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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
VRTX — frequently asked questions
Is Vertex Pharmaceuticals Incorporated overvalued?
In our latest published analysis dated 2026-09-26, VRTX looks meaningfully overvalued. The price recorded at analysis is USD 526 versus our fair value of USD 335; the high endpoint is presented separately as potential value of USD 394. That implies roughly 36.3% downside to fair value at that date.
Our latest published report, analyzed 2026-09-26, gives VRTX a fair value of USD 335 and a potential value of USD 394. The conclusion is triangulated across multiple valuation models and weighted by reliability for Vertex Pharmaceuticals Incorporated's archetype; it is a dated research output, not a live price.
Should I buy VRTX now?
Our latest published rating for VRTX, analyzed 2026-09-26, is Sell. Vertex Pharmaceuticals Incorporated looks meaningfully overvalued at the analysis-date price of USD 526 versus fair value of USD 335; potential value is USD 394. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for VRTX?
The dedicated bear-case section in our report analyzed 2026-09-26 documents Vertex Pharmaceuticals Incorporated's material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is VRTX's rating?
Our latest published rating for VRTX, analyzed 2026-09-26, is Sell, with a published moat assessment of 9/10 (Wide). It reflects our fair value of USD 335, the potential value of USD 394, and the price recorded at analysis (USD 526).
Bu rapor henüz çevrilmedi. Çeviri kuyruğu yetiştiğinde birkaç dakika sonra sayfayı yenileyin.
§1 Yönetici özetiEN
30 saniyelik yanıtSell
Fiyat ve değer karşılaştırması
Fiyat
$526.19
Adil değer
$334.95
Potansiyel değer
$394.33
Tarih
2026-09-25
Neden işe yarayabilir
The primary upside opportunity lies in Journavx establishing itself as the universal non-opioid standard of care across moderate-to-severe acute pain.
Görüşümüzü ne değiştirir
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.
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.3,4,6
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.1,2,5,6
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.3,7
Undisputed Cystic Fibrosis Commercial Monopoly and Patent Durability
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.4,7
Multi-Billion-Dollar Pipeline Expansion into Acute Pain and Endocrine Indications
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
Robust Balance Sheet Liquidity and Superior Cash Flow Generation
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.3,5,6
Kurum tavsiyesi
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.
Şirkete genel bakış
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
§2 Olumsuz senaryoEN
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.
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.4,6
Commercial adoption friction in Journavx hospital formularies or Casgevy treatment center logistics, signaling failure of non-CF pipeline diversification.
Güncel:$200M in 1H 2026 across Casgevy and Journavx
Şu durumda uyarFull-year non-CF revenue below $500M in FY2026
02
§3 Rekabet kalkanıEN
Wide
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%.
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.
01Intangible Assets (Patents and Proprietary Chemical Libraries) — Comprehensive global patent thickets protect Trikafta/Kaftrio and next-generation triple therapy Alyftrek into the late 2030s, alongside proprietary CFTR chemical compound libraries.Wide
02High Patient Switching Costs — CFTR modulation produces biologically irreversible clinical improvements in pulmonary function, creating near-100% adherence and prohibitive clinical switching costs for stabilized patients.Wide
03Cost and Specialized Scale Advantages — Dedicated global specialty commercial infrastructure and high-volume small-molecule biomanufacturing scale generate an 85.55% , well above peer medians.
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.
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.
Alyftrek solidifies global cystic fibrosis leadership with rapid patient transition extending patent exclusivity well past the next decade
Journavx establishes a non-opioid standard of care across major institutional hospital networks, achieving multi-billion-dollar peak revenue potential
§7 Kazanç karar ağacıEN
Aştı
Maintain Sell; Re-examine non-CF product commercialization run-rates and capital expenditure commitments, but maintain position discipline given the extensive valuation stretch.
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).
Beklenti içi
Maintain Sell; Monitor hospital formulary conversion milestones and maintain a defensive capital allocation stance.
Tetikleyici: Quarterly revenue and non-GAAP EPS meet consensus expectations within guided ranges
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).
Altında kaldı
Maintain Sell; Accelerate capital reallocation out of the position and verify whether European CF revenue growth has stalled.
Tetikleyici: Quarterly revenue falls short of guidance or non-GAAP operating expenses exceed upper guidance bounds
An earnings miss driven by European reimbursement pushback or Journavx formulary inertia would accelerate valuation compression toward Fair value ($334.95).
Kazanç kalitesi
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%).3,6
Açıklama öncesi izlenecek metrikler
01
Metrik:
Journavx Acute Pain Hospital Formulary Adoption
MevcutApproximately 1,400 hospitals across 130 integrated delivery networks have placed Journavx on formulary.
Neden önemli
Hospital adoption velocity determines whether Journavx successfully establishes a multibillion-dollar non-opioid standard of care and achieves non-CF revenue diversification.
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 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-moatpricing 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%.
High cystic fibrosis represents an acute single-franchise vulnerability.
Son gelir$12 MrGelir CAGR +%24,2
Faaliyet marjı%34,810 mali dönem
Son serbest nakit akışı$3,2 MrFY2025
Net nakit$2,7 MrFY2025
Gelir tablosu dökümüİşletme ölçeğinin raporlanan kâra nasıl dönüştüğü.30 Haz 2026
StockMarketAgent.AI
Gelir$3,3 MrSatışların maliyeti−$489,2 MnBrüt kâr$2,8 MrFaaliyet giderleri−$1,6 MrFaaliyet kârı$1,2 MrFaaliyet dışı kalemler ve vergiler−$147,1 MnNet kâr$1,1 Mr
Finansal geçmiş verileri
Gelir
$3.333.900.000
Satışların maliyeti
$489.200.000
Brüt kâr
$2.844.700.000
Faaliyet giderleri
$1.597.800.000
Faaliyet kârı
$1.246.900.000
Faaliyet dışı kalemler ve vergiler
-$147.100.000
Net kâr
$1.099.800.000
Bilanço özetiRaporlanan varlıkların seçili dönemde nasıl tutulduğu ve finanse edildiği.
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.
§10 Sektör ve döngüEN
Döngü aşaması
Expansion
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
Yükseliş döngüsü
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 revenueguidance of $500M while sustaining ~86% gross margins.
Düşüş döngüsü
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.
Uzun vadeli eğilimler
Eğilim
Etki
Not
Shift toward non-opioid pain therapeutics and curative genetic medicines
positive
Growing clinical and regulatory demand for non-addictive pain therapies and one-time curative cell and gene therapies creates substantial addressable market opportunities for Journavx and Casgevy beyond rare disease niches.
European single-payer healthcare cost containment and reimbursement scrutiny
negative
Single-payer health authorities in Europe, representing $3,460.3M of FY2025 revenue, are intensifying cost-effectiveness scrutiny and demanding price concessions on mature chronic therapies.
Konumlandırma
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
§11 Pozisyon yönetimiEN
Pozisyon büyüklüğü
0%
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
Risk
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.
Giriş dilimleri
Seviye
Eylem
Neden
$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).
Çıkış dilimleri
Seviye
Eylem
$530.00 - $550.00
Liquidate 50% of existing exposure
$526.19 (as of September 25, 2026) or any technical rebound toward $550.00
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
Value / Margin of Safety
Avoid
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.
Tactical / Institutional Risk-Managed
Avoid
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.4,6
§14 Nihai tavsiyeEN
Eylem
Sat
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.3,7
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.
§15Your notes
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Private notes
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0 chars
Sources
The records this analysis drew on, as they stood when it was run.
Analyst consensusData covering 2026-09-26 to 2027-12-31 · cited for 5 figuresCited in Yönetici özeti, Olumsuz senaryo
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.
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
FV impact
-14.5%
Terminal multiple 20% lower
Trigger
Within 36 months
European single-payer price cuts and institutional hospital adoption friction halve medium-term growth
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%.6,7
FV impact
-4%
Revenue and EPS growth 5 points lower for five years
Trigger
Within 36 months
Comprehensive bear realization combining CF pricing concession, Journavx commercial lag, and higher capital costs
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
FV impact
-8.6%
The analyst's bear scenario path and multiple as the base case
Trigger
Within 24 months
operating_margin
Operating expense inflation and commercial launch overhead outstripping gross profit growth, leading to structural margin compression.
Commercial launch of Alyftrek provides improved once-daily dosing and extends patent exclusivity into the late 2030s, while non-CF assets expand the revenue base.
Hospital formulary adoption friction and logistics complexity slowing commercialization of Journavx and Casgevy.
medium
Near-term (12-24 months)
Extensive dedicated commercial outreach across 1,400 hospital systems backed by $5,084.8M in balance-sheet cash.4,6
European single-payer regulatory pricing and mandatory cost-containment measures across $3,460.3M in European sales.
medium
Medium-term (24-36 months)
Real-world registry data demonstrating severe reductions in pulmonary exacerbations and hospital admissions under continuous CFTR modulation.
Terminal multiple sustains near elevated valuation levels, matching trading multiples3
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.
Targeting $500M or greater for FY2026, with ~$200M delivered across Casgevy and Journavx in 1H 2026.
Neden önemli
Attaining the non-CF revenue threshold validates the commercial scaling of products outside the mature cystic fibrosis portfolio.
03
Metrik:
European CF Reimbursement and Pricing Stability
MevcutEurope generated $3,460.3M in FY2025 revenue, representing 28.8% of consolidated revenue.
Neden önemli
European single-payer price negotiation cycles represent the primary external threat to international volume and margin durability.
04
Metrik:
FY2026 Non-GAAP Operating Expense Trajectory
MevcutGuided at $5.65B to $5.75B for full-year 2026.
Neden önemli
Operating cost discipline is essential to protect operating margins as commercial launch costs for Journavx and Crinetics integration ramp up.
05
Metrik:
Next-Gen Alyftrek Patient Transition Velocity
MevcutAlyftrek delivered $837.8M in FY2025 revenue with sweat chloride reduction below 30 mmol/L.
Neden önemli
Converting CF patients from Trikafta ($10,312.7M in FY2025) to Alyftrek extends patent protection into the late 2030s and raises competitive barriers.7
Vertex can comfortably service its $4.5B term loan for the Crinetics transaction without diluting equity holders.
argenx SEARGX
Fiyat / gerçeğe uygun değer
Gerçeğe uygun değer$1.486,48Report-date price$797,77
Değerlendirme tarihi
Ekonomik hendekNarrow
Yatırım puan kartı74 / 100
Marj
VRTX
Vertex Pharmaceuticals Incorporated
$132.4B
24.1x
10.6x
25.0x
23.5%
—
REGN
Regeneron Pharmaceuticals Inc.
$81.1B
12.9x
5.2x
15.6x
14.0%
33.1%
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%
Rising clinical trial complexity and commercialization barriers in specialty biopharma
neutral
High scientific complexity and rigorous efficacy hurdles (e.g. sweat chloride <30 mmol/L) protect incumbent monopolies, while increasing the development and launch expenditure required for new entrants.
High margin-of-safety accumulation
Provides a defensive margin of safety against potential European pricing clawbacks and prolonged hospital adoption friction.
