1Q Momentum Sets Vertex Up for a Solid Year; Shares Undervalued
Vertex’s momentum in the first quarter strongly positions the firm to meet our full-year expectations. We are increasing our fair value estimate for the firm to $183 per share from $180 to reflect the time value of money and marginally more optimistic sales expectations for Kalydeco. We believe Vertex shares still have leeway for upside. The market may be underestimating Vertex’s pipeline portfolio beyond cystic fibrosis, in our view. While we only have modest probability-weighted sales contribu...Vertex Pharmaceuticals is focused on developing and commercializing therapies for the treatment of cystic fibrosis (CF) and developing research and development programs in other indications. The company's marketed products are TRIKAFTA (elexacaftor/tezacaftor/ivacaftor and ivacaftor), SYMDEKO/SYMKEVI (tezacaftor in combination with ivacaftor), ORKAMBI (lumacaftor in combination with ivacaftor) and KALYDECO (ivacaftor), which are approved to treat patients with CF who have specific mutations in their cystic fibrosis transmembrane conductance regulator gene. The company is evaluating CTX001, a genetic therapy as a potential treatment for sickle cell disease and beta-thalassemia.
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