Vertex Pharmaceuticals

Vertex’s CF franchise is protected by multiple moats: a large and growing treated patient base with high switching costs given clinical superiority and adherence benefits of the once‑daily Alyftrek; substantial IP around CFTR modulators; and efficient scale in a narrow indication set that deters entrants.

The new once‑daily triple should extend lifecycle and reinforce stickiness. Outside CF, early launches (Casgevy, Journavx) are not yet moaty, but success would add new vectors of advantage.

Key erosion risks are a future competing modulator or functional cures; however, near‑term competitive signals remain favorable and Vertex continues to upgrade standard of care.