Sell-siders impressed with Vertex’s strong Q1

Vertex Pharmaceuticals (NASDAQ:VRTX) is up 4% premarket on light volume on the heels of its Q1 report released after the close yesterday.

Sales were up a robust 77% led by the continue strong ramp of new drug Trikafta which posted $895M in sales, up 113% from last quarter.

Jefferies Michael Yee boosted his fair value target to $295 (from $275) citing the company’s “impressive” pace amid the pandemic and its “strong” longer-term EPS upside and key pipeline data in H2 that “could break the stock out to a new level.”

Baird’s Brian Skorney raised his price target to $245 (from $230) citing the strong ramp of Trikafta which management indicated has already penetrated the majority of eligible U.S. patients. He says peak cystic fibrosis sales are “more or less priced in” and looks for pipeline data for further upside.

BMO’s Do Kim also boosted his price target ($283 from $279) citing the acceleration of ex-U.S. growth.

https://seekingalpha.com/news/3566889-sell-siders-impressed-vertexs-strong-q1-shares-up-4-premarket