2Q beat and raise; kidney franchise remains a focus

研报英文原文证据摘录

2Q beat and raise; kidney franchise remains a focus

Idea

e = Morgan Stanley Research estimates, a = Actual Company reported dataMExhibit 1: VRTX 2Q26 hits and misses

Source: Company Data, FactSet, VisibleAlpha, Morgan Stanley Research

Takeaways from the VRTX call:

Alyftrek CF launch was ahead of MS/Cons expectations: U.S. adoption has been

driven primarily by patients switching from existing regimens, while approval across

additional rare mutations is supporting faster uptake. Looking ahead, early

international penetration also appears strong, with more than one-third of patients

in Germany and the U.K. already on Alyftrek. Overall, VRTX believes the launch

reinforces Alyftrek's position as the new standard of care against which future CF

therapies will be evaluated. With respect to VRTX's next-gen CF pipeline, mgmt

discussed its three next-gen assets under development: '828 (Ph1 data in CF patients

in 2H26), '581 and '272 Ph1 studies ongoing in healthy volunteers. VRTX commented

that it will only advance these assets into Ph2 if they outperform Alyftrek,

specifically by increasing the proportion of patients achieving sweat chloride levels

below 30 mmol/L. We note for Alytrek, 65% for 2-5 years old at or below 30 in

terms of sweat chloride; 30-35% for 12+ years old.

Journavx GTN is still elevated (we estimate ~77%). Prescriptions increased 45%

sequentially to 535k and volume split roughly evenly between hospital and retail

channels. 2Q revenue benefited from channel inventory build, and mgmt expects

continued quarterly variability. Access has expanded to 260mn of ~320mn

addressable U.S. lives, including 180mn with unrestricted coverage, with three of

the four largest Medicare Part D plans now providing access. Looking ahead, mgmt