Mark Augustine Quotations

We believe that the Street does not fully appreciate the risks associated with the company's two lead programs.

Vertex shares may not be for the faint-hearted at these price levels. However, the hepatitis C derby is just that: a race. Should Vertex not stumble or encounter unforeseen obstacles prior to approval, $35 will wind up looking like an early exit point.

Vertex shares are once again challenging our price target and with the stock up 250% over the past year, investors may be asking what to do with the stock. We would stick with Vertex.

We look for in-line fourth-quarter financial results and more upbeat guidance for 2006 than Amgen provided at this time last year for 2005.

These results, like the 14-day study before it, are unprecedented, and offer strong support for a three-month course of therapy as optimal duration.

The interim results are positive but may fall short of investor expectations.