Vertex Pharmaceuticals Earnings: Revenues Rose Over Threefold

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) reported its results for the first quarter. Vertex Pharmaceuticals is engaged in the business of discovering, developing and commercializing small molecule drugs for the treatment of serious diseases.

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Vertex Pharmaceuticals Incorporated Earnings Cheat Sheet for the First Quarter

Results: Loss widened to $176.1 million (87 cents/diluted share) from $165.3 million.

Revenue: Rose more than threefold to $73.7 million YoY.

Actual vs. Wall St. Expectations: VRTX reported an adjusted net loss of of 91 cents/share. By that measure, the company beat the mean analyst estimate of a loss of $1.07/share. Estimates ranged from a loss of 89 cents per share to a loss of $1.22 per share.

Quoting Management: “Our progress in recent months with both INCIVEK for people with hepatitis C and VX-770 for people with cystic fibrosis marks a significant step toward Vertex becoming a company capable of discovering, developing and launching innovative new medicines for serious diseases,” said Matthew Emmens, Chairman, President and Chief Executive Officer of Vertex.

Key Stats:

Gross margins grew 11.4 percentage points to 96.4%. The growth seemed to be driven by increased revenue, as the figure rose more than threefold from the year earlier quarter while costs fell 20.8%.

Over the last five quarters, revenue has increased 75.3% on average year over year. The biggest increase came in the most recent quarter, when revenue rose more than threefold from the year earlier quarter.

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)

Stock Performance: Shares of VRTX are down 0.68% in after hours trading.

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