버텍스 파마슈티컬스(VRTX) 2026년 3분기 실적 컨퍼런스 콜: 매출 가이던스 상향

핵심 요약

• 버텍스 파마슈티컬스(NASDAQ: VRTX)는 2026 회계연도 3분기 매출이 전년 동기 대비 12% 증가했다고 발표했다. 미국 매출은 10%, 글로벌 매출은 16% 증가했으며, 환율 효과는 약 1%포인트 기여했다.
• 전 세계 낭성 섬유증(CF) 매출은 33억 달러로 8% 증가했다. 알리프트렉(ALYFTREK)은 분기 매출 7억 600만 달러를 기록했으며, 전 세계적으로 1만 8,000명 이상의 환자에게 투여되었다.
• 신제품의 성장세도 이어졌다. 카스게비(CASGEVY) 매출은 전분기 대비 30% 증가한 9,900만 달러를 기록했으며, 저나벡스(JOURNAVX)는 5,800만 달러의 매출과 75만 건 이상의 처방을 달성했다.
• 비GAAP 순이익은 12억 1,000만 달러(주당 4.76달러)를 기록했다. 비GAAP 총마진율은 85.6%였다.
• 경영진은 크리네틱스 파마슈티컬스(Crinetics Pharmaceuticals)의 기여분 4,000만~5,000만 달러를 반영하여 2026년 전체 매출 전망치를 131억 5,000만~132억 5,000만 달러로 상향 조정했다.
• 버텍스는 IgA 신증 치료제 포베(Pove)의 11월 30일 PDUFA 심사 기한을 준비하고 있다. 경영진은 영업 담당 인력의 채용과 교육을 완료했으며, 지불자와의 논의도 긍정적으로 진행되었다고 밝혔다.

핵심 재무 데이터

사업 및 영업 성과

낭성 섬유증(CF)

전 세계 CF 매출은 33억 달러를 기록했으며, 미국에서 5%, 미국 외 지역에서 12% 성장했다. 알리프트렉은 3분기 매출 7억 600만 달러, 2026년 첫 9개월 동안 17억 달러 이상의 매출을 기록했다.

성장은 트리카프타(TRIKAFTA)에서 처방을 변경한 환자, 희귀 변이를 가진 신규 환자 및 추가 약가 등재 협상이 견인했다. 버텍스는 미국 외 31개국에서 알리프트렉의 보험 급여가 적용되었다고 밝혔다. 또한 2~5세 소아 환자로 알리프트렉 적응증을 확대하기 위해 전 세계적으로 허가 신청을 시작했다.

버텍스는 차세대 CF 프로그램의 일환으로 VX-828에 대한 긍정적인 초기 데이터를 발표했다. 그러나 경영진은 알리프트렉이 설정한 높은 효능 기준을 이유로, VX-581 및 VX-272의 데이터를 확인한 후 핵심 임상 단계로 진입시킬 후보물질을 결정할 것이라고 밝혔다.

카스게비(CASGEVY)

카스게비는 3분기에 전분기 대비 30% 증가한 9,900만 달러의 매출을 올렸다. 출시 이후 약 200건의 투여가 완료되었으며, 버텍스는 4분기 연속으로 100명 이상의 신규 환자 투여 개시를 기록했다.

전 세계적으로 750명 이상의 환자가 치료를 시작했다. 경영진은 환자의 선택 및 예상되는 4분기 계절성에 따라 일정에 변동이 있을 수 있지만, 2026년 남은 기간과 2027년까지의 예정 투여 일정에 대한 가시성이 높다고 밝혔다.

카스게비는 최근 미국, UAE, 바레인, 영국에서 연령대가 더 낮은 환자를 대상으로 승인받았으며, 적격 연령은 시장마다 다르다.

저나벡스(JOURNAVX)

저나벡스는 3분기에 전분기 대비 40% 이상 증가한 75만 건 이상의 처방을 기록했다. 분기 매출은 2분기 대비 18% 증가한 5,800만 달러를 기록했다. 출시 이후 160만 명 이상의 미국 환자가 치료받았으며, 처방은 병원과 약국 채널 간에 거의 균등하게 유지되었다.

관리의료 대상자의 약 82%가 급여 보장 범위에 포함되었다. 버텍스는 해당 약물이 아직 보장되지 않는 플랜의 환자들을 지원하기 위해 2027년 중반까지 환자 지원 프로그램을 유지할 예정이다. 경영진은 프로그램 종료 후 총매출 대비 순매출 차감율이 50%~60% 수준에서 안정화될 것으로 예상한다.

통증성 당뇨병성 신경병증에 대한 2건의 임상 3상 연구는 연말까지 환자 등록 완료를 목표로 차질 없이 진행 중이며, 결과는 2027년 중반에 나올 것으로 예상된다.

희귀 내분비 질환

팔소니파이(PALSONIFY)는 9월 크리네틱스 인수 완료 이후 버텍스의 3분기 매출에 1,000만 달러를 기여했다. 분기 전체 팔소니파이 매출은 약 2,400만 달러였으며, 2026년 첫 9개월간 매출은 약 6,000만 달러를 기록했다.

약 500명의 내분비학 전문의가 팔소니파이를 처방하고 있으며, 치료를 시작하거나 변경하는 환자 중 40% 이상의 브랜드 점유율을 차지했다. 버텍스는 재처방 의사 확대, 신규 및 처방 변경 환자 지원, 해외 출시 준비에 집중하고 있다.

선천성 부신 과형성증에 대한 아트레멜만트(atremelmant)의 임상 3상이 진행 중이며, 2027년 1분기 성인 환자 등록 완료를 목표로 하고 있다. 버텍스는 또한 미국 외 지역에서 ACTH 의존성 쿠싱 증후군에 대한 적응형 임상 2/3상을 진행 중이다.

신장 질환 파이프라인

버텍스는 IgA 신증에 대한 포베의 11월 30일 PDUFA 심사 기한을 준비하고 있다. 회사는 가정용 자가 주사기로 투여하는 4주 1회, 0.46mL 피하주사 용법을 강조했다. 버텍스는 사우디아라비아에서 신속 승인 가능성을 두고 신청서를 제출했으며, 2년 eGFR 데이터가 확보되는 대로 유럽과 아시아에서 허가를 신청할 예정이다.

아낙시플린(anaxiplin)의 AMPLITUDE 임상 2/3상 연구는 환자 등록을 마쳤으며, 2027년 초 중간 분석이 기대된다. 경영진은 위약 대비 eGFR 기울기의 통계적으로 유의미한 차이가 미국 내 신속 승인 가능성을 위해 합의된 기준이라고 밝혔다.

상염색체 우성 다낭성 신장 질환에 대한 VX-407의 임상 2상 연구도 환자 등록을 마쳤으며, 2027년 결과 발표가 예상된다.

경영진 가이던스

경영진은 기저 매출 성장의 동력으로 지속적인 CF 실적, 알리프트렉 출시, 혈액학, 통증 및 희귀 내분비 질환 부문의 기여 확대를 꼽았다.

리스크 및 주요 관전 포인트

• 수정된 영업비용 전망치는 크리네틱스 관련 비용과 후기 임상 프로그램 및 상업화 인프라에 대한 지속적인 투자를 반영해 약 60억 달러로 상향 조정되었다.
• 저나벡스 매출은 환자 지원 프로그램이 계속되는 동안 높게 유지되는 총매출 대비 순매출 차감(gross-to-net deductions)의 영향을 받고 있다. 또한 3분기에는 메디케어 파트 D 접근성 확대에 따른 일회성 순매출 재정정이 포함되었다.
• 카스게비 투여 시점은 부분적으로 환자 선택에 달려 있으며 4분기 계절성을 보일 수 있다.
• 실적 발표 당시 포베는 FDA 심사를 진행 중이었다. 애널리스트들은 잠재적 IgG 모니터링, 제조 및 라벨링 요구사항에 관해 질의했으나, 경영진은 허가 신청을 긍정적으로 보고 있으며 해당 프로그램에서 기회감염은 보고되지 않았다고 답했다.
• AMPLITUDE의 eGFR 중간 분석 결과, 통증성 당뇨병성 신경병증 임상 3상 결과, 추가 차세대 CF 후보물질 데이터 등 몇 가지 중요한 파이프라인 결과 발표를 앞두고 있다.

애널리스트 Q&A 주요 내용

포베의 안전성 및 IgG 모니터링: 경영진은 4주마다 IgG를 측정하면서 500명 이상의 환자를 연구했다고 밝혔다. 중증 감염률은 포베 투여군과 위약군 모두 0.5%였으며, 기회감염은 보고되지 않았다.

포베의 제조: 버텍스는 임상 3상부터 규제 당국 신청까지 동일한 제조사를 이용했다고 밝혔다. 경영진은 FDA가 품질평가자료(CMC) 패키지를 검토했고 FDA와의 예정된 논의가 이어지고 있다고 답했다.

AMPLITUDE 성공 기준: 경영진은 핵심 중간 평가지표가 표준 치료제 투여 조건에서 아낙시플린과 위약 간 eGFR 기울기의 통계적으로 유의미한 차이라고 강조했다. 단백뇨도 측정할 예정이지만, 신속 승인 가능성에 대한 FDA와의 합의 기준은 eGFR이다.

포베의 2년 추적 관찰: 버텍스는 미국 외 규제 기관이 더 장기간의 데이터를 요구할 수 있으므로, 글로벌 승인 신청을 지원하기 위해 2년 eGFR 평가지표까지 임상시험을 계속할 계획이다.

저나벡스의 매출 전환: 경영진은 2027년 중반 환자 지원 프로그램이 종료되고 총매출 대비 순매출 차감 비율이 50%~60% 범위에서 안정화되면 처방 성장이 매출로 보다 직접적으로 이어질 것으로 기대하고 있다.

알리프트렉의 성장 궤적: 경영진은 최근의 주요 성장 동력으로 해외 약가 등재 협상 및 희귀 변이 적응증을 언급했다.

실적 발표 컨퍼런스 콜 전문

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전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good day, and welcome to the Vertex Pharmaceuticals Third Quarter 2026 Earnings Call.

[Operator Instructions]

Please note this event is being recorded. I would now like to turn the conference over to Ms. Susie Lisa. Please go ahead.

Susie Lisa

Good evening, all. My name is Susie Lisa, and as the Senior Vice President of Investor Relations, it is my pleasure to welcome you to our third quarter 2026 financial results conference call. On tonight's call, making prepared remarks, we have Dr. Reshma Kewalramani, Vertex's CEO and President; Charlie Wagner, Chief Operating Officer and Chief Financial Officer; and Duncan McKechnie, Chief Commercial Officer. Given the January 1 transition by Charlie to the COO role solely, note that this is his last quarterly earnings call and as successor, Jonathan Poole, our current SVP of Finance, will join us for our Q4 2026 call in February. We recommend that you access the webcast slides as you listen to this call. The call is being recorded, and a replay will be available on our website. We will make forward-looking statements on this call that are subject to the risks and uncertainties discussed in detail in today's press release and in our filings with the Securities and Exchange Commission.

These statements, including, without limitation, those regarding are marketed medicines for cystic fibrosis, sickle cell disease, beta thalassemia, moderate to severe acute pain and acromegaly, our pipeline the recently completed acquisition of Crinetics Pharmaceuticals and the expected benefits of that transaction and Vertex's future financial performance are based on management's current assumptions. Actual outcomes and events could differ materially.

I would also note that select financial results and guidance that we will review on the call this evening are presented on a non-GAAP basis. I'll now turn the call over to Reshma.

Reshma Kewalramani

Thanks, Susie. Good evening all, and thank you for joining us on the call today. I'm pleased to note that Vertex achieved another quarter of excellent commercial results and pipeline advancement. Third quarter total revenue grew 12% year-on-year. Revenue growth was nicely balanced coming from both the U.S. and international from CF and from our 2 more recently launched medicines, CASGEVY and JOURNAVX as well as a contribution from PALSONIFY for the month of September post close of the Crinetics acquisition.

Rare endocrine is now our fourth commercial pillar. And with the PDUFA date later this month for povetasecept in immunoglobulin A nephropathy, or IgAN, we plan to soon establish our fifth in renal. Before turning to the R&D update, I want to acknowledge Charlie's final and 31st earnings call as CFO. Charlie's leadership, integrity, judgment and intellectual rigor are unparalleled. He has definitely helped lead our transition from a CF-only company with $4 billion in revenue in 2019 to a company soon to be commercialized in 5 disease areas with more than triple the revenue with our guidance for over $13 billion in 2026.

I look forward to continuing to work with Charlie in his role as COO, driving forward the Crinetics integration and our key priorities as we grow and scale the company. I can think of no better success to Charlie then Jonathan Poole, our SVP and Current Head of Finance, who will take over as CFO January 1, 2027.

Moving now to the R&D update for the quarter. I'll cover 4 disease areas: CF, endocrinology, both rare endocrine disorders in type 1 diabetes and renal in detail. But first, let me start with quick highlights from 4 other programs. In severe sickle cell disease and transfusion-dependent beta-thalassemia, we were pleased to have recently received approval for CASGEVY in patients ages 2 to 11 in the U.S. UAE, Bahrain as well as in patients ages 5 to 11 in the U.K. In pain, along with the strong growth in prescriptions, we're also seeing fast growth in the body of compelling JOURNAVX's real-world data emerge, such as a recent paper detailing 80% or greater freedom from opioid use total knee replacement when the pain management regimen included JOURNAVX. In chronic pain, both Phase III studies in painful diabetic peripheral neuropathy remain on track to complete enrollment by the end of this year and for us to be able to share results by mid-2027. In myotonic dystrophy type 1, or DM1, we remain on track to share interim results from the Galileo global Phase I/II clinical trial of VX-670 before the end of the year. And in generalized myasthenia gravis, we have completed enrollment of the Aetna Phase II dose-ranging study of povetasercept and expect to share proof-of-concept data in the first half of 2027.

Moving on to the more detailed R&D review, starting with cystic fibrosis. We see ALYFTREK as the most effective medicine approved for CF. With once-daily dosing, ALYFTREK truck can treat up to 95% of people with CF and in our trials, more than 75% of all treated patients ages 12 and older achieved sweat chloride levels in the range of CF carriers. That is to say ALYFTREK treated patients are achieving sweat chloride levels associated with no manifestation of CF disease nor reduced life expectancy. On the regulatory front, we continue our work to expand to treating younger patients and have initiated global submissions for ALYFTREK approval in children ages 2 to 5.

Lastly in CF, an update on our next-generation 3.0 correctors. We studied VX-828 as part of a triple combination in a cohort of 8 people with CF and as a dual therapy in another cohort of 8. All 16 patients had FMF mutations, which is a more challenging population to treat than patients with FF mutations. In this FMF population, the VX-828 dual combination did not alter sweat chloride relative to the TRIKAFTA baseline. In the triple combination versus a baseline on TRIKAFTA, VX-828 delivered a 6.6 millimole per liter reduction in sweat chloride at day 28 and a 9.4 milimole reduction through day 28. The VX-828 regimen is oral once daily with a good safety, tolerability and DDI profile.

In short, these are excellent results. However, given the very high bar set by ALYFTREK, we intend to wait for all the data from the next gen 3.0 family of molecules before determining next steps, namely advancement into pivotal development, VX-581 and VX-272, the other next gen 3.0 correctors are currently in first-in-human studies and the next gen 4.0 molecules are in late preclinical development.

Moving to our newest pillar, rare endocrinology. With the Crinetics acquisition now closed, PALSONIFY in acromegaly is our eighth commercialized medicine, and Duncan will provide details on the ongoing U.S. launch. On the R&D side, the most advanced molecule after PALSONIFY is atremelmant in congenital adrenal hyperplasia, or CAH, which has orphan drug designation in the U.S. EU and Japan and where the Phase III pivotal trial is well underway. The primary efficacy endpoint for this Phase III study is the proportion of patients achieving the combination of normalization of androgens and physiologic gleucocorticoid dose levels. This is the true goal in CAH therapy, and it is what was demonstrated in the Phase II trial. It is also what no other CAH medicine to date has attempted to achieve.

In adult CAH, we are targeting completion of enrollment in the Phase III study in Q1 2027. The study then calls for 32 weeks of dosing. In pediatric CAH, [indiscernible] is in a Phase II dose-ranging study. Our goal is to rapidly advance the pediatric program into pivotal development following planned regulatory interactions. In addition, the adaptive Phase II/III global study of atumelnat in ACTH-dependent Cushing's syndrome is already underway outside the U.S. and was recently granted orphan drug designation in the U.S. We have planned engagements with the FDA to confirm their expectations for this program and look forward to updating you in the coming months.

Let me now turn to T1 Day. After careful analysis, we have chosen to prioritize acceleration of VX-017 as our lead program, recall VX-017 is an allogeneic off-the-shelf glucose responsive insulin producing fully differentiated iLet cell therapy. It has a similar target product profile to zemilocell, but is designed for people with all blood types. This doubles the eligible patient population to about 120,000 people. The potential to bring transformative benefit to even more patients is the key reason to focus on VX-017 given the resource intensity, complexity and manufacturing demands of cell therapy programs. We have already begun dosing patients with VX-017 in a Phase I/II study. Our near-term goals are to demonstrate proof of concept and to scale up manufacturing with the goal of moving to pivotal development next year.

Finally, we continue to progress our serial innovation work in T1D, focused on improved immunosuppression and on generating hypoimmune islets with the goal of making this potentially curative therapy available to even more people. Turning now to renal, where we have 4 programs in mid- and late-stage development. Starting with Pove in IgAN, we are both excited and ready for our PDUFA date on November 30, just weeks away. Duncan will address our launch readiness. We just wrapped up a sparkling ASN Annual Meeting with the Rainier Phase III interim analysis presentation and publication in the New England Journal of Medicine supporting what we believe is a differentiated potentially best-in-class profile for Pove in IgAN. Simply put, Pove will offer a trifecta of excellence in efficacy, tolerability and patient-centric administration features. I'll focus tonight just on the patient-centric features. The commercial presentation of Pove is clearly differentiated with a small volume 0.46 mills once every 4 weeks subcutaneously dosed via auto-injector at home. On this point, this advantage is reflected in the poster presented by if at all, at the recent ASN of a qualitative survey study of about 25 adults with IgAN in the U.S. that revealed 96% of patients preferred an auto-injector relative to injection via prefilled syringe and 80% preferred dosing every 4 weeks versus weekly.

Our ambition is to launch Pove globally. To that end, we have already completed our filing for potential accelerated approval in the Kingdom of Saudi Arabia, where it has been granted breakthrough status we estimate KSA represents an incremental 7,000 patient opportunity. And we are planning forward for our regulatory submissions in other regions, including Europe and Asia. When the study completes and the 2-year eGFR data are available, on Pove in membranous nephropathy, our OLYMPUS Phase II/III pivotal trial is ongoing with Phase III enrollment and dosing well underway at the selected dose of 80 milligrams subcutaneously every 4 weeks.

Recall, this study has a 104-week endpoint. On [indiscernible] and AMKD, we have 2 pieces of news since our last earnings call: First, to recap the exciting results from the AMPLIFIED study in cohort 1 of patients with AMKD and modest proteinuria treatment with anaxiplin on top of optimized standard of care led to a 42.7% reduction in urine albumin to creatinine ratio, or UACR, at week 13 compared to baseline with the UPCR down 44.7%. This is remarkably consistent with the treatment effect previously shared in the Phase II data at AMKD published in the New England Journal of Medicine. In Cohort 2 of people with AMKD in type 2 diabetes treatment with anaxiplint led to a 17.3% reduction in UACR and a 25.4% reduction in UPCR at week 13.

Of note, the majority of patients in both cohorts did not have a diagnosis of FSGS, [indiscernible] was generally safe and well tolerated with no serious adverse events related to [indiscernible]. All adverse events were mild or moderate in severity. We look forward to discussing these results with regulators in the context of the AMPLITUDE study next year.

The second key milestone was that we completed full enrollment in the pivotal amplitude Phase II/III trial, and we are fully on track to share the results from the interim analysis of AMPLITUDE early next year. If positive, this interim analysis will support potential accelerated approval in the U.S., rounding out on renal enrollment in the VX-407 [indiscernible] Phase II study in ADPKD completed enrollment, and we are now on track study readout next year. With that, I'll turn the call over to Duncan for a commercial update.

Duncan J. McKechnie

Thanks very much, Reshma. Our commercial story continues to be one of excellence in launch execution across CF, heme, pain and most recently, rare endocrinology. Through the first 9 months of the year, our ongoing launches of ALYFTREK, CASGEVY and JOURNAVX have generated over $2 billion in revenue, led by over $1.7 billion in ALYFTREK sales and more than $350 million in combined CASGEVY and JOURNAVX sales.

To give you a brief overview and put quarter 3 revenue patient and prescription growth in context. In CF, we delivered $3.3 billion in revenue with strong switching to ALYFTREK and over 18,000 patients benefiting from ALYFTREK around the world. In heme, CASGEVY achieved $99 million in quarterly revenue with approximately 200 infusions completed since launch and a fourth consecutive quarter with more than 100 patient initiations.

In moderate to severe acute pain, JOURNAVX reported over 750,000 prescriptions and $58 million in revenue. More than 1.6 million patients have now been treated with JOURNAVX in the U.S., and JOURNAVX is now the #1 prescribed branded oral analgesic in the U.S. And in rare endocrinology, PALSONIFY contributed $10 million in revenue for the month of September following the close of the acquisition.

For the full third quarter, PALSONIFY revenue was approximately $24 million. I'll now cover these disease areas in more detail, starting with CF. The Q3, $3.3 billion in global CF revenue represents 8% year-over-year growth. Global growth overall was led by ALYFTREK, which delivered $706 million in worldwide sales in Q3. In the U.S., ALYFTREK sales year-to-date have now surpassed $1 billion in both the U.S. and outside the U.S., ALYFTREK sales continue to build primarily from patients switching from TRIKAFTA and new patients with rare mutations. Outside the U.S., we now have a life reimbursement in 31 countries.

Looking ahead, our CF growth drivers remain consistent and clear. label expansions in rare mutations, penetration into younger age groups, additional geographies and by the underlying survival benefit of patients on CFTR modulators.

Turning to CASGEVY in severe sickle cell disease and transfusion-dependent beta-thalassemia, where $99 million in Q3 revenue reflects 30% sequential growth. We have infused twice as many patients in the first 9 months of 2026 as all of 2025. Since launch, we have initiated over 750 patients worldwide on CASGEVY and with 4 consecutive quarters of initiation numbers exceeding 100 patients, we now have patients at all stages of the treatment journey. We've also continued to enhance the patient journey, shortening the overall time from referral to infusion and decrease the number of mobilizations. We have excellent visibility into the number of infusions, which is when we recognize revenue for the rest of this year as well as into 2027. That said, infusion timing reflects patient choice with some expected seasonality in quarter 4.

So I'd encourage you to focus on the strong annual performance rather than any single quarter. CASGEVY will contribute meaningfully to our greater than $500 million non-CF revenue goal this year and is on its way to achieving its own blockbuster potential.

With JOURNAVX in moderate to severe acute pain, we are building a franchise for the long term and are focused on the following critical markers of success. Broad payer coverage, prescription growth, breadth and depth of prescribing the addition of generics to hospital pathways and revenue. These are the building blocks of a sustainable, long-term, multibillion-dollar pain business.

Let me start with prescriptions because that's the best indicator of underlying physician and patient demand. In the third quarter, JOURNAVX prescriptions totaled over 750,000, up more than 40% sequentially from quarter 2 2026. At the end of quarter 3 2026, we are well on our way to achieving our guidance of more than 3x the number of prescriptions in 2026 versus 2025. Prescriptions continue to split roughly 50-50 between hospital and retail channels. Third quarter JOURNAVX revenue of $58 million, up 18% quarter-over-quarter reflects continued high gross to net with the patient support savings program remaining on.

Let me walk you through the revenue growth dynamics. A significant driver of gross to net is continued utilization of our patient support program. We have chosen to leave the PSP in place and extend it into 2027 so that people who are prescribed JOURNAVX, but whose plans do not yet cover it can receive the therapy. Accordingly, when we sunset the PSP mid next year, we continue to expect gross to net to stabilize at a level close to other mass market brands in the range of 50% to 60%. In addition, in quarter 3, gross to net and revenue were both affected by the onetime impact of securing broad Medicare Part D access in July. As that access came online, previously uncontracted prescriptions shifted to contracted rebated pricing, resulting in a onetime reset in net revenue. This is in line with our overall strategy to secure broad sustained access across commercial and government plans so we can successfully convert physician practices to JOURNAVX for all their patients.

This quarter marks our first opportunity to speak about PALSONIFY as part of Vertex following the deal closed at the beginning of September, and we are pleased with the launch trajectory to date. Let me briefly describe the disease, the unmet need and frame the key metrics at this stage in the launch. Acromegaly is a symptomatic disease that affects approximately 20,000 patients in the U.S. and a similar number in the 5 largest European markets plus Japan. Although surgery is the first line of treatment, only 40% to 50% of people achieve durable remission. So the majority of patients need lifelong treatment. In the U.S., they're treated by approximately 3,000 endocrinologists until the launch of PALSONIFY, the main option has been monthly injections with somatostatin receptor ligands, or SRLs, delivered using large gauge needles.

These treatments have 3 limitations: Firstly, they can cause painful injection site reactions at the beginning of the month; secondly, efficacy tends to taper off in the latter part of the month, leading to breakthrough symptoms such as joint pain, swelling and fatigue; and thirdly, the recurring logistical challenges and burden of chronic depot therapy. The unmet need is therefore significant. The ideal treatment for patients will be a highly effective easy-to-take, well-tolerated oral medicine that provides sustained control of the disease and one that has a broad indication for both naive and switch patients. This is the exact profile of PALSONIFY as the first and only once-daily oral SST2 selective agonist.

As we integrate the Crinetics business, there are 3 areas of focus for the success of PALSONIFY, building on the excellent base of 80% reimbursed coverage: Firstly, build a broad base of repeat HCP [indiscernible] for PALSONIFY; secondly, drive growth in both the new and switch settings; and thirdly, deliver on our revenue goals. We are very pleased with the progress that the Crinetics team and now the integrated Vertex team are making against these goals. Approximately 500 endocrinologists are writing PALSONIFY prescriptions, and there was a significant increase in the number of repeat writers in quarter 3 compared to the first half of 2026. PALSONY now has the leading brand share at over 40% among patients initiating or switching therapy. And lastly, we see continued strong growth in patient enrollments, leading to $10 million in revenue in September, $24 million in quarter 3 and approximately $60 million for the first 3 quarters of 2026. Our focus is on excellence in execution to further accelerate the U.S. performance and prepare for international launches.

Let me conclude with an update on our commercial readiness for Pove in IgAN. Reshma has already highlighted the trifecta of efficacy, safety and patient-centric dosing of povetatercept. Put simply, with the PDUFA date just days away now, we are 100% ready, and we are incredibly excited to bring Pove to patients with IgAN. Our field team is fully hired, trained and ready to go. Over 90% of the team have deep nephrology experience and many of them have been engaging with nephrologists in IgAN disease educational activities since early this year. We also know that the patient experience is of supreme importance in biologics and IgAN is no different. Based on years of providing comprehensive patient support to our CF patients, we have built a people-based and tech-enabled patient support program to facilitate patients to get their prove as fast and as easily as possible.

In addition, our payer conversations continue to proceed very well. Payers understand the significant unmet need are very familiar with Pove's clinical profile and have responded positively to its differentiation and overall value proposition. We've had many engagements with nephrologists over the last few months, including the excellent ASN Kidney Week meeting last month. They're looking for treatments that meaningfully and rapidly reduce proteinuria, have a favorable tolerability profile and offer convenient dosing alongside a seamless treatment experience built on access and patient support. Our discussions with physicians over the last quarter have increasingly revealed the importance of dosing frequency, dose volume and viscosity and method of administration. We continue to believe that in addition to an excellent efficacy and safety profile, the low dose easy-to-use at-home auto injector will be an important differentiator for Pove. I'll now turn the call over to Charlie.

Charles Wagner

Thanks, Duncan. Vertex delivered strong third quarter results with total revenue growth of 12% year-over-year, reflecting revenue growth of 10% in the U.S. and 16% internationally. Results include an approximate 1 percentage point favorable impact from foreign exchange and $10 million of revenue from Crinetics following the close of the transaction. Globally, CF revenue grew 8% year-over-year with 5% growth in the U.S. and 12% outside the U.S. or 10% on a constant currency basis. On a non-GAAP basis, third quarter gross margin was 85.6%. On a GAAP basis, gross margin of 84.7% includes intangible asset and inventory step-up amortization resulting from the purchase accounting for the Crinetics acquisition.

Turning to Q3 operating expenses, which include approximately $60 million of Crinetics operating and integration-related expenses in September. Third quarter non-GAAP R&D expense was $936 million, an increase of $74 million or 9% year-over-year. Approximately $30 million of the increase was attributable to Crinetics. Non-GAAP SG&A expense was $556 million, an increase of $187 million or 51% year-over-year. Nearly 80% of the incremental spend was to enhance our commercial capabilities. Within the increase in commercial spend, the biggest drivers were Pove in renal, and JOURNAVX and then PALSONIFY. Approximately $30 million of the incremental SG&A spend is related to Crinetics. We also recorded $41 million in acquired IP R&D expense in the quarter, including a $28 million upfront payment for new business development agreement with [indiscernible]. During Q3, we incurred approximately $50 million in nonoperating costs associated with the Crinetics transaction financing, including higher interest expense due to the new bank loans and other related costs. In addition, interest income was $15 million lower than it otherwise would have been as a result of lower cash balances after the acquisition.

Our third quarter non-GAAP effective tax rate was 18%, up approximately 40 basis points compared to Q3 2025. Third quarter 2026 non-GAAP net income was $1.21 billion and third quarter 2026 non-GAAP earnings per share were $4.76.

Turning to the balance sheet. We ended the quarter with approximately $9.8 billion in cash and investments following the close of the Crinetics acquisition. Note that we raised $4.5 billion of term loans to fund a portion of the acquisition currently bearing interest at approximately 4.8%. Even with a busy period for BD, we also deployed approximately $120 million during the quarter to repurchase roughly 250,000 shares. Year-to-date, we have repurchased approximately 2 million shares for $921 million. Our strategy for capital deployment remains unchanged with the priority on investing in innovation, including external innovation and an additional allocation for share repurchases.

Now turning to guidance. For total revenue guidance, we are raising our prior range of $13.1 billion to $13.2 billion to a revised range of $13.15 billion to $13.25 billion. The increase reflects the addition of Crinetics, which we expect to contribute $40 million to $50 million to full year 2026 revenue. The underlying drivers of our revenue outlook are unchanged. Continued CF performance, including the ongoing ALYFTREK launch together with growing contributions from heme, pain and now rare endocrinology. We continue to expect more than $500 million in revenue from CASGEVY and JOURNAVX with additional contribution from 4 months of PALSONIFY. Consistent with prior guidance, our outlook continues to include an expected full year benefit from foreign exchange of roughly 150 basis points. Given our visibility into the drivers of our business and with just 2 months of the year remaining, we have a high degree of certainty in our revenue guidance range.

We continue to expect full year gross margin slightly below 86%. On operating expenses, we are revising our prior combined non-GAAP operating expense guidance of $5.65 billion to $5.75 billion to a revised estimate of approximately $6 billion. The stand-alone Vertex business remains at the high end of our prior range and the increase in guidance is attributable to the inclusion of approximately $250 million of Crinetics operating expenses and integration-related costs. This updated operating expense guidance reflects continued investment in our late-stage clinical pipeline and the commercial infrastructure supporting our launches and revenue diversification.

For the full year of 2026, we expect total nonoperating costs of approximately $105 million related to the financing of Crinetics, including higher interest expense and other related costs. In addition, interest income is projected to be approximately $60 million lower than it otherwise would have been as a result of lower cash balances after the acquisition.

Please see Slide 23 of the earnings presentation for full details on the impact of Crinetics upon Q3 results and full year 2026 guidance. We continue to expect our full year non-GAAP effective tax rate to be between 19.5% and 20.5%. In summary, Vertex delivered strong third quarter results with 12% revenue growth and increasing revenue diversification beyond our leading CF business. The integration of Crinetics is well underway. And with the strong commitment of the Crinetics team, we are accelerating commercial, clinical and valuable preclinical programs. Our continued leadership in CF, the increasing contribution of CASGEVY and JOURNAVX, momentum in rare endocrinology and with Pove on the doorstep of launch, we are well positioned for continued attractive growth and profitability for years to come. We look forward to updating you on our continued progress across multiple disease areas with key upcoming milestones detailed on Slide 24. I'll now ask Susie to begin the Q&A period.

Susie Lisa

Thanks, Charlie. Chuck, can you please open it up to questions?

Operator

[Operator Instructions]

Today's first question will come from Cory Kasimov with Evercore.

질의응답

Cory Kasimov

Charlie, congrats on the new role. It's very well deserved. So on Pove, I wanted to ask about the recent citizen petition that raises the question of whether Ranir's IgG monitoring and dose hold rules need to be carried into clinical practice. So I guess, how frequently do patients actually fall below the IgG threshold or require treatment interruptions. And what do those data support or potentially indicate in terms of monitoring requirements in the commercial label.

Reshma Kewalramani

Cory, it's Reshma. Let me take that one. With regard to the citizens petition, there are about 200 or so of these that happen every year. About 80% or so of them are from named individuals or companies and about 20% of them are anonymous. This one, as you know, was anonymous. If the question behind your question is, how do we feel about the label, where our conversations with the agency, everything that you would expect to be happening with the FDA is happening, and we're really looking forward to our PDUFA date.

On the specific of how can we think about what values IgG levels can achieve. The bottom line is before this wave of B cell modulating therapies the way a lot of folks thought about IgG levels were from congenital diseases of immunologic basis. And that's where a lot of these values came from. So in this day and age, what numbers could IgG levels come to.

I think the best example is to look at are the clinical trials. In our example, we studied over 500 people. We measured every 4 weeks if the IgG was going to go down, we certainly would have found it because we looked and we considered a single excursion to be worth noting. I would say the most important point to think about is infections. And on that note, there are no opportunistic infections, as you know, in the Pove program.

The SAEs of infection are balanced. It's exactly 0.5% in Pove and 0.5% in the placebo group and the rest of the infections are mild to moderate. You put this together and you can see why we're so excited about the PDUFA date.

Operator

Next question will come from Jessica Fye with JPMorgan.

Jessica Fye

Can you help set expectations for what would represent a win coming out of the amplitude [indiscernible] on both proteinuria and eGFR.

Reshma Kewalramani

Yes. Just on the AMPLITUDE study, that's the one that is completed full enrollment and it completed the interim analysis cohort enrollment last year, setting us up for the interim analysis early in 2027, but when would be a statistically significant result on the GFR slope. And I say that because, of course, we're going to measure proteinuria and GFR. But our agreement with the FDA on what would be acceptable for accelerated approval is GFR. That's where they are on the disease AMKD. I expect the Phase III to look a whole hell of a lot like the Phase II in terms of proteinuria, but the key element here is GFR, and it's a statistically significant difference between the anaxaplin-treated group and the placebo on top of standard of care. Now I won't share with you the power analysis and such, but that's what we're looking for because GFR is what the accelerated approval agreement with the FDA is based on.

Operator

Your next question will come from Salveen Richter with Goldman Sachs.

Salveen Richter

Just a follow-up on Cory and Jess' questions. With regard to POB, can you speak to your comfort and history with the manufacturer. And then with regard to enaxiplan, can you just walk through further for the reasons for confidence into the 48-week interim data early next year, specifically how we get comfortable thinking about the separation between drug and placebo at that time point? And just to read through from some of the data sets that you've generated to date.

Reshma Kewalramani

You bet. So Salveen, let's do Pove first, and then let's get to an [indiscernible]. On Pove, the specific question you had is, how is it going with manufacturing. We've been with the same manufacturer all through Phase III and through to the lead up for our PDUFA date. We feel really good about where we are. And as you know, in addition to the review of safety and efficacy, clinpharm, there's also a review of the CMC manufacturing package and all of the interactions that you would expect us to be having with the FDA are occurring. So overall, I feel very good about where we are.

Moving then to inaxapline, but staying within renal. One way to think about the inaxiplin program and GFR because to date, in both the original Phase IIa study that we published in the New England, that was the 1 that had the 47.6% reduction in proteinuria and the more recent amplified results, which were from the more cohort 1, the more modest proteinuria. That one was a 44.7% reduction in UPCR I think the best way to think about that in terms of GFR, which is the endpoint we've agreed upon with FDA in these 2 ways: one, substantial reductions in proteinuria in homogeneous proteinuric kidney disease have timing again been linked to improvements in GFR. That's one general statement.

Maybe a second way to look at this is talking about IgA nephropathy. We used to talk about IgA nephropathy as a fairly indolent disease. But as you can see from the placebo arm of IGAN trials, those patients are losing about 5 ccs per ml per year, right? AMKD is a rapidly progressive disease. So more than that, 6, 7 ccs per ml per year.

And the FDA themselves have set in IgAN that they are going to be comfortable accepting 1-year GFR differences. So when I put that all together, it adds to my confidence level of what we're going to see with AMPLITUDE. But I'd say those are 2 ways to think about anaxipline in AMKD.

Operator

The next question will come from Geoff Meacham with Citibank.

Geoffrey Meacham

I also want to offer up some congrats to Charlie. I just have a couple of quick ones. On Pove, Reshma, you mentioned data should continue to mature post approval, including the 2-year eGFR data. Just the question is, how much of a factor do you think this will play in your competitive position ultimately. I wasn't sure if you looked at this as maybe a tipping point in terms of what the payer and physician community is going to look at.

And the second one, real quick on pain. I know it looks like the trials are continuing to enroll midyear data next year. Maybe just at a high level, give us some context for kind of what you think at this point, a win would look like kind of [indiscernible] versus [indiscernible]?

Reshma Kewalramani

Yes. Let's do DPN first, and then I'll split the Pove question with Duncan. On DPN, we are fully on track to complete enrollment in both the 2 Phase III VX-548 or sucetridine trials and on track to complete the enrollment in the VX-993 DPN trial. That would put us for results somewhere mid of next year. And when would be the susetrigene arm beating placebo treatment in the DPN -- in the 2 DPN studies. In one of the studies, we have a gabapentin arm to give us context, but a win would be beating placebo. That's the regulatory enabling end point.

On Pove, I'll just give you a top line comment. We're going to go to the 2-year eGFR full completion of the trial as originally designed because our ambition is to launch Pove around the globe. The FDA has said that they're comfortable with 1-year GFR, but other regulators have different expectations. So that's why we're going to completion. And I do think the results are fully mature at that point, and that's another advantage for all of us to have fully mature 2-year data. Duncan, do you want to talk a little bit about differentiation GFR and the Pove launch in the U.S.?

Duncan J. McKechnie

Indeed. Geoff, so we thought about this question quite a lot, as you can imagine, we've discussed it with nephrologists, and I would encourage you to think about it this way. Nephrologists already had a very strong level of conviction in the connection between proteinuria and eGFR, especially in IgAN. And I would say the data that has come out from the APRIL -- APRIL BAFF d inhibitors over the last couple of months has only served to strengthen that conviction. So we believe on the basis of that, that Pove continues to have best-in-class potential through its excellent efficacy profile, impact on proteinuria, hematuria, Gd-IgA1, in just 36 weeks as well as being well tolerated. And as Reshma alluded to in her prepared remarks, an incredible profile from a patient point of view with low volume, low viscosity at home once a month auto injector. So when we've been engaging with nephrologists on this topic, which we've done a lot over the last couple of months, including, of course, ASN week, they're very excited in the profile of povitacercept and looking forward to trying it post approval. So we're very comfortable with where we're at.

Operator

Next question will come from Evan Seigerman with BMO Capital Markets.

Evan Seigerman

So we're seeing some good traction with JOURNAVX, but you're keeping the PSP on through the rest of the year and now pointing to a gross to net normalization around mid-2027. Can you help us think about kind of the bridge between prescription growth and eventually reported revenue as the PSP rolls off. And when do you expect revenue growth to reflect as normalization occurs?

Reshma Kewalramani

Sure thing. Duncan, maybe you could take that one for us.

Duncan J. McKechnie

Yes. So just to step back a little bit, Evan, just to make a couple of points, and then I'll dive into the PSP program, gross to net and revenue. We are very pleased with the performance of JOURNAVX. This is hard work. We're changing decades of ingrained prescribing behavior and seeking to convert practices over to the use of JOURNAVX. So 750,000 prescriptions in 1 quarter, 1.6 million Americans treated, the #1 oral branded analgesic would all indicate that we're making great progress. As far as the gross to net is concerned, I would make the comment that obviously, negotiated agreements to secure access for the full population with payers are important to the long-term sustainable growth of the product. And so it's important that we're able to get those plans in place, for example, the 2 Medicare Part D plans that came in place in July this year.

At this point, we have about 82% managed lives covered. But that does mean that there are patients who are yet to be covered, and we want to make sure that those patients have a great experience. So we are taking the strategic decision to keep the PSP program switched on. We will sunset it by the middle of 2027 and at that point, you can expect, as we've said before, I think gross to net to stabilize at the sort of normal oral branded level of 50% to 60% and revenue growth to grow commensurately.

Operator

The next question will come from Brian Abrahams with RBC Capital Markets.

Brian Abrahams

Congrats to Charlie from us as well. Just on the Pove launch, it sounds like you guys have had great engagement with physicians and payers. I'm just wondering what's the right way to think about how initial uptake might balance both the growing awareness and enthusiasm versus the potential that a lot of nephrotic patients may have already come on to therapy with the drug in the class. And then just secondarily, ALYFTREK conversion looks like it's been picking up steam in the last few quarters. Just wondering the right way to think about the continued trajectory there.

Reshma Kewalramani

You bet. Brian, I'm going to ask Duncan to comment on both. Let's see your second question first, and then we'll go back to Pove.

Duncan J. McKechnie

Yes, Brian. So ALYFTREK has been driven predominantly by new reimbursement agreements obviously, outside the U.S., we've had another slew of those agreements in quarter 3. And it's also being driven by the new rare mutation indications, which obviously offer a de novo patient population to the CFTR modulator class read large in some cases and certainly ALY specifically. So those are essentially the 2 main drivers of ALY growth over the last couple of months, which we're particularly happy with. In terms of Pove and [indiscernible], a couple of comments there. Firstly, as with, say, CASGEVY and JOURNAVX, we will be providing you with the metrics that we think are most useful to look at in earnings call at the beginning of 2027.

And I would say you make a great point, the physician enthusiasm for the new BAFF -- or BAFF APRIL inhibitors has been incredible, and that is certainly driving success in the market. And the numbers are a little bit unclear at this point. But let's say -- sorry, not Pove, [indiscernible] closed the year with about 3,000 patients on medicine, which is probably roughly where they're going to end up. That leaves us with 163,000 yet to go. So with the level of nephrology, enthusiasm for advanced therapy and treating early in the disease, for the nephrologist enthusiasm for povetasecept specifically, both its clinical profile and the patient experience and that vast number of patients who still need treatment. Remember, 75% of patients with IgAN have a proteinuria above 1 gram. We think there's a huge opportunity here.

Operator

Your next question will come from Michael Yee with UBS.

Michael Yee

Mike Yee at UBS. Two questions on anoxaplan. Reshma, you made some great comments about some of the previous data we already know in Phase II. I guess One new thing that has come out is obviously some of the IgAN data that shows significant eGFR benefits even at 9 months on just a couple ml per minute deltas and similar premier reduction you're seeing with the [indiscernible] plan. So my question is, given the significant benefits you're seeing and given a 12-month time point, our math suggests that a 2 ml per minute benefit should be static. Just wanted to understand your view about the IgAN data and how that translates here given the deltas you see. And the second question is Parasol. I think the working group has been trying to push proteinuria as an endpoint. Was there any color that you got out of their working group and how that may be an accelerated endpoint?

Reshma Kewalramani

Yes. Mike, first, let's do Parasol. Parasol is a very important and influential group. You know they've come together multiple times over time and work with the FDA to evolve endpoints and FSGS and their work with the agency, I do think help to move the agency to a protein-based endpoint. We are members of the broader Parasol community. The thing that I'm paying most attention to is the community clearly seem interested in moving to a proteinuria endpoint for AMKD. And at the same time, the FDA and our agreement is indeed with GFR. So given that, we're focused on GFR. On your math for GFR, I won't argue with your math seems reasonable enough. The thing to say, Mike, is I think what we're learning from the example of IgA nephropathy because there are so many different classes now that have been used in IgAN. It matters not only that you get the proteinuria down. It matters how you get the proteinuria down and decreasing proteinuria by way of APRIL BAFF inhibition has more beneficial impact on GFR than perhaps other methods of reducing proteinuria.

And the thing that I take away from it is targeting the underlying cause of disease is always a better move than going upstream or downstream. It's actually another reason I have confidence in amplitude because it's another example of a proteinuric kidney disease where we're targeting the underlying biology. So I think both in the dimension of quantity of protein reduction, but also the how, the quality of protein reduction in IgAN APRIL BAFF upstream in the fat hypothesis has beneficial effect. I think that's what we're going to see with amplitude because inaxiplin is equally targeting that underlying cause.

Operator

The next question will come from Tazeen Ahmad with Bank of America.

Tazeen Ahmad

Let's go back to the CF franchise for a second. Can you just give us your thoughts, Reshma, on how the data for 828 compare to your expectations just based on the preclinical data that you looked at? And then if you think about the other CFT or modulators that you have, where do you think is the biggest undermet need at this point? And where is the most room for improvement over what you have with ALYFTREK?

Reshma Kewalramani

You have such a good question, Tazeem, what is the unmet need. So let me just take a step back and tell you about 828 and then where we're going. The -- if you look -- and I think we provided it on the slide, if you look at the range of outcomes, the decrease in sweat chloride, certainly the range of outcomes covers our expectations on sweat chloride reduction that is. But it is obviously a small study, it says n equals 8. The reason we are not advancing 828 in and of itself, although the results are excellent. If you were at a different company, you would just be over the moon with results like this, right? At 28 days, we are more than 6 points of sweat chloride improvement and through 28 days. We're touching 10 points of sweat chloride. Those are good numbers, especially when you take into account it's versus TRIKAFTA, this is not versus a placebo baseline. So those are excellent results.

And it's once a day, good DDI is favorable safety. The thing for us is we have 3 medicines in this NG 3.0 family, and we want to pick the best one. We're going to have the results from the other 2 medicines, 571 and 272 next year. When we have all of those results, we'll pick the one that's best suited to move forward. And if you say, what is the residual unmet need I think, Tazeen, that's a very, very hard question to answer because when we look at the data with a lift truck, we are almost superimposable onto the Gaussian distribution of Sweco of normal people. So really, it's a matter of now not almost being super imposable but be fully superimposable. So a little bit more sweat chloride, more patients getting to less than 30. That's what we're looking for.

Operator

Next question will come from Akash Tewari with Jefferies.

Akash Tewari

A bit more -- can you talk a bit more about your decision to file on 2-year eGFR data. I know you were going to make a decision. I was anticipating sometime next year, it sounds like you're making the call now. And just from a statistical perspective, if a patient on placebo starts another April BAF drug during that kind of 1- to 2-year window, how are they actually accounted for statistically? Are they included in the EGFR final analysis?

Reshma Kewalramani

Yes. I just want to make sure I understood your question about the decision for 2 years. I think you were saying why continue to your GFR, did I understand correctly?

Akash Tewari

Right. Why make the call now? Because I know you had previously talked about regulators in a global setting 1- and 2-year data, but we already knew that. So what led to the decision to go forward with 2 year today?

Reshma Kewalramani

Yes. Obviously, we can decide if we wish to cut the data and do a 1-year cut. We could do that at any time. But our decision to indicate that we are going to continue to 2 years is because people have asked us the question, including our clinical trial sites about what our goal is and how we see this. So to allow preparation for everyone, we've let folks know. That our intention is and our ambition is global filings, and that's going to require to your GFR because ex U.S. Not all the regulators have agreed to 1-year GFR. So that's the rationale for that.

With regard to how our patients manage, there are [indiscernible] rules in the statistical analysis plan that not only the FDA but global regulators have set forward for management of drop out missing data and how to handle if patients are no longer in the study. So we're simply going to follow the rules that are very clearly laid out. I won't go through all of them in excruciating detail, but they are in excruciating detail.

Operator

The next question will come from Terence Flynn with Morgan Stanley.

Terence Flynn

Great. I guess one more on anaxiplin. I was just wondering on the AMPLIFY data I know there's been some questions about the breadth of response in the moderate proteinuria cohort. So -- just maybe, Reshma, if you could provide a little bit more detail. I just want to ensure that there wasn't a small subset of FSGS patients that was driving that proteinuria reduction that was broader based. Maybe you could talk about kind of the response rate across the population in that cohort 1.

Reshma Kewalramani

Yes. So Terence, on AMPLIFIED and Cohort 1 that let's call it, the modest proteinuria group because this was the 0.3 to 0.7 UPCR proteinuria cohort. The majority of patients did not have FSGS. So they didn't have a biopsy and they didn't have FSGS, which you would expect because their proteinuria is modest. And you are correct, the response, therefore, was not driven by an FSGS cohort because they weren't many of them. Most people in the study were non-FSGS patients.

Susie Lisa

One more question, please, Chuck.

Operator

The next question will come from Mohit Bansal with Wells Fargo.

Mohit Bansal

Congrats on all the progress. My question is kind of surging back to poly manufacturing. And 1 concern is around the potential use of continuous manufacturing in this process, which is relatively new for Biologics at this point. So the question is like, should we worry about it at all? Or do you think FDA has been involved enough from the beginning here for us to feel comfortable about this?

Reshma Kewalramani

On whether the agency has been involved? Yes, the agency has been involved. And we're now coming towards the end of the process, right? So we're at the point where all data has been submitted. There's an entire module on CMC and manufacturing. And you know we filed towards the end of March of this year. So they've had all that data now for a long time. All of the discussions that you expect us to be having we're having. And if you ask me if I was feeling good about the filing, all included, including manufacturing, I'd say, yes, I feel good about the filing.

Susie Lisa

[indiscernible] please wrap us up.

Operator

Will do. And this will conclude our question-and-answer session as well as our conference call for today. A replay will be available shortly after the call concludes by dialing 1 (855) 669-9658 or 1 (412) 317-0088 using replay access code 10208189. Thank you for your attendance today. You may now disconnect.