Total product revenues increased by 25% to $940 million, primarily driven by the uptake of Symdeko in the US and Symkevi in Germany. Total revenues grew by 25% to $941.29 million.
Looking ahead into the full year 2019, the company lifted its total product revenues outlook to the range of $3.60 billion to $3.70 billion from the previous range of $3.45 billion to $3.55 billion. Combined R&D and SG&A expenses are now anticipated to be $2.25 billion to $2.40 billion compared to the prior estimate range of $2 billion to $2.15 billion. The adjusted effective tax rate is still predicted to be 21% to 22%.
The company’s revised combined R&D and SG&A expense guidance reflect upfront payments made to CRISPR Therapeutics and Kymera Therapeutics for transactions announced in the second quarter of 2019.
In cystic fibrosis, the company submitted a New Drug Application to the FDA for its VX-445 triple combination regimen, which Vertex believes has the potential to treat up to 90% of all CF patients in the future. The company continues to focus on ensuring all eligible patients have access to its CF medicines as early as possible.
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Also, Vertex has rapidly grown its pipeline beyond CF, advancing seven new potential medicines across five disease areas, including beta-thalassemia, sickle cell disease, alpha-1 antitrypsin deficiency, APOL1-mediated kidney diseases, and pain. And through expanded collaboration with CRISPR Therapeutics and acquisition of Exonics Therapeutics, the company has now established a leading gene-editing platform for the treatment of Duchenne Muscular Dystrophy and Myotonic Dystrophy Type 1.
Shares of Vertex ended Wednesday’s regular session down 1.72% at $166.62 on the Nasdaq. Following the earnings release, the stock gained over 2% in the after-market session.