Increasing Vertex's FVE to $187 With Anticipation of Triple Combo Launch in 2020
We're raising our fair value estimate for Vertex to $187 from $183 after increasing the probability of approval of its triple combination therapy following strong data in late 2018 and early 2019. Vertex's cystic fibrosis franchise remains the key driver of our valuation, with growth coming from the continued ramp-up of Symdeko, which launched in 2018, and the potential triple combination, which could launch in 2020 if approved. Vertex's strong returns on invested capital, lengthy patents, and d...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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