Vertex (VRTX) Summer Orkambi Slowdown Impact Should Be Elimited by Q4 - Leerink
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Leerink Partners analyst Geoffrey Porges weighed in on Vertex (NASDAQ: VRTX) following comments from the CFO that "…when we look at Q3, one thing we are seeing in the US is a slowdown in refills in the July and August timeframe."
Porges notes slowdown was mentioned as unanticipated, but importantly "patients are [still] reinitiating or getting their refill later and we have been able to track patient to patient to see that. So it’s not discontinuations."
He also notes that the CFO reaffirmed guidance that Orkambi is experiencing 70%-80% persistence and compliance rates in the US.
Porges said the summer Okambi slowdown could impact 3Q US Orkambi sales by up to 15% and EPS by up to 50%, but the impact should be eliminated by 4Q.
The firm maintained an Outperform and price target of $113 on VRTX.
Shares of Vertex closed at $95.27 yesterday.
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