Vertex Pharmaceuticals (MA) Earns First Profit, Backed by Blockbuster Pace of Hep C Drug
Published: Oct 28, 2011
Vertex Pharmaceuticals Inc reported a quarterly profit as its Incivek hepatitis C treatment had sales of nearly $420 million in the first full quarter on the market, putting it on track to reach $1 billion in sales faster than any previous new drug. "It looks like it's the best launch of all time in the history of biotech and pharma," said ISI Group analyst Mark Schoenebaum." Genentech's blockbuster cancer drug Avastin, considered one of the most successful drug launches, took about a year and a half after its 2004 approval to reach $1 billion in sales. Many successful drugs take years to reach that sales milestone.