Vertex - INCIVEK’s Life Extension by ALS-2200?
Vertex (VRTX) reported declining sales of INCIVEK (L, HCV, Protease inhibitor, PI) in 2Q12 vs. 1Q12 (down by 8% to $328m), much below our expectations but KALYDECO (L, CF potentiator, G551D CFTR mutation) ramp-up was reassuring (up 156% to $46m vs. 1Q12). The stock got a boost from the preliminary data of ALS-2200 (Nucleotide inhibitor, PhI/II, HCV) but safety and long term data is still critical and we continue to believe that GILD will lead and there will be many more players by the time VRTX arrives- Abbott, Bristol Myers etc. Approval of simeprevir (TMC-435, PI, QD, PhIII, Medivir/JNJ) in 2013 could further add... For more detail, please read our report released on 1st Aug, 2012, titled, “INCIVEK’s Life Extension by ALS-2200?”
