Analyst Note| Anna Baran |
Vertex’s third-quarter results outperformed our expectations, with revenue of $1.5 billion representing 62% growth from last year, driven by the incredibly strong launch of Trikafta, the triple combination therapy for cystic fibrosis. The triple combo has launched in Europe as Kaftrio, with reimbursement agreements trickling in. We expect the triple combination therapy to continue driving robust growth for Vertex as reimbursement expands. We are maintaining our $259 per share fair value estimate and our narrow moat rating.