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The primary upside opportunity lies in Journavx establishing itself as the universal non-opioid standard of care across moderate-to-severe acute pain.
Full-year non-GAAP operating expenses exceed the top end of the guided $5.65B–$5.75B range and pipeline integration costs compress consolidated operating margin below 32.5%.
Vertex Pharmaceuticals Incorporated commands an undisputed commercial monopoly in cystic fibrosis therapies and is expanding into acute pain and gene editing, but its current market valuation of $526.19 trades at an unsustainable 57.1% premium to our fundamental fair value midpoint of $334.95.
Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) possesses one of the widest economic moats in global biopharmaceuticals, anchored by its commercial monopoly in cystic fibrosis (CF) transmembrane conductance regulator (CFTR) modulators. In FY2025, consolidated revenue expanded to $12,001.3M, generating $10,267.5M in gross profit at an 85.55% gross margin. Flagship therapy Trikafta/Kaftrio generated $10,312.7M, representing 85.9% of product revenues, while next-generation triple therapy Alyftrek contributed $837.8M. The efficacy hurdle established by Vertex—reducing sweat chloride levels below the 30 mmol/L diagnostic carrier threshold —along with comprehensive patent protection through the late 2030s, creates an insurmountable biological and clinical barrier to entry for prospective competitors.3467
Vertex is actively reinvesting its CF cash flows to diversify beyond pulmonary indications into multi-billion-dollar therapeutic adjacencies. Management affirmed FY2026 guidance for non-CF product revenue of $500M or greater, powered by the launch of Journavx (suzetrigine, NaV1.8 inhibitor) in moderate-to-severe acute pain and Casgevy (exagamglogene autotemcel) in sickle cell disease and transfusion-dependent beta-thalassemia. In 1H 2026, Casgevy and Journavx delivered approximately $200M in combined revenue, with Journavx securing formulary inclusion across ~1,400 hospitals and 130 integrated delivery networks. Simultaneously, the pending acquisition of Crinetics Pharmaceuticals adds lead endocrine candidates PALSONIFY and Atumelnant, representing an estimated $5B peak addressable market, funded through existing cash and a $4.5B term loan.4
Despite these strong business fundamentals, financial and valuation realities dictate an unfavorable risk-reward profile at prevailing market prices. Vertex trades at $526.19, representing a 24.1x forward P/E multiple, whereas mature large-cap specialty biopharmaceutical peer Regeneron Pharmaceuticals (REGN) trades at 12.94x forward P/E. The company's capital allocation cycle has entered a transformation-build phase, elevating FY2025 capital expenditures to $437.6M (2.09x depreciation and amortization of $209.8M) and expanding FY2026 non-GAAP operating expenses to a guided $5.65B–$5.75B. Furthermore, Crinetics integration is not expected to be accretive to non-GAAP operating income until 2029, muting medium-term operating leverage.346
The forward earnings model ($347.34 midpoint) incorporates post-earnings consensus EPS of $20.13 for FY2027 discounted at a moderate 7.8267% cost of equity and a 20.0x terminal multiple. The owner earnings model ($306.05 midpoint) normalizes FY2025 operating cash flow of $3,631.4M and free cash flow of $3,193.8M against ongoing maintenance capital needs. Against the present-value equivalent of the sell-side consensus 12-month target of $528.92 (undiscounted target $570.32), our fair value sits 36.7% lower, reflecting disciplined terminal multiple expectations rather than unconstrained growth extrapolation.1256
With shares trading at $526.19 as of September 25, 2026 sitting 57.1% above our fundamental fair value midpoint of $334.95, the stock offers an implied return of -36.3%. Any deceleration in cystic fibrosis volume, hospital formulary friction for Journavx, or single-payer pricing clawbacks in Europe ($3,460.3M FY2025 revenue) poses asymmetric downside. Consequently, the investment committee issues a Sell rating.37
Flagship triple therapy Trikafta/Kaftrio delivered $10,312.7M in FY2025 revenue, while next-generation Alyftrek reached $837.8M. Sweat chloride reduction below the 30 mmol/L carrier threshold creates an insurmountable clinical hurdle, securing patent exclusivity and near-100% adherence into the late 2030s.47
Vertex is successfully translating CF cash flow into high-conviction pipeline programs. Non-CF revenue is guided to exceed $500M in FY2026, led by Journavx in acute pain across ~1,400 hospital formularies and Casgevy in gene editing, while pending Crinetics endocrine assets add a potential $5B peak TAM.4
Sell. Vertex Pharmaceuticals is an exceptional biopharmaceutical compounder with an impregnable commercial moat, but market pricing at $526.19 has disconnected from fundamental intrinsic earnings power, creating an asymmetric downside of -36.3% toward our $334.95 fair value midpoint.
VERTEX PHARMACEUTICALS INC / MA generates product revenues from sales in the U.S. and in international markets. VERTEX PHARMACEUTICALS INC / MA sells its products principally to a
As the company markets and sell its approved products and advance its product candidates through clinical development toward
Under a combined operational and macroeconomic stress test, European single-payer health systems enforce a 10% pricing concession across Vertex's $3,460.3M European revenue base, while hospital pharmacy and therapeutics committees delay formulary approvals for Journavx, leaving FY2026 non-CF revenue at $350M and failing to achieve the $500M target. Simultaneously, commercialization overhead and pipeline integration push FY2026 non-GAAP operating expenses to $5.80B, exceeding the guided range of $5.65B-$5.75B. Under these pressures, operating margin contracts to 31.8% (versus the modeled 36.5%-38.5% path), reducing annual free cash flow from FY2025's $3,193.8M by over $800M. If market valuation multiples concurrently de-rate from 20.0x toward mature large-cap peer levels (Regeneron trades at 12.94x forward earnings), intrinsic fair value falls toward the lower boundary of $286.88, exposing investors holding shares at $526.19 to severe capital loss.
Vertex Pharmaceuticals commands a wide economic moat supported by an entrenched commercial monopoly in cystic fibrosis therapies. Trikafta/Kaftrio generated $10,312.7M in FY2025 revenue out of $11,970.6M in total product revenue, while next-generation Alyftrek contributed $837.8M. The durability of this franchise is anchored by patent exclusivity extending into the late 2030s and virtually insurmountable biological switching costs for patients dependent on CFTR modulators.
The clinical efficacy bar for competitor entry is exceptionally high. As management has noted, any challenger must reduce sweat chloride levels below the 30 mmol/L carrier threshold with once-daily dosing, clean tolerability, and no negative drug-drug interactions. There are currently zero late-stage Phase 3 competitor programs in cystic fibrosis, securing Vertex's near-monopoly position for the medium and long term.
This competitive insulation translates into superior structural profitability. Vertex delivered an 85.55% gross margin in FY2025 ($10,267.5M gross profit on $12,001.3M revenue) and guided full-year gross margin at just under 86%. This performance exceeds mature peers, such as Regeneron at 44.46%, Argenx at 59.07%, and Bio-Techne at 66.24%.
None of the valuation methods used to calculate Fair value relies on a separate assumption about how long the competitive advantage lasts.
The highlighted cell is Fair value when every assumption sits at its base level ($334.95). Each row and column shows what Fair value becomes when one assumption moves.
A free-cash-flow drop test is not available in this run; use the discount-rate and terminal-growth grid as the primary valuation pressure test.
A quarterly earnings beat would validate commercial uptake for Journavx and Alyftrek, but fundamental outperformance cannot bridge the valuation premium of the share price ($526.19) over Fair value ($334.95).
Vertex is in an expansionary capital phase, investing $437.6M in CapEx in FY2025 (2.09x depreciation of $209.8M), compared to the broader biotechnology industry benchmark capex-to-depreciation ratio of 0.33 and capex-to-revenue ratio of -3.6%.6
In an industry upcycle, broad formulary acceptance of high-value non-opioid analgesics and genetic therapies accelerates commercial adoption, allowing Vertex to exceed non-CF revenue guidance of $500M while sustaining ~86% gross margins.
In an industry downcycle, fiscal austerity across European single-payer health systems forces mandatory price revisions on Trikafta ($3,460.3M European revenue), while institutional pharmacy and therapeutics committee review cycles delay hospital uptake of novel therapies.
Vertex trades at a 57.1% premium to its fundamental fair value midpoint of $334.95 and a forward P/E of 24.1x versus mature large-cap biopharma peer Regeneron at 12.94x. Capital is best preserved by eliminating exposure.3
Portfolio risk management requires strict adherence to valuation discipline. Although Vertex possesses wide-moat competitive advantages and strong balance sheet liquidity ($5,084.8M in cash), holding shares at a 57% premium to fair value ($526.19 vs $334.95) exposes investors to significant multiple contraction risk without commensurate earnings upside. Exposure should be eliminated or trimmed in favor of assets offering a positive margin of safety.
Even for quality growth compounder portfolios seeking durable moats, purchasing shares at a 57.1% premium to intrinsic value exposes investors to substantial capital loss when growth inevitably normalizes toward mature rates.3
Fundamental value disciplines require a tangible discount to intrinsic earnings power. With fair value established at $334.95 per share against a market price of $526.19, the stock trades without a margin of safety.
Asymmetric downside risk of -36.3% alongside elevated transformation-build CapEx ($437.6M) and guided FY2026 opex of $5.65B–$5.75B warrants tactical position liquidation or risk-managed exit.4
We issue a Sell recommendation on Vertex Pharmaceuticals Incorporated with a fair value midpoint of $334.95 per share, representing -36.3% implied downside from the September 25, 2026 share price of $526.19. While Vertex possesses an unrivaled wide economic moat in cystic fibrosis, prevailing market valuation implies aggressive multi-billion-dollar success across pipeline assets that have yet to prove commercial profitability.37
Trading at 24.1x forward earnings against peer median levels of 29.56x and mature peer REGN at 12.94x, the stock lacks a margin of safety. Our fundamental valuation synthesis—weighting forward earnings at 70% and owner earnings at 30% —demonstrates that shares are heavily overextended relative to realistic cash flow compounding.
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The records this analysis drew on, as they stood when it was run.
Vertex generated $3,631.4M in operating cash flow and $3,193.8M in free cash flow in FY2025, converting 91.9% of net income. Supported by $5,084.8M in cash and liquid reserves against modest balance sheet debt of $1,977.6M, Vertex self-funds transformation-build capital expenditures without equity dilution.356
In the downside scenario, revenue growth decelerates as European single-payer systems enforce cost containment on Trikafta and institutional adoption friction slows hospital uptake of Journavx. Non-GAAP operating expense expansion compresses operating margins, while terminal valuation de-rates toward peer levels.
In FY2025, reported operating margin was 34.77%, while historical reported margin fell to -2.11% in FY2024. Management guided FY2026 non-GAAP operating expenses higher to $5.65B-$5.75B, and Crinetics integration is not expected to be accretive until 2029. A 6 percentage point contraction below modeled 38.5% targets drastically cuts free cash flow.46
The stock trades at 24.1x forward earnings, and the baseline valuation assumes a 20.0x terminal multiple. Meanwhile, mature large-cap peer REGN trades at 12.94x forward P/E. A 20% multiple de-rating reflects slowing CF revenue growth and execution drag in adjacent franchises.3
The house forecast assumes revenue compounding from $12,001.3M in FY2025 to $17,792.3M in FY2030, an 8.2% CAGR. European sales of $3,460.3M face government pricing caps, while non-CF products (Journavx at $59.6M and Casgevy at $115.8M) ramp slowly through hospital formularies. A 5pp deceleration cuts the growth CAGR to ~3.2%.67
Post-earnings FY2026 EPS consensus was revised down 1.62% to $18.67, with selected post-event average at $16.17. FY2027 EPS consensus was also revised down to $20.10. If FY2027 EPS falls below $17.50 and cost of equity rises toward cycle-normalized levels of 9.81%, equity fair value contracts by over 30%.1
The five developments that would weaken our investment case.
Commercial adoption friction in Journavx hospital formularies or Casgevy treatment center logistics, signaling failure of non-CF pipeline diversification.
Current:$200M in 1H 2026 across Casgevy and Journavx
Alert ifFull-year non-CF revenue below $500M in FY2026
Operating expense inflation and commercial launch overhead outstripping gross profit growth, leading to structural margin compression.
Current:34.77% reported operating margin in FY2025
Alert ifOperating margin falling below 32.5%
Market saturation in cystic fibrosis or pricing pushback from international single-payer systems, threatening the primary cash flow generator.
Current:$10,312.7M in FY2025
Alert ifTrikafta year-over-year revenue growth falling below 0% over a trailing 12-month period
Commercial launch spending for Journavx and dilutive R&D commitments from the Crinetics pipeline prior to operating income accretion.
Current:Guided at $5.65B-$5.75B for FY2026
Alert ifNon-GAAP operating expenses exceeding $5.75B in FY2026
European single-payer cost containment or reimbursement delays halting international volume growth and eroding consolidated gross margins.
Current:$4,452.7M ex-US revenue in FY2025
Alert ifEx-US constant-currency revenue growth falling below 0% over a trailing 12-month period
Vertex is deploying its CF cash flow ($3,193.8M in FY2025 free cash flow) into adjacent therapeutic areas, including Journavx in moderate-to-severe acute pain (~1,400 hospital formulary wins across 130 integrated delivery networks) and Casgevy in gene editing. While broadening the company's addressable market, these commercial launches require higher operating expenditure ($5.65B-$5.75B guided non-GAAP opex for FY2026) and involve longer hospital formulary adoption cycles.
Vertex generates a return on invested capital of 22.11%, substantially exceeding its moderate cost of equity of 7.83% and weighted average cost of capital of 7.78%. The resulting economic profit spread of over 14 percentage points reflects robust pricing power and high structural gross margins.2
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
Apply a terminal P/E to the dated forward EPS path, then discount that future share value back to the analysis date.
Add depreciation to net income, subtract maintenance capex, divide by diluted shares, and apply a normalized valuation multiple.
Solve for the growth rate that makes the model value equal the report-date share price.
The base case represents modal execution where Vertex maintains cystic fibrosis durability while ramping Journavx and Casgevy to achieve non-CF revenue milestones in FY2026. Operating margins expand gradually as launch spending normalizes, supporting sustainable high-single-digit earnings compounding.
In the upside scenario, next-generation Alyftrek transitions the global cystic fibrosis patient base seamlessly, securing monopoly cash flows past the next decade. Journavx rapidly penetrates surgical pain protocols across institutional hospital networks, and pipeline assets in renal and endocrinology deliver accelerated revenue growth, driving operating margin expansion.
Meeting quarterly expectations confirms ongoing CF cash flow stability across the cystic fibrosis portfolio but leaves the shares overvalued relative to Fair value ($334.95).
An earnings miss driven by European reimbursement pushback or Journavx formulary inertia would accelerate valuation compression toward Fair value ($334.95).
Vertex displays high underlying cash generation quality, converting 91.9% of net income into operating cash flow in FY2025 ($3,631.4M operating cash flow on $3,953.2M net income) and sustaining an 85.55% gross margin. However, reported GAAP operating margin has exhibited volatility historically (-2.11% in FY2024 due to acquisition charges vs 34.77% in FY2025), and non-GAAP reporting excludes material stock-based compensation (the biopharma industry benchmark SBC-to-revenue ratio is 7.2%).36
Hospital adoption velocity determines whether Journavx successfully establishes a multibillion-dollar non-opioid standard of care and achieves non-CF revenue diversification.
European single-payer price negotiation cycles represent the primary external threat to international volume and margin durability.
Operating cost discipline is essential to protect operating margins as commercial launch costs for Journavx and Crinetics integration ramp up.
Converting CF patients from Trikafta ($10,312.7M in FY2025) to Alyftrek extends patent protection into the late 2030s and raises competitive barriers.7
| $7.57B |
| $8.93B |
| $9.87B |
| $11.02B |
| $12.00B |
| +12.2% |
| Gross profit | $6.67B | $7.85B | $8.61B | $9.49B | $10.27B | +11.4% |
| Operating income | $2.78B | $4.31B | $3.83B | $-232.9M | $4.17B | +10.7% |
| Net income | $2.34B | $3.32B | $3.62B | $-535.6M | $3.95B | +14.0% |
| EPS (diluted) | $9.01 | $12.82 | $13.89 | $-2.08 | $15.32 | +14.2% |
| EBITDA | $2.92B | $4.44B | $4.61B | $486.3M | $4.86B | +13.6% |
| R&D | $3.05B | $2.66B | $3.16B | $3.63B | $3.75B | +5.3% |
| SG&A | $840.1M | $944.7M | $1.14B | $1.46B | $1.75B | +20.2% |
Operating cash flow stood at $3,631.4M in FY2025, converting 91.9% of net income ($3,953.2M). After deducting capital expenditures of $437.6M, free cash flow was $3,193.8M. Strong liquidity of $5,084.8M in cash and cash equivalents against total debt of $1,977.6M as of 2026-09-26 provides substantial balance sheet protection.356
Capital deployment is centered on internal R&D innovation, facility expansion ($437.6M CapEx in FY2025), and strategic pipeline acquisitions, such as Crinetics, funded with cash and a $4.5B term loan. Capital return is executed through anti-dilutive share repurchases, which reduced diluted share count from 260.5M in FY2023 to 258.0M in FY2025, with no regular dividend paid.
Vertex maintains a strong economic profit spread of over 14 percentage points, driven by wide-moat pricing power and an 85.55% gross margin. While elevated transformation CapEx of $437.6M and guided 2026 OpEx of $5.65B-$5.75B constrain near-term ROIC gains, return on capital will remain well above the cost of capital.
ROIC of 22.11% significantly exceeds the moderate cost of equity of 7.83% and WACC of 7.78%.
Trikafta delivered $10,312.7M in FY2025, representing 85.9% of total product revenues of $11,970.6M.
Consolidated earnings remain heavily exposed to single-franchise pricing durability and patient migration to the next-generation Alyftrek regimen.
Management guided FY2026 non-CF revenue to $500M or greater with 1H 2026 delivering ~$200M, while FY2026 non-GAAP opex is guided up to $5.65B-$5.75B.
Operating margin expansion toward 38.5% is deferred until post-FY2027 as hospital adoption across 1,400 centers achieves operating scale.
FY2025 operating cash flow reached $3,631.4M and free cash flow was $3,193.8M, supporting cash reserves of $5,084.8M.
Vertex can comfortably service its $4.5B term loan for the Crinetics transaction without diluting equity holders.
| Revenue | $3,333,900,000 |
|---|---|
| Cost of revenue | $489,200,000 |
| Gross profit | $2,844,700,000 |
| Operating expenses | $1,597,800,000 |
| Operating income | $1,246,900,000 |
| Non-operating items and tax | -$147,100,000 |
| Net income | $1,099,800,000 |
| Total assets | $25,643,000,000 |
|---|---|
| Cash | $5,084,800,000 |
| Current assets | $11,201,000,000 |
| Total liabilities | $6,977,200,000 |
| Current liabilities | $3,861,200,000 |
| Shareholders’ equity | $18,665,800,000 |
| Net income | $3,953,200,000 |
|---|---|
| Operating inflow | $4,848,900,000 |
| Depreciation and amortization | $209,800,000 |
| Stock-based compensation | $685,900,000 |
| Operating cash flow | $3,631,400,000 |
| Operating outflow | $1,217,500,000 |
| Cash available | $8,294,500,000 |
| Beginning cash | $4,572,200,000 |
| Exchange-rate effect | $90,900,000 |
| Investing outflow | $945,400,000 |
| Capex | $437,600,000 |
| Other investing activities | $507,800,000 |
| Financing outflow | $2,261,300,000 |
| Share repurchases | $2,017,400,000 |
| Net debt repayment | $5,400,000 |
| Other financing activities | $238,500,000 |
| Ending cash | $5,087,800,000 |
| Investing cash flow | -$945,400,000 |
| Financing cash flow | -$2,261,300,000 |
Point-in-time financial data used in the 2026-09-26 analysis.
| Period | Revenue | EBITDA | Net income | Operating cash flow | Free cash flow | Capex | Depreciation and amortization | Stock-based compensation | Share repurchases | Dividends paid | Net debt issuance | Investing cash flow | Financing cash flow | Beginning cash | Ending cash | Cash and investments | Total debt | Operating margin | ROIC | WACC | ROIC − WACC spread |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016-12-31 | $1.7B | $75.5M | -$112.1M | $236.1M | $179.5M | $56.6M | $61.4M | $240.6M | $0 | $0 | — | $51.2M | $133.3M | — | $1.2B | $1.4B | $840.8M | 0.6% | — | 6.7% | — |
| 2017-12-31 | $2.5B | $103.3M | $263.5M | $844.9M | $745.5M | $99.4M | $61.4M | $293.2M | $0 | $0 | — | -$483.3M | $68.4M | $1.2B | $1.7B | $2.1B | $606.4M | 5.0% | — | 6.6% | — |
| 2018-12-31 | $3B | $706.8M | $2.1B | $1.3B | $1.2B | $95.4M | $72.4M | $325M | $350M | $20.8M | — | -$202.2M | -$71.2M | $1.7B | $2.7B | $3.2B | $591.4M | 20.8% | — | 6.9% | — |
| 2019-12-31 | $4.2B | $1.6B | $1.2B | $1.6B | $1.5B | $75.4M | $106.9M | $360.5M | $186M | $10M | — | -$1.2B | $126.8M | $2.7B | $3.1B | $3.8B | $661.7M | 28.8% | — | 6.2% | — |
| 2020-12-31 | $6.2B | $3.3B | $2.7B | $3.3B | $3B | $259.8M | $109.5M | $429.5M | $539.1M | $264.9M | — | $99.4M | -$505.3M | $3.1B | $6B | $6.7B | $931.9M | 46.0% | — | 3.8% | — |
| 2021-12-31 | $7.6B | $2.9B | $2.3B | $2.6B | $2.4B | $235M | $125.6M | $441.4M | $1.4B | $102M | — | -$340.9M | -$1.5B | $6B | $6.8B | $7.5B | $967.4M | 36.7% | — | 4.1% | — |
| 2022-12-31 | $8.9B | $4.4B | $3.3B | $4.1B | $3.9B | $204.7M | $148.3M | $491.3M | $0 | — | -$85.5M | -$321.1M | -$67.7M | $6.8B | $10.5B | $10.8B | $899.7M | 48.2% | — | 6.4% | — |
| 2023-12-31 | $9.9B | $4.6B | $3.6B | $3.5B | $3.3B | $200.4M | $181.3M | $581.2M | $427.6M | — | -$44.9M | -$3.1B | -$562.2M | $10.5B | $10.4B | $11.2B | $808.4M | 38.8% | — | 6.3% | — |
| 2024-12-31 | $11B | $486.3M | -$535.6M | -$492.6M | -$790.3M | $297.7M | $207.2M | $698.5M | $1.2B | — | -$33.6M | -$3.8B | -$1.5B | $10.4B | $4.6B | $6.1B | $1.7B | -2.1% | — | 6.8% | — |
| 2025-12-31 | $12B | $4.9B | $4B | $3.6B | $3.2B | $437.6M | $209.8M | $685.9M | $2B | — | -$5.4M | -$945.4M | -$2.3B | $4.6B | $5.1B | $6.6B | $3.9B | 34.8% | — | 6.5% | — |
Vertex Pharmaceuticals Incorporated (VRTX) trades at 24.1x forward earnings against a peer median of 29.6x. Its EV/EBITDA of 25.0x compares with a peer median of 33.0x. The comparison uses 4 peers: Regeneron Pharmaceuticals Inc., Intuitive Surgical Inc., argenx SE and Bio-Techne Corporation, as of 2026-09-26.
Vertex operates from a position of monopoly strength in cystic fibrosis with >85% product share, but is transitioning into broader specialty pharmaceutical markets (acute pain, genetic medicines, renal) where commercial execution requires higher operating expenses ($5.65B-$5.75B guided non-GAAP opex for 2026) and extensive institutional hospital engagement.4
| Level | Action | Why |
|---|
| $394.33 (Upper bound of Fair Value Range) | Initial re-evaluation threshold | Eliminates the prevailing valuation premium and aligns the stock with the optimistic boundary of the house fair value model. |
| $334.95 (Fair Value Midpoint) | Fundamental entry baseline | Represents the modal intrinsic value based on forward earnings (70% weight at $347.34) and owner earnings (30% weight at $306.05). |
| High margin-of-safety accumulation | Provides a defensive margin of safety against potential European pricing clawbacks and prolonged hospital adoption friction. |
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
| ISRG |
| Intuitive Surgical Inc. |
| $145.2B |
| 33.5x |
| 13.2x |
| 33.0x |
| 17.4% |
| 33.6% |
| ARGX | argenx SE | $60.0B | 27.6x | 11.3x | 23.6% | 32.0% |
| TECH | Bio-Techne Corporation | $11.4B | 31.5x | 9.4x | 34.2x | 9.0% | 27.9% |
