Vertex Shares Drop 15% After Pain Drug Phase 2 Failure
Vertex Pharmaceuticals' stock dropped over 14% after the company announced it would not proceed with further testing of its pain drug VX-993 following disappointing midstage trial results, impacting its pain franchise. Despite beating quarterly sales and profit expectations driven by other products, the setback highlights challenges in expanding its pain treatment portfolio. The company also announced the retirement of its CSO, with a transition planned for early next year.