Vertex Pharmaceuticals Incorporated’s (NASDAQ:VRTX) second quarter loss narrowed due mainly to positive revenue growth. Vertex Pharmaceuticals is engaged in the business of discovering, developing and commercializing small molecule drugs for the treatment of serious diseases.
Vertex Pharmaceuticals Incorporated Earnings Cheat Sheet for the Second Quarter
Results: Loss narrowed to a loss of $174 million or 85 cents per share from a loss of $200 million or $1 per share a year earlier.
Revenue: Rose more than threefold to $114.4 million from the year earlier quarter.
Actual vs. Wall St. Expectations: VRTX beat the mean analyst estimate of a loss of 92 cents per share. It beat the average revenue estimate of $52.6 million.
Quoting Management: “The second quarter of 2011 was marked by several defining events for our company, including the approval and launch of INCIVEK for the treatment of hepatitis C and the completion of the Phase three program for VX-770 in cystic fibrosis,” said Matthew Emmens, Chairman, President and Chief Executive Officer of Vertex.
Revenue has now gone up for three straight quarters. In the first quarter, revenue rose more than threefold to $73.7 million while the figure rose 93.3% in the fourth quarter of the last fiscal year from the year earlier.
The company beat estimates last quarter after being in line with expectations in the first quarter with a loss of $1.05 per share.
Competitors to Watch: Merck & Co., Inc. (NYSE:MRK), Johnson & Johnson (NYSE:JNJ), GlaxoSmithKline plc (NYSE:GSK), InterMune, Inc. (NASDAQ:ITMN), Gilead Sciences, Inc. (NASDAQ:GILD), Pharmasset, Inc. (NASDAQ:VRUS), Idenix Pharmaceuticals, Inc. (NASDAQ:IDIX), Bristol Myers Squibb Co. (NYSE:BMY), Abbott Laboratories (NYSE:ABT), and Human Genome Sciences (NASDAQ:HGSI).
(Source: Xignite Financials)