Vertex Pharmaceuticals, Inc. (NASDAQ:VRTX) Q1 2024 Earnings Conference Call May 6, 2024 4:30 PM ET

Company Participants

Susie Lisa - SVP, IR
Reshma Kewalramani - CEO, President & Director
Stuart Arbuckle - EVP & COO
Charles Wagner - EVP & CFO

Conference Call Participants

Geoff Meacham - Bank of America Merrill Lynch
Jessica Fye - JPMorgan Chase & Co.
Salveen Richter - Goldman Sachs Group
Olivia Brayer - Cantor Fitzgerald & Co.
Liisa Bayko - Evercore ISI
Terence Flynn - Morgan Stanley
Debjit Chattopadhyay - Guggenheim Securities
Evan Seigerman - BMO Capital Markets
Philip Nadeau - TD Cowen
Colin Bristow - UBS

Operator

Good day, and welcome to the Vertex Pharmaceuticals First Quarter 2024 Earnings Conference Call. [Operator Instructions].

I would now like to turn the conference over to Ms. Susie Lisa. Please go ahead.

Susie Lisa

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 2024 financial results conference call.

On tonight's call, making prepared remarks, we have Dr. Reshma Kewalramani, Vertex's CEO and President; Stuart Arbuckle, Chief Operating Officer; and Charlie Wagner, Chief Financial 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, including, without limitation, those regarding Vertex's marketed medicines for cystic fibrosis, sickle cell disease and beta-thalassemia, our pipeline Vertex' anticipated acquisition of Alpine Immune Sciences 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. In addition, the impact of foreign exchange is presented inclusive of our foreign exchange risk management program.

I will now turn the call over to Reshma.

Reshma Kewalramani

Thanks, Susie. Good evening all, and thank you for joining us on the call today, continuing our strong momentum from 2023, we've kicked off '24 with another quarter of excellent performance across the board. Vertex continued to reach more CF patients, delivering $2.7 billion in revenue in Q1, representing 13% growth versus the prior year period. We also began our journey of revenue diversification with the launch of CASGEVY in both sickle cell disease and beta thalassemia in multiple regions. In our late stage pipeline, we continue to drive programs into Phase III and towards regulatory approval, creating multiple opportunities for both revenue growth and diversification, including: one, completing our regulatory submissions for the vanzacaftor triple in patients with cystic fibrosis 6 years and older in both the U.S. and the EU, initiating the rolling NDA submission for VX-548 or suzetrigine in moderate-to-severe acute pain; three, advancing inaxaplin into the Phase III portion of its pivotal trial in APOL1-mediated kidney disease and expanding the eligible patient population down to age 10.