S&P analysts, among the most conservative, reiterated a strong buy rating of Vertex, and raised their price target to $46. On the strength of clinical data presented at AASLD, they project three billion dollars of peak sales for telaprevir.

I believe that's probably too low an estimate, given the inferior clinical results of competing products to date, and the delay they will experience until receiving FDA approval. Telaprevir, with a several year lead to market, and with superior clinical results with a shorter treatment regimen in most cases, will dominate the market for hepatitis C treatment which will be in high demand.

Given the market prospects for the rest of the drugs in the Vertex pipeline, this company will be a high growth company for years to come.