Phase II APOL1 Kidney Data in Type 2 Diabetes Patients Coming This Year Soon + Possible Upside Opportunity

研报英文原文证据摘录

Phase II APOL1 Kidney Data in Type 2 Diabetes Patients Coming This Year Soon + Possible Upside Opportunity

Global Research

28 July 2026ab

Vertex Pharmaceuticals Inc Equities

United StatesPhase II APOL1 Kidney Data in Type 2 Diabetes

Patients Coming This Year Soon + Possible Biotechnology

12-month rating BuyUpside Opportunity

12m price target US$585.00

VRTX will share new Phase II data from the AMPLIFIED study of inaxaplin in Price (28 Jul 2026) US$487.64

APOL1-mediated kidney disease patients with Type 2 diabetes or moderate

RIC: VRTX.O BBG: VRTX US

proteinuria in H2. This is a Phase II study that is investigating a distinct population from

the ongoing Phase II/III AMKD study which is focused on primary AMKD (does not Trading data and key metrics

include T2D) and is expected to readout in early 2027. The VRTX Phase II AMPLIFIED 52-wk range US$529.59-366.54

study is a basket study with multiple cohorts looking at patients with less severe Market cap. US$124b

proteinuria and Type II diabetes separately. This study matters to investors because there Shares o/s 254m (COM)

is an opportunity to expand the addressable patient population by 50-100% (there are

Free float 100%

150K estimated primary AMKD patients in US/Europe and this would add another

Avg. daily volume ('000) 1,519

~100K estimated incremental patients).

Avg. daily value (m) US$705

Common s/h equity (12/26E) US$23.1b

Competitor MAZE showed mixed data in a similar population and we think P/BV (12/26E) 5.3x

investors are unsure about this population and the potential benefit in Type 2

Net debt to EBITDA (12/26E) NM

diabetic patients. We believe 20-30% reduction in proteinuria would be promising but

may be challenging in our view given prior MAZE data showed 2/5 patients with EPS (UBS, diluted) (USD)