Vertex Pharmaceuticals' (VRTX) Q4 was "somewhat anticlimactic" from a pipeline perspective, but solid cystic fibrosis sales and largely in-line 2026 guidance reinforced confidence in the durability of the company's core franchises, RBC Capital Markets said.

The firm highlighted upside from Alyftrek, noting that its strong performance was driven by ex-US launches and inventory stocking and early momentum for Casgevy. Vertex's 2026 revenue guidance of $12.95 billion to $13.1 billion was described as adequate, while slightly higher operating expenses reflect continued investment in kidney and pain programs.

RBC said in a Thursday note that it remains optimistic ahead of the first-half 2026 pove IgAN readout, citing constructive management commentary on trial design and efficacy. The brokerage added that positive data could unlock multi-billion-dollar peak sales.

The investment firm added that Vertex's cystic fibrosis franchise anchors valuation, while a busy slate of pipeline readouts over the next year provides meaningful upside optionality.

RBC adjusted its price target on the company's stock to $541 from $546, with a outperform rating.

Shares of Vertex were up more than 6.5% in recent trading.

Price: 495.41, Change: +30.39, Percent Change: +6.54