Vertex Pharma Earnings: Net Income and Revenue Drop, Drags Shares

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. However the net income and revenue declined. Shares are down 2.13%.

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Vertex Pharmaceuticals Incorporated Earnings Cheat Sheet

Results: Net income decreased -94.33% to $9 million (4 cents per diluted share) in the quarter versus a net gain of $158.63 million in the year-earlier quarter.

Revenue: Decreased 40.71% to $334 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Vertex Pharmaceuticals Incorporated reported adjusted net income of 4 cents per share. It beat the average revenue estimate of $318.5 million.

Quoting Management: “Entering 2013, we are committed to advancing key development programs and to maintaining financial strength to position the company for sustainable long-term growth,” said Jeffrey Leiden, M.D., Ph.D., Chair, President and CEO of Vertex…