Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) reported its results for the third quarter. Vertex Pharmaceuticals is engaged in the business of discovering, developing and commercializing small molecule drugs for the treatment of serious diseases.
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Vertex Pharmaceuticals Incorporated Earnings Cheat Sheet
Results: Reported a loss of $57.5 million (27 cents per diluted share) in the quarter. The medical-bioengineering had net income of $221.1 million or $1.02 per share in the year-earlier quarter.
Revenue: Fell 49% to $336 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Vertex Pharmaceuticals Incorporated reported adjusted net income of 13 cents per share. By that measure, the company fell short of mean estimate of 19 cents per share. It fell short of the average revenue estimate of $480.8 million.
Quoting Management: “In the third quarter, we made significant progress across our broad pipeline of potential medicines,” said Jeffrey Leiden, M.D., Ph.D., Chair, President and Chief Executive Officer of Vertex. “In hepatitis C, we are advancing rapidly with our plans to evaluate multiple all-oral regimens of VX-135, both with medicines in our own pipeline and, as we announced earlier today, in collaboration with other companies. We are also advancing toward our goal to help more people with cystic fibrosis with the recent initiation of multiple label-expansion studies for ivacaftor and the planned start of pivotal development early next year for a combination of VX-809 and ivacaftor. Importantly, we are advancing our business while keeping a focus on financial discipline and prioritization to allow us to continue investing in key research and development programs that may produce transformative medicines for patients in the years to come,” concluded Dr. Leiden.
A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the third quarter of the last fiscal year, which saw revenue rise 2670.3%.
The company has now come in under analyst forecasts for three quarters in a row. It missed the mark by 24 cents in the second quarter and by 15 cents in the first quarter.
Looking Forward: Analysts are pessimistic about the company’s results for the next quarter. The average estimate has fallen for the fourth quarter to 13 cents per share, down from 14 cents seven days ago. For the fiscal year, the average estimate has moved up from 56 cents a share to 66 cents over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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