- Product revenues of $1.79 billion, an 18%
increase compared to Q2 2020 -
- Company raises full-year 2021 guidance for
product revenues to $7.2 to $7.4B -
- Phase 3 study of next-in-class triple
combination for CF to begin in the second half of 2021; multiple
additional clinical milestones across the pipeline expected in the
next 6 to 9 months -
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today
reported consolidated financial results for the second quarter
ended June 30, 2021 and raised full-year 2021 guidance for product
revenues to $7.2 to $7.4B.
"In the second quarter of 2021, we saw continued, significant
growth and strong business performance in our cystic fibrosis
franchise. We have now secured reimbursement agreements for the
triple combination in more than 15 countries outside the U.S. and
started expansion into younger age groups with the U.S. approval in
patients 6 to 11 years of age last month. With these advancements,
we are poised to reach more patients in 2021 than previously
forecasted and are therefore raising our 2021 revenue guidance.
Looking forward, we continue to see significant growth ahead in CF,
with more than 30,000 CF patients who may benefit from the triple
combination but who are not yet treated," said Reshma Kewalramani,
M.D., Chief Executive Officer and President of Vertex.
"We also made important progress with our pipeline programs in
the first half of this year. Our pipeline programs are advancing
quickly, with five programs in mid- or late-stage clinical trials.
We continue to see impressive clinical results with CTX001, our
most advanced program outside of CF, in which we have now dosed
more than 45 patients. Our pre-commercial efforts for this program
are underway, as we prepare to serve patients with sickle cell
disease and beta thalassemia and address the significant market
opportunity. We look forward to multiple R&D milestones and
data readouts in the coming 6 to 9 months," said Dr.
Kewalramani.
Second-Quarter 2021 Financial
Highlights
Three Months Ended June
30,
%
2021
2020
Change
(in millions, except per share
amounts)
Product revenues, net
$
1,793
$
1,524
18%
TRIKAFTA/KAFTRIO
$
1,256
$
918
SYMDEKO/SYMKEVI
$
134
$
172
ORKAMBI
$
221
$
232
KALYDECO
$
183
$
203
GAAP operating (loss) income
$
(38)
$
718
N/A
Non-GAAP operating income
$
1,029
$
874
18%
GAAP net income
$
67
$
837
(92)%
Non-GAAP net income
$
811
$
687
18%
GAAP net income per share -
diluted
$
0.26
$
3.18
(92)%
Non-GAAP net income per share -
diluted
$
3.11
$
2.61
19%
Product revenues increased 18% compared to the second
quarter of 2020, primarily driven by the uptake of KAFTRIO in
Europe and continued strong performance of TRIKAFTA in the U.S. Net
product revenues in the second quarter of 2021 increased 4% to
$1.26 billion in the U.S. and increased 71% to $536 million outside
the U.S., compared to the second quarter of 2020.
GAAP net income decreased compared to the second quarter
of 2020, primarily due to a $900 million payment in connection with
the amendment of Vertex's collaboration with CRISPR Therapeutics
that was recorded as a GAAP R&D expense in the second quarter
of 2021.
Non-GAAP net income increased compared to the second
quarter of 2020, largely driven by strong growth in product
revenues.
Cash, cash equivalents and marketable securities were
$6.71 billion, an increase of $49 million compared to $6.66 billion
as of December 31, 2020, primarily driven by strong operating cash
flow from Vertex's revenue growth and profitability, and offset by
the $900 million payment to CRISPR and repurchases of our common
stock authorized under our 2020 share repurchase program.
Second-Quarter 2021
Expenses
Three Months Ended June
30,
2021
2020
(in millions)
Combined GAAP R&D and SG&A
expenses
$
1,602
$
613
Combined Non-GAAP R&D and SG&A
expenses
$
537
$
467
GAAP R&D expenses (1)
$
1,407
$
421
Non-GAAP R&D expenses
$
383
$
321
GAAP SG&A expenses
$
195
$
192
Non-GAAP SG&A expenses
$
154
$
146
GAAP income taxes (2)
$
(111)
$
(13)
Non-GAAP income taxes
$
201
$
184
GAAP effective tax rate (2)
251%
(2)%
Non-GAAP effective tax rate
20%
21%
Combined GAAP R&D and SG&A expenses increased
compared to the second quarter of 2020, primarily due to the $900
million payment to CRISPR in the second quarter of 2021.
Combined Non-GAAP R&D and SG&A expenses increased
compared to the second quarter of 2020, primarily due to the
expansion of Vertex's pipeline in CF and other disease areas and
incremental investment to support the global launches of Vertex's
medicines.
GAAP income taxes reflected an increased benefit compared
to the second quarter of 2020, primarily due to the income tax
impact of the $900 million payment to CRISPR partially offset by a
decrease in discrete tax benefits. Please refer to Note 2 for
further details.
Non-GAAP income taxes increased compared to the second
quarter of 2020 primarily due to Vertex's increased operating
income.
Full-Year 2021 Financial
Guidance
Vertex today increased its full-year 2021 product revenue
guidance based on strong year-to-date performance and the expected
impact of recent reimbursement agreements. Vertex's guidance is
summarized below:
Current FY 2021
Previous FY 2021
Product revenues
$7.2 to 7.4 billion
$6.7 to 6.9 billion
Combined GAAP R&D and SG&A
expenses (3)
Unchanged
$3.8 to 3.95 billion
Combined Non-GAAP R&D and SG&A
expenses (3)
Unchanged
$2.25 to 2.3 billion
Non-GAAP effective tax rate
Unchanged
21% to 22%
Key Business Highlights
Cystic Fibrosis (CF) Marketed
Products
Vertex anticipates that the number of CF patients treated with
our medicines will continue to grow as we enter into additional
reimbursement agreements, achieve new approvals for the treatment
of younger patients, and expand treatment options for the
approximately 10 percent of patients who do not benefit from CFTR
modulators, all of which will lead to continued growth of our CF
business in the years ahead.
In June, the U.S. FDA approved expansion of the indication of
TRIKAFTA (elexacaftor/tezacaftor/ivacaftor and ivacaftor) to
include children with CF ages 6 through 11 years. Health Canada
granted Marketing Authorization for TRIKAFTA for people with CF
ages 12 years and older who have at least one F508del mutation.
TRIKAFTA/KAFTRIO is now approved and reimbursed or accessible in
more than 15 countries outside the U.S., including Italy and
France.
R&D pipeline
Vertex continues to progress a broad pipeline of potentially
transformative small molecule, cell and genetic therapies aimed at
serious diseases. Recent and anticipated progress for key pipeline
programs is noted below:
Cystic Fibrosis
- Vertex recently announced plans to initiate Phase 3 studies of
the next-in-class, once-daily triple combination of VX-121,
tezacaftor and VX-561 in the second half of 2021. Clinical and
preclinical data suggest that this triple combination has the
potential to provide enhanced benefit for people with CF who have
the F508del mutation on at least one allele.
-
The Phase 3 program will consist of two 48-week trials, which
will evaluate the safety and efficacy of the new combination
relative to TRIKAFTA in a total of 800 patients. Both studies will
measure the regulatory-enabling endpoint of absolute change in
ppFEV1, a measure of lung function, that will be analyzed for
non-inferiority to TRIKAFTA. Both studies will also assess absolute
change from baseline in ppFEV1 and sweat chloride for superiority
to TRIKAFTA.
Beta Thalassemia and Sickle Cell Disease
- Based on the compelling data generated with CTX001, in April,
Vertex and CRISPR Therapeutics announced an amendment to their
collaboration for CTX001. In connection with the completion of the
transaction in June, Vertex made a $900 million upfront payment to
CRISPR.
- Data from 22 patients with at least three months of follow-up
after CTX001 infusion were presented at EHA in June and continued
to build the profile of a one-time functional cure for patients
with transfusion-dependent beta thalassemia (TDT) and severe sickle
cell disease (SCD), showing consistent and durable benefit with
longer term data from a larger population of patients.
- Enrollment and dosing are ongoing in the clinical studies for
CTX001 and more than 45 patients have been dosed across the program
to date. Vertex anticipates achieving target enrollment in both
studies in the third quarter of 2021, with regulatory filings
possible in the next 18 to 24 months.
APOL1-mediated Kidney Diseases
- Vertex is evaluating the potential of inhibitors of APOL1
function to treat people with APOL1-mediated kidney diseases.
- Enrollment is ongoing in a Phase 2 proof-of-concept study
designed to evaluate the reduction in proteinuria in people with
APOL1-mediated focal segmental glomerulosclerosis (FSGS) following
treatment with VX-147.
- Data from this study are expected in the second half of
2021.
Pain
- NaV1.8 is a genetically and pharmacologically validated novel
target for the treatment of pain, and Vertex has previously
demonstrated clinical proof-of-concept with a small molecule
investigational treatment targeting NaV1.8 in multiple pain
indications including acute pain, neuropathic pain and
musculoskeletal pain. Vertex’s approach is to selectively inhibit
NaV1.8 using small molecules with the objective of creating a new
class of medicines that have the potential to provide superior
relief of acute pain without the limitations of opioids, including
their addictive potential. VX-548 is the most recent molecule to
enter clinical development from Vertex’s portfolio of NaV1.8
inhibitors.
- Vertex announced in July that the VX-548 Phase 2 acute pain
program has been initiated. The proof-of-concept trial for acute
pain following bunionectomy surgery is open for enrollment, and the
VX-548 trial following abdominoplasty surgery will commence in the
coming weeks.
- Data from the bunionectomy trial are expected by early
2022.
Type 1 Diabetes (T1D)
- Vertex is evaluating a cell therapy designed to replace
insulin-producing islet cells in people with T1D. Vertex is
pursuing two programs for the transplant of stem cell-derived,
fully differentiated, insulin-producing islet cells into patients:
1) transplantation of islet cells alone, using immunosuppression to
protect the implanted cells and 2) implantation of the islet cells
inside a novel immunoprotective device.
- A Phase 1/2 clinical trial for VX-880, the islet cells alone
program, is ongoing in people with T1D. The first patient in this
study has been dosed, and initial data from this study are expected
in 2022.
Alpha-1 Antitrypsin (AAT) Deficiency
- Vertex continues to evaluate small molecule correctors of zAAT
protein to target the underlying cause of AATD, and thereby address
both lung and liver manifestations of the disease.
- Vertex plans to advance one or more novel small molecule zAAT
correctors into the clinic in 2022.
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 from Vertex's pre-tax income (i)
stock-based compensation expense, (ii) revenues and expenses
related to collaborative milestones and upfront payments, including
the $900 million upfront payment to CRISPR Therapeutics, (iii)
gains or losses related to the fair value of the company's
strategic investments, (iv) increases or decreases in the fair
value of contingent consideration, (v) acquisition-related costs
and (vi) other adjustments. The company's non-GAAP financial
results also exclude from its provision for income taxes the
estimated tax impact related to its non-GAAP adjustments to pre-tax
income described above and certain discrete items. These results
should not be viewed as a substitute for the company’s GAAP results
and are provided as a complement to results provided in accordance
with GAAP. 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 that the company believes is helpful to an
understanding of its ongoing business. Management also uses these
non-GAAP financial measures to establish budgets and operational
goals that are communicated internally and externally, 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’s calculation of
non-GAAP financial measures likely differs from the calculations
used by other companies. A reconciliation of the GAAP financial
results to non-GAAP financial results is included in the attached
financial information.
The company provides guidance regarding combined R&D and
SG&A expenses and effective tax rate on a non-GAAP basis. The
guidance regarding combined GAAP R&D and SG&A expenses does
not include estimates associated with any potential future business
development activities. The company does not provide guidance
regarding its GAAP effective tax rate because it is unable to
forecast with reasonable certainty the impact of excess tax
benefits related to stock-based compensation and the possibility of
certain discrete items, which could be material.
Vertex Pharmaceuticals
Incorporated Second-Quarter Results Consolidated Statements of
Operations (in thousands, except per share amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
Revenues:
Product revenues, net
$
1,793,370
$
1,524,485
$
3,516,675
$
3,039,592
Other revenues
—
—
1,000
—
Total revenues
1,793,370
1,524,485
3,517,675
3,039,592
Costs and expenses:
Cost of sales
227,972
184,520
420,301
347,017
Research and development expenses (1)
1,407,090
420,928
1,863,063
869,456
Selling, general and administrative
expenses
194,669
191,804
386,746
374,062
Change in fair value of contingent
consideration
1,600
9,200
(2,300)
10,800
Total costs and expenses
1,831,331
806,452
2,667,810
1,601,335
(Loss) income from operations
(37,961)
718,033
849,865
1,438,257
Interest income
1,133
4,243
2,598
16,819
Interest expense
(15,478)
(13,871)
(31,156)
(28,007)
Other income (expense), net
8,051
116,365
(44,602)
55,235
(Loss) income before (benefit from)
provision for income taxes
(44,255)
824,770
776,705
1,482,304
(Benefit from) provision for income
taxes
(111,179)
(12,500)
56,643
42,281
Net income
$
66,924
$
837,270
$
720,062
$
1,440,023
Net income per common share:
Basic
$
0.26
$
3.22
$
2.78
$
5.54
Diluted
$
0.26
$
3.18
$
2.75
$
5.46
Shares used in per share calculations:
Basic
258,988
259,637
259,179
260,013
Diluted
261,020
263,403
261,468
263,746
Reconciliation of GAAP to
Non-GAAP Net Income Second-Quarter Results (in thousands,
except per share amounts) (unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
GAAP net income
$
66,924
$
837,270
$
720,062
$
1,440,023
Stock-based compensation expense
104,622
117,189
219,796
232,895
(Increase) decrease in fair value of
strategic investments (4)
(10,609)
(109,986)
41,686
(65,116)
Increase (decrease) in fair value of
contingent consideration (5)
1,600
9,200
(2,300)
10,800
Collaborative revenues and expenses
(6)
958,400
27,000
959,050
63,250
Acquisition-related costs (7)
2,820
2,456
5,640
5,339
Total non-GAAP adjustments to pre-tax
income
1,056,833
45,859
1,223,872
247,168
Tax adjustments (2)
(312,484)
(196,325)
(351,445)
(325,933)
Non-GAAP net income
$
811,273
$
686,804
$
1,592,489
$
1,361,258
Net income per diluted common share:
GAAP
$
0.26
$
3.18
$
2.75
$
5.46
Non-GAAP
$
3.11
$
2.61
$
6.09
$
5.16
Shares used in diluted per share
calculations:
GAAP and Non-GAAP
261,020
263,403
261,468
263,746
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
GAAP operating (loss) income
$
(37,961)
$
718,033
$
849,865
$
1,438,257
Stock-based compensation expense
104,622
117,189
219,796
232,895
Increase (decrease) in fair value of
contingent consideration (5)
1,600
9,200
(2,300)
10,800
Collaborative revenues and expenses
(6)
958,400
27,000
959,050
63,250
Acquisition-related costs (7)
2,820
2,456
5,640
5,339
Non-GAAP operating income
$
1,029,481
$
873,878
$
2,032,051
$
1,750,541
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,
2021
2020
2021
2020
GAAP total revenues
$
1,793,370
$
1,524,485
$
3,517,675
$
3,039,592
Collaborative revenues
—
—
(1,000)
—
Non-GAAP total revenues
$
1,793,370
$
1,524,485
$
3,516,675
$
3,039,592
Three Months Ended June
30,
Six Months Ended June 30,
2021
2020
2021
2020
GAAP cost of sales
$
227,972
$
184,520
$
420,301
$
347,017
Stock-based compensation expense
(1,540)
(1,387)
(2,971)
(2,748)
Non-GAAP cost of sales
$
226,432
$
183,133
$
417,330
$
344,269
GAAP research and development
expenses
$
1,407,090
$
420,928
$
1,863,063
$
869,456
Stock-based compensation expense
(62,615)
(70,275)
(135,417)
(142,962)
Collaborative expenses (6)
(958,400)
(27,000)
(960,050)
(63,250)
Acquisition-related costs (7)
(2,820)
(2,208)
(5,640)
(4,886)
Non-GAAP research and development
expenses
$
383,255
$
321,445
$
761,956
$
658,358
GAAP selling, general and
administrative expenses
$
194,669
$
191,804
$
386,746
$
374,062
Stock-based compensation expense
(40,467)
(45,527)
(81,408)
(87,185)
Acquisition-related costs (7)
—
(248)
—
(453)
Non-GAAP selling, general and
administrative expenses
$
154,202
$
146,029
$
305,338
$
286,424
Combined non-GAAP R&D and SG&A
expenses
$
537,457
$
467,474
$
1,067,294
$
944,782
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
GAAP other income (expense),
net
$
8,051
$
116,365
$
(44,602)
$
55,235
(Increase) decrease in fair value of
strategic investments (4)
(10,609)
(109,986)
41,686
(65,116)
Non-GAAP other (expense) income,
net
$
(2,558)
$
6,379
$
(2,916)
$
(9,881)
GAAP (benefit from) provision for
income taxes
$
(111,179)
$
(12,500)
$
56,643
$
42,281
Tax adjustments (2)
312,484
196,325
351,445
325,933
Non-GAAP provision for income taxes
(8)
$
201,305
$
183,825
$
408,088
$
368,214
GAAP effective tax rate
251
%
(2
)%
7
%
3
%
Non-GAAP effective tax rate (8)
20
%
21
%
20
%
21
%
Condensed Consolidated Balance
Sheets (in thousands) (unaudited)
June 30, 2021
December 31, 2020
Assets
Cash, cash equivalents and marketable
securities
$
6,707,993
$
6,658,897
Accounts receivable, net
929,142
885,352
Inventories
321,620
280,777
Property and equipment, net
1,021,233
958,534
Goodwill and intangible assets
1,402,158
1,402,158
Deferred tax assets
952,808
882,779
Other assets
886,732
683,311
Total assets
$
12,221,686
$
11,751,808
Liabilities and Shareholders'
Equity
Accounts payable and accrued expenses
$
1,610,090
$
1,560,110
Finance lease liabilities
569,752
581,476
Contingent consideration
187,300
189,600
Other liabilities
658,148
733,807
Shareholders' equity
9,196,396
8,686,815
Total liabilities and shareholders'
equity
$
12,221,686
$
11,751,808
Common shares outstanding
259,114
259,890
Notes and Explanations
1: "Research and development expenses" include the
company's $900 million upfront payment to CRISPR in the three and
six months ended June 30, 2021.
2: In the three and six months ended June 30, 2021 and
2020, "Tax adjustments" included the estimated income taxes related
to non-GAAP adjustments to the company's pre-tax income (loss) and
non-recurring discrete benefits to the company's provision for
income taxes. The estimated income taxes related to non-GAAP
adjustments to the company's pre-tax income (loss) included
adjustments for (i) stock-based compensation (including an
adjustment for excess tax benefits related to stock-based
compensation), (ii) changes in the fair value of the company's
strategic investments and (iii) collaborative upfront and milestone
payments and (iv) other adjustments. Also included in "Tax
adjustments" was a $100 million discrete benefit related to an
increase in the U.K.'s corporate tax rate in the three and six
months ended June 30, 2021, a $187 million discrete benefit related
to the transfer of intellectual property rights to the company's
U.K. entity in the three months ended June 30, 2020 and a $50
million discrete benefit from the first quarter of 2020 related to
the write-off of a long-term intercompany receivable, which was
included in the six months ended June 30, 2020.
3: The difference between the company’s full-year 2021
combined GAAP R&D and SG&A expenses and combined non-GAAP
R&D and SG&A expenses guidance relates primarily to $1.12
billion to $1.17 billion of collaborative upfront and milestone
payments related to existing collaboration agreements and $430
million to $455 million of stock-based compensation expense. The
guidance regarding combined GAAP R&D and SG&A expenses does
not include estimates associated with any potential future business
development activities.
4: "Other income (expense), net" includes gains and
losses related to changes in the fair value of the company's
strategic investments and from sales of certain investments.
5: During the three and six months ended June 30, 2021
and 2020, the change in the fair value of contingent consideration
relates to potential payments to Exonics Therapeutics' former
equity holders.
6: "Collaborative revenues and expenses" in the three and
six months ended June 30, 2021 and 2020 related to collaborative
upfront and milestone payments, including the company's $900
million upfront payment to CRISPR in the three and six months ended
June 30, 2021.
7: "Acquisition-related costs" in the three and six
months ended June 30, 2021 and 2020 related to costs associated
with the company's acquisition of Exonics Therapeutics in 2019.
8: The company released its valuation allowance on the
majority of its net operating losses and other deferred tax assets
as of December 31, 2018. As of December 31, 2020, the company had
utilized substantially all of its remaining federal net operating
losses. As a result, a larger portion of the company’s tax
provision represents a cash tax payable, subject to continued
utilization of certain tax credits.
Note:
Amounts may not foot due to rounding.
About Vertex
Vertex is a global biotechnology company that invests in
scientific innovation to create transformative medicines for people
with serious diseases. The company has multiple approved medicines
that treat the underlying cause of cystic fibrosis (CF) — a rare,
life-threatening genetic disease — and has several ongoing clinical
and research programs in CF. Beyond CF, Vertex has a robust
pipeline of investigational small molecule medicines in other
serious diseases where it has deep insight into causal human
biology, including pain, alpha-1 antitrypsin deficiency and
APOL1-mediated kidney diseases. In addition, Vertex has a rapidly
expanding pipeline of genetic and cell therapies for diseases such
as sickle cell disease, beta thalassemia, Duchenne muscular
dystrophy and type 1 diabetes mellitus.
Founded in 1989 in Cambridge, Mass., Vertex's global
headquarters is now located in Boston's Innovation District and its
international headquarters is in London. Additionally, the company
has research and development sites and commercial offices in North
America, Europe, Australia and Latin America. Vertex is
consistently recognized as one of the industry's top places to
work, including 11 consecutive years on Science magazine's Top
Employers list and a best place to work for LGBTQ equality by the
Human Rights Campaign. For company updates and to learn more about
Vertex's history of innovation, visit www.vrtx.com or follow us on
Facebook, Twitter, LinkedIn, YouTube and Instagram.
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. Kewalramani's statements in this
press release, the information provided regarding future financial
performance and operations, the section captioned "Full-Year 2021
Financial Guidance" and statements regarding (i) anticipated
regulatory filings, data availability, new approvals, and timing
thereof, (ii) anticipated future label expansions, (iii) the
expectations, development plans and anticipated timelines for the
company's medicines, drug candidates and pipeline programs,
including study designs, clinical site activations, patient
enrollment, data availability and timing thereof, (iv) expectations
for the collaborations with CRISPR, including expectations
regarding achievement of target enrollment in the CTX001 clinical
studies, anticipated benefits of the collaborations, the potential
of CTX001 to be a one-time functional cure for patients with TDT
and SCD, and the possibility of regulatory filings in the next
18-24 months, (v) expectations for uptake of and expanded access to
the company’s medicines, including additional reimbursement
agreements, (vi) expectations for continued growth in the number of
CF patients treated with our medicines, including our belief that
we will reach more patients in 2021 than previously forecasted,
(vii) expectations for our pain program, including the creation of
a new class of non-opioid medicines that have the potential to
provide superior relief of acute pain, our plan to commence the
abdominoplasty study in the coming weeks, and expectation for
available data from the bunionectomy trial, (viii) expectations for
our CF pipeline program, including the plans to initiate Phase 3
studies of the next-in-class, once-daily triple combination and the
potential of this new triple combination to provide enhanced
benefit for people with CF, and (ix) expectations for the
availability of initial data from the VX-880 study. 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 risks and uncertainties that could cause
actual events or results to differ materially from those expressed
or implied by such forward-looking statements. Those risks and
uncertainties include, among other things, that the company's
expectations regarding its 2021 product revenues, expenses and
effective tax rates may be incorrect (including because one or more
of the company's assumptions underlying its expectations may not be
realized), that COVID-19 may have different or more significant
impacts on the company's business or operations than the company
currently expects, that data from preclinical testing or early
clinical trials, especially if based on a limited number of
patients, may not be indicative of final results or available on
anticipated timelines, that the company may not realize the
anticipated benefits from our collaborations with third parties,
that data from the company's development programs may not support
registration or further development of its potential medicines in a
timely manner, or at all, due to safety, efficacy or other reasons,
and other risks listed under the heading “Risk Factors” in Vertex's
annual report and subsequent quarterly reports filed with the
Securities and Exchange Commission and available through the
company's website at www.vrtx.com and on the SEC’s website at
www.sec.gov. You should not place undue reliance on these
statements. 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
5:30 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-E)
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version on businesswire.com: https://www.businesswire.com/news/home/20210729006087/en/
Vertex Contacts: Investors: Michael Partridge,
617-341-6108 or Brenda Eustace, 617-341-6187 or Manisha Pai,
617-429-6891 Media: 617-341-6992 mediainfo@vrtx.com
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