Leerink Affirms Vertex Pharma (VRTX) at 'Outperform' Following ORKAMBI Approval, Guidance Update

September 29, 2016 7:13 AM EDT
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Leerink affirms Vertex Pharma (Nasdaq; VRTX) at Outperform following ORKAMBI approval news and lowered revenue outlook issued Wednesday night.

Abakyst Geoffrey Porges commented, At the Leerink Partners Rare Disease Roundtable today we held a fireside chat with Ian Smith, Vertex Pharmaceutical’s CFO, discussing a number of catalysts poised to offset the company’s recent disclosure that US Orkambi sales had slowed during the summer. Immediately following our discussion, the company issued a press release disclosing that the FDA had approved the use of Orkambi in patients ages 6-11. Management also lowered guidance for Orkambi, which is consistent with its recent commentary and our amended model. More importantly, management’s comments at our meeting suggested that indeed “no news is good news” with respect to the triple candidates progressing to phase II. Vertex’s comments also suggest that it will confirm this progression on its 3Q conference call (likely to be October 25 or 26) and then provide further details about the study at the following North American Cystic Fibrosis Conference (NACFC) meeting (October 27-29). Today’s discussion and disclosure continue to support our bullish thesis on the stock – which should benefit from tailwinds as these and other catalysts play out.

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