Vertex initiated at outperform at William Blair on cystic fibrosis growth
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William Blair has initiated Vertex Pharmaceuticals (NASDAQ:VRTX) with an outperform rating saying that its cystic fibrosis franchise provides organic growth and its pipeline is maturing.
The firm has a $382 price target (~16% upside based on Friday's close).
Analyst Myles Minter noted that the company's CF franchise is growing and will likely control the market through at least 2037, and possibly longer. He added that the company's CF therapy Trikafta (elexacaftor/tezacaftor/ivacaftor and ivacaftor) has excellent efficacy and safety, and will drive most of the revenue through 2037.

He added that Vertex (VRTX) has benefitted from AbbVie's (ABBV) decision to abandon its phase 2 CF candidate in April.
Minter sees a 5-year CAGR for the CF business of 3.6%.
In the pipeline, Minter said that both the potential launch of exa-cel for sickle cell disease and transfusion-dependent beta thalassemia and a phase 3 readout of VX-548 for pain at the end of the year could add additional upside. Exa-cel is partnered with CRISPR Therapeutics (CRSP).

More on Vertex Pharmaceuticals

Vertex: CF Focus, Potential To Alter Acute Pain Treatment Market Landscape
Crispr And Vertex: ICER Sheds Light On The Future Of Sickle Cell Treatment