And while I have been harping on the ineptitude of Vertex management for years, the value of the CF franchise can't be stressed enough. Even Jeff Leiden can't screw up the revenue stream that is coming Vertex's way by 2015. Forget VX-135(maybe it will bear fruit despite the 400mg misstep, but that's irrelevant), 6b in revenue(at a minimum) for a franchise with virtually no marketing costs. Buy this with both fists at this level.
The sooner they set expectations for Incivek to zero, the better. It would have been nice to throw in some positive pipeline data though.
Clearly the market is not reading this data as competitive. I think the response would have been more positive if they had announced the program was dead ; meaning no more money would be dumped into it.
Good call; better a week late than never.
More interesting is that with these results and their stated intention to partner that they have been so quiet on that front.
Anything new being presented tomorrow or is this just a rehashing of already released abstracts?
Yes, likely layoffs signal VX-135 is in trouble; but one long-shot rumor making the rounds was MRK has been laying off employees in anticipation of a large acquisition. Today the rumor was Vertex-tomorrow?
This is the key comment. Absolutely no reason to run the 400mg arm. Overconfident. Incompetent.
If ever there was a need for an activist investor, this is it. Carl Icahn where are you?
You're joking, right? I guess if your standard for performance is doing "reasonably well" you get what you deserve. They have consistently missed their own self-imposed deadlines; mostly it's indicated a molecule is dead. They've horribly misjudged the competitive landscape(I.e. HCV). And they've enriched themselves at investors expense as if this is the worlds greatest performing stock.
The stock may be up this year(so far) but it's down 20% in the last few months. On a risk-adjusted basis it's been a terrible investment.
With all due respect, how many times has a post with this basic message been posted here? An investor conference or earnings announcement is due and up pop the usual posts of impending VX-509 and VX-787 data and/or partnership announcements. Like waiting for Godot and the joke is on the investors. I hope you're right but history says this management team just can't deliver in a timely manner.
Management has gone to sleep. The long history of being unable to generate timely data and appearances at investor conferences unable to remember the details of their own studies has finally caught up to the stock. They took their payday and checked out.