Thinning Pipeline Competition Underscores Our Narrow Moat, Positive Trend Rating for Vertex
We are reiterating our $183 per share fair value estimate for Vertex after cystic fibrosis competitor Galapagos and its partner AbbVie announced subpar phase 2 results for one of its triple combination regimens. AbbVie noted it is reevaluating its cystic fibrosis collaboration with Galapagos, which casts a shadow on the rest of Galapagos' program. We believe the market was previously failing to appreciate the narrow moat advantage of Vertex's cystic fibrosis franchise, and the 15% correction on ...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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