Finally, Vertex Pharmaceuticals (VRTX, Financial) had another strong quarter, as its stock returned 8.0%, adding 0.3% to the Fund’s return. With AbbVie’s disappointing readout in cystic fibrosis, Vertex solidified its effective monopoly in the space. Vertex continues to grow its cystic fibrosis franchise internationally and invest in addressing the remaining patient population through its partnership with Moderna. Vertex has also had several pipeline wins, notably in later stage trials for APOL1-mediated kidney disease and its CRISPR partnership for sickle cell disease and beta thalassemia. We believe Vertex’s cystic fibrosis franchise is now fairly valued, but continue to be excited about the pipeline opportunities with five clinical programs with proof of concept.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio)'s second-quarter 2022 commentary.
