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.
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.
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.