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• If you are wondering whether Vertex Pharmaceuticals is priced fairly after its recent run, a good starting point is understanding what the current share price implies about future expectations.

• The stock last closed at US$466.79, with returns of 3.0% over the past week, 7.4% over the past month, 3.2% year to date, 3.7% over one year, 34.5% over three years and 137.2% over five years. This performance raises questions about how much of the story is already reflected in the price.

• Recent headlines around Vertex Pharmaceuticals have focused on its role in the…