Vertex Pharmaceuticals Earnings: Here’s Why Shares are Up Now
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.3%.
Vertex Pharmaceuticals Incorporated Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 93.02% to $0.03 in the quarter versus EPS of $0.43 in the year-earlier quarter.
Revenue: Decreased 25.15% to $328.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Vertex Pharmaceuticals Incorporated reported adjusted EPS income of $0.03 per share. By that measure, the company beat the mean analyst estimate of $-0.19. It beat the average revenue estimate of $308.02 million.
Quoting Management: “During the first quarter of the year, we have made significant advances across our business as we continue to execute on our strategy of developing new medicines focused on serious diseases in specialty markets,” said Jeffrey Leiden, M.D., Ph.D., Chair, President and Chief Executive Officer of Vertex. “With the recent initiation of a Phase 3 program in cystic fibrosis, multiple ongoing all-oral studies in hepatitis C, label-expansion studies for ivacaftor, and significant advances in our early stage pipeline, we are well positioned for continued progress over the rest of this year and beyond.”
Key Stats (on next page)…
Revenue decreased 1.67% from $333.99 million in the previous quarter. EPS increased to $0.03 in the quarter versus EPS of $-0.35 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 loss of $0.13 to a loss $0.22. For the current year, the average estimate has moved down from a loss of $0.55 to a loss of $0.97 over the last ninety days.