Vertex Pharmaceuticals Earnings: Here’s Why the Stock is Rising Now
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) had a loss 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 2.79%.
Vertex Pharmaceuticals Incorporated Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.03 in the quarter versus EPS of $-0.31 in the year-earlier quarter.
Revenue: Decreased 25.7% to $310.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Vertex Pharmaceuticals Incorporated reported adjusted EPS loss of $0.03 per share. By that measure, the company beat the mean analyst estimate of $-0.18. It beat the average revenue estimate of $308.15 million.
Quoting Management: “Our goal in CF is to help as many people as possible with our medicines, and these data are an important step toward that goal,” said Robert Kauffman, M.D., Ph.D., Senior Vice President and Chief Medical Officer at Vertex. “The data announced today in people with CF who have a gating mutation showed a meaningful improvement in lung function and support our plans to seek approval of ivacaftor for these patients later this year.”
Key Stats (on next page)…
Revenue decreased 5.35% from $328.37 million in the previous quarter. EPS decreased to $-0.03 in the quarter versus EPS of $-1.43 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a loss of $0.27 to a loss $0.23. For the current year, the average estimate has moved down from a loss of $0.97 to a loss of $2.18 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)