Present value of future 10 year cash flows discounted at 9% = $6.30 per share
Present value of future 10 year cash flows for pipeline adjusted statistically for probability of success = $16.50 per share.
Value of Vertex = $24.38 per share
So that is where the battle ground, if you use historical probabilities of clinical success of big pharma - you end up with a very low figure. If you assign a higher probability of success to the pipeline, you end up with a far higher number.
What do you have in the near term to hold this up?