The biotech firm Vertex Pharmaceuticals Inc. (VRTX) will maintain patent protection until 2037 for a leading treatment for cystic fibrosis. In other words, the company will be able to produce billions in blockbuster revenues for the next twenty years.
Several medicines have been developed by Vertex Pharmaceuticals to treat cystic fibrosis, a dangerous genetic disease that impairs lung function. There is no full cure for the disease, but Vertex Pharmaceuticals’ treatment improves the condition of patients and improves the quality and life span of the disease. Currently, Trikafta, which obtained FDA approval in last year, is the leading cystic fibrosis drug. The drug is appropriate for the treatment of 90 percent of cystic fibrosis patients, giving the organization $960 million in revenues in the third quarter of 2020, or around 60 percent of overall quarterly revenues.
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In August 2020, regulators in Europe have approved the commercialization of Trikafta, which will add around 20,000 more potential patients to the 18,000 living in the U.S. In addition, in Australia, Canada and other countries, Vertex Pharmaceuticals intends to commercialize the medicine.
Vertex Pharmaceuticals is widening the reach of its other cystic fibrosis treatments alongside the promotion of the new drug. In particular, it is necessary for the company to enter the market for the treatment of infants and children, because the company’s medicinal products were initially only licensed for the treatment of adult patients.
The patent of Vertex Pharmaceuticals for successful Trikafta therapy will remain in the U.S. and EU until 2037, which ensures that the business will remain exclusive for nearly two decades.
Without debt, Vertex Pharmaceuticals managed to accumulate $6.2 billion in capital and cash equivalents. The firm unveiled a $500 million share buyback program last month, which runs through 2022.
On December 14, Vertex Pharmaceuticals Inc. (VRTX) was up 1.77 percent to $228.13.