
include shortness of breath, sore throat, nausea, diarrhea, upper
respiratory tract infection, fatigue, chest tightness, increased
blood creatinine phosphokinase, rash, flatulence, runny nose, and
influenza.
Please see the full prescribing information for ORKAMBI.
U.S. INDICATION AND IMPORTANT SAFETY INFORMATION FOR
KALYDECO® (ivacaftor)
KALYDECO is a cystic fibrosis transmembrane conductance
regulatory (CFTR) potentiator indicated for the treatment of cystic
fibrosis (CF) in patients age 2 years and older who have one of the
following mutations in the CFTR gene: G551D, G1244E, G1349D, G178R,
G551S, S1251N, S1255P, S549N, S549R or R117H.
KALYDECO is not effective in patients with CF with 2 copies of
the F508del mutation (F508del/F508del) in the CFTR gene. The safety
and efficacy of KALYDECO in children with CF younger than 2 years
of age have not been studied. The use of KALYDECO in children under
the age of 2 years is not recommended.
High liver enzymes (transaminases; ALT and AST) have been
reported in patients with CF receiving KALYDECO.
Use of KALYDECO with medicines that are strong CYP3A inducers
substantially decreases exposure of KALYDECO and may diminish
effectiveness. Therefore, co-administration is not recommended. The
dose of KALYDECO must be adjusted when used concomitantly with
strong and moderate CYP3A inhibitors or when used in patients with
moderate or severe hepatic disease.
Cases of non-congenital lens opacities/cataracts have been
reported in pediatric patients treated with KALYDECO.
The most common side effects associated with KALYDECO include
headache; upper respiratory tract infection (common cold),
including sore throat, nasal or sinus congestion, and runny nose;
stomach (abdominal) pain; diarrhea; rash; nausea; and
dizziness.
Please see the full prescribing information for KALYDECO.
About Vertex
Vertex is a global biotechnology company that aims to discover,
develop and commercialize innovative medicines so people with
serious diseases can lead better lives. In addition to our clinical
development programs focused on cystic fibrosis, Vertex has more
than a dozen ongoing research programs aimed at other serious and
life-threatening diseases.
Founded in 1989 in Cambridge, Mass., Vertex today has research
and development sites and commercial offices in the United States,
Europe, Canada and Australia. For six years in a row, Science
magazine has named Vertex one of its Top Employers in the life
sciences. For additional information and the latest updates from
the company, please visit www.vrtx.com.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995,
including, without limitation, Dr. Leiden's statements in the
second paragraph of the press release, the information provided in
the section captioned "2016 Financial Guidance” and statements
regarding (i) the expected timing and clinical trial designs for
ongoing and planned clinical studies of ORKAMBI, KALYDECO, VX-661,
VX-152 and VX-440, (ii) the timing of regulatory applications,
including NDAs, sNDAs and MAAs and the status of interactions with
regulatory authorities and (iii) the collaboration with Moderna.
While Vertex believes the forward-looking statements contained in
this press release are accurate, these forward-looking statements
represent the company's beliefs only as of the date of this press
release and there are a number of factors that could cause actual
events or results to differ materially from those indicated by such
forward-looking statements. Those risks and uncertainties include,
among other things, that the company's expectations regarding its
2016 revenues and expenses may be incorrect (including because one
or more of the company's assumptions underlying its expectations
may not be realized), that data from the company's development
programs may not support registration or further development of its
compounds due to safety, efficacy or other reasons, and other risks
listed under Risk Factors in Vertex's annual report and quarterly
reports filed with the Securities and Exchange Commission and
available through the company's website at www.vrtx.com. Vertex disclaims any obligation to
update the information contained in this press release as new
information becomes available.
Conference Call and
Webcast
The company will host a conference call and webcast today at
4:30 p.m. ET. To access the call, please dial (866) 501-1537 (U.S.)
or +1 (720) 545-0001 (International). The conference call will be
webcast live and a link to the webcast can be accessed through
Vertex's website at www.vrtx.com in the "Investors" section under
"Events and Presentations." To ensure a timely connection, it is
recommended that users register at least 15 minutes prior to the
scheduled webcast. An archived webcast will be available on the
company's website.
(VRTX-GEN)
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160727006398/en/
Vertex Contacts:Investors:Michael Partridge,
617-341-6108orEric Rojas, 617-961-7205orZach Barber,
617-341-6470orMedia:617-341-6992mediainfo@vrtx.com
Vertex Pharmaceuticals (NASDAQ:VRTX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vertex Pharmaceuticals (NASDAQ:VRTX)
Historical Stock Chart
From Apr 2023 to Apr 2024