Lowering Vertex's Fair Value Estimate After Low 2017 Guidance; Long-Term Outlook Remains Bullish
We are lowering our fair value estimate for Vertex to $130 per share from $136 following the company’s announcement of lower-than-expected 2017 guidance for Kalydeco and Orkambi sales. We expect European reimbursement for Orkambi to remain slow-going, while the side effect profile of the drug tempers our outlook for a speedy sales ramp-up in the U.S. Management now expects Kalydeco sales in the range of $690 million-$710 million and Orkambi sales at $1.1 billion-$1.3 billion in the upcoming year...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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