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%.
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…
…Over the coming year, we expect to generate a significant amount of data from our key development programs in cystic fibrosis, hepatitis C and autoimmune diseases and to initiate important studies designed to bring additional transformative medicines to people with serious diseases, with a focus on specialty markets.”
Revenue decreased 0.6% from $336.01 million in the previous quarter. Net income increased to $9 million in the quarter versus a net loss of $57.54 million in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.21 to a loss $0. For the current year, the average estimate has moved down from a profit of $0.6 to a loss of $0 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)