2Q Preview: Q less in focus, IgAN‘t wait for the pove launch

研报英文原文证据摘录

2Q Preview: Q less in focus, IgAN‘t wait for the pove launch

rom our conversations most agree

VRTX sets a high bar in CF and even if SION is successful here there is a long road ahead

developing its own combos. For the pain franchise where we think investors give limited credit

today, we think VRTX continues to steadily execute on access in acute pain, and we think DPN

Ph3 data (we think 1H27) could be a major upside catalyst if successful where we think investor

expectations are low. We also note a steady cadence of mid-early stage programs (now further

expanded with CRNX) that we view as interesting and potentially meaningful opportunities to

expand the business beyond CF long term.

Detailed takes from speaking to mgmt:

• On revenues mgmt noted 1Q was a slower start vs what full-year ‘26 guidance would imply,

including some inventory dynamics and other seasonal effects (e.g., deductible resets); these

factors are expected to normalize in 2Q. For Journavx specifically mgmt expects greater

transition from script growth to revenue growth as coverage builds, starting in 2Q and

improving into 2H. Mgmt noted full-year ‘26 gross margin guidance of 86% and though 1Q

came in above that, mgmt cited CF royalty structure and increased contribution from lower-

margin Casgevy/Journavx as potential factors for the remainder of ‘26.

• For Journavx reimbursement/access dynamics, mgmt cited at the start of ‘26 all 3 major

commercial PBMs were contracted; on government payors mgmt cited at 1Q there was

coverage by 22 state Medicaid plans, and of the 4 major Medicare Part D plans the 1st came

online 5/1 with a 2nd coming 7/1. Overall mgmt noted that at 1Q EPS there were ~240M

covered lives. On the Journavx GTN trajectory long-term, mgmt has cited ~40-60% as a