Orkambi Uptake in Pediatric Population Drive Vertex's 1Q Results; Raising FVE to $132
Thanks to the rapid launch of Orkambi in the six- to 11-year-old cystic fibrosis population with two F508del mutations, Vertex saw strong first-quarter sales growth, which was augmented by a $230 million upfront payment from Merck for the rights to several of Vertex’s early-stage oncology candidates. We are slightly increasing our fair value estimate to $132 per share from $130. We raised our full-year estimate for Kalydeco sales to fall in line with management’s updated guidance of $710-$730 mi...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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