Relaunching Coverage of Vertex; Cystic Fibrosis Portfolio Still Undervalued; Maintaining $136 FVE
We are relaunching coverage of Vertex Pharmaceuticals, which has built a well-entrenched niche in the lucrative cystic fibrosis, or CF, market, and are maintaining our narrow economic moat and positive trend ratings. The only disease-modifying drugs on the market, Kalydeco and Orkambi make up the backbone of CF therapy and command strong pricing power. We believe Vertex will remain the leader in this rare-disease space for the foreseeable future thanks to its first-mover advantage and lengthy pa...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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