Here’s Why Hardman Johnston Global Equity Strategy Sold Vertex Pharmaceuticals (VRTX)

Core Insights - Hardman Johnston Global Equity Strategy reported a return of 2.91% for Q4 2025, underperforming the MSCI AC World Net Index which gained 3.29% [1] - The performance was supported by the Financials and Consumer Staples sectors, while the Industrials and Consumer Discretionary sectors negatively impacted relative performance [1] Company-Specific Insights - Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) achieved a one-month return of 4.59% and a 52-week gain of 7.39%, with a closing stock price of $474.17 and a market capitalization of $121.573 billion as of January 27, 2026 [2] - The company faced challenges as it liquidated its position in Vertex Pharmaceuticals due to a lack of a viable path for a chronic pain label for its drug Journavx, which affected its total addressable market (TAM) [3] - Despite positive updates in other areas such as kidney and diabetes treatments, the slower ramp-up in pain management led to a decision to favor other investment opportunities, specifically choosing Elanco over Vertex [3] Financial Performance - Vertex Pharmaceuticals reported $3.08 billion in revenue for Q3 2025, reflecting an 11% growth compared to Q3 2024 [4] - The company was held by 61 hedge fund portfolios at the end of Q3 2025, an increase from 53 in the previous quarter [4]