Vertex Pharma Posts Narrower Q1 Loss

(RTTNews) - Vertex Pharmaceuticals Inc. (VRTX) reported a net loss for the first quarter of $232 million or $1.00 per share, compared to a net loss of $308.0 million or $1.43 per share for the year-ago quarter.

Excluding items, adjusted net loss for the first quarter was $151.4 million or $0.65 per share, compared to adjusted net income of $5.7 million or $0.03 per share in the prior year quarter.

Total revenues for the first quarter fell to $118.5 million from $328.4 million a year ago. Total adjusted revenues, which exclude hepatitis C revenues and royalties, for the latest quarter were $108.2 million.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.68 per share on revenue of $134.36 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward, the company now expects full year 2014 adjusted revenues of $520 million to $550 million. Vertex previously expected 2014 net revenues of $570 million to $600 million. Analysts currently expect the company to post revenue of $594.89 million for the full year 2014.

Separately, Vertex said that treatment with the combination of VX-661 and KALYDECO in a 28-day Phase 2 study showed statistically significant improvements in lung function in people with both the F508del mutation and G551D mutation who were already taking KALYDECO.