Little Surprise in Vertex's 4Q Results; $130 Fair Value Estimate Unchanged
There were no big surprises in Vertex’s fourth-quarter earnings call as management reiterated its 2017 guidance and revealed 2016 performance in line with preliminary results released earlier this month. We do not plan on changing our $130 fair value estimate, since we’ve previously incorporated Vertex’s cautious cystic fibrosis sales forecasts into our model. While weaker-than-expected Orkambi revenue has tempered investor enthusiasm over the past year, we continue to believe Vertex’s robust CF...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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