Vertex halts VX-264 type 1 diabetes program; expects ~$400M impairment charge

VERTEX PHARMACEUTICALS INC / MA

Phase 1/2 trial of VX-264 for type 1 diabetes fails; program will not advance further.
Vertex expects non-cash impairment charge of ~$400M from VX-264 intangible assets in Q1 and FY 2025.
Preliminary analysis; Vertex will disclose final impairment results in Q1 2025 Form 10-Q.

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