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Vertex Pharmaceuticals Inc

VRTX: XNAS (USA)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$838.00	Jjwmgyl	Nwmlqkmw

Narrow-Moat Vertex Reports Strong Q4 Results Thanks to Robust CF Portfolio; Shares Fairly Valued

Feb 8, 2023

Vertex reported strong fourth-quarter results driven by robust performance of its cystic fibrosis, or CF, drugs. Fourth-quarter revenue was over $2.3 billion, and fiscal 2022 revenue exceeded $8.9 billion, representing an 18% increase from the previous year. We don’t anticipate a significant change to our fair value estimate of $306 per share, and we view shares as currently fairly valued. Vertex’s lengthy patent protections and first-mover status in the lucrative cystic fibrosis market continue to support its narrow economic moat rating. We maintain Vertex’s positive moat trend rating based on its CF drug approvals and its diverse pipeline that continues to make progress, with multiple clinical milestones expected in 2023.

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