Contents
Portfolio Manager Summary ........................................................................................3
HCV Therapeutics: An Attractive Market for Innovation ............................................6
Development Landscape Broad, but Leaders Are Emerging ..................................12
Vertex Pharmaceuticals Incorporated .......................................................................26
Pharmasset, Inc. ..........................................................................................................38
Idenix Pharmaceuticals, Inc. .....................................................................................45
Financial Models of Companies Under Coverage ...................................................52
Appendix A: A Deeper Look at HCV and the Marketplace .......................................55
Appendix B: Valuation of Comparable Companies ..................................................62
Appendix C: Glossary .................................................................................................63