Vertex posts loss as hepatitis drug sales fall
Vertex posted a net loss of $57.5 million, or 27 cents per share, compared with a profit of $221.1 million, or $1.02 per share, a year ago.
Incivek product revenue fell nearly 23 percent from the previous quarter and 40 percent from a year ago to $254.3 million. The company maintained its full-year forecast for Incivek revenue of $1.1 billion to $1.25 billion.
Results were also affected by a $57.6 million charge related to expected future payments under Vertex's collaboration with Alios BioPharma.
Earlier on Thursday, Vertex announced separate collaborations with GlaxoSmithKline Plc and Johnson & Johnson to test various combinations of its own next-generation hepatitis C medicines with those being developed by GSK and J&J.
Vertex shares closed up 4.6 percent at $50.48 on Nasdaq on Thursday, but fell more than 4 percent to $48.30 in extended trading after the company released quarterly results.
RBC Capital Markets analyst Michael Yee called the collaboration announcements a fundamental good positive for Vertex because it gets them moving in the race (for an all oral treatment regimen), albeit one and a half to two years behind Gilead and Abbott.
The Massachusetts-based biotechnology company reported $49 million in revenue from its new cystic fibrosis drug Kalydeco and $20 million in royalty revenue from overseas sales of
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