With no debt and $10 billion in cash, Vertex's enterprise value stands at $79 billion, up sharply from our recommendation on the stock.

The only treatment marketed by Vertex, Trikafta - against cystic fibrosis - continues to meet with great success. Its patent runs until 2037, and studies aimed at broadening the addressable audience are apparently progressing very positively.

At the same time, Vertex hopes to obtain approval for its treatment for sickle cell disease and beta-thalassemia, developed in conjunction with Crispr, within the next 18 months. A third research program in pain relief is receiving accelerated FDA review.

The company restructured by the charismatic Jeffrey Leiden, now headed by his protégée Reshma Kewalramani, has little more to prove in R&D. After a sudden death experience in 2012, when Gilead's Sovaldi ejected it from the hepatitis C market, it has repositioned itself entirely-with great success! - on the genetic disease segment.

Valued at x15 expected profits in 2023 - corresponding to the 15 years of intellectual property protection until 2037 - the Trikafta franchise alone potentially covers most of the enterprise value of the moment.