Commercial ChallengesDespite the growth in the therapeutic landscape of IgAN, the slow penetration of currently approved drugs means Vertex might have some work to do at the commercial front.
Market CompetitionThe IgAN market is expected to be highly competitive, with Vertex's Pove potentially being the third entrant, which could limit market share.
Valuation ConcernsAt a premium valuation, Vertex shares currently trade at a P/E multiple of 20.5x 2026E consensus EPS vs. the mega-cap BioPharma peer average of 14.0x, leading to a Hold rating.