Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 05:30 pm ET


Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Q2 2020 Earnings Conference Call - Final Transcript


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Michael Partridge

Good evening. Welcome to the Vertex Second Quarter 2020 Financial Results Conference Call. This is Michael Partridge, Senior Vice President of Investor Relations for Vertex. Making prepared remarks on the call tonight, we have Dr. Reshma Kewalramani, Vertex's CEO and President, Stuart Arbuckle, Chief Commercial Officer and Charlie Wagner, Chief Financial Officer. We recommend that you access the webcast slides on our website as you listen to this call.

This conference 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 our filings with the Securities and Exchange Commission. These statements, including, without limitation, those regarding Vertex's marketed CF medicines, our pipeline 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 all of the financial results and guidance that we will review on this call this evening are non-GAAP.

I will now turn the call over to Dr. Reshma Kewalramani.

Reshma Kewalramani

Thanks, Michael. 2020 continues to be a year of remarkable progress for Vertex across all aspects of our business, as measured by the continued strong performance of the TRIKAFTA launch in the U.S. The recent positive CHMP opinion for the triple combination regimen in Europe, completion of a landmark reimbursement agreement to expand access to the triple combination for patients in England. And the advancement of our late preclinical and clinical stage pipeline programs, most notably, our proof-of-concept data for CTX001 that underscores the curative potential of this therapy in both beta-thalassemia and sickle cell disease. I'm especially proud that the Vertex team has been able to accomplish all of this despite the challenges presented by the COVID-19 pandemic and want to acknowledge the resilience and commitment of all of our employees to continue to deliver on our goals for patients.

Turning first to our CF medicines. Today, the vast majority of our eligible patients in the U.S. have begun treatment with TRIKAFTA, reflecting the significant and fundamental benefit that this medicine provides by addressing the underlying cause of disease. The rate of uptake for TRIKAFTA and the speed at which we have obtained broad reimbursement speak to the appreciation of the therapeutic profile of this medicine, which we believe will be the foundation of CF therapy for many years to come. Outside the U.S., in June, we received a positive CHMP opinion for the triple combination regimen, which, if approved, will be known in Europe as KAFTRIO. This positions us for an earlier-than-expected approval in Europe in the coming months, which would provide up to 10,000 new patients with the first medicine to treat the underlying cause of their disease. Following the anticipated approval later this year in Europe, we plan to seek a potential expansion of the KAFTRIO label to include patients with one F508 del mutation and a residual function or gating mutation based on the positive