VRTX: Highlights from the RBC Healthcare Conference

研报英文原文证据摘录

VRTX: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global

Healthcare Research)

Nevin Varghese, Ph.D. (Analyst)

Kevin Meli, Ph.D. (Senior Associate)

May 19, 2026

Vertex Pharmaceuticals Incorporated

Highlights from the RBC Healthcare Conference

NASDAQ: VRTX | USD 434.31 | Outperform | Price Target USD 543.00

Sentiment: Positive

Charlie Wagner (CFO and COO) presented. We came away feeling constructive on the breadth and execution across VRTX’s

franchise - Alyftrek transition progressing steadily, pove’s IgAN data and profile continuing to resonate, and good BD openness/

optionality; the company also sounded confident Journavx should rapidly ramp revenue as patient assistance programs ease, and

in defensiveness of CF franchise - reinforcing our confidence that the multi-franchise growth thesis remains intact. We remain

Outperform, PT $543.

• Alyftrek switching from Trikafta is steady and continuing, though uptake appears more robust in EU markets given the fewer

liver monitoring requirements on-label and recognition of SwCl benefits among CF prescribers; broadly, mgmt also indicated

that patients on Trikafta have been well-managed, limiting the scale of switching onto the next-gen, though indicated too that

uptake would likely continue to be steady.

• Journavx access continues to improve with 240M covered lives now contracted with additional contracts expected to close

by year-end. Importantly, contracts are being structured to avoid step edits and PA requirements - explaining the longer

timeline to get them in place but supporting durable prescribing once coverage is established; we believe that as commercial

coverage broadens, patient assistance programs will be rolled back.