Stifel analyst Paul Matteis said Vertex's $420M in Trikafta sales in Q4 "greatly exceeded" his expectations, even considering the inventory build of $100M. Following the company's report, he is raising his 2020 estimates while increasing his Vertex price target to $275. In terms of the pipeline, the most noteworthy management commentary was on AAT, suggesting data aren't imminent, while Vertex also conveyed enthusiasm for T1D, gene editing and pain, noted Matteis. He keeps a Buy rating on Vertex shares.

Vertex Pharmaceuticals and TreeFrog Therapeutics announced that Vertex has obtained an exclusive license to TreeFrog's proprietary cell manufacturing technology, C-Stem, to optimize production of Vertex's cell therapies for type 1 diabetes, or T1D. TreeFrog and Vertex will collaborate to scale-up TreeFrog's process to produce and amplify cells for Vertex's T1D therapies. TreeFrog's proprietary technology platform, C-Stem, is designed to mimic the natural microenvironment, allowing cells to grow exponentially in 3D. The technology will enhance Vertex's ability to generate large amounts of fully differentiated cells for its portfolio of T1D cell therapies.