Vertex's 3Q Growth Prompts FVE Increase to $175; Shares Undervalued in Front of Anticipated Approval
We are raising our fair value estimate for Vertex to $175 per share from $170 to reflect robust uptake of Orkambi and Kalydeco this quarter. Our updated 2017 sales estimates fall in line with management’s new guidance: $1.29 billion-$1.32 billion for full-year Orkambi sales (from $1.1 billion-$1.3 billion) and $810 million-$830 million for Kalydeco sales (from $770 million-$800 million). As a result of our updated outlook, Vertex looks undervalued as of Oct. 26. We think the company’s drug portf...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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